31989L0646

on the coordination of laws, regulations and administrative

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xxxxxx xxxxxxx xxxxxxxxx xx xx xxxxxxxx xxxx xx xxx xxxxxxxxxxxx xx xxxxx xxxxxxxxxxx xxx xxxxxxxxxxxxxx xxxxxxxxxx xxxxxxxx xx xxx xxxxxx xx xxx xxrsuit of the business of credit institutions and amending Directive 77/780/EEC (89/646/EEC)
THE COUNCIL OF THE EUROPEAN COMMUNITIES,
Having regxxx xx xxx xxxxxx xxxxxxxxxxxx xxx xxxxxxxx xxxxxxxx xxxxxxxxxx xxx xx xxxxxxxxxx xxx xxxxx xxx xxxxx xxxxxxxxx xx xxxxxxx xx xxx xxxxxxxx
xxxxxx xxxard to the proposal from the Commission (1),
In cooperation with the European Parliament (2),
Having regard to the opinion of the Economic and Sociax xxxxxxxxx xxxx
xxxxxxx xxxx xxxxxxxxx xx xx xxxxxxxxxx xxx xxxxxxxxx xxxxxxxxxx xxx xxx xxxxxxxxxxx xx xxx xxxxxxxx xxxxxxx x xxxxxx xxxxxxxxxx xx the Single European Act and set out in timetable form in the Commission's White Paper, from the point of view of both the freedom of establishment anx xxx xxxxxxx xx xxxxxxx xxxxxxxxx xxxxxxxxx xx xxx xxxxx xx xxxxxx xxxxxxxxxxxxx
xxxxxxx xxxx xxxxxxxxx xxxx xxxx xxx xxxx xx xxxxxxxxx xxxxxxxxxxx already enacted, in particular the first Council Directive 77/780/EEC of 12 December 1977 on the coordination of laws, regulations and administrativx xxxxxxxxxx xxxxxxxx xx xxx xxxxxx xx xxx xxxxxxx xx xxx xxxxxxxx xx xxxxxx xxxxxxxxxxxx xxxx xx xxxx xxxxxxx xx xxxxxxxxx xxxxxxxxxx xxxx xxxxxxx xxxxctive 83/350/EEC of 13 June 1983 on the supervision of credit institutions on a consolidated basis (6), Council Directive 86/635/EEC of
8 December 19xx xx xxx xxxxxx xxx xxxxxxxxxxxx xxxxxxxx
xx xxxxx xxx xxxxx xxxxxxxxx xxxxxxxxxxxx xxx xxx xxxxxxx xxxxxxxxx xxxxxxxxxx xx xx xxxxx xxxx xx xxx xxn funds of credit institutions (8);
Whereas the Commission has adopted recommendations 87/62/EEC on large exposures of credit institutions (9) and xxxxxxxxx xxxxxxxxxx xxx xxxxxxxxxxxx xx xxxxxxxx
xxxxxxxxx xxxxxxx xxxxx
xxxxxxx xxx xxxxxxxx xxxxx xxx xxxx xxxxxxx xx xx xxxxxxx xxxx xxx xxxxntial harmonization necessary and sufficient to secure the mutual recognition of authorization and of prudential supervision systems, making possixxx xxx xxxxxxxx xx x xxxxxx xxxxxxx xxxxxxxxxx xxxxxxxxxx xxx xxxxxxxxx xxx xxx xxxxxxxxxxx xx xxx xxxxxxxxx xx xxxx xxxxxx xxxxx xxxxxxxxxx xxxxxxxxion;
Whereas, in this context, this Directive can be implemented only simultaneously with specific Community legislation dealing with the additioxxx xxxxxxxxxxxxx xx xxxxxxxxx xxxxxxx xxxxxxxx xx xxx xxxxx xxx xxxxxxxx xxxxxxx
xxxxxxxx xxxxxxxxx xxx xxxxxxxxxxxxx xx xxx xxxxxxxxxx xxxxxxxx to the reorganization and winding-up of credit institutions is also proceeding;
Whereas the arrangements necessary for the supervision of the liquxxxxxx xxxxxxx xxxxxxxxxxxxx xxx xxxxxxxxxxxxxxxx xxxxx xxx xx xxxxxx xxxxxxxxxxxx xxxx xxxx xxxx xx xx xxxxxxxxxxx
xxxxxxx xxx xxxxxxxxxx xx xxxxal recognition and of home Member State control require the competent authorities of
each Member State not to grant authorization or to withdrxx xx xxxxx xxxxxxx xxxx xx xxx xxxxxxxxxx xxxxxxxxxx xxx xxxxxxxxxxxx xxxxxxxxxxxx xx xxx xxxxxxxxxx xxxxxxxx xxxxxxx xx xxxx xx xxxxx xxxxx xxxx x xxxdit institution has opted for the legal system of one Member State for the purpose of evading the xxxxxxxx xxxxxxxxx xx xxxxx xx xxxxxxx xxxxxx xxxxx xx xxxxx xx xxxxxxx xx xxxxx xx xx xxxxxxx xx xxx xxxxxxx xxxx xx xxx xxxxxxxxxxx xxxxxxxx xxx xxx xxxxoses of this Directive, a credit institution shall be deemed to be situated in the Member State in which it has its registered office; whereas the Member Sxxxxx xxxx xxxxxxx xxxx xxx xxxx xxxxxx xx xxxxxxxx xx xxx xxxx xxxxxx xxxxx xx xxx xxxxxxxxxx xxxxxxx
xxxxxxx xxx xxxx xxxxxx xxxxx xxx xxxx xxxxxxxxx rules stricter than those laid down in Articles 4, 5, 11, 12 and 16 for institutions authorized by its competent authorities;
Whereas responsibility xxx xxxxxxxxxxx xxx xxxxxxxxx xxxxxxxxx xx x xxxxxx xxxxxxxxxxxx xxx xx xxxxxxxxxx xxx xxxxxxxxx xxxx xxxx xxxx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxx xember State; whereas the host Member State's competent authorities will retain responsibility for the supervision of liquidity and monetary poxxxxx xxxxxxx xxx xxxxxxxxxxx xx xxxxxx xxxx xxxx xx xxx xxxxxxx xx xxxxx xxxxxxxxxxx xxxxxxx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxx xxx xxxx xxxxxx xxxxes;
Whereas the harmonization of certain financial and investment services will be effected, where the need exists, by specific Community instrumexxxx xxxx xxx xxxxxxxxxx xx xxxxxxxxxxx xx xxxxxxxxxx xxxxxxxxx xxx xxxxxxxxxx xxxxxxx xxx xxxxxxxxxx xxx xxxxxxxx xxxxxxxx xxx xxx xxxxxxxxxxxxx xx mortgage credit in order, inter alia, to allow mutual recognition of the financial techniques peculiar to thal sphere;
Whereas, by virtue of mutual rxxxxxxxxxxx xxx xxxxxxxx xxxxxx xxxxxxx xxxxxx xxxxxxxxxxxx xxxxxxxxxx xx xxxxx xxxx xxxxxx xxxxxx xx xxxxx xxx xxxxxxxxxx xxx xxxxxxxxxx xxx xx xxx xf the activities listed in the Annex by establishing branches or by providing services;
Whereas the carrying-on of activities not listed in the Annex xxxxx xxxxx xxx xxxxx xx xxxxxxxxxxxxx xxx xxx xxxxxxx
xx xxxxxxx xxxxxxxx xxxxx xxx xxxxxxx xxxxxxxxxx xx xxx xxxxxxx
xxxxxxx xx xx xxxxxxxxxxxx xowever, to extend mutual recognition to the activities listed in the Annex when they are carried on by financial institutions which are subsidiaries of xxxxxx xxxxxxxxxxxxx xxxxxxxx xxxx xxxx xxxxxxxxxxxx xxx xxxxxxx xx xxx xxxxxxxxxxxx xxxxxxxxxxx xx xxxxx xxxxxx xxxxxxxxxxxx xxx xxxx xxxxxxx xxxxct conditions;
Whereas the host Member State may, in connection with the exercise of the right of establishment and the freedom to provide services, rxxxxxx xxxxxxxxxx xxxx xxxxxxxx xxxxxxxxxx
xx xxx xxx xxxxxxxx xxxx xx xxxxxxxxxxx xx xxx xxxx xx
xxxxxxxxxxxx xxx xxxxxxxxxx xx xxxxxx xxxxxxxxxons in their home Member States and with regard to activities not listed in the Annex provided that, on the one hand, such provisions are compatible with Cxxxxxxxx xxx xxx xxx xxxxxxxx xx xxxxxxx xxx xxxxxxx xxxx xxx xxxxx xx xxx xxxxx xxxxx xxxx xxxxxxxxxxxx xx xxxx xxxxxxxxxx xxx xxx xxxxxxx xx xxxxxxxxxx rules under the legislation or regulations of their home Member States;
Whereas the Member States must ensure that there are no obstacles to carrying xx xxxxxxxxxx xxxxxxxxx xxxxxx xxxxxxxxxxx xx xxx xxxx xxxxxx xx xx xxx xxxx xxxxxx xxxxxx xx xxxx xx xxx xxxxxx xx xxx xxxxxxxx xxxx xxxxx xxxxxxxxxx xxxtecting the general good in the host Member State;
Whereas the abolition of the authorization requirement with respect to the branches of Community cxxxxx xxxxxxxxxxxx xxxx xxx xxxxxxxxxxxxx xx xxxxxxxx xxx xxxx xxxxxxxxx xxxxxxxxxxxx xxx xxxxxxxxx xx xxxxxxxxx xxxxxxxx xxxxxxx xxxxxxx x xxx xxxxtitutes a first transitional step in this direction, but does not, however, affect the Kingdom of Spain or the Portuguese Republic, as provided for in thx xxx xxxxxxxxxx xxx xxxxxxxxxx xx xxxxx xxxxxxxxxxxx xxxxxxxxx xx xxx xxxxxxxxxx
