# Official Journal C 272/2009

| | ISSN 1725-2423
  doi:10.3000/17252423.C_2009.272.eng |
| --- | --- |
| Official Journal
  of the European Union | C 272 |
| | |
| English edition | Information and Notices | Volume 5213 November 2009 |

ISSN 1725-2423

doi:10.3000/17252423.C_2009.272.eng

Official Journal

of the European Union

C 272

English edition

Information and Notices

Volume 5213 November 2009

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| Notice No | Contents | page |
| --- | --- | --- |
| | I   Resolutions, recommendations and opinions |
| | OPINIONS |
| | European Central Bank |
| 2009/C 272/01 | Opinion of the European Central Bank of 16 October 2009 on a proposal for a Directive of the European Parliament and of the Council on Alternative Investment Fund Managers and amending Directives 2004/39/EC and 2009/.../EC (CON/2009/81) | 1 |

Notice No

Contents

page

I   Resolutions, recommendations and opinions

OPINIONS

European Central Bank

2009/C 272/01

Opinion of the European Central Bank of 16 October 2009 on a proposal for a Directive of the European Parliament and of the Council on Alternative Investment Fund Managers and amending Directives 2004/39/EC and 2009/.../EC (CON/2009/81)

1

| | II   Information |
| --- | --- |
| | INFORMATION FROM EUROPEAN UNION INSTITUTIONS AND BODIES |
| | Commission |
| 2009/C 272/02 | Explanatory Notes to the Combined Nomenclature of the European Communities | 8 |
| 2009/C 272/03 | Non-opposition to a notified concentration (Case COMP/M.5633 — Pepsico/The Pepsico Bottling Group) (
  1
  ) | 10 |
| 2009/C 272/04 | Non-opposition to a notified concentration (Case COMP/M.5632 — Pepsico/Pepsi Americas) (
  1
  ) | 10 |

II   Information

INFORMATION FROM EUROPEAN UNION INSTITUTIONS AND BODIES

Commission

2009/C 272/02

Explanatory Notes to the Combined Nomenclature of the European Communities

8

2009/C 272/03

Non-opposition to a notified concentration (Case COMP/M.5633 — Pepsico/The Pepsico Bottling Group) (
  1
  )

1

10

2009/C 272/04

Non-opposition to a notified concentration (Case COMP/M.5632 — Pepsico/Pepsi Americas) (
  1
  )

1

10

| | IV   Notices |
| --- | --- |
| | NOTICES FROM EUROPEAN UNION INSTITUTIONS AND BODIES |
| | Commission |
| 2009/C 272/05 | Euro exchange rates | 11 |
| | Court of Auditors |
| 2009/C 272/06 | Special Report No 10/2009 Information provision and promotion measures for agricultural products | 12 |
| | NOTICES FROM MEMBER STATES |
| 2009/C 272/07 | Information communicated by Member States regarding State aid granted under Commission Regulation (EC) No 800/2008 declaring certain categories of aid compatible with the common market in application of Articles 87 and 88 of the Treaty (General block exemption Regulation) (
  1
  ) | 13 |
| 2009/C 272/08 | Commission communication pursuant to Article 16(4) of Regulation (EC) No 1008/2008 of the European Parliament and of the Council on common rules for the operation of air services in the Community — Public service obligations in respect of scheduled air services (
  1
  ) | 19 |
| 2009/C 272/09 | Commission communication pursuant to Article 17(5) of Regulation (EC) No 1008/2008 of the European Parliament and of the Council on common rules for the operation of air services in the Community — Invitation to tender in respect of the operation of scheduled air services in accordance with public service obligations (
  1
  ) | 20 |

IV   Notices

NOTICES FROM EUROPEAN UNION INSTITUTIONS AND BODIES

Commission

2009/C 272/05

Euro exchange rates

11

Court of Auditors

2009/C 272/06

Special Report No 10/2009 Information provision and promotion measures for agricultural products

12

NOTICES FROM MEMBER STATES

2009/C 272/07

Information communicated by Member States regarding State aid granted under Commission Regulation (EC) No 800/2008 declaring certain categories of aid compatible with the common market in application of Articles 87 and 88 of the Treaty (General block exemption Regulation) (
  1
  )

1

13

2009/C 272/08

Commission communication pursuant to Article 16(4) of Regulation (EC) No 1008/2008 of the European Parliament and of the Council on common rules for the operation of air services in the Community — Public service obligations in respect of scheduled air services (
  1
  )

1

19

2009/C 272/09

Commission communication pursuant to Article 17(5) of Regulation (EC) No 1008/2008 of the European Parliament and of the Council on common rules for the operation of air services in the Community — Invitation to tender in respect of the operation of scheduled air services in accordance with public service obligations (
  1
  )

1

20

| | V   Announcements |
| --- | --- |
| | PROCEDURES RELATING TO THE IMPLEMENTATION OF THE COMPETITION POLICY |
| | Commission |
| 2009/C 272/10 | Prior notification of a concentration (Case COMP/M.5679 — Boreas Holdings/Centrica Renewable Energy Limited/Glid Wind Farms) — Candidate case for simplified procedure (
  1
  ) | 21 |
| 2009/C 272/11 | Prior notification of a concentration (Case COMP/M.5684 — BNP Paribas Assurance/Fortis Insurance International/UBI Assicurazioni) — Candidate case for simplified procedure (
  1
  ) | 23 |
| 2009/C 272/12 | Prior notification of a concentration (Case COMP/M.5644 — Kraft Foods/Cadbury) (
  1
  ) | 24 |

V   Announcements

PROCEDURES RELATING TO THE IMPLEMENTATION OF THE COMPETITION POLICY

Commission

2009/C 272/10

Prior notification of a concentration (Case COMP/M.5679 — Boreas Holdings/Centrica Renewable Energy Limited/Glid Wind Farms) — Candidate case for simplified procedure (
  1
  )

1

21

2009/C 272/11

Prior notification of a concentration (Case COMP/M.5684 — BNP Paribas Assurance/Fortis Insurance International/UBI Assicurazioni) — Candidate case for simplified procedure (
  1
  )

1

23

2009/C 272/12

Prior notification of a concentration (Case COMP/M.5644 — Kraft Foods/Cadbury) (
  1
  )

1

24

| | |
| --- | --- |
| | (1)   Text with EEA relevance |

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(1)   Text with EEA relevance

1

| EN | |
| --- | --- |

EN

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I Resolutions, recommendations and opinions

OPINIONS

European Central Bank

| 13.11.2009 | EN | Official Journal of the European Union | C 272/1 |
| --- | --- | --- | --- |

13.11.2009

EN

Official Journal of the European Union

C 272/1

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OPINION OF THE EUROPEAN CENTRAL BANK

of 16 October 2009

on a proposal for a Directive of the European Parliament and of the Council on Alternative Investment Fund Managers and amending Directives 2004/39/EC and 2009/.../EC

(CON/2009/81)

2009/C 272/01

Introduction and legal basis

| 1. | On 3 June 2009 the European Central Bank (ECB) received a request from the Council of the European Union for an opinion on a proposal for a Directive of the European Parliament and of the Council on Alternative Investment Fund Managers and amending Directives 2004/39/EC and 2009/.../EC (1) (hereinafter the ‘proposed directive’). |
| --- | --- |

1.

On 3 June 2009 the European Central Bank (ECB) received a request from the Council of the European Union for an opinion on a proposal for a Directive of the European Parliament and of the Council on Alternative Investment Fund Managers and amending Directives 2004/39/EC and 2009/.../EC (1) (hereinafter the ‘proposed directive’).

| 2. | The ECB’s competence to deliver an opinion is based on the first indent of Article 105(4) of the Treaty establishing the European Community. In accordance with the first sentence of Article 17.5 of the Rules of Procedure of the European Central Bank, the Governing Council has adopted this opinion. |
| --- | --- |

2.

The ECB’s competence to deliver an opinion is based on the first indent of Article 105(4) of the Treaty establishing the European Community. In accordance with the first sentence of Article 17.5 of the Rules of Procedure of the European Central Bank, the Governing Council has adopted this opinion.

General observations

| 3. | The ECB supports the intention to provide a harmonised regulatory and supervisory framework for the activities of alternative investment fund managers (AIFMs) in the European Union. The proposed provisions on reporting to the competent authorities should, in principle, contribute significantly to enhancing financial stability monitoring and thus to better informed assessments of the risks to financial stability connected with the activities of AIFMs and the Alternative Investment Funds (AIFs) that they manage. The harmonisation of rules and the resulting passport should benefit financial integration by improving the level playing field in the EU. |
| --- | --- |

3.

The ECB supports the intention to provide a harmonised regulatory and supervisory framework for the activities of alternative investment fund managers (AIFMs) in the European Union. The proposed provisions on reporting to the competent authorities should, in principle, contribute significantly to enhancing financial stability monitoring and thus to better informed assessments of the risks to financial stability connected with the activities of AIFMs and the Alternative Investment Funds (AIFs) that they manage. The harmonisation of rules and the resulting passport should benefit financial integration by improving the level playing field in the EU.

| 4. | The ECB urges the Commission of the European Communities to continue the dialogue with its international partners, in particular the United States, to ensure a globally coherent regulatory and supervisory framework. As noted by the Eurosystem in its contribution to the Commission’s consultation on hedge funds, an internationally coordinated response is necessary given the highly international nature of the industry and the consequent risks of regulatory arbitrage and evasion (2). This might help to ensure that the requirements in third countries for AIFMs are equivalent to those to be put in place in the EU and that non-EU domiciled AIFMs could benefit from access to the EU markets on a reciprocity basis. |
| --- | --- |

4.

