31977L0780

on the coordination of the laws, regulations

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xxxxx xxxxxxx xxxxxxxxx xx xx xxxxxxxx xxxx xx xxx xxxxxxxxxxxx xx xxxxx xxxxxxxxxxx xxx xxxxxxxxxxxxxx xxxxxxxxxx xxxxxxxx xx xxx xxxxxx xx xxx xxxsuit of the business of credit institutions (77/780/EEC)
THE COUNCIL OF THE EUROPEAN COMMUNITIES,
Having regard to the Treaty establishing the Euxxxxxx xxxxxxxx xxxxxxxxxx xxx xx xxxxxxxxxx xxxxxxx xx xxxxxxxx
xxxxxx xxxxxx xx xxx xxxxxxxx xxxx xxx xxxxxxxxxxx
xxxxxx xxxxxx xx xxx xxxxxxx xf the European Parliament (1),
Having regard to the opinion of the Economic and Social Committee (2),
Whereas, pursuant to the Treaty, any discrimixxxxxx xxxxxxxxx xxxx xxxxxx xx xxxxxxxxxxxxx xxx xx xxx xxxxxxxxx xx xxxxxxxxx xxxxx xxxxxx xx xxxxxxxxxxx xx xx xxx xxxx xxxx xx xxxxxxxxxxx xx xxx xxxablished in the Member States where the services are provided, is prohibited from the end of the transitional period;
Whereas, in order to make it easixx xx xxxx xx xxx xxxxxx xxx xxxxxxxx xx xxxxxx xxxxxxxxxxxxx xx xx xxxxxxxxx xx xxxxxxxxx xxx xxxx xxxxxxxxxxx xxxxxxxxxxx xxxxxxx xxx xxxx xx xxx xxxxxr States as regards the rules to which these institutions are subject;
Whereas, however, given the extent of these differences, the conditions requixxx xxx x xxxxxx xxxxxx xxx xxxxxx xxxxxxxxxxxx xxxxxx xx xxxxxxx xx xxxxx xx x xxxxxx xxxxxxxxx x xxxxxxx xx xx xxxxxxxxx xxxxxxxxx xx xxxxxxx xx xxxxxxxive stages ; whereas the result of this process should be to provide for overall supervision of a credit institution operating in several Member States bx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxxxx xxxxx xxxxx xx xxx xxx xxxx xxxxxxx xx xxxxxxxxxxxxx xx xxxxxxxxxxxx xxxx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxer Member States concerned;
Whereas measures to coordinate credit institutions must, both in order to protect savings and to create equal conditionx xx xxxxxxxxxxx xxxxxxx xxxxx xxxxxxxxxxxxx xxxxx xx xxx xx xxxx x xxxxxxx xxx xxxxxx xxxx xx xxxx xxxxx xxxxxxxxxxx xx xxx xxxxxxxxx xxxxxxxxxxx xx xxxir statutes and their proper aims as laid down by national laws;
Whereas the scope of those measures should therefore be as broad as possible, covering xxx xxxxxxxxxxxx xxxxx xxxxxxxx xx xx xxxxxxx xxxxxxxxx xxxxx xxxx xxx xxxxxx xxxxxxx xx xxx xxxx xx xxxxxxxx xx xx xxxxx xxxxx xxxx xx xxx xxxxxxxxxx xxxue of bonds and other comparable securities and to grant credits for their own account ; whereas exceptions must be provided for in the case of certain crexxx xxxxxxxxxxxx xx xxxxx xxxx xxxxxxxxx xxxxxx xxxxxx
xxxxxxx xxx xxxxxxxxxx xx xxxx xxxxxxxxx xxxxx xxx xxxxxxxxx xxx xxxxxxxxxxx xx xxxxxxxx xxxs which provide for special supplementary authorizations permitting credit institutions to carry on specific activities or undertake specific kindx xx xxxxxxxxxxx
xxxxxxx xxx xxxx xxxxxx xx xxxxxxxxxxx xxxxxx xxxxxx xx xxxxxxx xx xxx xxxxx xx xxxxxx xxxxxxxxxxx x xxxxxxx xxxxxxxxx xxxxxx xxxxxxore be made for application of this Directive to be deferred in the case of certain groups or types of credit institutions to which its immediate applicatxxx xxxxx xxxxx xxxxxxxxx xxxxxxxx x xxxxxxx xxxx xxxxxxxx xxxxxxxxxx xxx xxxx xxxxxxxxxxxx xxx xxxxx xxxxxxxxx xx xxx xxxxxx x xxxxxxx xxxxx xxxxxxxx provisions should nonetheless be based on a number of common principles;
Whereas the eventual aim is to introduce uniform authorization requiremenxx xxxxxxxxxx xxx xxxxxxxxx xxx xxxxxxxxxx xxxxx xx xxxxxx xxxxxxxxxxx x xxxxxxx xx xxx xxxxxxx xxxxx xx xx xxxxxxxxxx xxxxxxxx xx xxxxxxx xxxx xxxxxxx minimum requirements to be imposed by all Member States;
xxxxxxx xxxx xxx xxx xx xxxxxxxx xxxx xx xxx xxxxxxxxxxxx xxxx xxxxxxxxxxxxx xxxxxx xxxxx xxxxxxx xxxxxxxxxxx xxxxxxxxxxx xxxx xxx xxxxxxxxxxx xxedit establishments are progressively reduced ; whereas the requirement that a programme of operations must be produced should therefore be seen merexx xx x xxxxxx xxxxxxxx xxx xxxxxxxxx xxxxxxxxxxx xx xxxxxx xx xxx xxxxx xx xxxx xxxxxxx xxxxxxxxxxx xxxxx xxxxxxxxx xxxxxxxxx xxxxx xx x xxxx xxxxxxxxx p. 25. (2)OJ No C 263, 17.11.1975, p. 25.
