# Official Journal C 216/2008

| | ISSN 1725-2423 |
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| Official Journal
  of the European Union | C 216 |
| | |
| English edition | Information and Notices | Volume 5123 August 2008 |

ISSN 1725-2423

Official Journal

of the European Union

C 216

English edition

Information and Notices

Volume 5123 August 2008

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| Notice No | Contents | page |
| --- | --- | --- |
| | I   Resolutions, recommendations and opinions |
| | OPINIONS |
| | European Central Bank |
| 2008/C 216/01 | Opinion of the European Central Bank of 7 August 2008 on a proposal for a directive amending Directive 98/26/EC and Directive 2002/47/EC (CON/2008/37) | 1 |

Notice No

Contents

page

I   Resolutions, recommendations and opinions

OPINIONS

European Central Bank

2008/C 216/01

Opinion of the European Central Bank of 7 August 2008 on a proposal for a directive amending Directive 98/26/EC and Directive 2002/47/EC (CON/2008/37)

1

| | II   Information |
| --- | --- |
| | INFORMATION FROM EUROPEAN UNION INSTITUTIONS AND BODIES |
| | Commission |
| 2008/C 216/02 | Authorisation for State aid pursuant to Articles 87 and 88 of the EC Treaty — Cases where the Commission raises no objections (
  1
  ) | 12 |
| 2008/C 216/03 | Non-opposition to a notified concentration (Case COMP/M.5239 — Cinven/JOST Holding) (
  1
  ) | 14 |
| 2008/C 216/04 | Non-opposition to a notified concentration (Case COMP/M.5268 — Goldman Sachs/PAI/Xella International) (
  1
  ) | 14 |

II   Information

INFORMATION FROM EUROPEAN UNION INSTITUTIONS AND BODIES

Commission

2008/C 216/02

Authorisation for State aid pursuant to Articles 87 and 88 of the EC Treaty — Cases where the Commission raises no objections (
  1
  )

1

12

2008/C 216/03

Non-opposition to a notified concentration (Case COMP/M.5239 — Cinven/JOST Holding) (
  1
  )

1

14

2008/C 216/04

Non-opposition to a notified concentration (Case COMP/M.5268 — Goldman Sachs/PAI/Xella International) (
  1
  )

1

14

| | IV   Notices |
| --- | --- |
| | NOTICES FROM EUROPEAN UNION INSTITUTIONS AND BODIES |
| | Commission |
| 2008/C 216/05 | Euro exchange rates | 15 |
| 2008/C 216/06 | Commission notice on current State aid recovery interest rates and reference/discount rates for 27 Member States applicable as from 1 September 2008(Published in accordance with Article 10 of Commission Regulation (EC) No 794/2004 (OJ L 140, 30.4.2004, p. 1)) | 16 |
| | NOTICES FROM MEMBER STATES |
| 2008/C 216/07 | Information communicated by Member States regarding State aid granted under Commission Regulation (EC) No 1628/2006 on the application of Articles 87 and 88 of the EC Treaty to national regional investment aid (
  1
  ) | 17 |
| 2008/C 216/08 | Information communicated by Member States regarding State aid granted under Commission Regulation (EC) No 2204/2002 on the application of Articles 87 and 88 of the EC Treaty to State aid for employment (
  1
  ) | 21 |

IV   Notices

NOTICES FROM EUROPEAN UNION INSTITUTIONS AND BODIES

Commission

2008/C 216/05

Euro exchange rates

15

2008/C 216/06

Commission notice on current State aid recovery interest rates and reference/discount rates for 27 Member States applicable as from 1 September 2008(Published in accordance with Article 10 of Commission Regulation (EC) No 794/2004 (OJ L 140, 30.4.2004, p. 1))

(Published in accordance with Article 10 of Commission Regulation (EC) No 794/2004 (OJ L 140, 30.4.2004, p. 1))

16

NOTICES FROM MEMBER STATES

2008/C 216/07

Information communicated by Member States regarding State aid granted under Commission Regulation (EC) No 1628/2006 on the application of Articles 87 and 88 of the EC Treaty to national regional investment aid (
  1
  )

1

17

2008/C 216/08

Information communicated by Member States regarding State aid granted under Commission Regulation (EC) No 2204/2002 on the application of Articles 87 and 88 of the EC Treaty to State aid for employment (
  1
  )

1

21

| | V   Announcements |
| --- | --- |
| | ADMINISTRATIVE PROCEDURES |
| | Commission |
| 2008/C 216/09 | MEDIA 2007 — Development, distribution, promotion and training — Call for proposals — EACEA/20/08 — Support for television broadcasting of European audiovisual works | 22 |
| | PROCEDURES RELATING TO THE IMPLEMENTATION OF THE COMPETITION POLICY |
| | Commission |
| 2008/C 216/10 | Prior notification of a concentration (Case COMP/M.5259 — Mitsui/Bamesa Celik/Bami JV) — Candidate case for simplified procedure (
  1
  ) | 24 |
| 2008/C 216/11 | Prior notification of a concentration (Case COMP/M.5286 — Lion Capital/Foodvest) (
  1
  ) | 25 |
| 2008/C 216/12 | Prior notification of a concentration (Case COMP/M.5237 — Sodexo Pass International/Sofinco/JV) — Candidate case for simplified procedure (
  1
  ) | 26 |
| 2008/C 216/13 | Prior notification of a concentration (Case COMP/M.5308 — Teck Cominco/Fording Canadian Coal Trust) — Candidate case for simplified procedure (
  1
  ) | 27 |

V   Announcements

ADMINISTRATIVE PROCEDURES

Commission

2008/C 216/09

MEDIA 2007 — Development, distribution, promotion and training — Call for proposals — EACEA/20/08 — Support for television broadcasting of European audiovisual works

22

PROCEDURES RELATING TO THE IMPLEMENTATION OF THE COMPETITION POLICY

Commission

2008/C 216/10

Prior notification of a concentration (Case COMP/M.5259 — Mitsui/Bamesa Celik/Bami JV) — Candidate case for simplified procedure (
  1
  )

1

24

2008/C 216/11

Prior notification of a concentration (Case COMP/M.5286 — Lion Capital/Foodvest) (
  1
  )

1

25

2008/C 216/12

Prior notification of a concentration (Case COMP/M.5237 — Sodexo Pass International/Sofinco/JV) — Candidate case for simplified procedure (
  1
  )

1

26

2008/C 216/13

Prior notification of a concentration (Case COMP/M.5308 — Teck Cominco/Fording Canadian Coal Trust) — Candidate case for simplified procedure (
  1
  )

1

27

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| | (1)   Text with EEA relevance |

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(1)   Text with EEA relevance

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EN

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I Resolutions, recommendations and opinions

OPINIONS

European Central Bank

| 23.8.2008 | EN | Official Journal of the European Union | C 216/1 |
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23.8.2008

EN

Official Journal of the European Union

C 216/1

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OPINION OF THE EUROPEAN CENTRAL BANK

of 7 August 2008

on a proposal for a directive amending Directive 98/26/EC and Directive 2002/47/EC

(CON/2008/37)

(2008/C 216/01)

Introduction and legal basis

On 22 May 2008 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 amending Directive 98/26/EC on settlement finality in payment and securities settlement systems and Directive 2002/47/EC on financial collateral arrangements as regards linked systems and credit claims (1) (hereinafter the ‘proposed directive’).

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.

Amendments to Directive 98/26/EC

1.   Night-time settlement

The ECB supports extending the protection of Article 3(1) of Directive 98/26/EC (2) to night-time settlement services, which is essential given that the night-time settlement procedure is used more and more frequently by systems to facilitate the settlement of bulk and retail transfers.

2.   Protection of collateral from the effects of insolvency

| 2.1. | The ECB proposes further amending Article 9(1) of Directive 98/26/EC for the following reasons. Under Article 9(1), the rights of the ECB and the Member State central banks to collateral security provided to them are not affected by insolvency proceedings brought against the participant or counterparty that has provided the collateral security. Such collateral security may be realised for the satisfaction of these claims. Some ambiguity would arise if Article 9(1) were to be interpreted as meaning that the collateral security provided in connection with central bank operations, including emergency transactions, is only insulated from the effects of insolvency proceedings brought against a central bank's participant or counterparty which has provided the central bank with the collateral security. When assessing the protection of collateral provided to central banks for central bank credit operations under Directive 98/26/EC, uncertainty arises as to whether the protection accorded to central banks covers the provision of collateral security originating from a third party which is not a participant in a central bank operated system or a central bank counterparty. |
| --- | --- |

2.1.

