Directive 2005/1/EC of the European Parliament and of the Council of 9 March 2005 amending Council Directives 73/239/EEC, 85/611/EEC, 91/675/EEC, 92/49/EEC and 93/6/EEC and Directives 94/19/EC, 98/78/EC, 2000/12/EC, 2001/34/EC, 2002/83/EC and 2002/87/EC in order to establish a new organisational structure for financial services committees (Text with EEA relevance)
Modified by
- Directive 2006/48/EC of the European Parliament and of the councilof 14 June 2006relating to the taking up and pursuit of the business of credit institutions (recast)(Text with EEA relevance), 32006L0048, June 30, 2006
- Directive 2009/65/EC of the European Parliament and of the Councilof 13 July 2009on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS)(recast)(Text with EEA relevance), 32009L0065, November 17, 2009
1. Article 2(4) shall be replaced by the following: "4. The Commission, pursuant to the procedure referred to in Article 60(2), shall decide on amendments to the list in paragraph 3."; 2. in Article 2(5), the third subparagraph shall be replaced by the following: "In the case of credit institutions other than those which are set up in areas newly reclaimed from the sea or which have resulted from scission or mergers of existing institutions dependent on or answerable to the central body, the Commission, pursuant to the procedure referred to in Article 60(2), may lay down additional rules for the application of the second subparagraph including the repeal of exemptions provided for in the first subparagraph, where it is of the opinion that the affiliation of new institutions benefiting from the arrangements laid down in the second subparagraph might have an adverse effect on competition."; 3. Article 4 shall be replaced by the following: " Article 4 Authorisation Member States shall require credit institutions to obtain authorisation before commencing their activities. They shall lay down the requirements for such authorisation subject to Articles 5 to 9, and notify them to the Commission."; 4. in Article 22(9), the second sentence shall be deleted; 5. in Article 22(10), the second sentence shall be deleted; 6. Article 23(1) shall be replaced by the following: "1. The competent authorities of the Member States shall inform the Commission and the competent authorities of the other Member States: (a) of any authorisation of a direct or indirect subsidiary one or more of whose parent undertakings are governed by the laws of a third country; (b) whenever such a parent undertaking acquires a holding in a Community credit institution such that the latter would become its subsidiary. When authorisation is granted to the direct or indirect subsidiary of one or more parent undertakings governed by the law of third countries, the structure of the group shall be specified in the notification which the competent authorities shall address to the Commission in accordance with Article 11.";
7. in Article 24(2), the words "Banking Advisory Committee" shall be replaced by the words "European Banking Committee"; 8. Article 25(3) shall be replaced by the following: "3. Without prejudice to Article 300(1) and (2) of the Treaty, the Commission shall, with the assistance of the European Banking Committee, examine the outcome of the negotiations referred to in paragraph 1 and the resulting situation."; 9. in the third sentence of Article 49(2), the words "Banking Advisory Committee" shall be replaced by the words "European Banking Committee"; 10. in Article 52(9), the third sentence shall be replaced by the following: "The competent authority concerned shall forward such information to the competent authorities of the other Member States."; 11. in Article 56a, second paragraph, first sentence, the words "The Banking Advisory Committee may" shall be replaced by the words "The Commission may request the European Banking Committee to"; 12. Title VI shall be deleted; 13. Article 60(2) shall be replaced by the following: "2. The Commission shall be assisted by the European Banking Committee instituted by Commission Decision 2004/10/EC (hereinafter referred to as the Committee).OJ L 3, 7.1.2004, p. 36 .;"----------------------OJ L 3, 7.1.2004, p. 36 .;"Where reference is made to this paragraph, Articles 5 and 7 of Decision 1999/468/EC shall apply, having regard to the provisions of Article 8 thereof. The period laid down in Article 5(6) of Decision 1999/468/EC shall be set at three months. The Committee shall adopt its rules of procedure. 14. in Article 64(2) and (6), the words "and the Banking Advisory Committee" shall be deleted.
(a) of any authorisation of a direct or indirect subsidiary, one or more of whose parent undertakings are governed by the law of a third country; (b) whenever such a parent undertaking acquires a holding in a Community insurance undertaking which would turn the latter into its subsidiary.
(a) requests for authorisation, whether pending at the moment of the decision or submitted thereafter; (b) the acquisition of holdings by direct or indirect parent undertakings governed by the law of the third country in question.