The ECB urges the Commission of the European Communities to continue the dialogue with its international partners, in particular the United States, to ensure a globally coherent regulatory and supervisory framework. As noted by the Eurosystem in its contribution to the Commission’s consultation on hedge funds, an internationally coordinated response is necessary given the highly international nature of the industry and the consequent risks of regulatory arbitrage and evasion (2). This might help to ensure that the requirements in third countries for AIFMs are equivalent to those to be put in place in the EU and that non-EU domiciled AIFMs could benefit from access to the EU markets on a reciprocity basis.

| 5. | Recital 3 of the proposed directive identifies, as one of its central objectives, the establishment of a framework capable of addressing the risks ‘to investors, other market participants and markets’ posed by AIFs by ‘taking into account the diverse range of investment strategies and techniques employed by AIFM’. In this respect, it is noted that the proposed directive would concern all types of funds not covered by Directive 2009/.../EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (recast) (3) such as hedge funds, commodity funds, open-ended real estate funds, listed closed-ended funds, private equity funds and venture capital funds. Such funds form a heterogeneous group of investment pools, organised under various legal forms in different jurisdictions, both within and outside the EU. In this respect, the provisions of the proposed directive could be tailored in a way that better reflects fundamental differences between AIFs. |
| --- | --- |

5.

Recital 3 of the proposed directive identifies, as one of its central objectives, the establishment of a framework capable of addressing the risks ‘to investors, other market participants and markets’ posed by AIFs by ‘taking into account the diverse range of investment strategies and techniques employed by AIFM’. In this respect, it is noted that the proposed directive would concern all types of funds not covered by Directive 2009/.../EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (recast) (3) such as hedge funds, commodity funds, open-ended real estate funds, listed closed-ended funds, private equity funds and venture capital funds. Such funds form a heterogeneous group of investment pools, organised under various legal forms in different jurisdictions, both within and outside the EU. In this respect, the provisions of the proposed directive could be tailored in a way that better reflects fundamental differences between AIFs.

| 6. | All central banks should be expressly excluded from the scope of the proposed directive. |
| --- | --- |

6.

All central banks should be expressly excluded from the scope of the proposed directive.

| 7. | More generally, the ECB sees a potential risk of regulatory arbitrage between AIFMs, insurance companies and credit institutions, among which the proposed directive does not create a level playing field. Except for the AIFM’s management of its own assets, requirements under the proposed directive should be coherently applied to AIFMs, credit institutions and insurance companies. In the same vein, the proposed directive does not specify ‘fit and proper’ criteria and minimum experience requirements for an AIFM’s senior managers and executives. For level playing field reasons, the ECB therefore suggests inserting provisions to this effect in the proposed directive in line with similar provisions in other areas of the EU financial acquis. |
| --- | --- |

7.

More generally, the ECB sees a potential risk of regulatory arbitrage between AIFMs, insurance companies and credit institutions, among which the proposed directive does not create a level playing field. Except for the AIFM’s management of its own assets, requirements under the proposed directive should be coherently applied to AIFMs, credit institutions and insurance companies. In the same vein, the proposed directive does not specify ‘fit and proper’ criteria and minimum experience requirements for an AIFM’s senior managers and executives. For level playing field reasons, the ECB therefore suggests inserting provisions to this effect in the proposed directive in line with similar provisions in other areas of the EU financial acquis.

| 8. | The ECB notes that certain provisions in the proposed directive (for example, those related to short selling, securitisation and the acquisition of a controlling influence in companies) are intended to regulate horizontal issues that concern all market participants, and not just AIFMs. While the ECB understands the rationale for certain of those provisions, the ECB would suggest considering instead introducing such provisions only by means of legislation that maintains the level playing field among various market participants, for instance by inserting such provisions in existing EU legislation applicable across sectors. |
| --- | --- |

8.

The ECB notes that certain provisions in the proposed directive (for example, those related to short selling, securitisation and the acquisition of a controlling influence in companies) are intended to regulate horizontal issues that concern all market participants, and not just AIFMs. While the ECB understands the rationale for certain of those provisions, the ECB would suggest considering instead introducing such provisions only by means of legislation that maintains the level playing field among various market participants, for instance by inserting such provisions in existing EU legislation applicable across sectors.

| 9. | The ECB welcomes, in principle, the provisions relating to the reporting obligations of AIFMs (who would be required to provide high-quality information to the competent authorities) and the mechanisms for the exchange of information between supervisory authorities. The ECB however suggests that an in-depth analysis should be undertaken in order to focus reporting obligations on data that can reasonably be expected to be relevant for monitoring financial stability, to ensure the consistency of data reporting obligations with the legal framework that will establish the European Systemic Risk Board (ESRB) and the European System of Financial Supervisors (ESFS), and to enable these bodies to obtain supervisory information necessary and appropriate to fulfil their respective tasks (4). While the focused reporting obligations that result from this analysis should be reflected in the proposed directive, further specification would also be possible through comitology. The ECB stands ready to assist in the analysis. |
| --- | --- |

9.

The ECB welcomes, in principle, the provisions relating to the reporting obligations of AIFMs (who would be required to provide high-quality information to the competent authorities) and the mechanisms for the exchange of information between supervisory authorities. The ECB however suggests that an in-depth analysis should be undertaken in order to focus reporting obligations on data that can reasonably be expected to be relevant for monitoring financial stability, to ensure the consistency of data reporting obligations with the legal framework that will establish the European Systemic Risk Board (ESRB) and the European System of Financial Supervisors (ESFS), and to enable these bodies to obtain supervisory information necessary and appropriate to fulfil their respective tasks (4). While the focused reporting obligations that result from this analysis should be reflected in the proposed directive, further specification would also be possible through comitology. The ECB stands ready to assist in the analysis.

| 10. | Due consideration could also be given to aligning certain requirements to report to the competent authorities (as specified in draft Articles 21 and 24) with those of Regulation ECB/2007/8 of 27 July 2007 concerning statistics on the assets and liabilities of investment funds (5). This Regulation, which currently applies to euro area-domiciled investment funds, enables harmonised balance sheet statistics to be collected. Alignment with these reporting requirements and the use of a standardised reporting template for all AIFs covered by the proposed directive would contribute to EU-wide systemic risk assessment. It would also minimise the additional reporting burden for those AIFs that are already reporting such information. While the proposed directive should specify the fundamental rules that apply to the business models implemented by AIFMs, the ECB would also support resorting to comitology procedures to devise certain of the more technical and detailed provisions aimed at the EU-wide standardisation of the information mentioned in draft Articles 21 and 24. The items covered by the reporting requirements could thus include, for instance, the AIF’s balance sheet information based on Regulation ECB/2007/8, income statements, cash flow statements and projections (including primary sources of funding, list of prime brokers and contingency liquidity arrangements in different scenarios), investor redemption restrictions, assets held using a mark to model valuation, leverage, positions in derivatives (including notional amounts and collateral posted), illiquid assets and non-investment grade assets, and the use of short-selling. The ECB expects that the ESRB will be consulted on implementing measures to be adopted in this area. |
| --- | --- |

10.

Due consideration could also be given to aligning certain requirements to report to the competent authorities (as specified in draft Articles 21 and 24) with those of Regulation ECB/2007/8 of 27 July 2007 concerning statistics on the assets and liabilities of investment funds (5). This Regulation, which currently applies to euro area-domiciled investment funds, enables harmonised balance sheet statistics to be collected. Alignment with these reporting requirements and the use of a standardised reporting template for all AIFs covered by the proposed directive would contribute to EU-wide systemic risk assessment. It would also minimise the additional reporting burden for those AIFs that are already reporting such information. While the proposed directive should specify the fundamental rules that apply to the business models implemented by AIFMs, the ECB would also support resorting to comitology procedures to devise certain of the more technical and detailed provisions aimed at the EU-wide standardisation of the information mentioned in draft Articles 21 and 24. The items covered by the reporting requirements could thus include, for instance, the AIF’s balance sheet information based on Regulation ECB/2007/8, income statements, cash flow statements and projections (including primary sources of funding, list of prime brokers and contingency liquidity arrangements in different scenarios), investor redemption restrictions, assets held using a mark to model valuation, leverage, positions in derivatives (including notional amounts and collateral posted), illiquid assets and non-investment grade assets, and the use of short-selling. The ECB expects that the ESRB will be consulted on implementing measures to be adopted in this area.

| 11. | The concept of leverage is fundamental to the business model implemented by many AIFMs. The definition of ‘leverage’ under the proposed directive does not, however, include specific leverage ratio concepts. The ECB is concerned that, without additional clarifications inserted into the text of the proposed directive, it may be difficult to implement the proposed definition. Implementing measures in this area should benefit from the technical contributions of central banks and non-central bank supervisors. Thus, the ECB expects that the ESRB and the ESFS will be consulted on implementing measures to be adopted in this area, including as proposed in Amendment 7 in the Annex, on possible measures refining the concept of ‘leverage’, and on specifying when an AIF is employing high levels of leverage on a systematic basis. |
| --- | --- |

11.

The concept of leverage is fundamental to the business model implemented by many AIFMs. The definition of ‘leverage’ under the proposed directive does not, however, include specific leverage ratio concepts. The ECB is concerned that, without additional clarifications inserted into the text of the proposed directive, it may be difficult to implement the proposed definition. Implementing measures in this area should benefit from the technical contributions of central banks and non-central bank supervisors. Thus, the ECB expects that the ESRB and the ESFS will be consulted on implementing measures to be adopted in this area, including as proposed in Amendment 7 in the Annex, on possible measures refining the concept of ‘leverage’, and on specifying when an AIF is employing high levels of leverage on a systematic basis.

| 12. | Article 25(3) of the proposed directive provides that the Commission shall adopt implementing measures setting limits on the level of leverage that AIFMs can employ, taking into account, inter alia, the type of AIF, its investment strategy and the sources of leverage. The ECB acknowledges that leverage can create important risks for financial stability. Owing to their investment flexibility, AIFMs can play an important role in supporting financial market liquidity, thereby contributing to effective financial market functioning and price discovery. Maintaining this role calls for balanced and appropriately risk-adjusted leverage limits applicable to AIFs that take their full risk profile into account while not excessively hindering their investment flexibility. |
| --- | --- |

12.