Whereas the purpose of coordination is to achieve a system whereby credit institutions having their head offixx xx xxx xx xxx xxxxxx xxxxxx xxx xxxxxx xxxx xxx xxxxxxxx xxxxxxxxxxxxx xxxxxxxxxxx xxxx xxxxxxx xx xxxxxxxx xx xxxxx xxxxxx xxxxxxx
xxxxxxx x xxxxxre of flexibility may nonetheless be possible in the initial stage as regards the requirements on the legal form of credit institutions and the protectixx xx xxxxxxx xxxxxx
xxxxxxx xxxxxxxxxx xxxxxxxxx xxxxxxxxxxxx xxx xxxxxx xxxxxxxxxxxx xxxx xx xxxxxxxxx xx xxxxxx xxxxxxx xxxxxxxxxx xxx xxxxxx xnd fair conditions of competition between comparable groups of credit institutions ; whereas, pending further coordination, appropriate structurax xxxxxx xxxxxx xx xxxxxxxxxx xxxx xxxx xxxx xx xxxxxxxx xxxxxx xxx xxxxxxxxx xx xxxxxxxxxxx xxxxxxx xxxxxxxx xxxxxxxxxxx xx xxxxxxxx xx xxxxxxxxxx xxth standard methods, the position of comparable types of credit institutions ; whereas this procedure should help to bring about the gradual approximaxxxx xx xxx xxxxxxx xx xxxxxxxxxxxx xxxxxxxxxxx xxx xxxxxxx xx xxx xxxxxx xxxxxx x xxxxxxx xx xx xxxxxxxxxx xxxxxxxx xx xxxx x xxxxxxxxxxx xxxxxxx xxxxxicients intended to ensure the sound management of credit institutions and those established for the purposes of economic and monetary policy ; whereaxx xxx xxx xxxxxxx xx xxxxxxxxxxx xxxxxxxxxx xxxxxx xxx xx xxxx xxxxxxx xxxxxxxxxxx xxxxxxx xxxxxxxxxxx xxxxxxxxxxxx xxxxxxxxxxxxxxx xx xxx xxxxxx xf credit institutions' accounts will have to begin as soon as possible;
Whereas the rules governing branches of credit institutions having thexx xxxx xxxxxx xxxxxxx xxx xxxxxxxxx xxxxxx xx xxxxxxxxx xx xxx xxxxxx xxxxxx x xxxxxxx xx xx xxxxxxxxx xx xxx xxxxxxx xxxx xx xxxxxxx xxxx xxxx xxxxx xxx xot be more favourable than those for branches of institutions from another Member State ; whereas it should be specified that the Community may conclude xxxxxxxxxx xxxx xxxxx xxxxxxxxx xxxxxxxxx xxx xxx xxxxxxxxxxx xx xxxxx xxxxx xxxxxx xxxx xxxxxxxx xxx xxxx xxxxxxxxx xxxxxxxxxx xxx xxxxxxxxxx xxxxxnt being taken of the principle of reciprocity;
Whereas the examination of problems connected with matters covered by Council Directives on the busixxxx xx xxxxxx xxxxxxxxxxxx xxxxxxxx xxxxxxxxxxx xxxxxxx xxx xxxxxxxxx xxxxxxxxxxx xxx xxx xxxxxxxxxx xxxxxx xx xxxxxxxx xxxxxxxxxx xxxxxxxxxxxx xhen conducted with a view to closer coordination;
Whereas the establishment of an Advisory Committee of the competent authorities of the Member Statxx xxxx xxx xxxx xxx xxxxx xxxxx xx xxxxxxxxxxx xxxxxxx xxxxxxxxxxx xxxxx xxxxxxxxx xxx xxxxxx xx xxx xxxxxxx xx xxx xxxxxxxx xx xxxxxx xxxxxxxxxxxx xxx, in particular, cooperation within the Contact Committee set up between the banking supervisory authorities,
HAS ADOPTED THIS DIRECTIVE:
TITxx x xxxxxxxxxxx xxx xxxxx
xxxxxxx x
xxx xxx xxxxxxxx xx xxxx xxxxxxxxxx x xxxxxxxxxxxx xxxxxxxxxxxxxxxxx xxxxx xx xxxxxxxxxxx xxxxx xxxxxxxx xx xo receive deposits or other repayable funds from the public and to grant credits for its own account,
- "authorization" means an instrumenx xxxxxx xx xxx xxxx xx xxx xxxxxxxxxxx xx xxxxx xxx xxxxx xx xxxxx xx xxx xxxxxxxx xx x xxxxxx xxxxxxxxxxx xx xxxxxxxx
x xxxxxxxxxxxxxxxxxx xxxxx x xxxxx of business which forms a legally dependent part of a credit institution and which conducts directly all or some of the operations inherent in the businexx xx xxxxxx xxxxxxxxxxxx x xxx xxxxxx xx xxxxxxxx xxx xx xx xxx xxxx xxxxxx xxxxx xx x xxxxxx xxxxxxxxxxx xxxxxx xxx xxxx xxxxxx xx xxxxxxx xxxxxx xxxxx xxall be regarded as a single branch, without prejudice to Article 4 (1),
- "own funds" means the credit institution's own capital, incxxxxxx xxxxx xxxxx xxx xx xxxxxxx xx xxxxxxx xxxxx xxxxxxxx xxxxxx
xxxxxxx x
xx xxxx xxxxxxxxx xxxxx xxxxx xx xxx xxxxxx xx xxx xxxxxxx xx xxx xusiness of credit institutions.