xxxxxxx xxxxx xx x xxxxxxxxx xxxx xxxxxxx xxx xxxxxxxxx xx xxxx xxxxxxxxx xxx xxx xxberalization of capital movements being brought about by other Community legislation; whereas in any case the measures regarding the liberalization xx xxxxxxx xxxxxxxx xxxx xx xx xxxxxxx xxxx xxx xxxxxxxx xxxxxxxxxxxx xxxxxxx xxxxxxxxxx xxxxxxx xxxxx xxx xxxxxx xxxxxx xxxx xx xxxxxx xx xxxxxxx xxxxctive 88/361/EEC of 24 June 1988 for the implementation of Article 67 of the Treaty (11), invoke safeguard clauses in respect of capital movements, they xxx xxxxxxx xxx xxxxxxxxx xx xxxxxxx xxxxxxxx xx xxx xxxxxx xxxxxxxxx xxx xxx xxxxxxxxxxxxxx xx xxx xxxxxxxxxxxxxx xxxxxxxxx xxxxxxxx
xxxxxxx xxx xrocedures established in Directive 77/780/EEC, in particular with regard to the authorization of branches of credit institutions authorized in thirx xxxxxxxxxx xxxx xxxxxxxx xx xxxxx xx xxxx xxxxxxxxxxxxx xxxxxxx xxxxx xxxxxxxx xxxx xxx xxxxx xxx xxxxxxx xx xxxxxxx xxxxxxxx xxxxx xxx xxxxxx xxxxxxaph of Article 59 of the Treaty or the freedom of establishment in Member States other than those in which they are established; whereas, however, requesxx xxx xxx xxxxxxxxxxxxx xx xxxxxxxxxxxx xx xx xxx xxxxxxxxxxx xx xxxxxxxx xxxx xx xxxxxxxxxxxx xxxxxxxx xx xxx xxxx xx xxxxx xxxxxxxxx xxx xxxxxxx xx x xrocedure intendet to ensure that Community credit institutions receive reciprocal treatment in the third countries in question;
Whereas the authoxxxxxxxxx xxxxxxx xx xxxxxx xxxxxxxxxxxx xx xxx xxxxxxxxx xxxxxxxx xxxxxxxxxxx xxxxxxxx xx xxxx xxxxxxxxx xxxx xxxx xxxxxxxxxxxxxxx xxx xx xxxxxx xxrely nationwide, application, and whereas existing reciprocity clauses will henceforth have no effect; whereas a flexible procedure is therefore nexxxx xx xxxx xx xxxxxxxx xx xxxxxx xxxxxxxxxxx xx x xxxxxxxxx xxxxxx xxxxxxx xxx xxx xx xxxx
xxxxxxxxx xx xxx xx xxxxx xxx xxxxxxxxxxxxxxxx xxxxxxxxl markets but rather, as the Community intends to keep its financial markets open to the rest of the world, to improve the liberalization of the global finxxxxxx xxxxxxx xx xxxxx xxxxx xxxxxxxxxx xxxxxxxx xx xxxx xxxx xxxx xxxxxxxxx xxxxxxxx xxx xxxxxxxxxx xxx xxxxxxxxxxxx xxxx xxxxx xxxxxxxxx xxxx xx x xast resort, for the possibility of taking measures involving the suspension of new applications for authorization or the restriction of new authorizaxxxxxx
xxxxxxx xxx xxxxxx xxxxxxxxx xx xxx xxxxxxxx xxxxxxx xxxxxx xxxx xxxxxxx xxx xxxx xxxxx xxxxx xxx xxxx xxxxx xxx xxxxxxx xxxxxxxxxxx xxxxxxx xhe competent authorities of the Member States; whereas for the consideration of problems concerning individual credit institutions the Contact Commxxxxx xxx xx xxxxxxx xxx xxxxxxx xxxxxxxxxxx xxxxxxxxxxxx xxxxxxxx xx xx xxx xxxxx xxxxxxx xx xxxxxxxxx xxxxxxxxxxx xxxxxxx xxx xxxx xxxxxxxxxxx xxxxm; whereas that Committee is a suitable body for the mutual exchange of information provided for in Article 7 of that Directive;
Whereas that mutual inxxxxxxxxx xxxxxxxxx xxxx xxx xx xxx xxxx xxxxxxx xxx xxxxxxxxx xxxxxxxxxxxxx xxxxxxxxxxx xx xxxxxxx x xx xxxxxxxxx xxxxxxxxxxx xxxxxxx xxx xxxxxxxxx host Member State authorities can, without prejudice to their powers of control proper, continue either, in an emergency, on their own initiative or foxxxxxxx xxx xxxxxxxxxx xx xxx xxxxxxxxx xxxx xxxxxx xxxxx xxxxxxxxxxx xx xxxxxx xxxx xxx xxxxxxxxxx xx x xxxxxx xxxxxxxxxxx xxxxxxxxxxx xxxxxx xxxxx xerritories comply with the relevant laws and with the principles of sound administrative and accounting procedures and adequate internal control;
xxxxxxx xxxxxxxxx xxxxxxxxxxxxx xx xxx xxxxxxxx xxxxx xxxx xxxx xx xxxx xxxxxxxxx xxx xxxx xxxx xx xxxx xx xxxxxxxxx xx xxxx xxxxxxx xx xxx xxxxxxxxxxxx in the banking sector; whereas xxx xxxxxxxxxx xxxxx xxxxxxxxxxx xxxx xxxx xxxxxxxxxxxxx xx xxx xxxxxxxxxx xxxxx xxxxxxxxxx xxx xxxxxxx xxxxxxxx xxxxxxxxxx xxxxxx xxx xxxxxx xx xxx implementing powers conferred on the Commission by the Treaty; whereas that Committee shall act as a 'Regulatory' Committee, according to the ruxxx xx xxxxxxxxx xxxx xxxx xx xxxxxxx xx xxxxxxxxx xxxx xxxxxxx xxxx xx xxxxxxx xxxxxxxx xxxxxxxxxx xx xx xxxx xxxx xxxxxx xxxx xxx xxxxxxxxxx xxx xxx xxxrcise of implementing powers conferred on the Commission (12),
HAS ADOPTED THIS DIRECTIVE:
TITLE I
Definitions and scope
Article 1 For the purxxxx xx xxxx xxxxxxxxxx
xx xxxxxxx xxxxxxxxxxxxxxxxx xxxxx xxxx x xxxxxx xxxxxxxxxxx xx xxxxxxx xx xxx xxxxx xxxxxx xx xxxxxxx x xx xxxxxxxxx xxxxxxxEEC;
2. 'authorization' shall mean authorization as defined
in the second indent of Article 1 of Directive 77/780/EEC;
3. 'branch'x xxxxx xxxx x xxxxx xx xxxxxxxx xxxxx xxxxx x xxxxxxx xxxxxxxxx xxxx xx x xxxxxx xxxxxxxxxxx xxx xxxxx xxxxxxx xxx xxxxxxxx xxx xx xxxx xx xxx xxxxxxxxxxxs inherent in the business of credit institutions; any number of places of business set up in the same Member State by a credit institution with headquartxxx xx xxxxxxx xxxxxx xxxxx xxxxx xx xxxxxxxx xx x xxxxxx xxxxxxx
xx xxxx xxxxxxxxxxx xxxxx xxxx xxx xxxxx xx xxxxxxx xx xxxxxxxxx xxxxxxxxxxx
xx xxxmpetent authorities' shall mean competent authorities as defined in Article 1 of Directive 83/350/EEC;
6. 'financial institution' shaxx xxxx xx xxxxxxxxxxx xxxxx xxxx x xxxxxx xxxxxxxxxxx xxx xxxxxxxxx xxxxxxxx xx xxxxx xx xx xxxxxxx xxxxxxxx xx xx xxxxx xx xxx xx xxxx xx xxx xxxxxxxxxx xisted in points 2 to 12 in the Annex;
7. 'home Member State' shall mean the Member State in which a credit institution has been authorized in accordxxxx xxxx xxxxxxx x xx xxxxxxxxx xxxxxxxxxxx
xx xxxxx xxxxxx xxxxxxxxxxx xxxxx xxxx xxx xxxxxx xxxxx xx xxxxx x xxxxxx xxxxxxxxxxx xxx x xxxxxx xx xx xxich it provides services;
9. 'control' shall mean the relationship between a parent undertaking and a subsidiary, as defined in Article 1 of Dirxxxxxx xxxxxxxxxx xxxxx xx x xxxxxxx xxxxxxxxxxxx xxxxxxx xxx xxxxxxx xx xxxxx xxxxxx xxx xx xxxxxxxxxxxx
xxx xxxxxxxxxxx xxxxxxxxxxxxx xxxxx xxxx a direct or indirect holding in an undertaking which represents 10 % or more of the capital or of the voting rights or which makes it possible to exercise a sxxxxxxxxxx xxxxxxxxx xxxx xxx xxxxxxxxxx xx xxx xxxxxxxxxxx xx xxxxx x xxxxxxx xxxxxxxxx
xxx xxx xxxxxxxx xx xxxx xxxxxxxxxxx xx xxx xxxxxxx xx xxxxxles 5 and 11 and of the other levels of holding referred to in Article 11, the voting rights referred to in Article 7 of Directive 88/627/EEC (14) shall be taxxx xxxx xxxxxxxxxxxxxx
xxx xxxxxxxx xxxxxxxxxxxxx xxxxx xxxx xxxxxxx xx xxxxxxx xx xxxxxxx x xxx xxx xxx xxx xx xxxxxxxxx xxxxxxxxxxx
xxx xxxxxxx undertaking' shall mean a parent undertaking
as defined in Articles 1 and 2 of Directive 83/
349/EEC;
13. 'subsidiary' shall mean a suxxxxxxxx xxxxxxxxxxx xx xxxxxxx xx xxxxxxxx x xxx x xx xxxxxxxxx xxxxxxxxxxx
xxx xxxxxxxxxx xx x xxxxxxxxxx xxxxxxxxxxx xxxxx xxxx xx xxxxxxxx xx x xxxxxxxxxx xx xxx xxxxxx xxxxxxxxxxx xxxxx xx xx xxx xxxx xx xxxxx xxxxxxxxxxxxx
xxx xxxxxxxxx xxxxxxxxxxx xxxxx xxxx xxx xxxxxxxx xxxxxxxxxxx xf credit institutions calculated in accordance with Directive 89/647/EEC (15).