Article 25(3) of the proposed directive provides that the Commission shall adopt implementing measures setting limits on the level of leverage that AIFMs can employ, taking into account, inter alia, the type of AIF, its investment strategy and the sources of leverage. The ECB acknowledges that leverage can create important risks for financial stability. Owing to their investment flexibility, AIFMs can play an important role in supporting financial market liquidity, thereby contributing to effective financial market functioning and price discovery. Maintaining this role calls for balanced and appropriately risk-adjusted leverage limits applicable to AIFs that take their full risk profile into account while not excessively hindering their investment flexibility.

| 13. | The ECB stands ready, if warranted, to offer further views on any revised draft that becomes available. Where the ECB recommends amending the proposed directive, specific drafting proposals are set out in the Annex accompanied by an explanation. The majority of these proposals do not address the more general observations made above. |
| --- | --- |

13.

The ECB stands ready, if warranted, to offer further views on any revised draft that becomes available. Where the ECB recommends amending the proposed directive, specific drafting proposals are set out in the Annex accompanied by an explanation. The majority of these proposals do not address the more general observations made above.

Done at Frankfurt am Main, 16 October 2009.

The President of the ECB

Jean-Claude TRICHET

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(1)  COM(2009) 207 final.

1

(2)  Eurosystem contribution to the European Commission’s consultation on hedge funds, 25 February 2009, p. 3, available on the ECB’s website at http://www.ecb.europa.eu

2

(3)  Not yet published in the Official Journal.

3

(4)  Communication from the Commission, European Financial Supervision, 27.5.2009, COM(2009) 252 final, available on the Europa website at http://www.eur-lex.europa.eu

4

(5)  OJ L 211, 11.8.2007, p. 8.

5

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ANNEX

Drafting proposals

| Text proposed by the Commission | Amendments proposed by the ECB (1) |
| --- | --- |
| Amendment 1 |
| Article 2(2) (new point (h)) |
| ‘2.   This Directive shall not apply to any of the following:
  [...].’ | ‘2.   This Directive shall not apply to any of the following:
  [...]







  (h) | national central banks of the Member States.’ |

Text proposed by the Commission

Amendments proposed by the ECB (1)

Amendment 1

Article 2(2) (new point (h))

‘2.   This Directive shall not apply to any of the following:

[...].’

‘2.   This Directive shall not apply to any of the following:

[...]

(h)

national central banks of the Member States.’

Explanation:

Explanation:

Article 2(2)(g) of the proposed directive excludes, inter alia, the ECB from the scope of the proposed directive. The national central banks in the European System of Central Banks should also be expressly excluded from the scope of the proposed directive as these central banks, in view of their objectives and tasks, do not represent sources of risk justifying their inclusion within the proposed directive.

Article 2(2)(g) of the proposed directive excludes, inter alia, the ECB from the scope of the proposed directive. The national central banks in the European System of Central Banks should also be expressly excluded from the scope of the proposed directive as these central banks, in view of their objectives and tasks, do not represent sources of risk justifying their inclusion within the proposed directive

Amendment 2

Amendment 2

End of Article 3

‘The Commission shall adopt implementing measures further specifying the definition of “Leverage” in paragraph l

Those measures designed to amend non-essential elements of this Directive by supplementing it shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3).’

Explanation:

Explanation:

The definition of ‘Leverage’ could be usefully clarified.

The definition of ‘Leverage’ could be usefully clarified

Amendment 3

Amendment 3

Article 8

‘Article 8

Withdrawal of the authorisation

The competent authorities may withdraw the authorisation issued to an AIFM where that AIFM:

| 1. | has obtained the authorisation by making false statements or by any other irregular means; |
| --- | --- |

1.

has obtained the authorisation by making false statements or by any other irregular means;

| 2. | no longer fulfils the conditions under which authorisation was granted; |
| --- | --- |

2.

no longer fulfils the conditions under which authorisation was granted;

| 3. | has seriously or systematically infringed the provisions transposing this Directive.’ |
| --- | --- |

3.

has seriously or systematically infringed the provisions transposing this Directive.’

‘Article 8

Withdrawal of the authorisation

The competent authorities may withdraw the authorisation issued to an AIFM where that AIFM:

| 1. | has obtained the authorisation by making false statements or by any other irregular means; |
| --- | --- |

1.

has obtained the authorisation by making false statements or by any other irregular means;

| 2. | no longer fulfils the conditions under which authorisation was granted; |
| --- | --- |

2.

no longer fulfils the conditions under which authorisation was granted;

| 3. | has seriously and/or systematically infringed the provisions transposing this Directive. |
| --- | --- |

3.

has seriously and/or systematically infringed the provisions transposing this Directive.

Any withdrawal of authorisation shall be effective immediately and promptly announced.

The Commission shall adopt implementing measures further specifying the timing and the addressees of an announcement on the withdrawal of an authorisation in paragraph 1.

Those measures designed to amend non-essential elements of this Directive by supplementing it shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3).’

Explanation:

Explanation:

Many credit and master agreements specify ‘events of default’ that entitle a counterparty to terminate a contract or a transaction entered into under the master agreement. Withdrawal of authorisation is a standard type of ‘event of default’. To ensure that any withdrawal of an AIFM’s authorisation does not result in a disorderly termination process — that may well otherwise have different effects in different Member States — it would be desirable to specify that the practical implications of a withdrawal are the same throughout the EU, in particular with respect to when and to whom a withdrawal of authorisation is announced, and when the withdrawal produces effects. The ECB suggests that the Commission could adopt implementing measures via a comitology procedure to specify when and to whom a withdrawal of authorisation should be announced.

Many credit and master agreements specify ‘events of default’ that entitle a counterparty to terminate a contract or a transaction entered into under the master agreement. Withdrawal of authorisation is a standard type of ‘event of default’. To ensure that any withdrawal of an AIFM’s authorisation does not result in a disorderly termination process — that may well otherwise have different effects in different Member States — it would be desirable to specify that the practical implications of a withdrawal are the same throughout the EU, in particular with respect to when and to whom a withdrawal of authorisation is announced, and when the withdrawal produces effects. The ECB suggests that the Commission could adopt implementing measures via a comitology procedure to specify when and to whom a withdrawal of authorisation should be announced.

The ECB would express similar concerns if breaches by an AIFM of the ‘operating conditions for AIFM’ set out in Chapter III of the proposed directive were also to result in an event of default, or trigger other contractual or legal rights of termination.

The ECB would express similar concerns if breaches by an AIFM of the ‘operating conditions for AIFM’ set out in Chapter III of the proposed directive were also to result in an event of default, or trigger other contractual or legal rights of termination

Amendment 4

Amendment 4

Article 16(3)

‘3.   The rules applicable to the valuation of assets and the calculation of the net asset value per unit or share of the AIF shall be laid down in the law of the country where the AIF is domiciled or in the AIF rules or instruments of incorporation.’

‘3.   The rules applicable to the valuation of assets and the calculation of the net asset value per unit or share of the AIF shall be laid down in
  those applicable in accordance with the law of the country where the AIF is domiciled or the AIF rules or instruments of incorporation.’

Explanation:

Explanation:

US Generally Accepted Accounting Principles or ‘GAAP’ are not ‘laid down in the law’ of the United States, and a similar factual background may well apply in other countries. Article 16(3) of the proposed directive, as drafted, may therefore be impossible to implement.

US Generally Accepted Accounting Principles or ‘GAAP’ are not ‘laid down in the law’ of the United States, and a similar factual background may well apply in other countries. Article 16(3) of the proposed directive, as drafted, may therefore be impossible to implement

Amendment 5

Amendment 5

Article 17(3)

‘The depository shall be a credit institution having its registered office in the Community and be authorised in accordance with Directive 2006/48/EC of the European Parliament and Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (recast).’

‘The depository shall be a credit institution having its registered office in the Community and be authorised in accordance with national law or Directive 2006/48/EC of the European Parliament and Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (recast).’

Explanation:

Explanation:

The amendment would broaden the definition of depository at least to include credit institutions that are allowed under national law, rather than just credit institutions authorised by Directive 2006/48/EC.

The amendment would broaden the definition of depository at least to include credit institutions that are allowed under national law, rather than just credit institutions authorised by Directive 2006/48/EC

Amendment 6

Amendment 6

Article 18(1)(d)

| ‘(d) | the AIFM must demonstrate that the third party is qualified and capable of undertaking the functions in question, that it was selected with due care and that the AIFM is in a position to monitor effectively at any time the delegated activity, to give at any time further instructions to the third party and to withdraw the delegation with immediate effect when this is in the interest of investors.’ |
| --- | --- |

‘(d)

the AIFM must demonstrate that the third party is qualified and capable of undertaking the functions in question, that it was selected with due care and that the AIFM is in a position to monitor effectively at any time the delegated activity, to give at any time further instructions to the third party and to withdraw the delegation with immediate effect when this is in the interest of investors.’

| ‘(d) | the AIFM must demonstrate that the third party is qualified and capable of undertaking the functions in question, that it was selected with due care and that the AIFM is in a position to monitor effectively at any time the delegated activity, to give at any time further instructions to the third party and to withdraw the delegation with immediate effect when this is in the interest of investors and simultaneously substituting different delegation arrangements that are consistent with Article 6(3).’ |
| --- | --- |

‘(d)

the AIFM must demonstrate that the third party is qualified and capable of undertaking the functions in question, that it was selected with due care and that the AIFM is in a position to monitor effectively at any time the delegated activity, to give at any time further instructions to the third party and to withdraw the delegation with immediate effect when this is in the interest of investors and simultaneously substituting different delegation arrangements that are consistent with Article 6(3).’

and simultaneously substituting different delegation arrangements that are consistent with Article 6(3)

Explanation:

Explanation:

To ensure consistency with Article 6(3) of the proposed directive, which requires the authorisation of any AIFM to ‘cover any delegation arrangements made by the AIFM’, the proposed change is intended to require that alternative delegation arrangements are in place should it ever become necessary for the AIFM to withdraw a delegation ‘with immediate effect’.