2. It shall not apply to: - the central banks of Member States,
- post office giro institutions,
- in Belgium, the cxxxxxxx xxxxxxx xxxxx xxxxxxxxxxxxxx xxxxxxxxxxxxxx xxxxxxxxxx x xxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxx xxx xxxxxxxxxxxxxx xx xxxxxxxxxx xx xx xxxxxtie - Herdiscontering- en Waarborginstituut", the "Société nationale d'Investissement - Nationale Investeringsmaatschappij&qxxxxx xxx xxxxxxxx xxxxxxxxxxx xxxxxxxxx xxxxxxxxxxxxxxx xx xxxxxxxxxxxxx xxxxxxxx x xxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxx xxxot;Société nationale du Logement - Nationale Maatschappij voor de Huisvesting" and its authorized companies and the "Société nationale txxxxxxxx x xxxxxxxxx xxxxxxxxxxxxxxxxxxxxxx xxx xxx xxxxxxxxxx xxxxxxxxxx
x xx xxxxxxxx xxx xxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxx xxuot;Danmarks Skibskreditfond",
- in Germany, the "Kreditanstalt für Wiederaufbau", undertakings which are recognized under thx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxx xxxxxxx xxxx xx xxxxxx xx xxxxx xxxxxxx xxxxxx xxx xxx xxx xxxxxx xxxxxxx xx xxxxxxx xxxnsactions and undertakings recognized under that law as non-profit housing undertakings,
- in France, the "Caisse des Dépôts et Consignationxxxxxxxx xxx xxxxxxxxxxxx xxxxxxxxxxxxx xxx xxx xxxxxxxxxxxx xxxxxxxxxxxxxxx
x xx xxxxxxxx xxxxxx xxxxxxx
x xx xxxxxx xxx xxxxxxxxxxx xxxxxxxx e Prestiti",
- in the Netherlands, the "NV Export-Financieringsmaatschappij", the "Netherlandse Financieringsmaatschaxxxx xxxx xxxxxxxxxxxxxxxxxxx xxxxxxxxx xxx xxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxx xxxx xxxxxxxxxxxxxxxxxxx xxxxxxxxx xxx xxxxxxxxxxxxxxx xxxxxxeringsbank NV", the "NV Bank van Nederlandse Gemeenten", the "Nederlandse Waterschapsbank NV", the "Financierinxxxxxxxxxxxxxx xxxxxxxxxxx xxxxxxxxxxxxx xxxxxxxxx xxxxxxxxx xxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxx xxxxxxxxxxxxxxxxxxx xxxxxxxxhage NV", the "NV Noordelijke Ontwikkelings Maatschappij", the "NV Industriebank Limburgs Instituut voor ontwikkeling en fixxxxxxxxxxxxxxxx xxx xxx xxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxx
x xx xxx xxxxxx xxxxxxxx xxx xxxxxxxx xxxxxxx xxxxx xxx xxxxxxwealth Development Finance Company Ltd, the Agricultural Mortgage Corporation Ltd, the Scottish Agricultural Securities Corporation Ltd, the Crowx xxxxxx xxx xxxxxxxx xxxxxxxxxxx xxx xxxxxxxxxxxxxxxx xxxxxx xxxxxxx xxx xxxxxxxxx xxxxxx
xx xxx xxxxxxxx xxxxxx xx x xxxxxxxx xxxx xxx xxxxxxxxxxx xxxxxx xxx xxxx xxxxxxxx xxxxx xxxxxxx xxx xxxxxxxxx xxxxxxxx xx xx xxxxxxx xx xxxxxxxxxxxx xeferred to as "the Advisory Committee") shall decide on any amendments to the list in paragraph 2.
4. (a) Credit institutions existing in txx xxxx xxxxxx xxxxx xx xxx xxxx xx xxx xxxxxxxxxxxx xx xxxx xxxxxxxxx xxx xxxxxxxxxxx xxxxxxxxxx xx xxxx xxxx xx x xxxxxxx xxxx xxxxx xxxxxxxxxx xxxx xxx which is established in that same Member State, may be exempted from the requirements listed in the first, second and third indents of the first subparagxxxx xx xxxxxxx x xxxx xxx xxxxxx xxxxxxxxxxxx xx xxxxxxx x xxxx xxxxxxx x xxx xxx xxxxxxx xx xxx xx xxxxx xxxx xxx xxxx xxxx xxx xxxxxxxx xxxxxxxxxxx xxxx xhe measures necessary to translate this Directive into national law, that law provides that: - the commitments of the central body and affiliated instixxxxxxx xxx xxxxx xxx xxxxxxx xxxxxxxxxxx xx xxx xxxxxxxxxxx xx xxx xxxxxxxxxx xxxxxxxxxxxx xxx xxxxxxxx xxxxxxxxxx xx xxx xxxxxxx xxxxx
x xxx xxxxxncy and liquidity of the central body and of all the affiliated institutions are monitored as a whole on the basis of consolidated accounts,
- the managxxxxx xx xxx xxxxxxx xxxx xx xxxxxxxxx xx xxxxx xxxxxxxxxxxx xx xxx xxxxxxxxxx xx xxx xxxxxxxxxx xxxxxxxxxxxxx
xxx xxxxxx xxxxxxxxxxxx xxxxxxxng locally which are affiliated, subsequent to notification of this Directive, to a central body within the meaning of subparagraph (a) may benefit frox xxx xxxxxxxxxx xxxx xxxx xx xxxxxxxxxxxx xxx xx xxxx xxxxxxxxxx xxxxxx xxxxxxxxx xx xxx xxxxxxx xxxxxxxxx xx xxxx xxxxxxx xxxxx
xxx xx xxx xxxx xx xxxdit institutions other than those which are set up in areas newly reclaimed from the sea or have resulted from scission or mergers of existing institutioxx xxxxxxxxx xx xxxxxxxxxx xx xxx xxxxxxx xxxxx xxx xxxxxxxx xxxxxx xx x xxxxxxxx xxxx xxx xxxxxxxxxxx xxxxx xxxxxx xxx xxxx xxxxxxxx xxxxxxx xxx xxxxxxry Committee, may lay down additional rules for the application of subparagraph (b) including the repeal of exemptions provided for in subparagraph (axx xxxxx xx xx xx xxx xxxxxxx xxxx xxx xxxxxxxxxxx xx xxx xxxxxxxxxxxx xxxxxxxxxx xxxx xxx xxxxxxxxxxxx xxxx xxxx xx xxxxxxxxxxxx xxx xxxxx xxxx xx xxxxxse effect on competition. The Council shall decide by a qualified majority.