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1. in the first sentence of Article 46(9), the words "the Commission shall submit to the Insurance Committee a report summarising" shall be replaced by the words "the Commission shall inform the European Insurance and Occupational Pensions Committee of"; 2. Article 58 shall be replaced by the following: " Article 58 Information from Member States to the Commission The competent authorities of the Member States shall inform the Commission and the competent authorities of the other Member States: (a) of any authorisation of a direct or indirect subsidiary, one or more of whose parent undertakings are governed by the laws of a third country; (b) whenever such a parent undertaking acquires a holding in a Community assurance undertaking which would turn the latter into its subsidiary.
When the authorisation referred to in point (a) is granted to the direct or indirect subsidiary of one or more parent undertakings governed by the law of third countries, the structure of the group shall be specified in the notification which the competent authorities shall address to the Commission and to the other competent authorities."; 3. Article 65(1) shall be replaced by the following: "1. The Commission shall be assisted by the European Insurance and Occupational Pensions Committee established by Commission Decision 2004/9/EC .OJ L 3, 7.1.2004, p. 34 ."----------------------OJ L 3, 7.1.2004, p. 34 ."
1. Article 6c shall be amended as follows: (a) in paragraph 9, the second sentence shall be replaced by the following: "Every two years the Commission shall issue a report on such cases."; (b) in paragraph 10, the second sentence shall be replaced by the following: "Every two years the Commission shall issue a report on such cases.";
2. in Article 14(6), the second subparagraph shall be deleted; 3. in Article 21(4), the third sentence shall be replaced by the following: "Such information shall be the subject of exchanges of views within the European Securities Committee."; 4. in the third subparagraph of Article 22(4), the fourth sentence shall be replaced by the following: "Such communications may be the subject of exchanges of views within the European Securities Committee."; 5. the title of Section X shall be replaced by the following: "European Securities Committee"; 6. Article 53 shall be deleted; 7. Article 53a shall be replaced by the following: " Article 53a The technical amendments to be made to this Directive in the following areas shall be adopted in accordance with the procedure referred to in Article 53b(2): (a) clarification of the definitions in order to ensure uniform application of this Directive throughout the Community; (b) alignment of terminology and the framing of definitions in accordance with subsequent acts on UCITS and related matters.";
8. the following Article shall be inserted: " Article 53b 1. The Commission shall be assisted by the European Securities Committee instituted by Commission Decision 2001/528/EC , hereinafter "the Committee".OJ L 191, 13.7.2001, p. 45 . Decision as amended by Decision 2004/8/EC (OJ L 3, 7.1.2004, p. 33 ).2. Where reference is made to this paragraph, Articles 5 and 7 of Decision 1999/468/EC shall apply, having regard to the provisions of Article 8 thereof.OJ L 184, 17.7.1999, p. 23 ."The period laid down in Article 5(6) of Decision 1999/468/EC shall be set at three months. 3. The Committee shall adopt its rules of procedure. ----------------------OJ L 191, 13.7.2001, p. 45 . Decision as amended by Decision 2004/8/EC (OJ L 3, 7.1.2004, p. 33 ).OJ L 184, 17.7.1999, p. 23 ."
1. Article 108 shall be deleted; 2. Article 109 shall be replaced by the following: "Article 109 1. For the purpose of adjusting, in the light of the requirements of the economic situation, the minimum amount of the foreseeable market capitalisation laid down in Article 43(1), the Commission shall submit to the European Securities Committee instituted by Commission Decision 2001/528/EC of 6 June 2001 a draft of the measures to be taken.OJ L 191, 13.7.2001, p. 45 . Decision as amended by Decision 2004/8/EC (OJ L 3, 7.1.2004, p. 33 ).2. Where reference is made to this paragraph, Articles 5 and 7 of Council Decision 1999/468/EC of 28 June 1999 laying down the procedures for the exercise of implementing powers conferred on the Commission shall apply, having regard to Article 8 thereof.OJ L 184, 17.7.1999, p. 23 ."The period laid down in Article 5(6) of Decision 1999/468/EC shall be set at three months. 3. The Committee shall adopt its rules of procedure. ----------------------OJ L 191, 13.7.2001, p. 45 . Decision as amended by Decision 2004/8/EC (OJ L 3, 7.1.2004, p. 33 ).OJ L 184, 17.7.1999, p. 23 ."