To ensure consistency with Article 6(3) of the proposed directive, which requires the authorisation of any AIFM to ‘cover any delegation arrangements made by the AIFM’, the proposed change is intended to require that alternative delegation arrangements are in place should it ever become necessary for the AIFM to withdraw a delegation ‘with immediate effect’

Amendment 7

Amendment 7

End of Article 22

‘For the purposes of the second subparagraph, an AIF shall be deemed to employ high levels of leverage on a systematic basis where the combined leverage from all sources exceeds the value of the equity capital of the AIF in two out of the past four quarters.’

‘For the purposes of the second subparagraph, an AIF shall be deemed to employ high levels of leverage on a systematic basis where the combined leverage from all sources exceeds the value of the equity capital of the AIF in two out of the past four quarters.

The Commission shall adopt implementing measures further specifying the circumstances in which an AIF shall be deemed to employ high levels of leverage on a systematic basis.

Those measures designed to amend non-essential elements of this Directive by supplementing it shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 49(3).’

Explanation:

Explanation:

Article 22 of the proposed directive would have the practical effect that the vast majority of AIFs would be deemed to employ high levels of leverage on a systematic basis because their combined leverage would frequently exceed their net assets (rather than their ‘equity capital’), which might not provide the appropriate point of reference in a fund context. The ECB suggests that this technical issue would be best resolved by the Commission adopting implementing measures via a comitology process, with the appropriate involvement of supervisors and other competent authorities.

Article 22 of the proposed directive would have the practical effect that the vast majority of AIFs would be deemed to employ high levels of leverage on a systematic basis because their combined leverage would frequently exceed their net assets (rather than their ‘equity capital’), which might not provide the appropriate point of reference in a fund context. The ECB suggests that this technical issue would be best resolved by the Commission adopting implementing measures via a comitology process, with the appropriate involvement of supervisors and other competent authorities

Amendment 8

Amendment 8

Article 33(8)

‘8.   AIFM may only market shares or units of an AIF domiciled in a third country to professional investors domiciled in another Member State than the home Member State of the AIFM as from the date referred to in the second subparagraph of Article 54(1).’

‘8.   AIFM may only market shares or units of an AIF domiciled in a third country to professional investors domiciled in another Member State than the home Member State of the AIFM as from the date referred to in the second subparagraph of Article 54(1). Shares or units of an AIF domiciled in a third country that have been purchased by an investor domiciled in a Member State prior to that date may continue to be held by the investor or sold to the AIFM.’

Explanation:

Explanation:

As of now, investors (including private, retail investors) may legitimately own shares or units of third-country domiciled AIFs. Our proposed addition is designed to ensure that there are legal rules for handling such investments after the transition to the new regime set out in the proposed directive (i.e., a regime under which an AIFM from a third country would need authorisation in order to continue its current activities within the EU), and in particular to ensure that the value of those shares or units is not adversely affected merely as a result of the third-country AIFM either not seeking, or not obtaining, authorisation to continue its current activities within the EU. Alternatively, the transitional rules could be amended.

As of now, investors (including private, retail investors) may legitimately own shares or units of third-country domiciled AIFs. Our proposed addition is designed to ensure that there are legal rules for handling such investments after the transition to the new regime set out in the proposed directive (i.e., a regime under which an AIFM from a third country would need authorisation in order to continue its current activities within the EU), and in particular to ensure that the value of those shares or units is not adversely affected merely as a result of the third-country AIFM either not seeking, or not obtaining, authorisation to continue its current activities within the EU. Alternatively, the transitional rules could be amended

Amendment 9

Amendment 9

Article 46(1)

‘1.   The competent authorities responsible for the authorisation and supervision of AIFM under this Directive shall communicate information to the competent authorities of other Member States where this is relevant for monitoring and responding to the potential implications of the activities of individual AIFM or AIFM collectively for the stability of systemically relevant financial institutions and the orderly functioning of markets on which AIFM are active. The Committee of European Securities Regulators (CESR) established by Commission Decision 2009/77/EC of 23 January 2009 (2)shall also be informed and shall forward this information to the competent authorities of the other Member States.’

‘1.   The competent authorities responsible for the authorisation and supervision of AIFM under this Directive shall communicate information to the competent authorities of other Member States, where this is relevant for monitoring and responding to the potential implications of the activities of individual AIFM or AIFM collectively for the stability of systemically relevant financial institutions and the orderly functioning of markets on which AIFM are active
  to the central banks, including the European Central Bank and to the European Systemic Risk Board, for the exercise of their functions. The Committee of European Securities Regulators (CESR) established by Commission Decision 2009/77/EC of 23 January 2009 (2)shall also be informed and shall forward this information to the competent authorities of the other Member States.’

Explanation:

Explanation:

The addition would ensure that central banks, including the ECB (also on behalf of the ESRB) are appropriately informed of information relevant to the exercise of their functions by use of terminology applied in other areas of the EU financial acquis.

The addition would ensure that central banks, including the ECB (also on behalf of the ESRB) are appropriately informed of information relevant to the exercise of their functions by use of terminology applied in other areas of the EU financial acquis

---

(1)  Strikethrough in the body of the text indicates where the ECB proposes deleting text. Bold in the body of the text indicates where the ECB proposes inserting new text.

1

(2)  OJ L 25, 29.1.2009, p. 18.

2

---

II Information

INFORMATION FROM EUROPEAN UNION INSTITUTIONS AND BODIES

Commission

| 13.11.2009 | EN | Official Journal of the European Union | C 272/8 |
| --- | --- | --- | --- |

13.11.2009

EN

Official Journal of the European Union

C 272/8

---

Explanatory Notes to the Combined Nomenclature of the European Communities

2009/C 272/02

Pursuant to Article 9(1)(a), second indent, of Council Regulation (EEC) No 2658/87 of 23 July 1987 on the tariff and statistical nomenclature and on the Common Customs Tariff (1), the Explanatory Notes to the Combined Nomenclature of the European Communities (2) are amended as follows:

On page 402:

9705 00 00   Collections and collectors’ pieces of zoological, botanical, mineralogical, anatomical, historical, archaeological, palaeontological, ethnographic or numismatic interest

The existing text is replaced by the following:

| ‘1. | This heading includes motor vehicles which are:






  — | in their original state, without substantial changes to the chassis, steering or braking system, engine, etc., |
| --- | --- | --- |

‘1.

This heading includes motor vehicles which are:

—

in their original state, without substantial changes to the chassis, steering or braking system, engine, etc.,

| — | at least 30 years old, and |
| --- | --- |

—

at least 30 years old, and

| — | of a model or type which is no longer in production. |
| --- | --- |

—

of a model or type which is no longer in production.

However, motor vehicles are deemed not to be of historical or ethnographical interest and are excluded from this heading when the competent authorities establish that the motor vehicles are not liable to evidence a significant step in the evolution of human achievements or illustrate a period of that evolution.

Such vehicles must also possess the requisite characteristics for inclusion in a collection by:

| — | being relatively rare, |
| --- | --- |

—

being relatively rare,

| — | not being normally used for their original purpose, |
| --- | --- |

—

not being normally used for their original purpose,

| — | being the subject of special transactions outside the normal trade in similar utility articles, and |
| --- | --- |

—

being the subject of special transactions outside the normal trade in similar utility articles, and

| — | being of greater value. |
| --- | --- |

—

being of greater value.

| 2. | It also includes as collectors’ pieces of historical interest:






  (a) | motor vehicles, irrespective of their date of manufacture, which can be proved to have been used in the course of an historic event; |
| --- | --- | --- |

2.

It also includes as collectors’ pieces of historical interest:

(a)

motor vehicles, irrespective of their date of manufacture, which can be proved to have been used in the course of an historic event;

| (b) | motor racing vehicles, which can be proved to be designed, built and used solely for competition and have achieved significant sporting success at prestigious national or international events. |
| --- | --- |

(b)

motor racing vehicles, which can be proved to be designed, built and used solely for competition and have achieved significant sporting success at prestigious national or international events.

| 3. | Articles of a kind used as parts and accessories for the above-mentioned vehicles are classified in this heading if they are collectors’ pieces themselves, whether or not they are intended to be fitted into those vehicles.
  Proof can be supplied by appropriate documentation, for example, reference books or specialised literature, or by opinions from recognised experts.
  The above Explanatory Notes apply, mutatis mutandis, to motorcycles.
  Replicas are always excluded (generally Chapter 87).’ |
| --- | --- |

3.

Articles of a kind used as parts and accessories for the above-mentioned vehicles are classified in this heading if they are collectors’ pieces themselves, whether or not they are intended to be fitted into those vehicles.

Proof can be supplied by appropriate documentation, for example, reference books or specialised literature, or by opinions from recognised experts.

The above Explanatory Notes apply, mutatis mutandis, to motorcycles.

Replicas are always excluded (generally Chapter 87).’

---

(1)  OJ L 256, 7.9.1987, p. 1.

(2)  OJ C 133, 30.5.2008, p. 1.