5. Member States may defer in whole or in part the application of this Dirxxxxxx xx xxxxxxx xxxxx xx xxxxxx xx xxxxxx xxxxxxxxxxxx xxxxx xxxx xxxxxxxxx xxxxxxxxxxx xxxxx xxxxx xxxxxxxxx xxxxxxxx xxxxx xxxxxx xx xxxxxxxx xx xhe short-term. The problems may result either from the fact that these institutions are subject to supervision by an authority different from that normxxxx xxxxxxxxxxx xxx xxx xxxxxxxxxxx xx xxxxxx xx xxxx xxx xxxx xxxx xxxx xxx xxxxxxx xx x xxxxxxx xxxxxx xx xxxxxxxxxxxx xx xxx xxxxxx xxxx xxxxxxxxx xxxnot be justified by the public law statutes, by the smallness of size or by the limited scope of activity of the particular institutions concerned.
Defxxxxxx xxx xxxxx xxxx xx xxxxxx xx xxxxx xx xxxxxxxxxxxx xxxxxxx xxxxxxxx xx xxx xxxx xx xxxxxxxxxxxx xx xxxx xxxxxxxxxx
xx xxxxxxxx xx xxxxxxxxx xx x xember State may decide to defer application of this Directive for a maximum period of five years from the notification thereof and, after consulting the xxxxxxxx xxxxxxxxx xxx xxxxxx xxxxxxxxx xxxx xxxx xxx x xxxxxxx xxxxxx xx xxxxx xxxxxx
xxx xxxxxx xxxxx xxxxx xxxxxx xxx xxxxxxxxxx xx xxx xxxxxxxx xxd the reasons therefor not later than six months following the notification of this Directive. xx xxxxx xxxx xxxxxx xxx xxxxxxxxxx xx xxx xxxxxxxxx xx xxxxxx xx xxxx xxxxxxxxx xxx xxxxxxxxxx xxxxx xxxxxxx xxx xxxxxxxx xxxxxxxxx xxxxxxxxx xx xxx xxficial Journal of the European Communities.
Not later than seven years following the notification of this Directive, the Commission shall, after coxxxxxxxx xxx xxxxxxxx xxxxxxxxxx xxxxxx x xxxxxx xx xxx xxxxxxx xx xxx xxxxxxxxx xxxxxxxxx xxxxxxxxxx xxxxx xxxxxxxxxxxx xxx xxxxxxxxxx xxxxx xxxxxx to the Council, not later than six months following the submission of its report, proposals for either the inclusion of the institutions in question in txx xxxx xx xxxxxxxxx x xx xxx xxx xxxxxxxxxxxxx xx x xxxxxxx xxxxxxxxx xx xxxxxxxxxx xxx xxxxxxx xxxxx xxx xx xxxxx xxxxxxxxx xxx xxxxx xxxx xxx xxxxxx xxxer their submission.
TITLE II Credit institutions having their head office in a Member State and their branches in other Member States
Article 3
xx xxxxxx xxxxxx xxxxx xxxxxxx xxxxxx xxxxxxxxxxxx xxxxxxx xx xxxx xxxxxxxxx xx xxxxxx xxxxxxxxxxxxx xxxxxx xxxxxxxxxx xxxxx xxxxxxxxxxx xxxx xxxxl lay down the requirements for such authorization subject to paragraphs 2, 3 and 4 and notify them to both the Commission and the Advisory Committee.
2x xxxxxxx xxxxxxxxx xx xxxxx xxxxxxxxxx xx xxxxxxx xxxxxxxxxxx xxxx xxxx xx xxxxxxxx xxxxx xxx xxxxxxxxx xxxxxxxxxxx xxxxx xxxxx xxxxxxxxxxxxx xxxx xhen the following conditions are complied with: - the credit institution must possess separate own funds,
- the credit institution must possess adeqxxxx xxxxxxx xxx xxxxxx
x xxxxx xxxxx xx xx xxxxx xxx xxxxxxx xxx xxxxxxxxxxx xxxxxx xxx xxxxxxxx xx xxx xxxxxx xxxxxxxxxxxx
xxxxxxxxx xxx xxxxorities concerned shall not grant authorization if the persons referred to in the third indent of the first subparagraph are not of sufficiently good rexxxx xx xxxx xxxxxxxxxx xxxxxxxxxx xx xxxxxxx xxxx xxxxxxx
xx xxx xxx xxxxxxxxxx xxxxxxxx xx xx xxxxxxxxxx x xxx x xxx xxx xxxxxxx xxx xxxxxxxxxxx xxx xuthorization to be examined in terms of the economic needs of the market.
(b) Where the laws, regulations or administrative provisions of a Member Staxx xxxxxxxx xx xxx xxxx xx xxxxxxxxxxxx xx xxx xxxxxxx xxxxxxxxxx xxxx xxx xxxxxxxx xxxxx xx xxx xxxxxx xxxxx xx x xxxxxxxxx xx xxxxxxxxxxxxx xxx xxxxx xxchnical or structural difficulties in its banking system do not allow it to give up the criterion within the period laid down in Article 14 (1), the State ix xxxxxxxx xxx xxxxxxxx xx xxxxx xxx xxxxxxxxx xxx x xxxxxx xx xxxxx xxxxx xxxx xxxxxxxxxxxxx
xx xxxxx xxxxxx xxx xxxxxxxx xxx xxx xxxxxxx xxxxxxxx xx xhe Commission within six months of notification.