Article 2 1. This Directive shall apply to all credit institutions.
xx xx xxxxx xxx xxxxx xx xxx xxxxxxxxxxxx xxxxxxxx xx xx xxxxxxx x xxx xx xxxxxxxxx xxxxxxxxxxx
xx x xxxxxx xxxxxxxxxxx xxxxxx xx xxxxxxx xx xxxxxxx x (4) (a) of Directive 77/780/EEC, is affiliated to a central body in the same Member State may be exempted from the provisions of Articles 4, 10 and 12 of thix xxxxxxxxx xxxxxxxx xxxxx xxxxxxx xxxxxxxxx xx xxx xxxxxxxxxxx xx xxxxx xxxxxxxxxx xx xxx xxxxxxx xxxxx xxx xxxxx xx xxxxxxxxxxx xx xxx xxxxxxx xxxx xxgether with its affiliated institutions is subject to the abovementioned provisions on a consolidated basis.
In cases of exemption, Articles 6 and 1x xx xx xxxxx xxxxx xx xxx xxxxx xx xxxxxxxxxxx xx xxx xxxxxxx xxxx xxxxxxxx xxxx xxx xxxxxxxxxx xxxxxxxxxxxxx
xxxxxxx x xxx xxxxxx xxxxxx xxxxx xxxxxxit persons or undertakings that are not credit institutions from carrying on the business of taking deposits or other repayable funds from the public. Txxx xxxxxxxxxxx xxxxx xxx xxxxx xx xxx xxxxxx xx xxxxxxxx xx xxxxx xxxxx xxxxxxxxx xx x xxxxxx xxxxx xx xx x xxxxxx xxxxxxxxxxxx xxxxxxxx xx xxxxx xxxxxxxties or by public international bodies of which one or more Member States are members or to cases expressly covered by national or Community legislationx xxxxxxxx xxxx xxxxx xxxxxxxxxx xxx xxxxxxx xx xxxxxxxxxxx xxx xxxxxxxx xxxxxxxx xx xxxxxxx xxxxxxxxxx xxx xxxxxxxxx xxx xxxxxxxxxx xx xxxxx xxxxxx
TITLE II
Harmonization of authorization conditions
Article 4 1. The competent authorities shall not grant authorization in cases where initixx xxxxxxx xx xxxx xxxx xxx
x xxxxxxxx
xx xxx xxxxxx xxxxxx xxxxxx xxxxxxxx xxxx xxx xxxxxx xx xxxxxxxx xxxxxxxxxxxxx xx xxxxxxxxxx xxxxxxxxxx xx credit institutions the initial capital of which is less than that prescribed in paragraph 1. In such cases:
(a) the initial capital shall not be less txxx xxx
x xxxxxxxx
xxx
xxx xxxxxx xxxxxx xxxxxxxxx xxxx xxxxxx xxx xxxxxxxxxx xx xxxxx xxxxxxx xxx xxxxxx xxx xx xxx xxxxxx xxxxxxxx xxx xx xxxx xxxagraph;
(c)
when the list referred to in Article 3 (7) of Directive 77/780/EEC is published, the name of each credit institution that does not have thx xxxxxxx xxxxxxx xxxxxxxxxx xx xxxxxxxxx x xxxxx xx xxxxxxxxx xx xxxx xxxxxxx
xxx
xxxxxx xxxx xxxxx xx xxx xxxx xxxxxxxx xx xx xxxxxxx xx xxxx xxx xxxmission shall draw up a report on the application of this paragraph in the Member States, for the attention of the Banking Advisory Committee referred to xx xxxxxxx xx xx xxxxxxxxx xxxxxxxxxxx
xxxxxxx x xxx xxxxxxxxx xxxxxxxxxxx xxxxx xxx xxxxx xxxxxxxxxxxxx xxx xxx xxxxxxxxx xx xxx xxxxxxxx xx xxxxxx institutions before they have been informed of the identities of the shareholders or members, whether direct or indirect, natural or legal persons, thxx xxxx xxxxxxxxxx xxxxxxxxx xxx xx xxx xxxxxxx xx xxxxx xxxxxxxxx
xxx xxxxxxxxx xxxxxxxxxxx xxxxx xxxxxx xxxxxxxxxxxxx xxx xxxxxx xxxx xxxxxxx xxx need to ensure the sound and prudent management xx x xxxxxx xxxxxxxxxxxx xxxx xxx xxx xxxxxxxxx xx
xx xxx xxxxxxxxxxx xx xxx xxxxxxxxxxxxxx xxxxxxxxxxxx xx xxxxxxxx
xxxxxxx x xx xxxx xxxxxx xxxxxs may no longer require authorization, as provided for in Article 4 of Directive 77/780/EEC, or endowment capital for branches of credit institutions axxxxxxxxx xx xxxxx xxxxxx xxxxxxx xxx xxxxxxxxxxxxx xxx xxxxxxxxxxx xx xxxx xxxxxxxx xxxxx xx xxxxxxxx xx xxxxxxxxxx xx xxxxxxxx xxx xx xxx xx xx xxxx xxrective.
2. Until the entry into force of the provisions implementing paragraph 1, host Member States may not, as a condition of the authorization of bxxxxxxx xx xxxxxx xxxxxxxxxxxxx xxxxxxxxxx xx xxxxx xxxxxx xxxxxxx xxxxxxx xxxxxxx xxxxxxxxx xxxxxxx xxxxxxxxx xx x xx xxx xxxxxxx xxxxxxx xxxxxxxx xy national rules for the authorization of credit institutions of the same nature.
3. Credit institutions shall be entitled to the free use of the funds xx xxxxxx xxxxxxxx xxxxxxxx xx xxxxxxxxxx x xxx xx
xxxxxxx x xxxxx xxxx xx xxxxx xxxxxxxxxxxx xxxx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxxx xxxxxx xxxxx involved on the authorization of a credit institution which is:
- a subsidiary of a credit institution authorized in another Member State, or
- a subxxxxxxx xx xxx xxxxxx xxxxxxxxxxx xx x xxxxxx xxxxxxxxxxx xxxxxxxxxx xx xxxxxxx xxxxxx xxxxxx xx
x xxxxxxxxxx xx xxx xxxx xxxxxxxx xxxxxxx xxxxxxx xx legal, as control a credit institution authorized in another Member State.
TITLE III
Relations with third countries
Article 8 The competent axxxxxxxxxx xx xxx xxxxxx xxxxxx xxxxx xxxxxx xxx xxxxxxxxxxx
xxx xx xxx xxxxxxxxxxxxx xx x xxxxxx xx xxxxxxxx xxxxxxxxxx xxx xx xxxx xxxxxx xxxxxxxxxngs of which are governed by the laws of a third country. The Commission shall inform the Banking Advisory Committee accordingly;
(b) whenever such a pxxxxx xxxxxxxxxxx xxxxxxxx x xxxxxxx xx x xxxxxxxxx xxxxxx xxxxxxxxxxx xxxx xxxx xxx xxxxxx xxxxx xxxxxx xxx xxxxxxxxxxx xxx xxxxxxxxxx xxxxx xxxxxx xhe Banking Advisory Committee accordingly.
When authorization is granted to the direct or indirect subsidiary of one or more parent undertakings goxxxxxx xx xxx xxx xx xxxxx xxxxxxxxxx xxx xxxxxxxxx xx xxx xxxxx xxxxx xx xxxxxxxxx xx xxx xxxxxxxxxxxx xxxxx xxx xxxxxxxxx xxxxxxxxxxx xxxxx xxxxxxx xx the Commission in accordance with Article 3 (7) of Directive 77/780/EEC.
Article 9 1. The Member States shall inform the Commission
of any general dxxxxxxxxxxx xxxxxxxxxxx xx xxxxx xxxxxx xxxxxxxxxxxx xx xxxxxxxxxxxx xxxxxxxxxx xx xxxxxxxx xx xxxxxxx xxxxxxxxxx xx x xxxxx xxxxxxxx
xx xxxxxxxxy no later than six months before the application of this Directive and thereafter periodically, the Commission shall draw up a report examining the trexxxxxx xxxxxxxx xx xxxxxxxxx xxxxxx xxxxxxxxxxxx xx xxxxx xxxxxxxxxx xx xxx xxxxx xxxxxxxx xx xx xxxxxxxxxx x xxx xx xx xxxxxxx xxxxxxxxxxxxx
xxx xxx carrying-on of banking activities, and the acquisition of holdings in third-country credit institutions. The Commission shall submit those reports xx xxx xxxxxxxx xxxxxxxx xxxx xxx xxxxxxxxxxx xxxxxxxxxx
xx xxxxxxxx xx xxxxxxx xx xxx xxxxxxxxxxx xxxxxx xx xxx xxxxx xx xxx xxxxxxx xxxxxxxx xx xx xxragraph 2 or on the basis of other information, that a third country is not granting Community credit institutions effective market access comparable tx xxxx xxxxxxx xx xxx xxxxxxxxx xx xxxxxx xxxxxxxxxxxx xxxx xxxx xxxxx xxxxxxxx xxx xxxxxxxxxx xxx xxxxxx xxxxxxxxx xx xxx xxxxxxx xxx xxx xxxxxxxxxxx xxxxxxx xxx xxxotiation with a view to obtaining comparable competitive opportunities for Community credit institutions. The Council shall decide by a qualified maxxxxxxx
xx xxxxxxxx xx xxxxxxx xx xxx xxxxxxxxxxx xxxxxx xx xxx xxxxx xx xxx xxxxxxx xxxxxxxx xx xx xxxxxxxxx x xx xx xxx xxxxx xx xxxxx xxxxxxxxxxx xxxx Community credit institutions in a third country do not receive national treatment offering the same competitive opportunities as are available to doxxxxxx xxxxxx xxxxxxxxxxxx xxx xxx xxx xxxxxxxxxx xx xxxxxxxxx xxxxxx xxxxxx xxx xxx xxxxxxxxxx xxx xxxxxxxxxx xxx xxxxxxxx xxxxxxxxxxxx xx xxxxx xx xemedy the situation.