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| 13.11.2009 | EN | Official Journal of the European Union | C 272/10 |
| --- | --- | --- | --- |

13.11.2009

EN

Official Journal of the European Union

C 272/10

---

Non-opposition to a notified concentration

(Case COMP/M.5633 — Pepsico/The Pepsico Bottling Group)

(Text with EEA relevance)

2009/C 272/03

On 26 October 2009, the Commission decided not to oppose the above notified concentration and to declare it compatible with the common market. This decision is based on Article 6(1)(b) of Council Regulation (EC) No 139/2004. The full text of the decision is available only in English and will be made public after it is cleared of any business secrets it may contain. It will be available:

| — | in the merger section of the Competition website of the Commission (http://ec.europa.eu/competition/mergers/cases/). This website provides various facilities to help locate individual merger decisions, including company, case number, date and sectoral indexes, |
| --- | --- |

—

in the merger section of the Competition website of the Commission (http://ec.europa.eu/competition/mergers/cases/). This website provides various facilities to help locate individual merger decisions, including company, case number, date and sectoral indexes,

| — | in electronic form on the EUR-Lex website (http://eur-lex.europa.eu/en/index.htm) under document number 32009M5633. EUR-Lex is the on-line access to the European law. |
| --- | --- |

—

in electronic form on the EUR-Lex website (http://eur-lex.europa.eu/en/index.htm) under document number 32009M5633. EUR-Lex is the on-line access to the European law.

---

| 13.11.2009 | EN | Official Journal of the European Union | C 272/10 |
| --- | --- | --- | --- |

13.11.2009

EN

Official Journal of the European Union

C 272/10

---

Non-opposition to a notified concentration

(Case COMP/M.5632 — Pepsico/Pepsi Americas)

(Text with EEA relevance)

2009/C 272/04

On 26 October 2009, the Commission decided not to oppose the above notified concentration and to declare it compatible with the common market. This decision is based on Article 6(1)(b) of Council Regulation (EC) No 139/2004. The full text of the decision is available only in English and will be made public after it is cleared of any business secrets it may contain. It will be available:

| — | in the merger section of the Competition website of the Commission (http://ec.europa.eu/competition/mergers/cases/). This website provides various facilities to help locate individual merger decisions, including company, case number, date and sectoral indexes, |
| --- | --- |

—

in the merger section of the Competition website of the Commission (http://ec.europa.eu/competition/mergers/cases/). This website provides various facilities to help locate individual merger decisions, including company, case number, date and sectoral indexes,

| — | in electronic form on the EUR-Lex website (http://eur-lex.europa.eu/en/index.htm) under document number 32009M5632. EUR-Lex is the on-line access to the European law. |
| --- | --- |

—

in electronic form on the EUR-Lex website (http://eur-lex.europa.eu/en/index.htm) under document number 32009M5632. EUR-Lex is the on-line access to the European law.

---

IV Notices

NOTICES FROM EUROPEAN UNION INSTITUTIONS AND BODIES

Commission

| 13.11.2009 | EN | Official Journal of the European Union | C 272/11 |
| --- | --- | --- | --- |

13.11.2009

EN

Official Journal of the European Union

C 272/11

---

Euro exchange rates (1)

12 November 2009

2009/C 272/05

1 euro =

| | Currency | Exchange rate |
| --- | --- | --- |
| USD | US dollar | 1,4922 |
| JPY | Japanese yen | 134,32 |
| DKK | Danish krone | 7,4412 |
| GBP | Pound sterling | 0,90200 |
| SEK | Swedish krona | 10,2480 |
| CHF | Swiss franc | 1,5106 |
| ISK | Iceland króna | |
| NOK | Norwegian krone | 8,3915 |
| BGN | Bulgarian lev | 1,9558 |
| CZK | Czech koruna | 25,505 |
| EEK | Estonian kroon | 15,6466 |
| HUF | Hungarian forint | 271,14 |
| LTL | Lithuanian litas | 3,4528 |
| LVL | Latvian lats | 0,7086 |
| PLN | Polish zloty | 4,1411 |
| RON | Romanian leu | 4,2995 |
| TRY | Turkish lira | 2,2081 |
| AUD | Australian dollar | 1,6062 |
| CAD | Canadian dollar | 1,5702 |
| HKD | Hong Kong dollar | 11,5646 |
| NZD | New Zealand dollar | 2,0287 |
| SGD | Singapore dollar | 2,0716 |
| KRW | South Korean won | 1 727,11 |
| ZAR | South African rand | 11,1420 |
| CNY | Chinese yuan renminbi | 10,1867 |
| HRK | Croatian kuna | 7,2955 |
| IDR | Indonesian rupiah | 14 066,34 |
| MYR | Malaysian ringgit | 5,0466 |
| PHP | Philippine peso | 69,935 |
| RUB | Russian rouble | 43,0070 |
| THB | Thai baht | 49,713 |
| BRL | Brazilian real | 2,5761 |
| MXN | Mexican peso | 19,6791 |
| INR | Indian rupee | 69,5969 |

Currency

Exchange rate

USD

US dollar

1,4922

JPY

Japanese yen

134,32

DKK

Danish krone

7,4412

GBP

Pound sterling

0,90200

SEK

Swedish krona

10,2480

CHF

Swiss franc

1,5106

ISK

Iceland króna

NOK

Norwegian krone

8,3915

BGN

Bulgarian lev

1,9558

CZK

Czech koruna

25,505

EEK

Estonian kroon

15,6466

HUF

Hungarian forint

271,14

LTL

Lithuanian litas

3,4528

LVL

Latvian lats

0,7086

PLN

Polish zloty

4,1411

RON

Romanian leu

4,2995

TRY

Turkish lira

2,2081

AUD

Australian dollar

1,6062

CAD

Canadian dollar

1,5702

HKD

Hong Kong dollar

11,5646

NZD

New Zealand dollar

2,0287

SGD

Singapore dollar

2,0716

KRW

South Korean won

1 727,11

ZAR

South African rand

11,1420

CNY

Chinese yuan renminbi

10,1867

HRK

Croatian kuna

7,2955

IDR

Indonesian rupiah

14 066,34

MYR

Malaysian ringgit

5,0466

PHP

Philippine peso

69,935

RUB

Russian rouble

43,0070

THB

Thai baht

49,713

BRL

Brazilian real

2,5761

MXN

Mexican peso

19,6791

INR

Indian rupee

69,5969

---

(1)  Source: reference exchange rate published by the ECB.

---

Court of Auditors

| 13.11.2009 | EN | Official Journal of the European Union | C 272/12 |
| --- | --- | --- | --- |

13.11.2009

EN

Official Journal of the European Union

C 272/12

---

Special Report No 10/2009 ‘Information provision and promotion measures for agricultural products’

2009/C 272/06

The European Court of Auditors hereby informs you that Special Report No 10/2009 ‘Information provision and promotion measures for agricultural products’ has just been published.

The report can be accessed for consultation or downloading on the European Court of Auditors’ website: http://www.eca.europa.eu

A hard copy and a CD-ROM version of the report may be obtained free of charge on request to the Court of Auditors:

| European Court of Auditors |
| --- |
| Communication and Reports Unit |
| 12, rue Alcide de Gasperi |
| 1615 Luxembourg |
| LUXEMBOURG |
| Tel. +352 4398-1 |
| E-mail: euraud@eca.europa.eu |

European Court of Auditors

Communication and Reports Unit

12, rue Alcide de Gasperi

1615 Luxembourg

LUXEMBOURG

Tel. +352 4398-1

E-mail: euraud@eca.europa.eu

or by filling in an electronic order form at EU Bookshop.

---

NOTICES FROM MEMBER STATES

| 13.11.2009 | EN | Official Journal of the European Union | C 272/13 |
| --- | --- | --- | --- |

13.11.2009

EN

Official Journal of the European Union

C 272/13

---

Information communicated by Member States regarding State aid granted under Commission Regulation (EC) No 800/2008 declaring certain categories of aid compatible with the common market in application of Articles 87 and 88 of the Treaty (General block exemption Regulation)

(Text with EEA relevance)

2009/C 272/07

| Reference number of State Aid | X 178/08 |
| --- | --- |
| Member State | Netherlands |
| Member State reference number | — |
| Name of the Region (NUTS) | Nederland
  Non-assisted areas |
| Granting authority | Ministerie van Landbouw, Natuur en Voedselkwaliteit |
| Postbus 20401 |
| 2500 EK Den Haag |
| NEDERLAND |
| http://www.minlnv.nl |

Reference number of State Aid

X 178/08

Member State

Netherlands

Member State reference number

—

Name of the Region (NUTS)

Nederland

Non-assisted areas

Granting authority

Ministerie van Landbouw, Natuur en Voedselkwaliteit

Postbus 20401

2500 EK Den Haag

NEDERLAND

http://www.minlnv.nl

Title of the aid measure

Regeling LNV-subsidies (omschrijving steun: Beroepsopleiding en voorlichting voor agro-MKB ondernemingen en bosbouwondernemingen, onderdeel adviezen). Betrokken economische sectoren: AGRO-MKB-ondernemingen (niet zijnde primaire landbouwondernemingen) en bosbouwondernemingen.

National legal basis (Reference to the relevant national official publication)

| — | Regeling LNV-subsidies: artikel 1:2 artikel 1:3, artikel 1:20, artikel 2:1 en artikel 2:3, eerste lid, aanhef en onderdeel a; |
| --- | --- |

—

Regeling LNV-subsidies: artikel 1:2 artikel 1:3, artikel 1:20, artikel 2:1 en artikel 2:3, eerste lid, aanhef en onderdeel a;

| — | Openstellingsbesluit LNV-subsidies. |
| --- | --- |

—

Openstellingsbesluit LNV-subsidies.