The ECB proposes further amending Article 9(1) of Directive 98/26/EC for the following reasons. Under Article 9(1), the rights of the ECB and the Member State central banks to collateral security provided to them are not affected by insolvency proceedings brought against the participant or counterparty that has provided the collateral security. Such collateral security may be realised for the satisfaction of these claims. Some ambiguity would arise if Article 9(1) were to be interpreted as meaning that the collateral security provided in connection with central bank operations, including emergency transactions, is only insulated from the effects of insolvency proceedings brought against a central bank's participant or counterparty which has provided the central bank with the collateral security. When assessing the protection of collateral provided to central banks for central bank credit operations under Directive 98/26/EC, uncertainty arises as to whether the protection accorded to central banks covers the provision of collateral security originating from a third party which is not a participant in a central bank operated system or a central bank counterparty.

| 2.2. | Currently, it seems that some Member States have transposed Article 9(1) of Directive 98/26/EC in a manner which does not protect collateral provided to central banks by a third party which is not one of the central bank's participants or counterparties, while most Member States have transposed Article 9(1) so as to explicitly protect collateral security provided to central banks by such third parties. In addition, some Member States have transposed the wording of the provision in question literally, and in these jurisdictions, the question of whether collateral provided to central banks by such third parties is protected is subject to interpretation. |
| --- | --- |

2.2.

Currently, it seems that some Member States have transposed Article 9(1) of Directive 98/26/EC in a manner which does not protect collateral provided to central banks by a third party which is not one of the central bank's participants or counterparties, while most Member States have transposed Article 9(1) so as to explicitly protect collateral security provided to central banks by such third parties. In addition, some Member States have transposed the wording of the provision in question literally, and in these jurisdictions, the question of whether collateral provided to central banks by such third parties is protected is subject to interpretation.

| 2.3. | In view of the above, clarifying the wording of Article 9(1) of Directive 98/26/EC would ensure the harmonised insulation of collateral security provided to central banks by any third party including, but not limited to, affiliates of the participants in a central bank operated system or central bank counterparties. This would ensure legal certainty with respect to collateralised credit provided by central banks and, more specifically, protect modern liquidity pooling services, for example in TARGET2, against the insolvency of any third party providing collateral security on behalf of a participant in a central bank system. This reform could be of particular relevance to central bank liquidity operations during times of financial difficulty, where it can be expected that liquidity extended to a counterparty might be collateralised by a third party on behalf of the counterparty. |
| --- | --- |

2.3.

In view of the above, clarifying the wording of Article 9(1) of Directive 98/26/EC would ensure the harmonised insulation of collateral security provided to central banks by any third party including, but not limited to, affiliates of the participants in a central bank operated system or central bank counterparties. This would ensure legal certainty with respect to collateralised credit provided by central banks and, more specifically, protect modern liquidity pooling services, for example in TARGET2, against the insolvency of any third party providing collateral security on behalf of a participant in a central bank system. This reform could be of particular relevance to central bank liquidity operations during times of financial difficulty, where it can be expected that liquidity extended to a counterparty might be collateralised by a third party on behalf of the counterparty.

3.   Participation in a system

| 3.1. | Article 2(f) of Directive 98/26/EC allows Member States to treat an ‘indirect participant’ as a ‘participant’, if warranted due to systemic risk and on condition that the indirect participant is known to the system. Being ‘known to the system’ is a useful requirement, as the system would not otherwise be able to identify which indirect participants fall within the scope of protection accorded to the system. A proviso should therefore be introduced into the definition of ‘indirect participant’ requiring that indirect participants should be known to the system operator. This will also facilitate the system operator's obligation, under the second paragraph of Article 10, to disclose to the Member State whose law is applicable the participants in the relevant system, including any possible indirect participants, as well as any change in them. |
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3.1.

Article 2(f) of Directive 98/26/EC allows Member States to treat an ‘indirect participant’ as a ‘participant’, if warranted due to systemic risk and on condition that the indirect participant is known to the system. Being ‘known to the system’ is a useful requirement, as the system would not otherwise be able to identify which indirect participants fall within the scope of protection accorded to the system. A proviso should therefore be introduced into the definition of ‘indirect participant’ requiring that indirect participants should be known to the system operator. This will also facilitate the system operator's obligation, under the second paragraph of Article 10, to disclose to the Member State whose law is applicable the participants in the relevant system, including any possible indirect participants, as well as any change in them.

| 3.2. | For the avoidance of doubt, the definitions of both participant and indirect participant should be amended to clarify that these definitions are exhaustive and include only the specific kinds of entities enumerated by the defined terms. Any differences in application could put at risk the protection afforded by Directive 98/26/EC to systems that operate cross border. |
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3.2.

For the avoidance of doubt, the definitions of both participant and indirect participant should be amended to clarify that these definitions are exhaustive and include only the specific kinds of entities enumerated by the defined terms. Any differences in application could put at risk the protection afforded by Directive 98/26/EC to systems that operate cross border.

| 3.3. | Also, the term ‘system’ in the definitions of participant and indirect participant should be replaced, where appropriate, by the newly defined term ‘system operator’, since systems usually lack legal personality and it is the system operator that acts as a participant in another system thus ensuring cross-participation between systems. |
| --- | --- |

3.3.

Also, the term ‘system’ in the definitions of participant and indirect participant should be replaced, where appropriate, by the newly defined term ‘system operator’, since systems usually lack legal personality and it is the system operator that acts as a participant in another system thus ensuring cross-participation between systems.

4.   The definition of a system

| 4.1. | The definition of a system under Article 2(a) of Directive 98/26/EC should be amended. The term ‘system’ should adequately reflect the full range of existing arrangements, so that the protection afforded by Directive 98/26/EC will apply to the widest possible range of systems, thereby minimising systemic risk. In particular, the current definition in the first and second indents of Article 2(a) does not accurately reflect the way in which a majority of systems are established. In most systems, the arrangement establishing the system is not simply a contract between participants, but a set of rules and regulations for the system's operation as adopted by the system operator or through legal acts. The participants are expected to adhere to these rules. Systems based on a multilateral contractual arrangement are the exception, not the norm, as assumed under the current wording of Article 2(a). A system operator, such as a central securities depository, stock exchange or central bank, generally sets up a system unilaterally. In this context, Article 2(a) should be drafted so that a formal arrangement can be established either by contract, by standard business conditions or by legislation, i.e. statute or implementing regulation. Therefore, the definition of a system should refer to a formal arrangement ‘comprising’, instead of ‘between’, three or more participants and this change necessitates a consequential amendment to the second indent of Article 2(a). |
| --- | --- |

4.1.

The definition of a system under Article 2(a) of Directive 98/26/EC should be amended. The term ‘system’ should adequately reflect the full range of existing arrangements, so that the protection afforded by Directive 98/26/EC will apply to the widest possible range of systems, thereby minimising systemic risk. In particular, the current definition in the first and second indents of Article 2(a) does not accurately reflect the way in which a majority of systems are established. In most systems, the arrangement establishing the system is not simply a contract between participants, but a set of rules and regulations for the system's operation as adopted by the system operator or through legal acts. The participants are expected to adhere to these rules. Systems based on a multilateral contractual arrangement are the exception, not the norm, as assumed under the current wording of Article 2(a). A system operator, such as a central securities depository, stock exchange or central bank, generally sets up a system unilaterally. In this context, Article 2(a) should be drafted so that a formal arrangement can be established either by contract, by standard business conditions or by legislation, i.e. statute or implementing regulation. Therefore, the definition of a system should refer to a formal arrangement ‘comprising’, instead of ‘between’, three or more participants and this change necessitates a consequential amendment to the second indent of Article 2(a).

| 4.2. | Under the current definition of a system it is unclear whether clearing systems such as central counterparties or clearing houses are protected against systemic risk under Directive 98/26/EC. Although, in order to avoid uncertainty, a number of Member States have notified clearing systems to the Commission as provided for under the third indent of Article 2(a), the words ‘clearing or’ should be added before ‘execution of transfer orders’ in the first indent of Article 2(a), so that these types of entities can also be clearly considered as systems in their own right. |
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4.2.

Under the current definition of a system it is unclear whether clearing systems such as central counterparties or clearing houses are protected against systemic risk under Directive 98/26/EC. Although, in order to avoid uncertainty, a number of Member States have notified clearing systems to the Commission as provided for under the third indent of Article 2(a), the words ‘clearing or’ should be added before ‘execution of transfer orders’ in the first indent of Article 2(a), so that these types of entities can also be clearly considered as systems in their own right.

| 4.3. | Furthermore, the term system should be defined flexibly in order to cover any future developments in the organisation of systems. In particular, it should be sufficiently widely defined as to cover any future system that may be developed by the Eurosystem or designated by the ECB when established by an ECB legal instrument which is binding on participants by virtue of an arrangement entered into with the ECB and governed by the law of a Member State. In any event, a system established by an ECB legal instrument should also fall within the definition of the term system in Article 2(a) of Directive 98/26/EC. |
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4.3.

Furthermore, the term system should be defined flexibly in order to cover any future developments in the organisation of systems. In particular, it should be sufficiently widely defined as to cover any future system that may be developed by the Eurosystem or designated by the ECB when established by an ECB legal instrument which is binding on participants by virtue of an arrangement entered into with the ECB and governed by the law of a Member State. In any event, a system established by an ECB legal instrument should also fall within the definition of the term system in Article 2(a) of Directive 98/26/EC.