In the circumstances described in the first subparagraph, it may also be decided at any time, and in addition to initiating negotxxxxxxxx xx xxxxxxxxxx xxxx xxx xxxxxxxxx xxxx xxxx xx xxxxxxx xx xxxx xxxx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxxxx xxxxxx xxxx xxxxx xx xxxxxxx xxxxx xxcisions regarding requests pending at the moment of the decision or future requests for authorizations and the acquisition of holdings by direct or indxxxxx xxxxxx xxxxxxxxxxxx xxxxxxxx xx xxx xxxx xx xxx xxxxx xxxxxxx xx xxxxxxxxx xxx xxxxxxxx xx xxx xxxxxxxx xxxxxxxx xx xxx xxx xxxxxx xxxxx xxxxxxx
Before the end of that three-month period, and in the light of the results of the negotiations, the Council may, acting on a proposal from the Commission, xxxxxx xx x xxxxxxxxx xxxxxxxx xxxxxxx xxx xxxxxxxx xxxxx xx xxxxxxxxxx
xxxx xxxxxxxxxxx xx xxxxxxxxxx xxx xxx xxxxx xx xxx xxxxxxx xx xx xxxxxxxxxxxs by credit institutions or their subsidiaries duly authorized in the Community, or to the acquisition of holdings in Community credit institutions by xxxx xxxxxxxxxxxx xx xxxxxxxxxxxxx
xx xxxxxxxx xx xxxxxxx xx xxx xxxxxxxxxx xxxx xxx xx xxx xxxxxxxxxx xxxxxxxxx xx xxxxxxxxxx x xxx x xxxxxxxx xxx xxmber States shall inform it at its request:
(a) of any request for the authorization of a direct or indirect subsidiary one or more parent undertakings xx xxxxx xxx xxxxxxxx xx xxx xxxx xx xxx xxxxx xxxxxxx xx xxxxxxxxx
xxx xxxxxxxx xxxx xxx xxxxxxxx xx xxxxxxxxxx xxxx xxxxxxx xx xxxx xxxx xx xxxxxxxxxxg proposes to acquire a holding in a Community credit institution such that the latter would become its subsidiary.
This obligation to provide informxxxxx xxxxx xxxxx xxxxxxxx xx xxxxxxxxx xx xxxxxxx xxxx xxx xxxxx xxxxxxx xxxxxxxx xx xx xxxxxxxxx x xx x xx xxxx xxx xxxxxxxx xxxxxxxx xx xx xxx xxxxxx xxx third subparagraphs of paragraph 4 cease to apply.
6. Measures taken pursuant to this Article shall comply with the Community's obligations unxxx xxx xxxxxxxxxxxxx xxxxxxxxxxx xxxxxxxxx xx xxxxxxxxxxxxx xxxxxxxxx xxx xxxxxxxxx xxx xxxxxxx xx xxx xxxxxxxx xx xxxxxx xxxxxxxxxxxxx
xxxxx xx
Harmonization of the conditions governing pursuit of the business of credit institutions
Article 10 1. A credit institution's own funds may xxx xxxx xxxxx xxx xxxxxx xx xxxxxxx xxxxxxx xxxxxxxx xxxxxxxx xx xxxxxxx x xx xxx xxxx xx xxx xxxxxxxxxxxxxx
xx xxx xxxxxx xxxxxx xxx xxxxxx xxxx xxxxxt institutions already in existence when the Directive is implemented, the own funds of which do not attain the levels prescribed for initial capital in xxxxxxx xx xxx xxxxxxxx xx xxxxx xx xxxxx xxxxxxxxxxx xx xxxx xxxxxx xxxxx xxx xxxxx xxx xxx xxxx xxxxx xxx xxxxxxx xxxxx xxxxxxx xxxxx xxx xxxx xx xxx xxxxfication of this Directive.
3. If control of a credit xxxxxxxxxxx xxxxxxx xxxxxx xxx xxxxxxxx xxxxxxxx xx xx xxxxxxxxx x xx xxxxx xx x xxxxxxx
xx xxxxx xxxxxx xxxxx xxxx xxx xxxxxx xxx xxxxxxxxxx
xxx xxxtitution previously, the own funds of that institution
must attain at least the level prescribed for initial capital in
Article 4.
4. However, in xxxxxxx xxxxxxxx xxxxxxxxxxxxx xxx xxxx xxx xxxxxxx xx xxx xxxxxxxxx xxxxxxxxxxxx xxxxx xxxxx xx x xxxxxx xx xxx xx xxxx xxxxxx xxxxxxxxxxxx xxxxxxx xxthin the category referred to in paragraph 2, the own funds of the institution resulting from the merger may not fall below the total own funds of the mergex xxxxxxxxxxxx xx xxx xxxx xx xxx xxxxxxx xx xxxx xx xxx xxxxxxxxxxx xxxxxx xxxxxxxx xx xxxxxxx x xxxx xxx xxxx xxxxxxxxx
xx xxxxxxxx xxx xx xxx xxxxx xxxerred to in paragraphs 1, 2 and 4, the own funds should be reduced, the competent authorities may, where the circumstances justify it, allow an institutixx x xxxxxxx xxxxxx xx xxxxx xx xxxxxxx xxx xxxxxxxxx xx xxxxx xxx xxxxxxxxxxx
xxxxxxx xx xx xxx xxxxxx xxxxxx xxxxx xxxxxxx xxx xxxxxxx xx xxxxx xxxxxx who proposes to acquire, directly or indirectly a
qualifying holding in a credit institution first to inform the competent authorities, telling thex xx xxx xxxx xx xxx xxxxxxxx xxxxxxxx xxxx x xxxxxx xxxx xxxxxxxx xxxxxx xxx xxxxxxxxx xxxxxxxxxxx xx xx xxxxxxxx xx xxxxxxxx xxx xxxxxxxxxx xxxxxxx xx xhat the proportion of the voting rights or of the capital held by him would reach or exceed 20 %, 33 % or 50 % or so that the credit institution would become his xxxxxxxxxxx
xxxxxxx xxxxxxxxx xx xxx xxxxxxxxxx xx xxxxxxxxx x xxx xxxxxxxxx xxxxxxxxxxx xxxxx xxxx x xxxxxxx xx xxxxx xxxxxx xxxx xxx xxxx xx xxx xxxification provided for in the first subparagraph to oppose such a plan if, in view of the need to ensure sound and prudent management of the credit instituxxxxx xxxx xxx xxx xxxxxxxxx xx xx xxx xxxxxxxxxxxx xx xxx xxxxxx xxxxxxxx xx xx xxx xxxxx xxxxxxxxxxxxx xx xxxx xx xxx xxxxxx xxx xxxx xxxxxxxx xx xx xxx xxrst subparagraph, they may fix a maximum period for its implementation.
2. If the acquirer of the holdings referred to in paragraph 1 is a credit institxxxxx xxxxxxxxxx xx xxxxxxx xxxxxx xxxxx xx xxx xxxxxx xxxxxxxxxxx xx x xxxxxx xxxxxxxxxxx xxxxxxxxxx xx xxxxxxx xxxxxx xxxxx xx x xxxxxxx xx xxxxx xxxxon controlling a credit institution authorized in another Member State and if, as a result of that acquisition, the institution in which the acquirer prxxxxxx xx xxxxxxx x xxxxxxx xxxxx xxxxxx x xxxxxxxxxx xx xxxxxxx xx xxx xxxxxxx xx xxx xxxxxxxxx xxx xxxxxxxxxx xx xxx xxxxxxxxxxx xxxx xx xxx xxxxxxx xx xhe prior consultation referred to in Article 7.
3. The Member States shall require any natural or legal person who proposes to dispose, directly or indxxxxxxxx xx x xxxxxxxxxx xxxxxxx xx x xxxxxx xxxxxxxxxxx xxxxx xx xxxxxx xxx xxxxxxxxx xxxxxxxxxxxx xxxxxxx xxxx xx xxx xxxx xx xxx xxxxxxxx xxxxxxxx xxch a person must likewise inform the competent authorities if he proposes to reduce his qualifying holding so that the proportion of the voting rights or xx xxx xxxxxxx xxxx xx xxx xxxxx xxxx xxxxx xx xx xx x xx xx x xx xx xxxx xxx xxxxxx xxxxxxxxxxx xxxxx xxxxx xx xx xxx xxxxxxxxxxx
xx xx xxxxxxxx xxxxx xx xxxx, credit institutions shall inform the competent authorities of any acquisitions or disposals of holdings in their capital that cause holdings to excexx xx xxxx xxxxx xxx xx xxx xxxxxxxxxx xxxxxxxx xx xx xxxxxxxxxx x xxx xx
xxxx xxxxx xxxxx xx xxxxx xxxx x xxxxx xxxxxx xxxx xx xxx xxxxx xx xxxxxxxxxxxx xxd members possessing qualifying holdings and xxx xxxxx xx xxxx xxxxxxxx xx xxxxxx xxx xxxxxxxx xx xxx xxxxxxxxxxx xxxxxxxx xx xxx xxxxxx xxxxxxx xxxxxxxx xx xxxxxxxxxxxx xxx xxxxxxx xx xx x xxxxxx xx compliance with the regulations relating to companies listed on stock exchanges.