(c) Within six years of the notification of this Directive the Commission shall submit to the Councixx xxxxx xxxxxxxxxx xxx xxxxxxxx xxxxxxxxxx x xxxxxx xx xxx xxxxxxxxxxx xx xxx xxxxxxxxx xx xxxxxxxx xxxxx xx xxxxxxxxxxxx xxx xxxxxxxxxx xxxxx xxxxxx to the Council proposals to terminate the application of that criterion. The period referred to in subparagraph (b) shall be extended for one further pexxxx xx xxxx xxxxxx xxxxxxx xx xxx xxxxxxxxx xxx xxxxxxxx xxxxxx xxxxxxxxxxx xx xxxxxxxxx xxxx xxx xxxxxxxxxxx xxxxxx x xxxxxxxx xx xxxxxxxxx xxx xxxxxcation of that criterion.
(d) The criterion of economic need shall be applied only on the basis of general predetermined criteria, published and notixxxx xx xxxx xxx xxxxxxxxxx xxx xxx xxxxxxxx xxxxxxxxx xxx xxxxx xx xxxxxxxxxx x xxxxxxxx xx xxxxxxxx
x xxxxxx xxxxxxxxxxxx xx xxx xxxxxxx xxxxxx
x xxxxxxx xxxxxxxxxx xx xxxxxxxxxxx xxxxxxx xxx xxxxxxx xxxxxxx xxxxxxxxx
x x xxxxxxx xxxxx xx xxxxxxg services in relation to population and economic activity.
Specification of the above objectives shall be determined within the Advisory Commxxxxxx xxxxx xxxxx xxxxx xxx xxxx xx xxxx xxx xxxxxxx xxxxxxxxx
xx xxxxxx xxxxxx xxxxx xxxx xxxxxxx xxxxxxxxxxxx xxx xxxxxxxxxxxxx xx xx xxxxxxxxxed by a programme of operations setting out inter alia the types of business envisaged and the structural organization of the institution.
5. The Advixxxx xxxxxxxxx xxxxx xxxxxxx xxx xxxxxxx xxxxx xx xxx xxxxxxxxx xxxxxxxxxxx xx xxxxxxxxxxxx xxxxxx xx xxxxxxxxx xx xxx xxxxx xxxxxxxxxxxx xxxxx xxx xxmber States apply and the information which must be included in the programme of operations, and shall, where appropriate, make suggestions to the Commxxxxxx xxxx x xxxx xx x xxxx xxxxxxxx xxxxxxxxxxxxx
xx xxxxxxx xxxxx xx xxxxx xxxxxxxx xx xxxxxxxxxxxxx xx xxxxxxx xxx xxx xxxxxxxxx xxxxx xx xxxxxxxx thereof within six months of receipt of the application or, should the latter be incomplete, within six months of the applicant's sending the infoxxxxxxx xxxxxxxx xxx xxx xxxxxxxxx x xxxxxxxx xxxxxx xx xxx xxxxx xx xxxxx xxxxxx xx xxxxxx xx xxx xxxxxxx xx xxx xxxxxxxxxxxx
xx xxxxx xxxxxxxxxxxxx xhall be notified to the Commission. Each credit institution shall be entered in a list which the Commission shall publish in the Official Journal of the Exxxxxxx xxxxxxxxxxx xxx xxxxx xxxx xx xx xxxxx
xxxxxxx x
xx xxxxxx xxxxxx xxx xxxx xxx xxxxxxxxxxxx xx xxxxxxxx xx xxxxx xxxxxxxxx xx xxxxxxxx xx xredit institutions covered by this Directive which have their head office in another Member State subject to authorization according to the law and proxxxxxx xxxxxxxxxx xx xxxxxx xxxxxxxxxxxx xxxxxxxxxxx xx xxxxx xxxxxxxxxx
xx xxxxxxxx xxxxxxxxxxxxx xxx xxx xx xxxxxxx xx x xxxxxx xx x xxxxxx xxxxxxution on the sole ground that it is established in another Member State in a legal form which is not allowed in the case of a credit institution carrying out xxxxxxx xxxxxxxxxx xx xxx xxxx xxxxxxxx xxxx xxxxxxxxx xxxxx xxx xxxxxx xxxxxxxx xx xxxxxx xxxxxxxxxxxx xxxxx xxxxxxx xx xxxxxxxx xxx xxxxxx
xx xxx xompetent authorities shall inform the Commission of any authorizations which they grant to the branches referred to in paragraph 1.
4. This Article sxxxx xxx xxxxxx xxx xxxxx xxxxxxx xx xxxxxx xxxxxx xx xxxxxxxx xxx xx xx xxxxx xxxxxxxxx xx xxxxxx xxxxxxxxxxxx xxxxx xxxx xxxxx xxxx xxxxxx xxxxxx xxxxxthstanding the second part of the third indent of Article 1, the laws of Member States requiring a separate authorization for each branch of a credit instxxxxxxx xxxxxx xxx xxxx xxxxxx xx xxxxx xxxxxxxxx xxxxx xxxxx xxxxxxx xx xxx xxxxxxxx xx xxxxxx xxxxxxxxxxxx xxx xxxx xxxxxxx xx xxxxx xxx xx xxxxx xxxxxr States.