5.   Moment of entry, irrevocability and interoperable systems

| 5.1. | The ECB considers that the concept of the ‘moment of entry’ into a system for the purposes of Article 3(3) of Directive 98/26/EC requires clarification. More specifically, Article 3(3) states that the moment of entry of a transfer order into a system is defined by the rules of that system. The moment of entry itself is not defined and therefore varies between systems both in relation to its definition and the actual moment of entry. Where national law governing the system defines the moment of entry, the system's rules must be in line with such definitions. However, national law should allow sufficient flexibility for system rules on the moment of entry to be adjustable to take account of the specific nature of a particular system's operations and to protect sophisticated settlement/optimisation procedures. Furthermore, it is important that between interoperable systems, the rules of all the systems that are involved should be allowed to define the moment of entry with sufficient flexibility in order to protect cross-system settlement and hence ensure interoperability. The ECB recommends clarifying Article 3(4) accordingly to remove any ambiguity surrounding the fact that systems do have a certain degree of discretion in specifying the appropriate moment of entry, without being constrained in this respect by national law, which may be rigid and difficult to change. Similar considerations apply to the concept of irrevocability for the purposes of Article 5 of Directive 98/26/EC. |
| --- | --- |

5.1.

The ECB considers that the concept of the ‘moment of entry’ into a system for the purposes of Article 3(3) of Directive 98/26/EC requires clarification. More specifically, Article 3(3) states that the moment of entry of a transfer order into a system is defined by the rules of that system. The moment of entry itself is not defined and therefore varies between systems both in relation to its definition and the actual moment of entry. Where national law governing the system defines the moment of entry, the system's rules must be in line with such definitions. However, national law should allow sufficient flexibility for system rules on the moment of entry to be adjustable to take account of the specific nature of a particular system's operations and to protect sophisticated settlement/optimisation procedures. Furthermore, it is important that between interoperable systems, the rules of all the systems that are involved should be allowed to define the moment of entry with sufficient flexibility in order to protect cross-system settlement and hence ensure interoperability. The ECB recommends clarifying Article 3(4) accordingly to remove any ambiguity surrounding the fact that systems do have a certain degree of discretion in specifying the appropriate moment of entry, without being constrained in this respect by national law, which may be rigid and difficult to change. Similar considerations apply to the concept of irrevocability for the purposes of Article 5 of Directive 98/26/EC.

| 5.2. | The ECB supports the amendments relating to interoperable systems, given that the number and importance of such systems has increased significantly since the adoption of Directive 98/26/EC. In particular, systems have established links and even relayed links between each other and they access other systems as participants or through other interfaces. However, the ECB suggests replacing the term ‘system’ in the definition of ‘interoperable system’ with ‘arrangements’ between two or more systems to cater for all possible types of connections while at the same time avoiding giving the impression that a new category of systems is created. To give a practical example, the TARGET2 payment infrastructure (3) of the Eurosystem consists of a multiplicity of legally separate payment systems that are interconnected by a single technical platform based on an ECB guideline. Further, more than 60 other systems, including those of non-euro area countries, are connected to TARGET2 either by way of participation or through bilateral arrangements through the ancillary system interface. |
| --- | --- |

5.2.

The ECB supports the amendments relating to interoperable systems, given that the number and importance of such systems has increased significantly since the adoption of Directive 98/26/EC. In particular, systems have established links and even relayed links between each other and they access other systems as participants or through other interfaces. However, the ECB suggests replacing the term ‘system’ in the definition of ‘interoperable system’ with ‘arrangements’ between two or more systems to cater for all possible types of connections while at the same time avoiding giving the impression that a new category of systems is created. To give a practical example, the TARGET2 payment infrastructure (3) of the Eurosystem consists of a multiplicity of legally separate payment systems that are interconnected by a single technical platform based on an ECB guideline. Further, more than 60 other systems, including those of non-euro area countries, are connected to TARGET2 either by way of participation or through bilateral arrangements through the ancillary system interface.

6.   Notification of system operators and oversight

The ECB welcomes the definition of system operator in the new Article 2(o) although it considers that this definition should be slightly amended to ensure that it also covers systems that consist of several participants without any single system operator. For the same reason, the second subparagraph of Article 3(1) of the Directive should also be slightly amended to ensure that the burden of proof regarding knowledge of insolvency is laid on the relevant system operator. Moreover, the ECB also agrees to the proposal to amend Article 10 of Directive 98/26/EC so that Member States, in addition to notifying systems to the Commission, will also indicate the operator of the system. However, in line with the ECB's suggestion in paragraph 4.3 above, proposing that the definition of system should include systems established by an ECB legal instrument, paragraph 1 of Article 10 should be amended to allow Member States or the ECB, as appropriate, to notify systems and system operators to the Commission. The ECB considers that Article 10(3) and (4), which are omitted from the Commission proposal, should be reinstated. In addition, Article 10(3), which recognises the powers of competent national authorities to authorise and supervise systems, should state that the oversight competence of central banks, based on their financial stability tasks, should be respected.

7.   E-money institutions as participants of systems

The definition of ‘credit institution’ in amended Article 2(b) of Directive 98/26/EC, which cross-refers to the definition contained in Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (recast) (4), has the effect of enabling e-money institutions to become participants in systems designated in accordance with Directive 98/26/EC, provided the e-money institutions are regulated as credit institutions. The ECB regards this as a positive legislative amendment that will enhance the stability of systems. A change in the status of e-money institutions as credit institutions would require a further review of Directive 98/26/EC.

8.   Conflict of laws

A clear and simple conflict of laws rule for all aspects of book entry securities is important for the efficient and secure cross-border holding and transfer of financial instruments. The ECB shares the Commission's view that the current conflict of laws rules contained in Directive 98/26/EC, Directive 2001/24/EC of the European Parliament and of the Council of 4 April 2001 on the reorganisation and winding up of credit institutions (5) and Directive 2002/47/EC of the European Parliament and of the Council of 6 June 2002 on financial collateral arrangements (6) have increased legal certainty with regard to determining the applicable law. The ECB also notes the observations made by the Commission in its paper ‘Conflict of laws: modernisation of the PRIMA-rule for intermediated securities’ that the practical application of a single conflict of laws regime for cross-border securities clearing and settlement in the Community continues to reveal differences between Member States on the interpretation of ‘location of an account’. Thus, the Community regime still does not deliver the highest possible degree of predictability and certainty as to which laws apply.

Accordingly, the ECB is following with great interest the Commission's initiative to improve the clarity of the existing Community regime. Given the complexity of this matter, the ECB considers that such a general review should not take place in the context of the proposed directive.

Amendments to Directive 2002/47/EC

9.   Credit claims

| 9.1. | The ECB strongly welcomes the proposed amendments to Directive 2002/47/EC, where they are aimed at facilitating the use of credit claims as collateral by central banks. These changes make the legal position of central banks in the European Union more secure when taking credit claims as collateral, given the otherwise non-harmonised sets of rules on credit claims in the different EU jurisdictions. The possibility of using credit claims as collateral in central bank operations is of great significance to credit institutions in the euro area, which have large amounts of credit claims on their balance sheets. It would be of great importance for the Eurosystem to be able to use credit claims as collateral under the regime established by Directive 2002/47/EC, thereby facilitating an informal and efficient operational handling of that kind of asset, in particular through electronic means and including in cross-border constellations. Therefore, in this respect, the ECB advocates the adoption of the text as proposed by the Commission without granting the Member States any options for implementation, which would undermine the validity and legal certainty of such collateral taking. |
| --- | --- |

9.1.

The ECB strongly welcomes the proposed amendments to Directive 2002/47/EC, where they are aimed at facilitating the use of credit claims as collateral by central banks. These changes make the legal position of central banks in the European Union more secure when taking credit claims as collateral, given the otherwise non-harmonised sets of rules on credit claims in the different EU jurisdictions. The possibility of using credit claims as collateral in central bank operations is of great significance to credit institutions in the euro area, which have large amounts of credit claims on their balance sheets. It would be of great importance for the Eurosystem to be able to use credit claims as collateral under the regime established by Directive 2002/47/EC, thereby facilitating an informal and efficient operational handling of that kind of asset, in particular through electronic means and including in cross-border constellations. Therefore, in this respect, the ECB advocates the adoption of the text as proposed by the Commission without granting the Member States any options for implementation, which would undermine the validity and legal certainty of such collateral taking.

| 9.2. | The changes proposed to Article 1(4)(a) of Directive 2002/47/EC restrict its applicability to credit claims eligible for the collateralisation of central bank credit operations. For the purposes of the ECB and the Eurosystem this is sufficient. However, the proposed amendment goes beyond the use of credit claims solely for central bank operations, proposing to make the rules of Directive 2002/47/EC apply to any credit claim that could be eligible for the collateralisation of central bank credit operations in the EU. An issue of transparency arises about the extent to which the proposed change would also allow non-central bank collateral takers to use such central bank eligible credit claims for collateral purposes. In particular, not all EU central banks may have easily accessible eligibility criteria for accepting credit claims as collateral, which would make it difficult for a non-central bank collateral taker to determine efficiently whether the credit claim it intends to collateralise is in fact eligible. Furthermore, the eligibility criteria used by the Eurosystem and the central banks located outside the euro area could differ and such criteria could also be amended over time. Accordingly, to ensure legal certainty and a level playing field across the EU, the ECB recommends that a simple and uniform definition for credit claims covered by Directive 2002/47/EC should be established, which does not link such credit claims to eligibility criteria used by the central banks. Such a definition of credit claims for the purposes of defining the scope of Directive 2002/47/EC should be broad enough to include credit claims made eligible by the Eurosystem. If no such uniform definition can be adopted, it is at least important to ensure that credit claims actually mobilised as collateral to the Eurosystem fall under the new definition in Directive 2002/47/EC. |
| --- | --- |

9.2.