5. The Member States shall require that, where the influence exercxxxx xx xxx xxxxxxx xxxxxxxx xx xx xxxxxxxxx x
xx xxxxxx xx xxxxxxx xx xxx xxxxxxxxx xx xxx xxxxxxx xxx xxxxx xxxxxxxxxx xx xxx xxxxxxxxxxxx xxx xxxxxxxnt authorities shall take appropriate measures to put an end to that situation. Such measures may consist for example in injunctions, sanctions againsx xxxxxxxxx xxx xxxxxxxxx xx xxx xxxxxxxxxx xx xxx xxxxxxxx xx xxx xxxxxx xxxxxx xxxxxxxxx xx xxx xxxxxx xxxx xx xxx xxxxxxxxxxxx xx xxxxxxx xx xxxxxxxxx
Similar measures shall apply to natural or legal persons failing to comply with the obligation to provide prior information, as laid down in paragrapx xx xx x xxxxxxx xx xxxxxxxx xxxxxxx xxx xxxxxxxxxx xx xxx xxxxxxxxx xxxxxxxxxxxx xxx xxxxxx xxxxxx xxxxxx xxxxxxxxxx xx xxx xxxxx xxxxxxxxx xx xx xxxxxed, provide either for exercise of the corresponding voting rights to be suspended, or for the nullity of votes cast or for the possibility of their annulxxxxx
xxxxxxx xx xx xx xxxxxx xxxxxxxxxxx xxx xxxx x xxxxxxxxxx xxxxxxx xxx xxxxxx xx xxxxx xxxxxxx xx x xx xxx xxx xxxxx xx xx xxxxxxxxxxx xxxxx xx xxxxxer a credit institution, nor a financial institution, nor an undertaking carrying on an activity referred to in the second subparagraph of Article 43 (2x xxx xx xxxxxxxxx xxxxxxxxxxx
xx xxx xxxxx xxxxxx xx x xxxxxx xxxxxxxxxxxxxxxxxx xxxxxxxxxx xxxxxxxx xx xxxxxxxxxxxx xxxxx xxxx xxxxxx xxxxxxxxxxns, financial institutions or undertakings carrying on activities referred to in the second subparagraph of Article 43 (2) (f) of Directive 86/635/EEx xxx xxx xxxxxx xx x xx xxx xxx xxxxxx
xx xxx xxxxxx xxxxxx xxxx xxx xxxxx xxx xxxxxx xxxx xxxx xx xxxxxxxxxx x xxx x xx xxxxxxxx xx xxxxxxxxx xxxxxxxxx xx xefined in Directive 73/239/EEC (16), as last amended by Directive 88/357/EEC (17), and Directive 79/267/EEC (18), as last amended by the Act of Accessixx xx xxxxx
xx xxxxxx xxxx xxxxxxxxxxx xxxxxx x xxxxxxxxx xxxxxxxxxxxxxx xx xxxxxx xxxxxxxxx xx xxxxxx xxx xxxxxx xxxxxx xx xxxxxxxxxxxx xx xx xx xxxxitution's own name on behalf of others shall not be counted as qualifying holdings for the purpose of calculating the limits laid down in paragraphx x xxx xx xxxxxx xxxxx xxx xxx xxxxxxxxx xxxxx xxxxxx xx xxxxxx xx xxxxxxx xx xxx xx xxxxxxxxx xxxxxxxxxx xxxxx xxx xx xxxxxxxxx
xx xxx xxxxxx xxxx xxxx xn paragraphs 1 and 2 may be exceeded only in exceptional circumstances. In such cases, however, the competent authorities shall require a credit
inxxxxxxxxx xxxxxx xx xxxxxxxx xxx xxx xxxxx xx xx xxxx xxxxx xxxxxxxxxx xxxxxxxxx
xx xxxxxxxxxx xxxx xxx xxxxxx xxxx xxxx xx xxxxxxxxxx x xxx x xxxxx xx xnsured by means of supervision and monitoring on a consolidated basis in accordance with Directive 83/350/EEC.
7. Credit institutions which, on the xxxx xx xxxxx xxxx xxxxx xx xxx xxxxxxxxxx xxxxxxxxxxxx xxxx xxxxxxxxxx xxxxxx xxx xxxxxx xxxx xxxx xx xxxxxxxxxx x xxx x xxxxx xxxx x xxxxxx xx xx xxxxx xxom that date in which to comply with them.
8. The Member States may provide that the competent authorities shall not apply the limits laid down in paragrxxx x xxx x xx xxxx xxxxxxx xxxx xxx x xx xxx xxxxxxx xx xxxxx x xxxxxx xxxxxxxxxxxxxxxxxx xxxxxxxxxx xxxxxxxx xxxxxx xxxxx xxxxxx xxxx xx xxxxxxx xx xxx xxnds and that the latter shall not be included in the calculation xx xxx xxxxxxxx xxxxxx xx xxxx xxx xxxxxx xxxx xxxx xx xxxxxxxxxx x xxx x xxx xxxxxxxxx xxx xxxxxx xx xx xxxxxxx xx xxx xxxxx xxxxx xx xxx xxxxxxx xx xxx xxxxxs amounts.
Article 13 1. The prudential supervision of a credit institution, including that of the activities it carries on in accordance with Articlx xxx xxxxx xx xxx xxxxxxxxxxxxxx xx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxx xxxxxx xxxxxx xxxxxxx xxxxxxxxx xx xxxxx xxxxxxxxxx xx xxxx xxxxxxxxx xxxxx xive responsibility to the authorities of the host Member State.
2. Home Member State competent authorities shall require that every credit institutxxx xxxx xxxxx xxxxxxxxxxxxxx xxx xxxxxxxxxx xxxxxxxxxx xxx xxxxxxxx xxxxxxxx xxxxxxx xxxxxxxxxxx
xx xxxxxxxxxx x xxx x xxxxx xxx xxxxxxx xxxxxxxxion on a consolidated basis pursuant to Directive 83/350/EEC.
Article 14 1. In Article 7 (1) of Directive 77/780/EEC, the end of the second sentence is xxxxxx xxxxxxxx xx xxx xxxxxxxxxx xxxx xxx xxxxxxxxxxx xxxxxx xx xxxxxxxxxx xxx xxxxxxxxxx xx xxxx xxxxxxxxxxxxx xx xxxxxxxxxx xxxx xxxxxx xx xxxxxxxty, solvency, deposit guarantees, the limiting of large exposures, administrative and accounting procedures and internal control mechanisms'xx
xx xxxx xxxxxx xxxxxx xxxxx xxxxxx xxxxxxxxxxxxxx xx xxxxxxxxxxx xxxx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxx xxxxxx xxxxx xxx xxx xxxxxxxxxxx xx xxe liquidity of the branches of credit institutions pending further coordination. Without prejudice to the measures necessary for the reinforcement ox xxx xxxxxxxx xxxxxxxx xxxxxxx xxxx xxxxxx xxxxxx xxxxx xxxxxx xxxxxxxx xxxxxxxxxxxxxx xxx xxx
xxxxxxxx xxxxxxxxx xxxx xxx xxxxxxxxxxxxxx xx xxxxr monetary policies. Such measures may not provide for discriminatory or restrictive treatment based on the fact that a credit institution is authorizxx xx xxxxxxx xxxxxx xxxxxx
xx xxxxxxx xxxxxxxxx xx xxxxxxx xxxxxxxxxxxx xx xxx xxxxxxxx xxxxxxxx xx xxxxxxxxx xxx xxxxx xxxxxxx xxx xx xxxx xxxxxxxxs on markets, where such risks result from transactions carried out on the financial markets of other Member States, the competent authorities of the laxxxx xxxxx xxxxxxxxxxx xxxx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxx xxxxxx xxxxx xx xxxxxx xxxx xxx xxxxxxxxxxxx xxxxxxxxx xxxx xxxxx xx xxxxx xxxxx xxxxs.
Article 15 1. Host Member States shall provide that, where a credit institution authorized in another Member State carries on its activities throuxx x xxxxxxx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxx xxxxxx xxxxx xxxx xxxxx xxxxxx xxxxx xxxxxxxx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxx xxxxxx xxxxxx xxxry out themselves or through the intermediary of persons they appoint for that purpose on-the-spot verification of the information referred to in Artixxx x xxx xx xxxxxxxxx xxxxxxxxxxx
xx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxx xxxxxx xxxxx xxx xxxxx xxx xxxxxxxx xx xxx xxxxxxxxxxxx xx xxxxxxxxx xxxx xecourse to one of the other procedures laid down in Article 5 (4) of Directive 83/350/EEC.
3. This Article shall not affect the right of the competent auxxxxxxxxx xx xxx xxxx xxxxxx xxxxx xx xxxxx xxxx xx xxx xxxxxxxxx xx xxxxx xxxxxxxxxxxxxxxx xxxxx xxxx xxxxxxxxxx xxxxxxxxxxx xxxxxxxxxxxxx xx xxxxxxes established within their territory.
Article 16 Article 12 of Directive 77/780/EEC is hereby replaced by the following:
'Article 12
1. The Memxxx xxxxxx xxxxx xxxxxxx xxxx xxx xxxxxxx xxxxxxx xx xxx xxxx xxxxxx xxx xxx xxxxxxxxx xxxxxxxxxxxx xx xxxx xx xxxxxxxx xx xxxxxxx xxxxxx xx xxxxxx xx xxx competent authorities, shall be bound by the obligation of professional secrecy. This means that no confidential xxxxxxxxxxx xxxxx xxxx xxx xxxxxxx xx xxx xxxxxx xx xxxxx xxxxxx xxx xx xxxxxxxx xx xxx xxxxxx xx xxxxxxxxx xxxxxxxxxxx xxxxxx xx xxxxxxx xx xxxxxxxxxx xorm, such that individual institutions cannot be identified, without prejudice to cases covered by criminal law.
Nevertheless, where a credit instxxxxxxx xxx xxxx xxxxxxxx xxxxxxxx xx xx xxxxx xxxxxxxxxxxx xxxxx xxx xxxxxxxxxxxx xxxxxxxxxxx xxxxx xxxx xxx xxxxxxx xxxxx xxxxxxx xxxxxxxx xx xxxxxpts to rescue that credit institution may be divulged in civil or commercial proceedings.
2. Paragraph 1 shall not prevent the competent authorities xx xxx xxxxxxx xxxxxx xxxxxx xxxx xxxxxxxxxx xxxxxxxxxxx xx xxxxxxxxxx xxxx xxx xxxxxxxxxx xxxxxxxxxx xx xxxxxx xxxxxxxxxxxxx xxxx xxxxxxxxxxx xxxxl be subject to the conditions of professional secrecy indicated in paragraph 1.
3. Member States may conclude cooperation agreements, providing fox xxxxxxxxx xx xxxxxxxxxxxx xxxx xxx xxxxxxxxx xxxxxxxxxxx xx xxxxx xxxxxxxxx xxxx xx xxx xxxxxxxxxxx xxxxxxxxx xx xxxxxxx xx xxxxxxxxxx xx xxxxxxxxxnal secrecy at least equivalent to those referred to in this Article.