Web link to the full text of the aid measure

http://www.hetlnvloket.nl/portal/page?_pageid=122,1935798&_dad=portal&_schema=PORTAL

Type of measure

Scheme

Amendment of an existing aid measure

Modification XS 135/07

Duration

1.1.2009-31.12.2013

Economic sector(s) concerned

Agriculture, Forestry and Fishing, Manufacture of food products

Type of beneficiary

SME

Annual overall amount of the budget planned under the scheme

EUR 3,70 million

For guarantees

—

Aid Instrument (Article 5)

Grant

Reference to the Commission decision

—

If co-financed by Community funds

—

Objectives

Maximum aid intensity in % or maximum aid amount in national currency

SME-bonuses in %

Aid for consultancy in favour of SMEs (Article 26)

50 %

—

| Reference number of State Aid | X 179/08 |
| --- | --- |
| Member State | Netherlands |
| Member State reference number | — |
| Name of the Region (NUTS) | Nederland
  Non-assisted areas |
| Granting authority | Ministerie van Landbouw, Natuur en Voedselkwaliteit |
| Postbus 20401 |
| 2500 EK Den Haag |
| NEDERLAND |
| http://www.minlnv.nl |

Reference number of State Aid

X 179/08

Member State

Netherlands

Member State reference number

—

Name of the Region (NUTS)

Nederland

Non-assisted areas

Granting authority

Ministerie van Landbouw, Natuur en Voedselkwaliteit

Postbus 20401

2500 EK Den Haag

NEDERLAND

http://www.minlnv.nl

Title of the aid measure

Regeling LNV-subsidies (omschrijving steun: Samenwerking bij innovatie (industrieel onderzoek en experimentele ontwikkeling)). Betrokken economische sectoren: AGRO-MKB-ondernemingen (niet zijnde primaire landbouwondernemingen) en bosbouwondernemingen.

National legal basis (Reference to the relevant national official publication)

| — | Regeling LNV-subsidies: artikel 1:2, artikel 1:3, artikel 2:1, artikel 2:2 en artikel 2:32; |
| --- | --- |

—

Regeling LNV-subsidies: artikel 1:2, artikel 1:3, artikel 2:1, artikel 2:2 en artikel 2:32;

| — | Openstellingsbesluit LNV-subsidies. |
| --- | --- |

—

Openstellingsbesluit LNV-subsidies.

Web link to the full text of the aid measure

http://www.hetlnvloket.nl/portal/page?_pageid=122,1935798&_dad=portal&_schema=PORTAL

Type of measure

Scheme

Amendment of an existing aid measure

Modification XS 154/07

Duration

1.1.2009-31.12.2013

Economic sector(s) concerned

Agriculture, Forestry and Fishing, Manufacture of food products

Type of beneficiary

SME

Annual overall amount of the budget planned under the scheme

EUR 0,70 million

For guarantees

—

Aid Instrument (Article 5)

Grant

Reference to the Commission decision

—

If co-financed by Community funds

—

Objectives

Maximum aid intensity in % or maximum aid amount in national currency

SME-bonuses in %

Industrial research (Article 31(2)(b))

50 %

60 %

Experimental development (Article 31(2)(c))

25 %

35 %

| Reference number of State Aid | X 180/08 |
| --- | --- |
| Member State | Netherlands |
| Member State reference number | — |
| Name of the Region (NUTS) | Nederland
  Non-assisted areas |
| Granting authority | Ministerie van Landbouw, Natuur en Voedselkwaliteit |
| Postbus 20401 |
| 2500 EK Den Haag |
| NEDERLAND |
| http://www.minlnv.nl |

Reference number of State Aid

X 180/08

Member State

Netherlands

Member State reference number

—

Name of the Region (NUTS)

Nederland

Non-assisted areas

Granting authority

Ministerie van Landbouw, Natuur en Voedselkwaliteit

Postbus 20401

2500 EK Den Haag

NEDERLAND

http://www.minlnv.nl

Title of the aid measure

Regeling LNV-subsidies (omschrijving steun: Verhoging toegevoegde waarde landbouwproducten, onderdeel experimentele ontwikkeling)

National legal basis (Reference to the relevant national official publication)

| — | Regeling LNV-subsidies: artikel 1:2, artikel 1:3, artikel 1:20, artikel 2:1, artikel 2:2 en artikel 2:47, eerste lid, aanhef en onderdeel b; |
| --- | --- |

—

Regeling LNV-subsidies: artikel 1:2, artikel 1:3, artikel 1:20, artikel 2:1, artikel 2:2 en artikel 2:47, eerste lid, aanhef en onderdeel b;

| — | Openstellingsbesluit LNV-subsidies. |
| --- | --- |

—

Openstellingsbesluit LNV-subsidies.

Web link to the full text of the aid measure

http://www.hetlnvloket.nl/portal/page?_pageid=122,1935798&_dad=portal&_schema=PORTAL

Type of measure

Scheme

Amendment of an existing aid measure

Modification XS 137/07

Duration

1.12.2009-31.12.2013

Economic sector(s) concerned

Agriculture, Forestry and Fishing

Type of beneficiary

SME

Annual overall amount of the budget planned under the scheme

EUR 0,40 (in millions)

For guarantees

—

Aid Instrument (Article 5)

Grant

Reference to the Commission decision

—

If co-financed by Community funds

—

Objectives

Maximum aid intensity in % or maximum aid amount in national currency

SME-bonuses in %

Experimental development (Article 31(2)(c))

25 %

35 %

| Reference number of State Aid | X 181/08 |
| --- | --- |
| Member State | Lithuania |
| Member State reference number | — |
| Name of the Region (NUTS) | Lithuania
  Article 87(3)(a) |
| Granting authority | Lietuvos Respublikos ūkio ministerija |
| Gedimino pr. 38/2 |
| LT-01104 Vilnius |
| LIETUVA/LITHUANIA |
| http://www.ukmin.lt |

Reference number of State Aid

X 181/08

Member State

Lithuania

Member State reference number

—

Name of the Region (NUTS)

Lithuania

Article 87(3)(a)

Granting authority

Lietuvos Respublikos ūkio ministerija

Gedimino pr. 38/2

LT-01104 Vilnius

LIETUVA/LITHUANIA

http://www.ukmin.lt

Title of the aid measure

Sanglaudos skatinimo veiksmų programos I prioriteto „Vietinė ir urbanistinė plėtra, kultūros paveldo ir gamtos išsaugojimas bei pritaikymas turizmo plėtrai“ priemonė „Viešosios turizmo infrastruktūros ir paslaugų plėtra regionuose“

National legal basis (Reference to the relevant national official publication)

Lietuvos Respublikos ūkio ministro 2008 m. lapkričio 25 d. įsakymas Nr. 4–578 „Dėl VP3-1.3-ŪM-05-R priemonė „Viešosios turizmo infrastruktūros ir paslaugų plėtra regionuose“ projektų finansavimo sąlygų aprašo ir kvietimo teikti paraiškas dokumentų patvirtinimo“ (Žin., 2008, Nr. 139–5524)

Web link to the full text of the aid measure

http://www3.lrs.lt/pls/inter3/dokpaieska.showdoc_l?p_id=332253&p_query=&p_tr2=

Type of measure

Scheme

Amendment of an existing aid measure

—

Duration

25.11.2008-31.12.2013

Economic sector(s) concerned

Sports activities and amusement and recreation activities

Type of beneficiary

SME

large enterprise

Annual overall amount of the budget planned under the scheme

LTL 11,70 million

For guarantees

—

Aid Instrument (Article 5)

Grant

Reference to the Commission decision

—

If co-financed by Community funds

Lietuvos Respublikos Vyriausybės 2008 m. liepos 23 d. nutarimas Nr. 787 „Dėl Sanglaudos skatinimo veiksmų programos priedo patvirtinimo“ – 70,00 LTL (mln.)

Objectives

Maximum aid intensity in % or maximum aid amount in national currency

SME-bonuses in %

Regional investment and employment aid (Art. 13) Scheme

50 %

20 %

| Reference number of State Aid | X 182/08 |
| --- | --- |
| Member State | Latvia |
| Member State reference number | — |
| Name of the Region (NUTS) | Latvia
  Article 87(3)(a) |
| Granting authority | Eiropas Investīciju fonds |
| Kr. Valdemāra 21 |
| Rīga, LV-1010 |
| LATVIJA |
| http://europa.eu/institutions/financial/eif/index_lv.htm |

Reference number of State Aid

X 182/08

Member State

Latvia

Member State reference number

—

Name of the Region (NUTS)

Latvia

Article 87(3)(a)

Granting authority

Eiropas Investīciju fonds

Kr. Valdemāra 21

Rīga, LV-1010

LATVIJA

http://europa.eu/institutions/financial/eif/index_lv.htm

Title of the aid measure

Atbalsts tehnoloģiju pārneses un riska kapitāla jomā

National legal basis (Reference to the relevant national official publication)

http://www.akti.lv/naiser/text.cfm?Key=0101032008112500983

Web link to the full text of the aid measure

http://www.akti.lv/naiser/text.cfm?Key=0101032008112500983

Type of measure

Scheme

Amendment of an existing aid measure

—

Duration

26.11.2008-31.12.2013

Economic sector(s) concerned

All economic sectors eligible to receive aid

Type of beneficiary

SME

Annual overall amount of the budget planned under the scheme

LVL 9,13 million

For guarantees

—

Aid Instrument (Article 5)

Risk capital

Reference to the Commission decision

—

If co-financed by Community funds

Komisijas Lēmums 24.9.2007., ar ko pieņem darbības programmu “Uzņēmējdarbība un Inovācijas” Kopienas palīdzībai no Eiropas Reģionālās attīstības fonda atbilstīgi konverģences mērķim Latvijā CCI 2007 LV 16 1 PO 001 – LVL 9,13 (miljonos)