The changes proposed to Article 1(4)(a) of Directive 2002/47/EC restrict its applicability to credit claims eligible for the collateralisation of central bank credit operations. For the purposes of the ECB and the Eurosystem this is sufficient. However, the proposed amendment goes beyond the use of credit claims solely for central bank operations, proposing to make the rules of Directive 2002/47/EC apply to any credit claim that could be eligible for the collateralisation of central bank credit operations in the EU. An issue of transparency arises about the extent to which the proposed change would also allow non-central bank collateral takers to use such central bank eligible credit claims for collateral purposes. In particular, not all EU central banks may have easily accessible eligibility criteria for accepting credit claims as collateral, which would make it difficult for a non-central bank collateral taker to determine efficiently whether the credit claim it intends to collateralise is in fact eligible. Furthermore, the eligibility criteria used by the Eurosystem and the central banks located outside the euro area could differ and such criteria could also be amended over time. Accordingly, to ensure legal certainty and a level playing field across the EU, the ECB recommends that a simple and uniform definition for credit claims covered by Directive 2002/47/EC should be established, which does not link such credit claims to eligibility criteria used by the central banks. Such a definition of credit claims for the purposes of defining the scope of Directive 2002/47/EC should be broad enough to include credit claims made eligible by the Eurosystem. If no such uniform definition can be adopted, it is at least important to ensure that credit claims actually mobilised as collateral to the Eurosystem fall under the new definition in Directive 2002/47/EC.

| 9.3. | The proposed amendments do not include a clarification of the conflict of laws rules applying to the cross-border use of credit claims as collateral. The current text of Article 9 of Directive 2002/47/EC on conflict of laws rules only relates to book entry securities and clearly does not apply to credit claims. For the cross-border mobilisation of credit claims as collateral it is extremely important to harmonise the applicable conflict of laws rules. Credit claims used as collateral may involve several jurisdictions, e.g. that of the debtor, the creditor, the agreement, etc., and for legal certainty the parties need to know exactly which law applies for the purposes of validity and priority of mobilising credit claims as collateral. Presently, the conflict of laws rules on the third party effects of assignments of claims in the EU are not harmonised; uncertainty exists as to the applicable laws and the parties may need to comply with the requirements of more than one jurisdiction in order to achieve some certainty about the legal soundness of their collateral taking. This is a significant obstacle and it would greatly facilitate the cross-border EU-wide use of credit claims as collateral if there were a uniform set of conflict of laws rules agreed for such third party effects. As there was no such change in the Rome I Regulation (7), it is particularly important to include such rules in Directive 2002/47/EC. To have such common rules would bring significant benefits. |
| --- | --- |

9.3.

The proposed amendments do not include a clarification of the conflict of laws rules applying to the cross-border use of credit claims as collateral. The current text of Article 9 of Directive 2002/47/EC on conflict of laws rules only relates to book entry securities and clearly does not apply to credit claims. For the cross-border mobilisation of credit claims as collateral it is extremely important to harmonise the applicable conflict of laws rules. Credit claims used as collateral may involve several jurisdictions, e.g. that of the debtor, the creditor, the agreement, etc., and for legal certainty the parties need to know exactly which law applies for the purposes of validity and priority of mobilising credit claims as collateral. Presently, the conflict of laws rules on the third party effects of assignments of claims in the EU are not harmonised; uncertainty exists as to the applicable laws and the parties may need to comply with the requirements of more than one jurisdiction in order to achieve some certainty about the legal soundness of their collateral taking. This is a significant obstacle and it would greatly facilitate the cross-border EU-wide use of credit claims as collateral if there were a uniform set of conflict of laws rules agreed for such third party effects. As there was no such change in the Rome I Regulation (7), it is particularly important to include such rules in Directive 2002/47/EC. To have such common rules would bring significant benefits.

| 9.4. | The ECB also makes the following technical suggestions to ensure consistency within the proposed directive as regards the inclusion of credit claims under Directive 2002/47/EC. To ensure that not only the assignment of credit claims but also the pledge of credit claims is covered by the scope of application of Directive 2002/47/EC, Article 2(1)(c) should be amended to refer to full entitlement to financial collateral in order to clarify that the pledge or charging of credit claims is also covered by the term ‘security financial collateral arrangement’. Furthermore, a reference to credit claims in Article 2(1)(e) should be added to the definition of financial instruments. Finally, Article 3 should be amended in order to refer to ‘transfer of possession’ in addition to registration and notification in connection with the condition of validity of a financial collateral arrangement. |
| --- | --- |

9.4.

The ECB also makes the following technical suggestions to ensure consistency within the proposed directive as regards the inclusion of credit claims under Directive 2002/47/EC. To ensure that not only the assignment of credit claims but also the pledge of credit claims is covered by the scope of application of Directive 2002/47/EC, Article 2(1)(c) should be amended to refer to full entitlement to financial collateral in order to clarify that the pledge or charging of credit claims is also covered by the term ‘security financial collateral arrangement’. Furthermore, a reference to credit claims in Article 2(1)(e) should be added to the definition of financial instruments. Finally, Article 3 should be amended in order to refer to ‘transfer of possession’ in addition to registration and notification in connection with the condition of validity of a financial collateral arrangement.

10.   Netting

The proposed directive does not include any amendment of the provisions on insolvency netting in either Directive 2002/47/EC or Directive 98/26/EC. It remains true, however, that the ability to close out on a counterparty's insolvency is of critical importance in the financial markets. The issue of the enforceability of close-out netting is therefore not restricted to individual financial collateral arrangements, but is relevant to all kinds of arrangements aimed at reducing credit risk and exposure. There is a need for further progress on the treatment of netting, not just in Directive 2002/47/EC, but also generally across the EU financial acquis. It would be beneficial, for instance, if greater consistency could be achieved between the various definitions of netting and set-off across different EU legal acts. At the same time, in view of the systemic significance of the exercise of automatic close-out rights against systemically significant credit and financial institutions operating in international financial markets, there needs to be a wider discussion at EU level on the application of close-out netting provisions to financial institutions in the over-the-counter derivatives market, and not only in the context of financial collateral arrangements.

11.   Drafting proposals

Where the above advice would lead to changes in the proposed directive, drafting proposals are set out in the Annex.

Done at Frankfurt am Main, 7 August 2008.

The President of the ECB

Jean-Claude TRICHET

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(1)  COM(2008) 213 final.

1

(2)  Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).

2

(3)  Guideline ECB/2007/2 of 26 April 2007 on a Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET2) (OJ L 237, 8.9.2007, p. 1).

3

(4)  OJ L 177, 30.6.2006, p. 1.

4

(5)  OJ L 125, 5.5.2001, p. 15.

5

(6)  OJ L 168, 27.6.2002, p. 43.

6

(7)  COM(2005) 650 final.

7

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ANNEX

DRAFTING PROPOSALS (1)

| Text proposed by the Commission
   (2) | Amendments proposed by the ECB
   (3) |
| --- | --- |
| Amendment 1 |
| Article 1 of the proposed directive
  Amendment to Directive 98/26/EC, Article 2(a) |
| Article 2 | Article 2 |
| For the purpose of this Directive: | For the purpose of this Directive: |
| (a) | ‘system’ shall mean a formal arrangement: |

Text proposed by the Commission
   (2)

Amendments proposed by the ECB
   (3)

Amendment 1

Article 1 of the proposed directive

Amendment to Directive 98/26/EC, Article 2(a)

Article 2

Article 2

For the purpose of this Directive:

For the purpose of this Directive:

(a)

‘system’ shall mean a formal arrangement:

| (a) | ‘system’ shall mean a formal arrangement: |
| --- | --- |

(a)

‘system’ shall mean a formal arrangement:

| — | between three or more participants, without counting a possible settlement agent, a possible central counterparty, a possible clearing house or a possible indirect participant, with common rules and standardised arrangements for the execution of transfer orders between the participants, |
| --- | --- |

—

between three or more participants, without counting a possible settlement agent, a possible central counterparty, a possible clearing house or a possible indirect participant, with common rules and standardised arrangements for the execution of transfer orders between the participants,

| — | between
  comprising three or more participants, without counting a possible settlement agent, a possible central counterparty, a possible clearing house or a possible indirect participant, with common rules and standardised arrangements for the clearing or execution of transfer orders between the participants, |
| --- | --- |