Article 5
For the purpose of exercising their activities, credit institutions to which this Directive applies may, notwithstanding axx xxxxxxxxxx xxxxxxxxxx xxx xxx xx xxx xxxxx xxxxxxxxxxxxxxxxx xxxxxxxxxxxx xxxxxxxxxx xx xxxxx xxxxxxx xxxxx xxxxx xxx xxxxx xx xxx xxxx xxxxxx xxxxe, use throughout the territory of the Community the same name as they use in the Member States in which their head office is situated. In the event of there xxxxx xxx xxxxxx xx xxxxxxxxxx xxx xxxx xxxxxx xxxxx xxxx xxx xxx xxxxxxxx xx xxxxxxxxxxxxxx xxxxxxx xxxx xxx xxxx xx xxxxxxxxxxx xx xxxxxxx xxxxxxxxxxx xxxxxxxlars.
Article 6
1. Pending subsequent coordination, the competent authorities shall, for the purposes of observation and, if necessary, in addxxxxx xx xxxx xxxxxxxxxxxx xx xxx xx xxxxxxx xx xxxxx xxxxxxxxx xxxxxx xxxxxxx xxx xxxxxxx xxxxxx xxxxxx xxxxxxxxxxx xx xxxxxx xxxxxxxxxxxx xxxx x xxxx to monitoring their solvency and liquidity and the other measures which may serve to ensure that savings are protected.
To this end, the Advisory Commxxxxx xxxxx xxxxxx xx xxx xxxxxxx xx xxx xxxxxxx xxxxxxx xx xxx xxxxxxxxxxx xxxxxx xxxxxxxx xx xx xxx xxxxx xxxxxxxxxxxx xxx xxx xxxx xxx xxxxxx xx xx xxxxied in calculating them.
Where appropriate, the Advisory Committee shall be guided by technical consultations between the supervisory authoritiex xx xxx xxxxxxxxxx xx xxxxxxxxxxxx xxxxxxxxxx
xx xxx xxxxxxxxxxx xxxxxx xxxxxxxxxxx xx xxxxxxxxx xx xxxxxxxxx x xxxxx xx xxxxxxxxxx xx xxxxx xxxxx xix months.
3. The Advisory Committee shall examine the results of analyses carried out by the supervisory authorities referred to in the third subparxxxxxx xx xxxxxxxxx x xx xxx xxxxx xx xxx xxxxxxxxxxxx xxxxxxxx xx xx xxxxxxxxx xx
xx xxx xxxxxxxx xxxxxxxxx xxx xxxx xxxxxxxxxxx xx xxx xxxxxxxxxx xxxh a view to coordinating the coefficients applicable in the Member States.
Article 7
1. The competent authorities of the Member States concerned xxxxx xxxxxxxxxxx xxxxxxx xx xxxxx xx xxxxxxxxx xxx xxxxxxxxxx xx xxxxxx xxxxxxxxxxxx xxxxxxxxxx xx xxxxxxxxxx xx xxxxxx xxxxxxxxxxx xxxxxxxx xxxxx, in one or more Member States other than that in which their head offices are situated. They shall supply one another with all information concerning the xxxxxxxxxx xxx xxxxxxxxx xx xxxx xxxxxx xxxxxxxxxxxx xxxx xx xxxxxx xx xxxxxxxxxx xxxxx xxxxxxxxxxx xxx xxx xxxxxxxxxxx xx xxx xxxxxxxxxx xxx xxxxx xxthorization and all information likely to facilitate the monitoring of their liquidity and solvency.
2. The competent authorities may also, for the xxxxxxxx xxx xxxxxx xxx xxxxxxx xx xxxxxxx xx xxx xxxx xxxxxx xxxxxxxxxx xx xxx xxxxxxxx xxxxxxxx xx xx xxxx xxxxxxx xx xxxxxxxxx xx xxx xxxxxxx xxxx xxxx in Article 6.
3. The Advisory Committee shall take account of the adjustments necessitated by the specific situation of the branches in relation to naxxxxxx xxxxxxxxxxxx
xxxxxxx x
xx xxx xxxxxxxxx xxxxxxxxxxx xxx xxxxxxxx xxx xxxxxxxxxxxxx xxxxxx xx x xxxxxx xxxxxxxxxxx xxxxxxx xx xxxx xxxxxtive or to a branch authorized under Article 4 only where such an institution or branch: (a) does not make use of the authorization within 12 months, exprexxxx xxxxxxxxx xxx xxxxxxxxxxxxx xx xxx xxxxxx xx xxxxxx xx xxxxxxxx xxx xxxx xxxx xxx xxxxxxx xx xxx xxxxxx xxxxx xxxxxxxxx xxx xxxx xx xxxxxxxxx xxx xxx authorization to lapse in such cases;
(b) has obtained the authorization through false statements or any other irregular means;
(c) no longer fulfxxx xxx xxxxxxxxxx xxxxx xxxxx xxxxxxxxxxxxx xxx xxxxxxxx xxxx xxx xxxxxxxxx xx xxxxx xx xxxxxxx xx xxx xxxxxx
xxx xx xxxxxx xxxxxxxxx xxxxxxxxxx xxx funds or can no longer be relied upon to fulfil its obligations towards its creditors, and in particular no longer provides security for the assets entruxxxx xx xxx
xxx xxxxx xxxxxx xxx xx xxx xxxxx xxxxx xxxxx xxxxxxxx xxx xxxxxxxx xxx xxxxxxxxxx xx xxxxxxxxxxxxxx
xx xx xxxxxxxxx xxx xxxxxxxxxxxxx xxxxxx xo a branch under Article 4 shall be withdrawn if the competent authority of the country in which the credit institution which established the branch has ixx xxxx xxxxxx xxx xxxxxxxxx xxxxxxxxxxxxx xxxx xxxx xxxxxxxxxxxx
xx xxxxxx xxxxxx xxxxx xxxxx xxx xxxxxxxxxxxxxx xxxxxxxx xx xx xxxxxxxx x xxx xxx x (1) only if, economically, the market situation requires it may not invoke the disappearance of such a need as grounds for withdrawing such authorizatixxxx
xx xxxxxx xxxxxxxxxx xxxx x xxxxxx xx xx xxxxxxxxxxxxx xxxxxxx xxxxx xxxxxxx xx xxx xxxxxxxxx xxxxxxxxx xx xxx xxxxxx xxxxx xx xxxxx xxx xxxx xxxxce is situated shall be consulted. Where immediate action is called for, notification may take the place of such consultation. The same procedure shall xx xxxxxxxxx xx xxxxxxxx xx xxxxx xx xxxxxxxxxx xx xxxxxxxxxxxxx xxxx x xxxxxx xxxxxxxxxxx xxxxx xxx xxxxxxxx xx xxxxx xxxxxx xxxxxxx
xx xxxxxxx xxxx be given for any withdrawal of authorization and those concerned informed thereof ; such withdrawal shall be notified to the Commission.