4. Competent authorities receiving confidential information under paragraphx x xx x xxx xxx xx xxxx xx xxx xxxxxx xx xxxxx xxxxxxx
x xx xxxxx xxxx xxx xxxxxxxxxx xxxxxxxxx xxx xxxxxxxxx xx xxx xxxxxxxx xx xxxxxx xxxxxxxxxxxx xxx xxt and
to facilitate monitoring, on a non-consolidated or consolidated basis, of the conduct of such business, especially with regard to the monitorixx xx xxxxxxxxxx xxxxxxxxx xxxxx xxxxxxxxxx xxx xxxxxxxxxxxxxx xxx xxxxxxxxxx xxxxxxxxxx xxx xxxxxxxx xxxxxxx xxxxxxxxxxx xx
x xx xxxxxx xxxxxxxxs, or
- in an administrative appeal against a decision of the competent authority, or
- in court proceedings initiated pursuant to Article 13 or to spxxxxx xxxxxxxxxx xxxxxxxx xxx xx xxx xxxxxxxxxx xxxxxxx xx xxx xxxxx xx xxxxxx xxxxxxxxxxxxx
xx xxxxxxxxxx x xxx x xxxxx xxx xxxxxxxx xxx xxxxxxxx xx xnformation within a Member State, where there are two or more competent authorities in the same Member State, or between Member States, between competexx xxxxxxxxxxx xxxx
x xxxxxxxxxxx xxxxxxxxxxx xxx xxx xxxxxxxxxxx xx xxxxx xxxxxxxxx xxxxxxxxxxxxx xxx xxxxxxxxx xxxxxxxxx xxx xxx xxxxxxxxxxx xxsponsible for the supervision of financial markets,
- bodies involved in the liquidation and bankruptcy of credit institutions and in other similar xxxxxxxxxxx
x xxxxxxx xxxxxxxxxxx xxx xxxxxxxx xxx xxxxxxxxx xxxxxx xx xxx xxxxxxxx xx xxxxxx xxxxxxxxxxxx xxx xxxxx xxxxxxxxx xxxxxxxxxxxxx
xx the discharge of their supervisory functions, and the disclosure to bodies which administer deposit-guarantee schemes of information necessary to txx xxxxxxxx xx xxxxx xxxxxxxxxx xxx xxxxxxxxxxx xxxxxxxx xxxxx xx xxxxxxx
xx xxx xxxxxxxxxx xx xxxxxxxxxxxx xxxxxxx xxxxxxxxx xx xxxxxxxxx xx
xx xor shall the provisions of this Article preclude a competent authority from disclosing to those central banks which do not supervise credit institutioxx
xxxxxxxxxxxx xxxx xxxxxxxxxxx xx xxxx xxx xxxx xx xxx xx xxxxxxxx xxxxxxxxxxxx xxxxxxxxxxx xxxxxxxx xx xxxx xxxxxxx xxxxx xx xxxxxxx xx xxx xxxxxxions of professional secrecy indicated in paragraph 1.
7. In addition, notwithstanding the provisions referred to in paragraphs 1 and 4, the Member Sxxxxx xxxx xx xxxxxx xx xxxxxxxxxx xxxx xxxx xx xxxx xxxxxxxxx xxx xxxxxxxxxx xx xxxxxxx xxxxxxxxxxx xx xxxxx xxxxxxxxxxx xx xxxxx xxxxxxx xxxxxxxxxx xxxxxxxxxxxxxxx xxxxxxxxxxx xxx xxxxxxxxxxx xx xxx xxxxxxxxxxx xx xxxxxx xxxxxxxxxxxxx xxxxxxxxx xxstitutions, investment services and insurance companies and to inspectors acting on behalf of those departments.
However, such disclosures may be xxxx xxxx xxxxx xxxxxxxxx xxx xxxxxxx xx xxxxxxxxxx xxxxxxxx
xxxxxxxx xxx xxxxxx xxxxxx xxxxx xxxxxxx xxxx xxxxxxxxxxx xxxxxxxx xxxxx xxxxxxxxxx x and 5 and that obtained by means of the on-the-spot verification referred to in Article 15 (1) and (2) of Directive 89/646/EEC (19) may never be disclosed xx xxx xxxxx xxxxxxxx xx xx xxxx xxxxxxxxx xxxxxx xxxx xxx xxxxxxx xxxxxxx xx xxx xxxxxxxxx xxxxxxxxxxx xxxxx xxxxxxxxx xxx xxxxxxxxxxx xx xx xxx xxxxxxent authorities of the Member State in which on-the-spot verification was carried out.
(20) OJ No L 386, 30. 12. 89, p.1.'
Article 17 Without prxxxxxxx xx xxx xxxxxxxxxx xxx xxx xxxxxxxxxx xx xxxxxxxxxxxxxx xxx xxx xxxxxxxxxx xx xxxxxxxx xxxx xxx xxxxxx xxxxxx xxxxx xxxxxxx xxxx xxxxx xxxxxxxxve competent authorities may, as against credit institutions or those who effectively control the business of credit institutions which breach laws, xxxxxxxxxxx xx xxxxxxxxxxxxxx xxxxxxxxxx xxxxxxxxxx xxx xxxxxxxxxxx xx xxxxxxx xx xxxxx xxxxxxxxxxx xxxxx xx xxxxxx xx xxxxxxx xx xxxx xxxxxxxxx xx xeasures aimed specifically at ending observed breaches or the causes of such breaches.
TITLE V
Provisions relating to the freedom of establishmenx xxx xxx xxxxxxx xx xxxxxxx xxxxxxxx
xxxxxxx xx xx xxx xxxxxx xxxxxx xxxxx xxxxxxx xxxx xxx xxxxxxxxxx xxxxxx xx xxx xxxxx xxx xx xxxxxxx xx xxxxxx xxxxr territories, in accordance with Articles 19 to 21, either by the establishment of a branch or by way of the provision of services, by any credit institutxxx xxxxxxxxxx xxx xxxxxxxxxx xx xxx xxxxxxxxx xxxxxxxxxxx xx xxxxxxx xxxxxx xxxxxx xx xxxxxxxxxx xxxx xxxx xxxxxxxxxx xxxxxxxx xxxx xxxx xxxxxxxxxx are covered by the authorization.
2. The Member States shall also provide that the activities listed in the Annex may be carried on within their territxxxxxx xx xxxxxxxxxx xxxx xxxxxxxx xx xx xxx xxxxxx xx xxx
xxxxxxxxxxxxx xx x xxxxxx xx xx xxx xx xxx xxxxxxxxx xx xxxxxxxxx xx xxx xxxxxxxxx xxxxxxxxxxn from another Member State, whether a subsidiary of a credit institution or the jointly-owned subsidiary of two or more credit institutions, the memorxxxxx xxx xxxxxxxx xx xxxxxxxxxxx xx xxxxx xxxxxx xxx xxxxxxxx xx xx xxxxx xxxxxxxxxx xxx xxxxx xxxxxxx xxxx xx xxx xxxxxxxxx xxxxxxxxxxx
x xxx xxxxxx undertaking or undertakings must be authorized as credit institutions in the Member State by the law of which the subsidiary is governed,
- the activixxxx xx xxxxxxxx xxxx xxxxxxxx xx xxxxxxx xx xxxxxx xxx xxxxxxxxx xx xxx xxxx xxxxxx xxxxxx
x xxx xxxxxx xxxxxxxxxxx xx xxxxxxxxxxxx xxxx xxxx xx x xx xxre of the voting rights attaching to shares in the capital of the subsidiary,
- the parent undertaking or undertakings must satisfy the competent authxxxxxxx xxxxxxxxx xxx xxxxxxx xxxxxxxxxx xx xxx xxxxxxxxxx xxx xxxx xxxx xxxxxxxxx xxxx xxx xxxxxxx xx xxx xxxxxxxx xxxx xxxxxx xxxxx xxxxxxxxx xxxxxxities, that they jointly and severally guarantee the commitments entered into by the subsidiary,
- the subsidiary must be effectively included, for xxx xxxxxxxxxx xx xxxxxxxx xx xxxxxxxxxxx xx xxx xxxxxxxxxxxx xxxxxxxxxxx xx xxx xxxxxx xxxxxxxxxxxx xx xx xxxx xx xxx xxxxxx xxxxxxxxxxxxx xx xxxxxxxnce with Directive 83/350/EEC, in particular for the calculation of the solvency xxxxxx xxx xxx xxxxxxx xx xxxxx xxxxxxxxx xxx xxx xxxxxxxx xx xxx xxxxxxxxxx xx xxxxxxxx xxxxxxxx xxx xx xxxxxxx xx xx xxxx xxxxxxxxxx
xxxxxxxxxx xxxx these conditions must be verified by the competent authorities of the home Member State and the latter must supply the subsidiary with a certificate of cxxxxxxxxx xxxxx xxxx xxxx xxxx xx xxx xxxxxxxxxxxx xxxxxxxx xx xx xxxxxxxx xx xxx xxx
xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxx xxxxxx xxxxx xxxxx xxxxxx xhe supervision of the subsidiary in accordance with Articles 10 (1), 11, 13, 14 (1), 15 and 17 of this Directive and Articles 7 (1) and 12 of Directive 77/78xxxxxx
xxx xxxxxxxxxx xxxxxxxxx xx xxxx xxxxxxxxx xxxxx xx xxxxxxxxxx xx xxxxxxxxxxxxx xxxxxxx xx xxx xxxxxxxxx xxxxxxxxxxxxxx xx xxxxxxxxxxx xxx words 'credit institution' should be read as 'financial institution fulfilling the conditions laid down in Article 18 (2)' and the word 'auxxxxxxxxxxxxxxxxx xx xxxxxxxxxxx xxx xxxxxxxx xx xxxxxxxxxxxxxxxxxx
xxx xxxxxx xxxxxxxxxxxx xx xxxxxxx xx xxx xxxxx xxxxx
xxxx xxxx xxxxxx xxxxe competent authorities shall also communicate the amount of own funds of the subsidiary financial institution and the consolidated solvency ratio of xxx xxxxxx xxxxxxxxxxx xxxxx xx xxx xxxxxx xxxxxxxxxxxxxxxxxx
xx x xxxxxxxxx xxxxxxxxxxx xxxxxxxx xxxxx xxxx xxxxxxxxx xxxxxx xxxxx xx xxxxxx xxx xf the conditions imposed, the home
Member State shall notify the competent authorities of the host Member State and the activities carried on by that ixxxxxxxxxx xx xxx xxxx xxxxxx xxxxx xxxxx xxxxxx xxxxxxx xx xxx xxxxxxxxxxx xx xxx xxxx xxxxxx xxxxxx
xxxxxxx xx xx x xxxxxx xxxxxxxxxxx xxxxxxx xx xxxablish a branch within the territory of another Member State shall notify the competent authorities of its home Member State.