Objectives

Maximum aid intensity in % or maximum aid amount in national currency

SME-bonuses in %

Aid in the form of risk capital (Articles 28 and 29)

LVL 2 108 412

—

---

| 13.11.2009 | EN | Official Journal of the European Union | C 272/19 |
| --- | --- | --- | --- |

13.11.2009

EN

Official Journal of the European Union

C 272/19

---

Commission communication pursuant to Article 16(4) of Regulation (EC) No 1008/2008 of the European Parliament and of the Council on common rules for the operation of air services in the Community

Public service obligations in respect of scheduled air services

(Text with EEA relevance)

2009/C 272/08

| Member State | Greece |
| --- | --- |
| Concerned route | — | Athens–Astypalea |

Member State

Greece

Concerned route

—

Athens–Astypalea

| — | Athens–Ikaria |
| --- | --- |

—

Athens–Ikaria

| — | Athens–Leros |
| --- | --- |

—

Athens–Leros

| — | Athens–Milos |
| --- | --- |

—

Athens–Milos

| — | Thessaloniki–Chios |
| --- | --- |

—

Thessaloniki–Chios

| — | Thessaloniki–Samos |
| --- | --- |

—

Thessaloniki–Samos

| — | Limnos–Mitilini–Chios–Samos–Rhodes |
| --- | --- |

—

Limnos–Mitilini–Chios–Samos–Rhodes

| — | Rhodes–Karpathos–Kasos–Sitia |
| --- | --- |

—

Rhodes–Karpathos–Kasos–Sitia

| — | Alexandroupolis–Sitia |
| --- | --- |

—

Alexandroupolis–Sitia

| — | Aktio–Sitia |
| --- | --- |

—

Aktio–Sitia

| — | Athens–Kithira |
| --- | --- |

—

Athens–Kithira

| — | Athens–Naxos |
| --- | --- |

—

Athens–Naxos

| — | Athens–Paros |
| --- | --- |

—

Athens–Paros

| — | Athens–Karpathos |
| --- | --- |

—

Athens–Karpathos

| — | Athens–Sitia |
| --- | --- |

—

Athens–Sitia

| — | Athens–Skiathos |
| --- | --- |

—

Athens–Skiathos

| — | Thessaloniki–Corfu |
| --- | --- |

—

Thessaloniki–Corfu

| — | Rhodes–Kos–Leros–Astypalea |
| --- | --- |

—

Rhodes–Kos–Leros–Astypalea

| — | Corfu–Aktion–Kefalinia–Zakinthos |
| --- | --- |

—

Corfu–Aktion–Kefalinia–Zakinthos

| — | Athens–Kalymnos |
| --- | --- |

—

Athens–Kalymnos

| — | Thessaloniki–Kalamata |
| --- | --- |

—

Thessaloniki–Kalamata

| — | Athens–Skyros |
| --- | --- |

—

Athens–Skyros

| — | Thessaloniki–Skyros |
| --- | --- |

—

Thessaloniki–Skyros

| — | Rhodes–Kastelorizo |
| --- | --- |

—

Rhodes–Kastelorizo

Date of entry into force of the public service obligations

From the date of the publication of the present notice

Address where the text and any relevant information and/or documentation related to the public service obligation can be obtained free of charge

| Hellenic Civil Aviation Authority |
| --- |
| Directorate General for Air Transport |
| Air Transport and International Affairs Division — Section II |
| Vas. Georgiou 1 |
| 16604 Elliniko |
| GREECE |
| Tel. +30 2108916149 or 8916121 |
| Fax +30 2108947132 |
| Website: http://www.hcaa.gr |

Hellenic Civil Aviation Authority

Directorate General for Air Transport

Air Transport and International Affairs Division — Section II

Vas. Georgiou 1

16604 Elliniko

GREECE

Tel. +30 2108916149 or 8916121

Fax +30 2108947132

Website: http://www.hcaa.gr

---

| 13.11.2009 | EN | Official Journal of the European Union | C 272/20 |
| --- | --- | --- | --- |

13.11.2009

EN

Official Journal of the European Union

C 272/20

---

Commission communication pursuant to Article 17(5) of Regulation (EC) No 1008/2008 of the European Parliament and of the Council on common rules for the operation of air services in the Community

Invitation to tender in respect of the operation of scheduled air services in accordance with public service obligations

(Text with EEA relevance)

2009/C 272/09

| Member State | Greece |
| --- | --- |
| Concerned route | — | Athens–Astypalea |

Member State

Greece

Concerned route

—

Athens–Astypalea

| — | Athens–Ikaria |
| --- | --- |

—

Athens–Ikaria

| — | Athens–Leros |
| --- | --- |

—

Athens–Leros

| — | Athens–Milos |
| --- | --- |

—

Athens–Milos

| — | Thessaloniki–Chios |
| --- | --- |

—

Thessaloniki–Chios

| — | Thessaloniki–Samos |
| --- | --- |

—

Thessaloniki–Samos

| — | Limnos–Mitilin–Chios–Samos–Rhodes |
| --- | --- |

—

Limnos–Mitilin–Chios–Samos–Rhodes

| — | Rhodes–Karpathos–Kasos–Sitia |
| --- | --- |

—

Rhodes–Karpathos–Kasos–Sitia

| — | Alexandroupolis–Sitia |
| --- | --- |

—

Alexandroupolis–Sitia

| — | Aktio–Sitia |
| --- | --- |

—

Aktio–Sitia

| — | Athens–Kithira |
| --- | --- |

—

Athens–Kithira

| — | Athens–Naxos |
| --- | --- |

—

Athens–Naxos

| — | Athens–Paros |
| --- | --- |

—

Athens–Paros

| — | Athens–Karpathos |
| --- | --- |

—

Athens–Karpathos

| — | Athens–Sitia |
| --- | --- |

—

Athens–Sitia

| — | Athens–Skiathos |
| --- | --- |

—

Athens–Skiathos

| — | Thessaloniki–Corfu |
| --- | --- |

—

Thessaloniki–Corfu

| — | Rhodes–Kos–Leros–Astypalea |
| --- | --- |

—

Rhodes–Kos–Leros–Astypalea

| — | Corfu–Aktion–Kefalinia–Zakinthos |
| --- | --- |

—

Corfu–Aktion–Kefalinia–Zakinthos

| — | Athens–Kalymnos |
| --- | --- |

—

Athens–Kalymnos

| — | Thessaloniki–Kalamata |
| --- | --- |

—

Thessaloniki–Kalamata

| — | Athens–Skyros |
| --- | --- |

—

Athens–Skyros

| — | Thessaloniki–Skyros |
| --- | --- |

—

Thessaloniki–Skyros

| — | Rhodes–Kastelorizo |
| --- | --- |

—

Rhodes–Kastelorizo

Period of validity of the contract

1st April 2010 to the 31st March 2012

Deadline for submission of tenders

61 days after the day of publication of the present notice

Address where the text of the invitation to tender and any relevant information and/or documentation related to the pubic tender and the public service obligation can be obtained free of charge

| Hellenic Civil Aviation Authority |
| --- |
| Directorate General for Air Transport |
| Air Transport and International Affairs Division — Section II |
| Vas. Georgiou 1 |
| 16604 Elliniko |
| GREECE |
| Tel. +30 2108916149 or 8916121 |
| Fax +30 2108947132 |
| Website: http://www.hcaa.gr |

Hellenic Civil Aviation Authority

Directorate General for Air Transport

Air Transport and International Affairs Division — Section II

Vas. Georgiou 1

16604 Elliniko

GREECE

Tel. +30 2108916149 or 8916121

Fax +30 2108947132

Website: http://www.hcaa.gr

---

V Announcements

PROCEDURES RELATING TO THE IMPLEMENTATION OF THE COMPETITION POLICY

Commission

| 13.11.2009 | EN | Official Journal of the European Union | C 272/21 |
| --- | --- | --- | --- |

13.11.2009

EN

Official Journal of the European Union

C 272/21

---

Prior notification of a concentration

(Case COMP/M.5679 — Boreas Holdings/Centrica Renewable Energy Limited/Glid Wind Farms)

Candidate case for simplified procedure

(Text with EEA relevance)

2009/C 272/10

| 1. | On 6 November 2009, the Commission received a notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1) by which the undertakings (i) Boreas Holdings S.à.r.l (‘Boreas Holdings’, Luxemburg), a special purpose vehicle owned by two investment funds (TCW Energy XIV and European Clean Energy Fund) managed by TCW Asset Management Company (‘TAMCO’, UK), a subsidiary of The TCW Group, Inc. (‘TCW’, USA), which in turn is wholly owned by Société Générale S.A. (‘Société Générale’, France) and (ii) Centrica Renewable Energy Limited, a wholly owned subsidiary of Centrica plc (‘Centrica’ UK), will acquire within the meaning of Article 3(1)(b) of that Regulation joint control of the GLID Wind Farms TopCo Limited (‘GLID Wind Farms’, UK), currently wholly controlled by Centrica, by way of sale and purchase of shares. |
| --- | --- |

1.

On 6 November 2009, the Commission received a notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1) by which the undertakings (i) Boreas Holdings S.à.r.l (‘Boreas Holdings’, Luxemburg), a special purpose vehicle owned by two investment funds (TCW Energy XIV and European Clean Energy Fund) managed by TCW Asset Management Company (‘TAMCO’, UK), a subsidiary of The TCW Group, Inc. (‘TCW’, USA), which in turn is wholly owned by Société Générale S.A. (‘Société Générale’, France) and (ii) Centrica Renewable Energy Limited, a wholly owned subsidiary of Centrica plc (‘Centrica’ UK), will acquire within the meaning of Article 3(1)(b) of that Regulation joint control of the GLID Wind Farms TopCo Limited (‘GLID Wind Farms’, UK), currently wholly controlled by Centrica, by way of sale and purchase of shares.

| 2. | The business activities of the undertakings concerned are:






  — | for TCW and Société Générale: provision of international financial services, |
| --- | --- | --- |

2.