—

between
  comprising three or more participants, without counting a possible settlement agent, a possible central counterparty, a possible clearing house or a possible indirect participant, with common rules and standardised arrangements for the clearing or execution of transfer orders between the participants,

| — | governed by the law of a Member State chosen by the participants; the participants may, however, only choose the law of a Member State in which at least one of them has its head office, and |
| --- | --- |

—

governed by the law of a Member State chosen by the participants; the participants may, however, only choose the law of a Member State in which at least one of them has its head office, and

| — | governed by the law of a Member State chosen by the participants; the participants may, however, only choose the law of a Member State in which at least one of them has its head office
  or established by an ECB legal act, which is binding on participants by virtue of an arrangement entered into with the ECB and governed by the law of a Member State, and |
| --- | --- |

—

governed by the law of a Member State chosen by the participants; the participants may, however, only choose the law of a Member State in which at least one of them has its head office
  or established by an ECB legal act, which is binding on participants by virtue of an arrangement entered into with the ECB and governed by the law of a Member State, and

| — | designated, without prejudice to other more stringent conditions of general application laid down by national law, as a system and notified to the Commission by the Member State whose law is applicable, after that Member State is satisfied as to the adequacy of the rules of the system. |
| --- | --- |

—

designated, without prejudice to other more stringent conditions of general application laid down by national law, as a system and notified to the Commission by the Member State whose law is applicable, after that Member State is satisfied as to the adequacy of the rules of the system.

| — | designated, without prejudice to other more stringent conditions of general application laid down by national law as a system and notified to the Commission, either (i) by the Member State whose law is applicable, after that Member State is satisfied as to the adequacy of the rules of the system and without prejudice to other more stringent conditions of general application laid down by national law, or (ii) by the ECB as a system established by an ECB legal act. |
| --- | --- |

—

designated, without prejudice to other more stringent conditions of general application laid down by national law as a system and notified to the Commission, either (i) by the Member State whose law is applicable, after that Member State is satisfied as to the adequacy of the rules of the system and without prejudice to other more stringent conditions of general application laid down by national law, or (ii) by the ECB as a system established by an ECB legal act.

Justification — See paragraph 4 of the opinion

Amendment 2

Article 1 of the proposed directive

Amendment to Directive 98/26/EC, Article 2(f) and (g)

Article 2

Article 2

| (f) | ‘participant’ shall mean an institution, a central counterparty, a settlement agent, a clearing house or a system. [...] |
| --- | --- |

(f)

‘participant’ shall mean an institution, a central counterparty, a settlement agent, a clearing house or a system. [...]

| (f) | ‘participant’ shall mean only an institution, a central counterparty, a settlement agent, a clearing house or a system operator. [...] |
| --- | --- |

(f)

‘participant’ shall mean only an institution, a central counterparty, a settlement agent, a clearing house or a system operator. [...]

| (g) | ‘indirect participant’ shall mean an institution, a central counterparty, a settlement agent, a clearing house or a system with a contractual relationship with an institution participating in a system executing transfer orders which enables the indirect participant to pass transfer orders through the system; |
| --- | --- |

(g)

‘indirect participant’ shall mean an institution, a central counterparty, a settlement agent, a clearing house or a system with a contractual relationship with an institution participating in a system executing transfer orders which enables the indirect participant to pass transfer orders through the system;

| (g) | ‘indirect participant’ shall mean only an institution, a central counterparty, a settlement agent, a clearing house or a system operator with a contractual relationship with an institution participating in a system executing transfer orders which enables the indirect participant to pass transfer orders through the system, provided, however, that the indirect participant shall be known to the system operator; |
| --- | --- |

(g)

‘indirect participant’ shall mean only an institution, a central counterparty, a settlement agent, a clearing house or a system operator with a contractual relationship with an institution participating in a system executing transfer orders which enables the indirect participant to pass transfer orders through the system, provided, however, that the indirect participant shall be known to the system operator;

Justification — See paragraph 3 of the opinion

Amendment 3

Article 1 of the proposed directive

Amendment to Directive 98/26/EC, Article 2(n)

Article 2

Article 2

| (n) | ‘interoperable system’ shall mean a system that enters into an agreement with one or more systems that entail the establishment of mutual solutions and not simply connecting to existing standard service offerings; |
| --- | --- |

(n)

‘interoperable system’ shall mean a system that enters into an agreement with one or more systems that entail the establishment of mutual solutions and not simply connecting to existing standard service offerings;

| (n) | ‘interoperable arrangements
  system’ shall mean a system that enters into an agreement with one or more systems
  any arrangements entered between two or more systems
  operators that entails the establishment of mutual solutions and not simply connecting to existing standard service offerings; |
| --- | --- |

(n)

‘interoperable arrangements
  system’ shall mean a system that enters into an agreement with one or more systems
  any arrangements entered between two or more systems
  operators that entails the establishment of mutual solutions and not simply connecting to existing standard service offerings;

Justification — See paragraph 5.2 of the opinion

Amendment 4

Article 1(2)(f) of the proposed directive

Amendment to Directive 98/26/EC, Article 2(o)

| (o) | ‘system operator’ shall mean the entity in charge of the day to day operation of a system. A system operator may also act as a settlement agent, central counterparty or clearing house. |
| --- | --- |

(o)

‘system operator’ shall mean the entity in charge of the day to day operation of a system. A system operator may also act as a settlement agent, central counterparty or clearing house.

| (o) | ‘system operator’ shall mean the entity or, where relevant, entities in charge of the day-to-day operation of a system. A system operator may also act as a settlement agent, central counterparty or clearing house. |
| --- | --- |

(o)

‘system operator’ shall mean the entity or, where relevant, entities in charge of the day-to-day operation of a system. A system operator may also act as a settlement agent, central counterparty or clearing house.

Justification — See paragraph 6 of the opinion

Amendment 5

Article 1(3) of the proposed directive

Amendment to Directive 98/26/EC, subparagraph 2 of Article 3(1)

Where, exceptionally, transfer orders are entered into a system after the moment of opening of insolvency proceedings and are carried out within the business day, as defined by the rules of the system, during which the opening of such proceedings occur, they shall be legally enforceable and binding on third parties only if, after the time of settlement, the system operator can prove that it was not aware, nor should have been aware, of the opening of such proceedings.

Where, exceptionally, transfer orders are entered into a system after the moment of opening of insolvency proceedings and are carried out within the business day, as defined by the rules of the system, during which the opening of such proceedings occur, they shall be legally enforceable and binding on third parties only if, after the time of settlement, the relevant system operator can prove that it was not aware, nor should have been aware, of the opening of such proceedings.

Justification — See paragraph 6 of the opinion

Amendment 6

Article 1 of the proposed directive

Amendment to Directive 98/26/EC, new Article 3(4)

Article 3

Article 3

4.   In case of interoperable systems, each system determines its own rules on the moment of entry in its system. One system's rules on moment of entry shall not be affected by any rules of the other systems with which it is interoperable.

4.   In the case of interoperable arrangements, each system determines in its own rules the moment of entry in its system. One system's rules on moment of revocation shall not be affected by any rules of the other systems with which it is interoperable, so as to ensure, to the extent possible, that the rules of all systems that are party to the interoperable arrangement are coordinated in this regard.

Unless expressly provided for by the rules of the systems concerned, one system's rules on the moment of entry shall not be affected by any rules of the other systems with which it is interoperable.

Justification — See paragraph 5.1 of the opinion

Amendment 7

Article 1 of the proposed directive

Amendment to Directive 98/26/EC, Article 5

Article 5

Article 5

A transfer order may not be revoked by a participant in a system, nor by a third party, from the moment defined by the rules of that system.

A transfer order may not be revoked by a participant in a system, nor by a third party, from the moment defined by the rules of that system.

In case of interoperable systems, each system determines its own rules on the moment of revocation in its system. One system's rules on moment of revocation shall not be affected by any rules of the other systems with which it is interoperable.

In the case of interoperable arrangements, each system determines in its own rules the moment of revocation in its system. One system's rules on moment of revocation shall not be affected by any rules of the other systems with which it is interoperable.
  irrevocability, so as to ensure, to the extent possible, that the rules of all systems that are party to the interoperable arrangement are coordinated in this regard.

Unless expressly provided for by the rules of the systems concerned, one system's rules on the moment of irrevocability shall not be affected by any rules of the other systems with which it is interoperable.

Justification — See paragraph 5.1 of the opinion

Amendment 8

Article 1 of the proposed directive

Amendment to Directive 98/26/EC, Article 9(1)

Article 9

Article 9

1.   The rights of a system or of a participant to collateral security provided to it in connection with a system, and the rights of central banks of the Member States or the European Central Bank to collateral security provided to them, shall not be affected by insolvency proceedings against the participant or counterparty to central banks of the Member States or the European Central Bank, which provided the collateral security. Such collateral security may be realised for the satisfaction of these rights.

1.   The rights of a system operator or of a participant to collateral security provided to it in connection with a system, and the rights of central banks of the Member States or the European Central Bank to collateral security provided to them, shall not be affected by insolvency proceedings against the participant or counterparty to central banks of the Member States or the European Central Bank or against any third party, including but not limited to affiliates of such participant or counterparty, which provided the collateral security. Such collateral security may be realised for the satisfaction of these rights.