2. The Member State shalx xxxxxxx xxxxx xxxxxx xxxxxxxxxxx xxxxxxx xx xxxxxxxxx x xxxxxx xx xxxxxxx xxxxxx xxxxx xx xxxxxxx xxx xxxxxxxxx xxxxxxxxxxx xxxx xxxxxxxxx xxx xxxxxication referred to in paragraph 1:
(a) the Member State within the territory of which it plans to establish a branch;
(b)
a programme of operationx xxxxxxx xxx xxxxx xxxx xxx xxxxx xx xxxxxxxx xxxxxxxxx xxx xxx xxxxxxxxxx xxxxxxxxxxxx xx xxx xxxxxxx
xxx
xxx xxxxxxx xx xxx xxxx xxxxxx xxxxx xxxx which documents may be obtained;
(d)
the names of those responsible for the management of the branch.
3. Unless the competent authorities of the hxxx xxxxxx xxxxx xxxx xxxxxx xx xxxxx xxx xxxxxxxx xx xxx xxxxxxxxxxxxxx xxxxxxxxx xx xxx xxxxxxxxx xxxxxxxxx xx xxx xxxxxx xxxxxxxxxxxx xxxxxx xxxx xxcount the activities envisaged, they shall within three months of receipt of the information referred to in paragraph 2 communicate that information tx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxx xxxxxx xxxxx xxx xxxxx xxxxxx xxx xxxxxxxxxxx xxxxxxxxx xxxxxxxxxxxx
xxx xxxx xxxxxx xxxxx xxxxxxxxx xxxxxxities shall also communicate the amount of own funds and the solvency ratio of the credit institution and, pending subsequent coordination, details of xxx xxxxxxxxxxxxxxxxx xxxxxx xxxxx xx xxxxxxxx xx xxxxxx xxx xxxxxxxxxx xx xxxxxxxxxx xx xxx xxxxxxx
xxxxx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxx xxxber State refuse to communicate the information referred to in paragraph 2 to the competent authorities of the host Member State, they shall give reasonx xxx xxxxx xxxxxxx xx xxx xxxxxxxxxxx xxxxxxxxx xxxxxx xxxxx xxxxxx xx xxxxxxx xx xxx xxx xxxxxxxxxxxx xxxx xxxxxxx xx xxxxxxx xx xxxxx xxxxx xx xxxxxxx xx x xxxxx xx xxxxx xx xxx xxxxxx xx xxx xome Member State.
4. Before the branch of a credit institution commences its activities the competent authorities of the host Member State shall, witxxx xxx xxxxxx xx xxxxxxxxx xxx xxxxxxxxxxx xxxxxxxxx xx xxxxxxxxx xx xxxxxxx xxx xxx xxxxxxxxxxx xx xxx xxxxxx xxxxxxxxxxx xx xxxxxxxxxx xxxx xxxxxxx 21 and if necessary indicate the conditions under which, in the interest of the general good, those activities must be carried on in the host Member Statex
xx xx xxxxxxx xx x xxxxxxxxxxxxx xxxx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxx xxxxxx xxxxxx xx xx xxx xxxxx xx xxx
xxxxxx xx xxx xxxxxx xxxxxxxx xxx xx xaragraph 4 without receipt of any communication from the latter, the branch may be established and commence its activities.
6. In the event of a change xx xxx xx xxx xxxxxxxxxxx xxxxxxxxxxxx xxxxxxxx xx xxxxxxxxx x xxxx xxx xx xxx xx xx xxx xxxxxxxxxxxxxxxxx xxxxxx xxxxxxxx xx xx xxxxxxxxx x x xxxxxx xxxxitution shall give written notice of the change in question to the competent authorities of the home and host Member States at least one month before makixx xxx xxxxxx xx xx xx xxxxxx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxx xxxxxx xxxxx xx xxxx x xxxxxxxx xxxxxxxx xx xxxxxxxxx x xxx xxx xxxxxxxxx xxxxxxxxxxx xf the host Member State to take a decision on the change pursuant to paragraph 4.
Article 20 1. Any credit institution wishing to exercise the freedom to xxxxxxx xxxxxxxx xx xxxxxxxx xx xxx xxxxxxxxxx xxxxxx xxx xxxxxxxxx xx xxxxxxx xxxxxx xxxxx xxx xxx xxxxx xxxx xxxxx xxxxxx xxx xxxxxxxxx xxxxxxxxxxx xf the home Member State of the activities on the list in the Annex which it intends to carry on.
2. The competent authorities of the home Member State shalxx xxxxxx xxx xxxxx xx xxxxxxx xx xxx xxxxxxxxxxxx xxxxxxxxx xx xxxxxxxxx xx xxxx xxxx xxxxxxxxxxxx xx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxx xxxxxx xxxxe.
Article 21 1. Host Member State may, for statistical purposes, require that all credit institutions having branches within their territories shaxx xxxxxx xxxxxxxxxxxx xx xxxxx xxxxxxxxxx xx xxxxx xxxx xxxxxx xxxxxx xx xxx xxxxxxxxx xxxxxxxxxxx xx xxxxx xxxx xxxxxx xxxxxxx
xx xxxxxxxxxxx xxx xesponsibilities imposed on them in Article 14 (2) and (3), host Member States may require that branches of credit institutions from other Member States xxxxxxx xxx xxxx xxxxxxxxxxx xx xxxx xxxxxxx xxxx xxxxxxxx xxxxxx xxxxxxxxxxxx xxx xxxx xxxxxxxx
xx xxxxx xxx xxxxxxxxx xxxxxxxxxxx xx x xxxx xxxxxx State ascertain that an institution having a branch or providing services within its territory is not complying with the legal provisions adopted in thxx xxxxx xxxxxxxx xx xxx xxxxxxxxxx xx xxxx xxxxxxxxx xxxxxxxxx xxxxxx xx xxx xxxx xxxxxx xxxxx xxxxxxxxx xxxxxxxxxxxx xxxxx xxxxxxxxxxx xxxxx xxxxxxe the institution concerned to put an end to that irregular situation.
3. If the institution concerned fails to take the necessary steps, the competenx xxxxxxxxxxx xx xxx xxxx xxxxxx xxxxx xxxxx xxxxxx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxx xxxxxx xxxxx xxxxxxxxxxxx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxme Member State shall, at the earliest opportunity, take all appropriate measures to ensure that the institution concerned puts an end to that irregulax xxxxxxxxxx xxx xxxxxx xx xxxxx xxxxxxxx xxxxx xx xxxxxxxxxxxx xx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxx xxxxxx xxxxxx
xx xxx xxxxxxx xxx xxxxxxxx xxxen by the home Member State or because such measures prove inadequate or are not available in the Member State in question, the institution persists xx xxxxxxxxx xxx xxxxx xxxxx xxxxxxxx xx xx xxxxxxxxx x xx xxxxx xx xxx xxxx xxxxxx xxxxxx xxx xxxxxx xxxxx xxxx xxxxx xxxxxxxxx xxx xxxxxxxxx xxxxxxxxxxs of the home Member State, take appropriate measures to prevent or to punish further irregularities and, insofar as is necessary, to prevent that instixxxxxx xxxx xxxxxxxxxx xxxxxxx xxxxxxxxxxxx xxxxxx xxx xxxxxxxxxx xxx xxxxxx xxxxxx xxxxx xxxxxx xxxx xxxxxx xxxxx xxxxxxxxxxx xx xx xxxxxxxx xx xxxxe the legal documents necessary for these measures on credit institutions.
5. The foregoing provisions shall not affect the power of host Member Statxx xx xxxx xxxxxxxxxxx xxxxxxxx xx xxxxxxx xx xx xxxxxx xxxxxxxxxxxxxx xxxxxxxxx xxxxxx xxxxx xxxxxxxxxxx xxxxx xxx xxxxxxxx xx xxx xxxxx xxxxx xxxx xxve adopted in the interest of the general good. This shall include the possibility of preventing offending institutions from initiating any further trxxxxxxxxxx xxxxxx xxxxx xxxxxxxxxxxx
xx xxx xxxxxxx xxxxxxx xxxxxxxx xx xxxxxxxxxx xx x xxx x xxxxxxxxx xxxxxxxxx xx xxxxxxxxxxxx xx xxx xxxxxxxx xx the freedom to provide services must be properly justified and communicated to the institution concerned. Every such measure shall be subject to a righx xx xxxxxx xx xxx xxxxxx xx xxx xxxxxx xxxxx xxx xxxxxxxxxxx xx xxxxx xxxxxxx xxx
xx xxxxxx xxxxxxxxx xxx xxxxxxxxx xxxxxxxx xxx xx xxxxxxxxxx x xx xx xxe competent authorities of the host Member State may, in emergencies, take any precautionary measures necessary to protect the interests of depositorxx xxxxxxxxx xxx xxxxxx xx xxxx xxxxxxxx xxx xxxxxxxxx xxx xxxxxxxxxx xxx xxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxxx xxxxxx xxxxxx xxxxxxxxx xxxx xx xxxxxxed of such measures at the earliest opportunity.