The business activities of the undertakings concerned are:

—

for TCW and Société Générale: provision of international financial services,

| — | for Centrica: generation, trading and supply of electricity mainly in the UK. It also produces and supplies natural gas, |
| --- | --- |

—

for Centrica: generation, trading and supply of electricity mainly in the UK. It also produces and supplies natural gas,

| — | for GLID Wind Farms: development, ownership, operation and management of wind farms generating electricity in UK. |
| --- | --- |

—

for GLID Wind Farms: development, ownership, operation and management of wind farms generating electricity in UK.

| 3. | On preliminary examination, the Commission finds that the notified transaction could fall within the scope of Regulation (EC) No 139/2004. However, the final decision on this point is reserved. Pursuant to the Commission Notice on a simplified procedure for treatment of certain concentrations under Council Regulation (EC) No 139/2004 (2) it should be noted that this case is a candidate for treatment under the procedure set out in the Notice. |
| --- | --- |

3.

On preliminary examination, the Commission finds that the notified transaction could fall within the scope of Regulation (EC) No 139/2004. However, the final decision on this point is reserved. Pursuant to the Commission Notice on a simplified procedure for treatment of certain concentrations under Council Regulation (EC) No 139/2004 (2) it should be noted that this case is a candidate for treatment under the procedure set out in the Notice.

| 4. | The Commission invites interested third parties to submit their possible observations on the proposed operation to the Commission.
  Observations must reach the Commission not later than 10 days following the date of this publication. Observations can be sent to the Commission by fax (+32 22964301 or 22967244) or by post, under reference number COMP/M.5679 — Boreas Holdings/Centrica Renewable Energy Limited/Glid Wind Farms, to the following address:





  European Commission |
| --- | --- |
| Directorate-General for Competition |
| Merger Registry |
| 1049 Bruxelles/Brussel |
| BELGIQUE/BELGIË |

4.

The Commission invites interested third parties to submit their possible observations on the proposed operation to the Commission.

Observations must reach the Commission not later than 10 days following the date of this publication. Observations can be sent to the Commission by fax (+32 22964301 or 22967244) or by post, under reference number COMP/M.5679 — Boreas Holdings/Centrica Renewable Energy Limited/Glid Wind Farms, to the following address:

European Commission

Directorate-General for Competition

Merger Registry

1049 Bruxelles/Brussel

BELGIQUE/BELGIË

---

(1)  OJ L 24, 29.1.2004, p. 1.

(2)  OJ C 56, 5.3.2005, p. 32.

---

| 13.11.2009 | EN | Official Journal of the European Union | C 272/23 |
| --- | --- | --- | --- |

13.11.2009

EN

Official Journal of the European Union

C 272/23

---

Prior notification of a concentration

(Case COMP/M.5684 — BNP Paribas Assurance/Fortis Insurance International/UBI Assicurazioni)

Candidate case for simplified procedure

(Text with EEA relevance)

2009/C 272/11

| 1. | On 4 November 2009, the Commission received a notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1), by which Fortis Insurance International NV, controlled by Fortis SA/NV and Fortis NV, (‘Fortis Insurance’, the Netherlands/Belgium) and BNP Paribas Assurance, part of the BNP Paribas group, controlled by BNP Paribas SA (‘BNP Paribas group’, France) will acquire joint control over UBI Assicurazioni SpA (‘UBI Assicurazioni’, Italy) by way of purchase of shares. |
| --- | --- |

1.

On 4 November 2009, the Commission received a notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1), by which Fortis Insurance International NV, controlled by Fortis SA/NV and Fortis NV, (‘Fortis Insurance’, the Netherlands/Belgium) and BNP Paribas Assurance, part of the BNP Paribas group, controlled by BNP Paribas SA (‘BNP Paribas group’, France) will acquire joint control over UBI Assicurazioni SpA (‘UBI Assicurazioni’, Italy) by way of purchase of shares.

| 2. | The business activities of the undertakings concerned are:






  — | for the BNP Paribas group: banking and insurance activities, |
| --- | --- | --- |

2.

The business activities of the undertakings concerned are:

—

for the BNP Paribas group: banking and insurance activities,

| — | for Fortis Insurance: financial and insurance activities, and, |
| --- | --- |

—

for Fortis Insurance: financial and insurance activities, and,

| — | for UBI Assicurazioni: non-life insurance activities in Italy. |
| --- | --- |

—

for UBI Assicurazioni: non-life insurance activities in Italy.

| 3. | On preliminary examination, the Commission finds that the notified transaction could fall within the scope of Regulation (EC) No 139/2004. However, the final decision on this point is reserved. Pursuant to the Commission Notice on a simplified procedure for treatment of certain concentrations under Council Regulation (EC) No 139/2004 (2) it should be noted that this case is a candidate for treatment under the procedure set out in the Notice. |
| --- | --- |

3.

On preliminary examination, the Commission finds that the notified transaction could fall within the scope of Regulation (EC) No 139/2004. However, the final decision on this point is reserved. Pursuant to the Commission Notice on a simplified procedure for treatment of certain concentrations under Council Regulation (EC) No 139/2004 (2) it should be noted that this case is a candidate for treatment under the procedure set out in the Notice.

| 4. | The Commission invites interested third parties to submit their possible observations on the proposed operation to the Commission.
  Observations must reach the Commission not later than 10 days following the date of this publication. Observations can be sent to the Commission by fax (+32 22964301 or 22967244) or by post, under reference number COMP/M.5684 — BNP Paribas Assurance/Fortis Insurance International/UBI Assicurazioni, to the following address:





  European Commission |
| --- | --- |
| Directorate-General for Competition |
| Merger Registry |
| 1049 Bruxelles/Brussel |
| BELGIQUE/BELGIË |

4.

The Commission invites interested third parties to submit their possible observations on the proposed operation to the Commission.

Observations must reach the Commission not later than 10 days following the date of this publication. Observations can be sent to the Commission by fax (+32 22964301 or 22967244) or by post, under reference number COMP/M.5684 — BNP Paribas Assurance/Fortis Insurance International/UBI Assicurazioni, to the following address:

European Commission

Directorate-General for Competition

Merger Registry

1049 Bruxelles/Brussel

BELGIQUE/BELGIË

---

(1)  OJ L 24, 29.1.2004, p. 1.

(2)  OJ C 56, 5.3.2005, p. 32.

---

| 13.11.2009 | EN | Official Journal of the European Union | C 272/24 |
| --- | --- | --- | --- |

13.11.2009

EN

Official Journal of the European Union

C 272/24

---

Prior notification of a concentration

(Case COMP/M.5644 — Kraft Foods/Cadbury)

(Text with EEA relevance)

2009/C 272/12

| 1. | On 9 November 2009, the Commission received a notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1) by which the undertaking Kraft Foods Inc (‘Kraft Foods’, USA) acquire within the meaning of Article 3(1)(b) of the Regulation control of the whole of the undertakings Cadbury plc (‘Cadbury’, United Kingdom) by way of public bid announced on 9 November 2009. |
| --- | --- |

1.

On 9 November 2009, the Commission received a notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1) by which the undertaking Kraft Foods Inc (‘Kraft Foods’, USA) acquire within the meaning of Article 3(1)(b) of the Regulation control of the whole of the undertakings Cadbury plc (‘Cadbury’, United Kingdom) by way of public bid announced on 9 November 2009.

| 2. | The business activities of the undertakings concerned are:






  — | for undertaking Kraft Foods: manufacture and sales of packaged food and beverages, in particular snacks, beverages, dairy and cheese, grocery and convenient meals, including chocolate confectionary, |
| --- | --- | --- |

2.

The business activities of the undertakings concerned are:

—

for undertaking Kraft Foods: manufacture and sales of packaged food and beverages, in particular snacks, beverages, dairy and cheese, grocery and convenient meals, including chocolate confectionary,

| — | for undertaking Cadbury: manufacture and sales of chocolate confectionary, sugar confectionary and chewing-gum. |
| --- | --- |

—

for undertaking Cadbury: manufacture and sales of chocolate confectionary, sugar confectionary and chewing-gum.

| 3. | On preliminary examination, the Commission finds that the notified transaction could fall within the scope of Regulation (EC) No 139/2004. However, the final decision on this point is reserved. |
| --- | --- |

3.

On preliminary examination, the Commission finds that the notified transaction could fall within the scope of Regulation (EC) No 139/2004. However, the final decision on this point is reserved.

| 4. | The Commission invites interested third parties to submit their possible observations on the proposed operation to the Commission.
  Observations must reach the Commission not later than 10 days following the date of this publication. Observations can be sent to the Commission by fax (+32 22964301 or 22967244) or by post, under reference number COMP/M.5644 — Kraft Foods/Cadbury, to the following address:





  European Commission |
| --- | --- |
| Directorate-General for Competition |
| Merger Registry |
| 1049 Bruxelles/Brussel |
| BELGIQUE/BELGIË |

4.

The Commission invites interested third parties to submit their possible observations on the proposed operation to the Commission.

Observations must reach the Commission not later than 10 days following the date of this publication. Observations can be sent to the Commission by fax (+32 22964301 or 22967244) or by post, under reference number COMP/M.5644 — Kraft Foods/Cadbury, to the following address:

European Commission

Directorate-General for Competition

Merger Registry

1049 Bruxelles/Brussel

BELGIQUE/BELGIË

---

(1)  OJ L 24, 29.1.2004, p. 1.

---