Justification — See paragraph 2 of the opinion

Amendment 9

Article 1 of the proposed directive

Amendment to Directive 98/26/EC, Article 10

Article 10

Article 10

Member States shall specify the systems, and the respective system operators, which are to be included in the scope of this Directive and shall notify them to the Commission and inform the Commission of the authorities they have chosen in accordance with Article 6(2).

Member States or the ECB, where a system is established by an ECB legal act, shall specify the systems, and the respective system operators, which are to be included in the scope of this Directive and shall notify them to the Commission and inform the Commission of the authorities they have chosen in accordance with Article 6(2).

The system operator shall indicate to the Member State whose law is applicable the participants in the system, including any possible indirect participants, as well as any change in them.

The system operator shall indicate to the Member State whose law is applicable the participants in the system, including any possible indirect participants, as well as any change in them.

In addition to the indication provided for in the second subparagraph, Member States may impose supervision or authorisation requirements on system operators, which fall under their jurisdiction. It should be also ensured that the oversight competences of the European Central Bank and of the national central banks are respected.

Anyone with a legitimate interest may require an institution to inform him of the systems in which it participates and to provide information about the main rules governing the functioning of those systems.

Justification — See paragraph 6 of the opinion

Amendment 10

Amendment to Directive 2002/47/EC, Article 2(1)(c)

Article 2(1)(c)

Article 2(1)(c)

| (c) | ‘security financial collateral arrangement’ means an arrangement under which a collateral provider provides financial collateral by way of security in favour of, or to, a collateral taker, and where the full ownership of the financial collateral remains with the collateral provider when the security right is established; |
| --- | --- |

(c)

‘security financial collateral arrangement’ means an arrangement under which a collateral provider provides financial collateral by way of security in favour of, or to, a collateral taker, and where the full ownership of the financial collateral remains with the collateral provider when the security right is established;

| (c) | ‘security financial collateral arrangement’ means an arrangement under which a collateral provider provides financial collateral by way of security in favour of, or to, as collateral taker, and where the full ownership of, or full entitlement to, the financial collateral remains with the collateral provider when the security right is established; |
| --- | --- |

(c)

‘security financial collateral arrangement’ means an arrangement under which a collateral provider provides financial collateral by way of security in favour of, or to, as collateral taker, and where the full ownership of, or full entitlement to, the financial collateral remains with the collateral provider when the security right is established;

Justification — See paragraph 9 of the opinion

Amendment 11

Amendment to Directive 2002/47/EC, Article 2(1)(e)

Article 2(1)(e)

Article 2(1)(e)

| (e) | ‘financial instruments’ means shares in companies and other securities equivalent to shares in companies and bonds and other forms of debt instruments if these are negotiable on the capital market, and any other securities which are normally dealt in and which give the right to acquire any such shares, bonds or other securities by subscription, purchase or exchange or which give rise to a cash settlement (excluding instruments of payment), including units in collective investment undertakings, money market instruments and claims relating to or rights in or in respect of any of the foregoing; |
| --- | --- |

(e)

‘financial instruments’ means shares in companies and other securities equivalent to shares in companies and bonds and other forms of debt instruments if these are negotiable on the capital market, and any other securities which are normally dealt in and which give the right to acquire any such shares, bonds or other securities by subscription, purchase or exchange or which give rise to a cash settlement (excluding instruments of payment), including units in collective investment undertakings, money market instruments and claims relating to or rights in or in respect of any of the foregoing;

| (e) | ‘financial instruments’ means shares in companies and other securities equivalent to shares in companies and bonds and other forms of debt instruments if these are negotiable on the capital market, and any other securities which are normally dealt in and which give the right to acquire any such shares, bonds or other securities by subscription, purchase or exchange or which give rise to a cash settlement (excluding instruments of payment), including units in collective investment undertakings, money market instruments and claims relating to or rights in or in respect of any of the foregoing, as well as credit claims to the extent provided for by this Directive; |
| --- | --- |

(e)

‘financial instruments’ means shares in companies and other securities equivalent to shares in companies and bonds and other forms of debt instruments if these are negotiable on the capital market, and any other securities which are normally dealt in and which give the right to acquire any such shares, bonds or other securities by subscription, purchase or exchange or which give rise to a cash settlement (excluding instruments of payment), including units in collective investment undertakings, money market instruments and claims relating to or rights in or in respect of any of the foregoing, as well as credit claims to the extent provided for by this Directive;

Justification — See paragraph 9 of the opinion

Amendment 12

Article 2(3) of the proposed directive

Amendment to Directive 2002/47/EC, Article 3

Article 3

Article 3

New subparagraph

New subparagraph

When credit claims are provided as financial collateral, Member States shall not require that the creation, validity or admissibility in evidence of their provision as financial collateral under a financial collateral arrangement be dependent on the performance of any formal act such as the registration or the notification of the debtor of the credit claim provided as collateral

When credit claims are provided as financial collateral, Member States shall not require that the creation, validity or admissibility in evidence of their provision as financial collateral under a financial collateral arrangement be dependent on the performance of any formal act such as the registration, transfer of possession or the notification of the debtor of the credit claim provided as collateral

Justification — See paragraph 9 of the opinion

---

(1)  The drafting proposals in the Annex are based on the text of the proposed directive and on the text of Directive 98/26/EC and Directive 2002/47/EC which, in ECB's view, also require amendment. The drafting proposals are limited to amendments made to reflect the ECB's proposals in this opinion. The proposals should apply mutatis mutandis and where relevant, to the other Community directives amended by the proposed directive.

(2)  Strikethrough in the body of the text indicates where the ECB proposes deleting text.

(3)  Bold in the body of the text indicates where the ECB proposes inserting new text.

---

II Information

INFORMATION FROM EUROPEAN UNION INSTITUTIONS AND BODIES

Commission

| 23.8.2008 | EN | Official Journal of the European Union | C 216/12 |
| --- | --- | --- | --- |

23.8.2008

EN

Official Journal of the European Union

C 216/12

---

Authorisation for State aid pursuant to Articles 87 and 88 of the EC Treaty

Cases where the Commission raises no objections

(Text with EEA relevance)

(2008/C 216/02)

| Date of adoption of the decision | 2.7.2008 |
| --- | --- |
| Reference number of the aid | N 651/07 |
| Member State | France |
| Region | — |
| Title (and/or name of beneficiary) | Prolongation et actualisation du plan d'aide aux transporteurs de marchandises par voies navigables (N 38/04) pour la période 2008-2012 |
| Legal basis | La base légale est l'article 1er du décret no 60-1441 du 26 décembre 1991 portant statut de voies navigables de France, «l'établissement public [...] est notamment chargé [...] de rechercher tout moyen propre à développer l'utilisation des voies navigables et à en améliorer l'exploitation» |
| Type of measure | Aid scheme |
| Objective | The objective of the aid scheme is to promote the modernisation of the inland waterway freight transport sector so as to increase its competitiveness, facilitate access to new markets and encourage people to take up the occupation of boatman |
| Form of aid | Direct grant |
| Budget | Maximum of EUR 16,5 million |
| Intensity | Measures A1 and B1, 30 %; Measure B2, 25 %; Measure B3, 50 %; Measures C1 and C2, 20 %; Measure D1, 50 % |
| Duration | Five years (2008-2012) |
| Economic sectors | Inland Navigation |
| Name and address of the granting authority | Voies navigables de France |
| Other information | — |

Date of adoption of the decision

2.7.2008

Reference number of the aid

N 651/07

Member State

France

Region

—

Title (and/or name of beneficiary)

Prolongation et actualisation du plan d'aide aux transporteurs de marchandises par voies navigables (N 38/04) pour la période 2008-2012

Legal basis

La base légale est l'article 1er du décret no 60-1441 du 26 décembre 1991 portant statut de voies navigables de France, «l'établissement public [...] est notamment chargé [...] de rechercher tout moyen propre à développer l'utilisation des voies navigables et à en améliorer l'exploitation»

Type of measure

Aid scheme

Objective

The objective of the aid scheme is to promote the modernisation of the inland waterway freight transport sector so as to increase its competitiveness, facilitate access to new markets and encourage people to take up the occupation of boatman

Form of aid

Direct grant

Budget

Maximum of EUR 16,5 million

Intensity

Measures A1 and B1, 30 %; Measure B2, 25 %; Measure B3, 50 %; Measures C1 and C2, 20 %; Measure D1, 50 %

Duration

Five years (2008-2012)

Economic sectors

Inland Navigation

Name and address of the granting authority

Voies navigables de France

Other information

—

The authentic text(s) of the decision, from which all confidential information has been removed, can be found at:

http://ec.europa.eu/community_law/state_aids/

| Date of adoption of the decision | 5.8.2008 |
| --- | --- |
| Reference number of the aid | N 46/08 |
| Member State | Spain |
| Region | Galicia |
| Title (and/or name of the beneficiary) | Ayudas Públicas-Galicia-Producciones o coproducciones en lengua gallega |
| Legal basis | La Ley no 6/1999, de 1 de setiembre, del audiovisual de Galicia y las bases reguladoras para la concesión, en régimen de concurrencia competitiva, de subvenciones para producciones o coproducciones audiovisuales en lengua gallega |
| Type of measure | Aid scheme |
| Objective | Culture |
| Form of aid | Direct grant |
| Budget | Overall budget: EUR 3,1 million |
| Intensity | 50 % |
| Duration | Until 31.12.2011 |
| Economic sectors | Recreational, cultural sporting activities |
| Name and address of the granting authority | Consellería de Cultura e Deporte |
| Xunta de Galicia San Caetano s/n |
| E-15702 Santiago de Compostela (A Coruña) |