TITLE III xxxxxxxx xx xxxxxx xxxxxxxxxxxx xxxxxx xxxxx xxxx xxxxxxx xxxxxxx xxx xxxxxxxxx
xxxxxxx x
xx xxxxxx xxxxxx xxxxx xxx xxxxx xx xxxxxxxx xx xxxxxx xxstitutions having their head office outside the Community, when commencing or carrying on their business, provisions which result in more favourable xxxxxxxxx xxxx xxxx xxxxxxxx xx xxxxxxxx xx xxxxxx xxxxxxxxxxxx xxxxxx xxxxx xxxx xxxxxx xx xxx xxxxxxxxxx
xx xxx xxxxxxxxx xxxxxxxxxxx xxxxx xxxxxy the Commission and the Advisory Committee of all authorizations for branches granted to credit institutions having their head office outside the Comxxxxxxx
xx xxxxxxx xxxxxxxxx xx xxxxxxxxx xx xxx xxxxxxxxx xxxx xxxxxxx xxxxxxxxxx xxxxxxxxx xx xxxxxxxxxx xxxx xxx xxxxxx xxxx xxx xx xxxx xxxxx xxxntries, agree to apply provisions which, on the basis of the principle of reciprocity, accord to branches of a credit institution having its head office xxxxxxx xxx xxxxxxxxx xxxxxxxxx xxxxxxxxx xxxxxxxxxx xxx xxxxxxxxx xx xxx xxxxxxxxxx
xxxxx xx xxxxxxx xxx xxxxxxxxxxxx xxxxxxxxxx
xxxxxxx xx
1. Credit institutions subject to this Directive, which took up their business in accordance with the provisions of the Member States in which they haxx xxxxx xxxx xxxxxxx xxxxxx xxx xxxxx xxxx xxxxx xx xxx xxxxxxxxxx xxxxxxxxxxxx xxxx xxxxxxxxx xxxxx xx xxxxxx xx xx xxxxxxxxxxx xxxx xxxxx xx xxxxxxx xo the provisions of this Directive concerning the carrying on of the business of credit institutions and to the requirements set out in the first and thirx xxxxxxx xx xxx xxxxx xxxxxxxxxxxx xxx xx xxx xxxxxx xxxxxxxxxxxx xx xxxxxxx x xxxx
xxxxxx xxxxxx xxx xxxxx xxxxxx xxxxxxxxxxxx xxxxx xx xxx xxxx xx xxtification of this Directive do not comply with the requirement laid down in the third indent of the first subparagraph of Article 3 (2), no more than five xxxxx xx xxxxx xx xx xxx
xxxxxx xxxxxx xxx xxxxxx xxxx xxxxxxxxxxxx xxxxx xx xxx xxxxxx xxx xxxxxxxxxxxx xxx xxx xx xxx xxxxx xxxxxx xx xxx xxxxx xxxxxxxgraph of Article 3 (2) and which are in existence at the time this Directive enters into force may continue to carry on their business. They may exempt such xxxxxxxxxxxx xxxx xxxxxxxxx xxxx xxx xxxxxxxxxxx xxxxxxxxx xx xxx xxxxx xxxxxx xx xxx xxxxx xxxxxxxxxxxx xx xxxxxxx x xxxx
xx xxx xxx xxxxxx xxxxxxxxxxxx xxxxxxxx xx xx xxxxxxxxx x xxxxx xx xxxxx xx xxx xxxx xxxxxred to in Article 3 (7).
3. If a credit institution deemed to be authorized under paragraph 1 has not undergone any authorization procedure prior to comxxxxxxx xxxxxxxxx x xxxxxxxxxxx xx xxx xxxxxxxx xx xx xxx xxxxxxxx xxxxx xxxx xxx xxxxx xx xxxxxxxxxx xx xxxxxxxxxxxxxx
xxxxxxx xx xxx xxxxx xxxxxxxxraph, Article 8 shall apply by analogy.
4. By way of derogation from paragraph 1, credit institutions established in a Member State without having undxxxxxx xx xxxxxxxxxxxxx xxxxxxxxx xx xxxx xxxxxx xxxxx xxxxx xx xxxxxxxxxx xxxxxxxx xxx xx xxxxxxxx xx xxxxxx xxxxxxxxxxxxx xxxx xxx xxxxxxxxx xxxxxxities of the Member State concerned in accordance with the provisions implementing this Directive. Such institutions may be required to comply with thx xxxxxxxxxxx xx xxx xxxxxx xxxxxx xx xxxxxxx x xxx xxx xxxx xxxx xxxxx xxxxxxxxxx xx xxxxxxx xxxxxxxxxxx xx xxx xx xxxx xxxx xx xxx xxxxxx xxxxx xxxxxxxxx.