The Commission may, after consulting the competent authorities of the Member States concerned, decxxx xxxx xxx xxxxxx xxxxx xx xxxxxxxx xxxx xxxxx xx xxxxxxx xxxxx xxxxxxxxx
xx xxxx xxxxxx xxxxxx xxx xxxxxxxx xxx xxxxxx xxxxxxxxx xx xxxx xxxxx xxxx xirective by taking appropriate measures to prevent or to punish irregularities committed within their territories. This shall include the possibilixx xx xxxxxxxxxx xxxxxxxxxxxx xxxx xxxxxxxxxx xxxxxxx xxxxxxxxxxxx xxxxxx xxxxx xxxxxxxxxxxx
xx xx xxx xxxxx xx xxx xxxxxxxxxx xx xxxxxxxxxxxxx xxe competent authorities of the host Member State shall be informed and shall take appropriate measures to prevent the institution concerned from initixxxxx xxxxxxx xxxxxxxxxxxx xxxxxx xxx xxxxxxxxx xxx xx xxxxxxxxx xxx xxxxxxxxx xx xxxxxxxxxxx xxxxx xxx xxxxx xxx xxxxxxxxxx xxxxx xxxxxx x xxxxxx xx xuch cases to the Banking Advisory Committee.
10. The Member States shall inform the Commission of the number and type of cases in which there has been a rxxxxxx
xxxxxxxx xx xxxxxxx xx xx xx xxxxx xxxxxxxx xxxx xxxx xxxxx xx xxxxxxxxxx xxxx xxxxxxxxx xx xxxxx xxx xxxxx xxx xxxxxxxxxx xxxxx xxxxxx x xxxxxx on such cases to the Banking Advisory Committee.
11. Nothing this Article shall prevent credit institutions with head offices in other Member States xxxx xxxxxxxxxxx xxxxx xxxxxxxx xxxxxxx xxx xxxxxxxxx xxxxx xx xxxxxxxxxxxxx xx xxx xxxx xxxxxx xxxxxx xxxxxxx xx xxx xxxxx xxxxxxxxx xxx xxxx xxx xxx xontent of such advertising adopted in the interest of the general good.
TITLE VI
Final provisions
Article 22 1. The technical adaptations to be maxx xx xxxx xxxxxxxxx xx xxx xxxxxxxxx xxxxx xxxxx xx xxxxxxx xx xxxxxxxxxx xxxx xxx xxxxxxxxx xxxx xxxx xx xxxxxxxxx xx
x xxxxxxxxx xx xxx xxxxxxx xx xxx list referred to in Article 18 and set out in the Annex or adaptation of the terminology used in that xxxx xx xxxx xxxxxxx xx xxxxxxxxxxxx xx xxxxxxxxx xxxxxxxx
x xxxxxxxxxx xx xxx xxxxxx xx xxxxxxx xxxxxxx xxxxxxxxxx xx xxxxxxx x xx xxxx xxxxxxx xx xxxelopments in the economic and monetary field,
- the areas in which the competent authorities must exchange information as listed in Article 7 (1) of Dixxxxxxx xxxxxxxxxxx
x xxxxxxxxxxxxx xx xxx xxxxxxxxxxx xx xxxxx xx xxxxxx xxxxxxx xxxxxxxxxxx xx xxxx xxxxxxxxx xxxxxxxxxx xxx xxxxxxxxxx
x xxxxification of the definitions in order to take account in the implementation of this Directive of developments on financial markets,
- the alignment ox xxxxxxxxxxx xx xxx xxx xxxxxxx xx xxxxxxxxxxx xx xxxxxxxxxx xxxx xxxxxxxxxx xxxx xx xxxxxx xxxxxxxxxxxx xxx xxxxxxx xxxxxxxx
xx xxx xxxxxxxxxx xxxll be assisted by a committee composed of representatives of the Member States and chaired by a representative of the Commission.
The Commission reprxxxxxxxxxx xxxxx xxxxxx xx xxx xxxxxxxxx x xxxxx xx xxx xxxxxxxx xx xx xxxxxx xxx xxxxxxxxx xxxxx xxxxxxx xxx xxxxxxx xx xxx xxxxx xxxxxx x xxxx xxxxx xxxxh the chairman may lay down according to the urgency of the matter. The opinion shall be delivered by the majority laid down in Article 148 (2) of the Treaty xx xxx xxxx xx xxxxxxxxx xxxxx xxx xxxxxxx xx xxxxxxxx xx xxxxx xx x xxxxxxxx xxxx xxx xxxxxxxxxxx xxx xxxxx xx xxx xxxxxxxxxxxxxxx xx xxx xxxxxx xxxxxx xx the committee shall be weighted in the manner set out in that Article. The chairman shall not vote.
The Commission shall adopt the measures envisaged ix xxxx xxx xx xxxxxxxxxx xxxx xxx xxxxxxx xx xxx xxxxxxxxxx
xx xxx xxxxxxxx xxxxxxxxx xxx xxx xx xxxxxxxxxx xxxx xxx xxxxxxx xx xxx xxxxxxxxxx xx xx xx xxinion is delivered, the Commission shall, without delay, submit to the Council a proposal concerning the measures to be taken. The Council shall act by a xxxxxxxxx xxxxxxxxx
xx xxx xxxxxxx xxxx xxx xxx xxxxxx xxxxx xxxxxx xx xxx xxxxxxxx xx xx xxx xxxxxxxxxx xxxxx xxxxx xxx xxxxxxxx xxxxxxxxx xxxxxx xxx Council has decided against those measures by a simple majority.
Article 23 1. Branches which have commenced their activities, in accordance with thx xxxxxxxxxx xx xxxxx xx xxxxx xxxx xxxxxx xxxxxxx xxxxxx xxx xxxxx xxxx xxxxx xx xxx xxxxxxxxxx xxxxxxx xx xxxxxxxxxxxxxx xx xxxx xxxxxxxxx xxxxx xx xxxsumed to have been subject to the procedure laid down in Article 19 (1)
to (5). They shall be governed, from the date of that entry into force, by Articles xxx xxx xx xxx xxx xxx xxxx xxxxx xxxxxxx xxxxxxxx xx xxxxxxx x xxxx
xx xxxxxxx xx xxxxx xxx xxxxxx xxxxxx xxxxxxxx xx xxxxxx xxxxxxxxxxxx xxxxxxxxx xxxvices before the entry into force
of the provisions adopted in implementation of this Directive.
Article 24 1. Subject to paragraph 2, the Member Stxxxx xxxxx xxxxx xxxx xxxxx xxx xxxxx xxxxxxxxxxx xxx xxxxxxxxxxxxxx xxxxxxxxxx xxxxxxxxx xxx xxxx xx xxxxxx xxxx xxxx xxxxxxxxx xx xxx xxxxx xx xxx xxx dates laid down for the adoption of measures to comply with Directives 89/299/EEC and 89/647/EEC and at the latest by 1 January 1993. They shall forthwitx xxxxxx xxx xxxxxxxxxx xxxxxxxx
xx xxx xxxxxx xxxxxx xxxxx xxxxx xxx xxxxxxxx xxxxxxxxx xxx xxxx xx xxxxxx xxxx xxxxxxx x xxx xx x xxxxxxx xxxxx
xx xxe Member States shall communicate to the Commission the texts of the main provisions of national law which they adopt in the field covered by this Directixxx
xxxxxxx xx xxxx xxxxxxxxx xx xxxxxxxxx xx xxx xxxxxx xxxxxxx
xxxx xx xxxxxxxxx xx xxxxxxxx xxxxx
xxx xxx xxxxxxx
xxx xxxxxxxxx
xx xxxxxxxxx
xxx xx xx x xxx xxx xx xxxxx xx 1.
(2) OJ No C 96, 17. 4. 1989, p. 33 and Decision of 22 November 1989 (not yet published in the Official Journal).
(3) OJ No C 318, 17. 12. 1988, p. 42.
(4x xx xx x xxxx xxx xxx xxxxx xx xxx
xxx xx xx x xxxx xx xxx xxxxx xx xxx
xxx xx xx x xxxx xxx xx xxxxx xx xxxxxx xx xx x xxxx xxx xxx xxxxx xx xxxxx xx xx x xxxx xx xx x989, p. 16.(9) OJ No L 33, 4. 2. 1987, p. 10.
(10) OJ No L 33, 4. 2. 1987, p. 16.(11) OJ No L 178, 8. 7. 1988, p. 5.(12) OJ No L 197, 18. 7. 1987, p. 33.(13) OJ No L 193x xxx xx xxxxx xx xx
xxxx xx xx x xxxx xxx xxx xxxxx xx xxxxxxx xxx xx xx xx xxxx xxxxxxxx xxxxxxxxxxxx xx xx x xxxx xxx xx xxxxx xx xx
xxxx xx xx x xxxx xx xx xxx8, p. 1.
(18) OJ No L 63, 13. 3. 1979, p. 1. ANNEX LIST OF ACTIVITIES SUBJECT TO MUTUAL RECOGNITION 1. Acceptance of deposits and other repayable funds frox xxx xxxxxxx
xx xxxxxxx xxxx
xx xxxxxxxxx xxxxxxxx
xx xxxxx xxxxxxxxxxxx xxxxxxxxx
xx xxxxxxx xxx xxxxxxxxxxxxx xxxxx xx xxxxxxx xxxxx xxxxxt cards, travellers' cheques and bankers' drafts).
6. Guarantees and commitments.
7. Trading for own account or for account of customexx xxx
xxx xxxxx xxxxxx xxxxxxxxxxx xxxxxxxxx xxxxxx xxxx xxxxxx
xxx xxxxxxx xxxxxxxxx
xxx xxxxxxxxx xxxxxxx xxx xxxxxxxx
xxx xxxxxxxx xxx xxterest rate instruments;
(e) transferable securities.
8. Participation in share issues and the provision of services related to such issues.
9x xxxxxx xx xxxxxxxxxxxx xx xxxxxxx xxxxxxxxxx xxxxxxxxxx xxxxxxxx xxx xxxxxxx xxxxxxxxx xxx xxxxxx xxx xxxxxxxx xxxxxxxx xx xxxxxxx xxx xxx xxxxxxxx of undertakings.
10. Money broking.
11. Portofolio management and advice.
12. Safekeeping and administration of securities.
13. Credit refxxxxxx xxxxxxxxx
xxx xxxx xxxxxxx xxxxxxxxx
xxx xxxxxxxxx xxxxx xxxxx
x xxxxxxxx xxxxxxx
x xxxxxxxx xxxxxxx
x xxxxxxxxxx xxxx xx xxxxxxx xxcourse,
- financing of commercial transactions (including forfaiting).
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