Date of adoption of the decision

5.8.2008

Reference number of the aid

N 46/08

Member State

Spain

Region

Galicia

Title (and/or name of the beneficiary)

Ayudas Públicas-Galicia-Producciones o coproducciones en lengua gallega

Legal basis

La Ley no 6/1999, de 1 de setiembre, del audiovisual de Galicia y las bases reguladoras para la concesión, en régimen de concurrencia competitiva, de subvenciones para producciones o coproducciones audiovisuales en lengua gallega

Type of measure

Aid scheme

Objective

Culture

Form of aid

Direct grant

Budget

Overall budget: EUR 3,1 million

Intensity

50 %

Duration

Until 31.12.2011

Economic sectors

Recreational, cultural sporting activities

Name and address of the granting authority

Consellería de Cultura e Deporte

Xunta de Galicia San Caetano s/n

E-15702 Santiago de Compostela (A Coruña)

Other information

—

The authentic text(s) of the decision, from which all confidential information has been removed, can be found at:

http://ec.europa.eu/community_law/state_aids/

| Date of adoption of the decision | 17.6.2008 |
| --- | --- |
| Reference number of the aid | N 90/08 |
| Member State | Austria |
| Region | Oberösterreich |
| Title (and/or name of the beneficiary) | Veräußerung von Aktien der Energie AG Oberösterreich über eine Privatplazierung an ausgewählte Investoren |
| Legal basis | Beschluß des Oberösterreichischen Landtages, Sitzung am 31. Januar 2008, XXVI. Gesetzgebungsperiode |
| Type of measure | Individual aid |
| Objective | — |
| Form of aid | — |
| Budget | Overall budget: EUR 884 million |
| Intensity | — |
| Duration | — |
| Economic sectors | Electricity, gas and water supply |
| Name and address of the granting authority | Bundesministerium für Wirtschaft und Arbeit |
| Stubenring 1 |
| A-1040 Wien |

Date of adoption of the decision

17.6.2008

Reference number of the aid

N 90/08

Member State

Austria

Region

Oberösterreich

Title (and/or name of the beneficiary)

Veräußerung von Aktien der Energie AG Oberösterreich über eine Privatplazierung an ausgewählte Investoren

Legal basis

Beschluß des Oberösterreichischen Landtages, Sitzung am 31. Januar 2008, XXVI. Gesetzgebungsperiode

Type of measure

Individual aid

Objective

—

Form of aid

—

Budget

Overall budget: EUR 884 million

Intensity

—

Duration

—

Economic sectors

Electricity, gas and water supply

Name and address of the granting authority

Bundesministerium für Wirtschaft und Arbeit

Stubenring 1

A-1040 Wien

Other information

—

The authentic text(s) of the decision, from which all confidential information has been removed, can be found at:

http://ec.europa.eu/community_law/state_aids/

---

| 23.8.2008 | EN | Official Journal of the European Union | C 216/14 |
| --- | --- | --- | --- |

23.8.2008

EN

Official Journal of the European Union

C 216/14

---

Non-opposition to a notified concentration

(Case COMP/M.5239 — Cinven/JOST Holding)

(Text with EEA relevance)

(2008/C 216/03)

On 31 July 2008, 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:

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

—

from the Europa competition website (http://ec.europa.eu/comm/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 under document number 32008M5239. EUR-Lex is the on-line access to European law (http://eur-lex.europa.eu). |
| --- | --- |

—

in electronic form on the EUR-Lex website under document number 32008M5239. EUR-Lex is the on-line access to European law (http://eur-lex.europa.eu).

---

| 23.8.2008 | EN | Official Journal of the European Union | C 216/14 |
| --- | --- | --- | --- |

23.8.2008

EN

Official Journal of the European Union

C 216/14

---

Non-opposition to a notified concentration

(Case COMP/M.5268 — Goldman Sachs/PAI/Xella International)

(Text with EEA relevance)

(2008/C 216/04)

On 14 August 2008, 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:

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

—

from the Europa competition website (http://ec.europa.eu/comm/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 under document number 32008M5268. EUR-Lex is the on-line access to European law (http://eur-lex.europa.eu). |
| --- | --- |

—

in electronic form on the EUR-Lex website under document number 32008M5268. EUR-Lex is the on-line access to European law (http://eur-lex.europa.eu).

---

IV Notices

NOTICES FROM EUROPEAN UNION INSTITUTIONS AND BODIES

Commission

| 23.8.2008 | EN | Official Journal of the European Union | C 216/15 |
| --- | --- | --- | --- |

23.8.2008

EN

Official Journal of the European Union

C 216/15

---

Euro exchange rates (1)

22 August 2008

(2008/C 216/05)

1 euro=

| | Currency | Exchange rate |
| --- | --- | --- |
| USD | US dollar | 1,4808 |
| JPY | Japanese yen | 162,55 |
| DKK | Danish krone | 7,4599 |
| GBP | Pound sterling | 0,79660 |
| SEK | Swedish krona | 9,3777 |
| CHF | Swiss franc | 1,6228 |
| ISK | Iceland króna | 120,77 |
| NOK | Norwegian krone | 7,9335 |
| BGN | Bulgarian lev | 1,9558 |
| CZK | Czech koruna | 24,373 |
| EEK | Estonian kroon | 15,6466 |
| HUF | Hungarian forint | 233,68 |
| LTL | Lithuanian litas | 3,4528 |
| LVL | Latvian lats | 0,7033 |
| PLN | Polish zloty | 3,2963 |
| RON | Romanian leu | 3,5213 |
| SKK | Slovak koruna | 30,308 |
| TRY | Turkish lira | 1,7562 |
| AUD | Australian dollar | 1,7020 |
| CAD | Canadian dollar | 1,5502 |
| HKD | Hong Kong dollar | 11,5608 |
| NZD | New Zealand dollar | 2,0782 |
| SGD | Singapore dollar | 2,0882 |
| KRW | South Korean won | 1 573,28 |
| ZAR | South African rand | 11,3757 |
| CNY | Chinese yuan renminbi | 10,1188 |
| HRK | Croatian kuna | 7,1708 |
| IDR | Indonesian rupiah | 13 534,51 |
| MYR | Malaysian ringgit | 4,9459 |
| PHP | Philippine peso | 67,380 |
| RUB | Russian rouble | 36,0899 |
| THB | Thai baht | 50,281 |
| BRL | Brazilian real | 2,3893 |
| MXN | Mexican peso | 14,9576 |

Currency

Exchange rate

USD

US dollar

1,4808

JPY

Japanese yen

162,55

DKK

Danish krone

7,4599

GBP

Pound sterling

0,79660

SEK

Swedish krona

9,3777

CHF

Swiss franc

1,6228

ISK

Iceland króna

120,77

NOK

Norwegian krone

7,9335

BGN

Bulgarian lev

1,9558

CZK

Czech koruna

24,373

EEK

Estonian kroon

15,6466

HUF

Hungarian forint

233,68

LTL

Lithuanian litas

3,4528

LVL

Latvian lats

0,7033

PLN

Polish zloty

3,2963

RON

Romanian leu

3,5213

SKK

Slovak koruna

30,308

TRY

Turkish lira

1,7562

AUD

Australian dollar

1,7020

CAD

Canadian dollar

1,5502

HKD

Hong Kong dollar

11,5608

NZD

New Zealand dollar

2,0782

SGD

Singapore dollar

2,0882

KRW

South Korean won

1 573,28

ZAR

South African rand

11,3757

CNY

Chinese yuan renminbi

10,1188

HRK

Croatian kuna

7,1708

IDR

Indonesian rupiah

13 534,51

MYR

Malaysian ringgit

4,9459

PHP

Philippine peso

67,380

RUB

Russian rouble

36,0899

THB

Thai baht

50,281

BRL

Brazilian real

2,3893

MXN

Mexican peso

14,9576

---

(1)

Source: reference exchange rate published by the ECB.