Article 11
1. An "Advisory Committee of the Competent Authorities of the Member States of the European Economic Community" shall be xxx xx xxxxxxxxx xxx xxxxxxxxxxx
xx xxx xxxxx xx xxx xxxxxxxx xxxxxxxxx xxxxx xx xx xxxxxx xxx xxxxxxxxxx xx xxxxxxxx xxx xxxxxx xxxxxxxxxxxxxx xx xxxh this Directive and Council Directive 73/183/EEC of 28 June 1973 on the abolition of restrictions on freedom of establishment and freedom to provide sexxxxxx xx xxxxxxx xx xxxxxxxxxxxxx xxxxxxxxxx xx xxxxx xxx xxxxx xxxxxxxxx xxxxxxxxxxxx xxx xx xx xxx xx xx xxxxxxx xx xxxxxx xxxxxxxxxxxxx xxxxxxx xx xhall carry out the other tasks prescribed by this Directive and shall assist the Commission in the preparation of new proposals to the Council concerninx xxxxxxx xxxxxxxxxxxx xx xxx xxxxxx xx xxxxxx xxxxxxxxxxxxx
xx xxx xxxxxxxx xxxxxxxxx xxxxx xxx xxxxxxx xxxxxx xxxx xxxxxxxx xxxxxxxx xxxxxxxx xx xndividual credit institutions.
4. The Advisory Committee shall be composed of not more than three representatives from each Member State and from thx xxxxxxxxxxx xxxxx xxxxxxxxxxxxxxx xxx xx xxxxxxxxxxx xx xxxxxxxx xxxx xxxx xxx xxxxxxx xx xxx xxxxx xxxxxxxxx xx xxx xxxxxxxxxx xxx xxxxxxxxx xxx xxxo invite qualified persons and experts to participate in its meetings. The secretariat shall be provided by the Commission.
5. The first meeting of thx xxxxxxxx xxxxxxxxx xxxxx xx xxxxxxxx xx xxx xxxxxxxxxx xxxxx xxx xxxxxxxxxxxx xx xxx xx xxx xxxxxxxxxxxxxxxx xxx xxxxxxxx xxxxxxxxx xxxxx xxxx xxxxx its rules of procedure and shall elect a chairman from among the representatives of Member States. Thereafter it shall meet at regular intervals and whexxxxx xxx xxxxxxxxx xxxxxxxx xxx xxxxxxxxxx xxx xxx xxx xxxxxxxxx xx xxxx xx xxxxxxxxx xxxxxxx xx xx xxxxxxxxx xxxx xxx xxxxxxxxx xx xxxxxxxxx
xx xxx xdvisory Committee's discussions and the outcome thereof shall be confidential except when the Committee decides otherwise.
Article 12
1x xxxxxx xxxxxx xxxxx xxxxxx xxxx xxx xxxxxxx xxx xx xx xxx xxxx xxxxxxxx xx xxx xxxxxxxxx xxxxxxxxxxx xxx xxxxx xx xxx xxxxxxxxxx xx xxxxxxxxxxxx xxxxxxy. This means that any confidential information which they may receive in the course of their duties may not be divulged to any person or authority except xx xxxxxx xx xxxxxxxxxx xxxx xxxx xx xxxx
xx xxxxxxxxx x xxxxx xxxx xxxxxxxx xxxxxxxx xxxxxxxxxxxxxx xxxxxxx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxxxxs xxxxxx xxxxxxx xx xxxxxxxx xxx xx xxxx xxxxxxxxxx xxxxxxxxxxx xxxx xxxxxxxxx xxxxx xx xxxxxxx xx xxx xxxxxxxxxx xx xxxxxxxxxxxx xxxxxxx xxxxxxxx xx xxe persons now or in the past employed by the competent authorities receiving the information.
3. Without prejudice to cases covered by criminal law, txx xxxxxxxxxxx xxxxxxxxx xxxx xxxxxxxxxxx xxxxx xxx xx xxxx xx xxxxxxx xxx xxxxxxxxxx xxx xxx xxxxxx xx xxx xxxxxxx xx xxx xxxxxxxx xx xxxxxx xxxxxxxxxxns, to facilitate monitoring of the liquidity and solvency of these institutions or when the decisions of the competent authority are the subject of an axxxxxxxxxxxxx xxxxxx xx xx xxxxx xxxxxxxxxxx xxxxxxxxx xxxxxxxx xx xxxxxxx xxx
xxxxxxx xx
xxxxxx xxxxxx xxxxx xxxxxx xxxx xxxxxxxxx xxxxx xx xxspect of a credit institution in pursuance of laws, regulations and administrative provisions adopted in accordance with this Directive may be subjecx xx xxx xxxxx xx xxxxx xx xxx xxxxxxx xxx xxxx xxxxx xxxxx xxxxx xx x xxxx xxxxxxxxxx xx xx
xxxxx xx xxxxxxxx xx xxxxx xxxxxx xxx xxxxxx xx xxx xxxxxxxxxx xn respect of an application for authorization which contains all the information required under the provisions in force.
TITLE V Final provisions
xxxxxxx xx
xx xxxxxx xxxxxx xxxxx xxxxx xxxx xxxxx xxx xxxxxxxx xxxxxxxxx xx xxxxxx xxxx xxxx xxxxxxxxx xxxxxx xx xxxxxx xx xxx xxxxxxxxxxxx xxx xxxll forthwith inform the Commission thereof.
2. As from the notification of this Directive, Member States shall communicate to the Commission the texxx xx xxx xxxx xxxxx xxxxxxxxxxx xxx xxxxxxxxxxxxxx xxxxxxxxxx xxxxx xxxx xxxxx xx xxx xxxxx xxxxxxx xx xxxx xxxxxxxxxx
xxxxxxx xx
xxxx xxxxxxxxe is addressed to the Member States.
Done at Brussels, 12 December 1977.
For the Council
The President
A. HUMBLET
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