---

| 23.8.2008 | EN | Official Journal of the European Union | C 216/16 |
| --- | --- | --- | --- |

23.8.2008

EN

Official Journal of the European Union

C 216/16

---

Commission notice on current State aid recovery interest rates and reference/discount rates for 27 Member States applicable as from 1 September 2008

(Published in accordance with Article 10 of Commission Regulation (EC) No 794/2004 (OJ L 140, 30.4.2004, p. 1))

(2008/C 216/06)

Base rates calculated in accordance with the Communication from the Commission on the revision of the method for setting the reference and discount rates (OJ C 14, 19.1.2008, p. 6). Depending on the use of the reference rate, the appropriate margins have still to be added as defined in this Communication. For the discount rate this means that a margin of 100 basis points has to be added. The Commission Regulation (EC) No 271/2008 of 30 January 2008 amending the implementing Regulation (EC) No 794/2004 foresees that, unless otherwise provided for in a specific decision, the recovery rate will also be calculated by adding 100 basis points to the base rate.

| From | To | AT | BE | BG | CY | CZ | DE | DK | EE | EL | ES | FI | FR | HU | IE | IT | LT | LU | LV | MT | NL | PL | PT | RO | SE | SI | SK | UK |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1.9.2008 | ... | 4,59 | 4,59 | 6,70 | 4,59 | 4,20 | 4,59 | 5,55 | 6,43 | 4,59 | 4,59 | 4,59 | 4,59 | 8,58 | 4,59 | 4,59 | 6,10 | 4,59 | 9,44 | 4,59 | 4,59 | 6,42 | 4,59 | 11,02 | 5,49 | 4,59 | 4,34 | 5,66 |
| 1.7.2008 | 31.8.2008 | 4,59 | 4,59 | 6,70 | 4,59 | 4,20 | 4,59 | 4,81 | 6,43 | 4,59 | 4,59 | 4,59 | 4,59 | 8,58 | 4,59 | 4,59 | 6,10 | 4,59 | 9,44 | 4,59 | 4,59 | 6,42 | 4,59 | 11,02 | 4,75 | 4,59 | 4,34 | 5,66 |

From

To

AT

BE

BG

CY

CZ

DE

DK

EE

EL

ES

FI

FR

HU

IE

IT

LT

LU

LV

MT

NL

PL

PT

RO

SE

SI

SK

UK

1.9.2008

...

4,59

4,59

6,70

4,59

4,20

4,59

5,55

6,43

4,59

4,59

4,59

4,59

8,58

4,59

4,59

6,10

4,59

9,44

4,59

4,59

6,42

4,59

11,02

5,49

4,59

4,34

5,66

1.7.2008

31.8.2008

4,59

4,59

6,70

4,59

4,20

4,59

4,81

6,43

4,59

4,59

4,59

4,59

8,58

4,59

4,59

6,10

4,59

9,44

4,59

4,59

6,42

4,59

11,02

4,75

4,59

4,34

5,66

---

NOTICES FROM MEMBER STATES

| 23.8.2008 | EN | Official Journal of the European Union | C 216/17 |
| --- | --- | --- | --- |

23.8.2008

EN

Official Journal of the European Union

C 216/17

---

Information communicated by Member States regarding State aid granted under Commission Regulation (EC) No 1628/2006 on the application of Articles 87 and 88 of the EC Treaty to national regional investment aid

(Text with EEA relevance)

(2008/C 216/07)

| Aid No | XR 14/07 |
| --- | --- |
| Member State | Austria |
| Region | Nationale Regionalförderungsgebiete gemäß Art. 87 Abs. 3 lit. a und lit. c des EG-Vertrags, die in der von der EK genehmigten Förderungsgebietskarte (K(2006) 6695 endg.) ausgewiesen sind |
| Title of aid scheme or the name of the undertaking receiving ad hoc aid supplement | Richtlinien des Bundesministers für Wirtschaft und Arbeit für die TOP-Tourismus-Förderung 2007-2013, Teil A (TOP-Investition) |
| Legal basis | Bundesgesetz über besondere Förderungen von kleinen und mittleren Unternehmen (KMU-Förderungsgesetz), BGBl. Nr. 432/1996 in der jeweils geltende Fassung |
| Type of measure | Aid scheme |
| Annual budget | EUR 0,25 million |
| Maximum aid intensity | 30 % |
| In conformity with Article 4 of the Regulation |
| Date of implementation | 1.1.2007 |
| Duration | 31.12.2013 |
| Economic sectors | Limited to specific sectors |
| NACE: 55; 63.3; 93 |
| Name and address of the granting authority | Bundesministerium für Wirtschaft und Arbeit (BMWA) |
| Abteilung V/4 (Tourismus-Förderungen) |
| Stubenring 1 |
| A-1011 Wien |

Aid No

XR 14/07

Member State

Austria

Region

Nationale Regionalförderungsgebiete gemäß Art. 87 Abs. 3 lit. a und lit. c des EG-Vertrags, die in der von der EK genehmigten Förderungsgebietskarte (K(2006) 6695 endg.) ausgewiesen sind

Title of aid scheme or the name of the undertaking receiving ad hoc aid supplement

Richtlinien des Bundesministers für Wirtschaft und Arbeit für die TOP-Tourismus-Förderung 2007-2013, Teil A (TOP-Investition)

Legal basis

Bundesgesetz über besondere Förderungen von kleinen und mittleren Unternehmen (KMU-Förderungsgesetz), BGBl. Nr. 432/1996 in der jeweils geltende Fassung

Type of measure

Aid scheme

Annual budget

EUR 0,25 million

Maximum aid intensity

30 %

In conformity with Article 4 of the Regulation

Date of implementation

1.1.2007

Duration

31.12.2013

Economic sectors

Limited to specific sectors

NACE: 55; 63.3; 93

Name and address of the granting authority

Bundesministerium für Wirtschaft und Arbeit (BMWA)

Abteilung V/4 (Tourismus-Förderungen)

Stubenring 1

A-1011 Wien

Internet address of the publication of the aid scheme

http://www.land-oberoesterreich.gv.at/cps/rde/xbcr/SID-3DCFCFC3-043A8375/ooe/TIP_RL_beilage1.pdf

Other information

—

| Aid No | XR 34/07 |
| --- | --- |
| Member State | Austria |
| Region | Alle Regionen gemäß genehmigter Fördergebietskarte für Regionalbeihilfen in Österreich 2007-2013 (N 492/06) |
| Title of aid scheme or the name of the undertaking receiving ad hoc aid supplement | Förderung von Unternehmen in Problemgebieten aus arbeitsmarktpolitischen Gründen gemäß § 35a Arbeitsmarktförderungsgesetz (AMFG)
  (Gewährung von Zuschüssen und Zinsenzuschüssen sowie von Darlehen für Investitionen von Großunternehmen unter Wahrung der beihilfenrechtlich genehmigten Förderobergrenzen) |
| Legal basis | Arbeitsmarktförderungsgesetz 1969 in der derzeit geltenden Fassung
  Förderung von Unternehmen in Problemgebieten aus arbeitsmarktpolitischen Gründen gemäß § 35a Arbeitsmarktförderungsgesetz (AMFG) |
| Type of measure | Aid scheme |
| Annual budget | EUR 60 million |
| Maximum aid intensity | 30 % |
| In conformity with Article 4 of the Regulation |
| Date of implementation | 1.6.2007 |
| Duration | 31.12.2013 |
| Economic sectors | Limited to specific sectors |
| NACE D; K |
| Name and address of the granting authority | Bundesministerium für Wirtschaft und Arbeit |
| Stubenring 1 |
| A-1010 Wien |
| (43) 711 00 63 90 |

Aid No

XR 34/07

Member State

Austria

Region

Alle Regionen gemäß genehmigter Fördergebietskarte für Regionalbeihilfen in Österreich 2007-2013 (N 492/06)

Title of aid scheme or the name of the undertaking receiving ad hoc aid supplement

Förderung von Unternehmen in Problemgebieten aus arbeitsmarktpolitischen Gründen gemäß § 35a Arbeitsmarktförderungsgesetz (AMFG)

(Gewährung von Zuschüssen und Zinsenzuschüssen sowie von Darlehen für Investitionen von Großunternehmen unter Wahrung der beihilfenrechtlich genehmigten Förderobergrenzen)

Legal basis

Arbeitsmarktförderungsgesetz 1969 in der derzeit geltenden Fassung

Förderung von Unternehmen in Problemgebieten aus arbeitsmarktpolitischen Gründen gemäß § 35a Arbeitsmarktförderungsgesetz (AMFG)

Type of measure

Aid scheme

Annual budget

EUR 60 million

Maximum aid intensity

30 %

In conformity with Article 4 of the Regulation

Date of implementation

1.6.2007

Duration

31.12.2013

Economic sectors

Limited to specific sectors

NACE D; K

Name and address of the granting authority

Bundesministerium für Wirtschaft und Arbeit

Stubenring 1

A-1010 Wien

(43) 711 00 63 90

Internet address of the publication of the aid scheme

http://www.awsg.at/portal/media/2506.pdf

Other information

—

| Aid No | XR 68/07 |
| --- | --- |
| Member State | Austria |
| Region | Osttirol |
| Title of aid scheme or the name of the undertaking receiving ad hoc aid supplement | Impulspaket Tirol |
| Legal basis | Richtlinie zum Impulspaket Tirol
  Rahmenrichtlinie für die Wirtschaftsförderung des Landes Tirol |
| Type of measure | Aid scheme |
| Annual budget | EUR 10 million |
| Maximum aid intensity | 15 % |
| In conformity with Article 4 of the Regulation |
| Date of implementation | 1.1.2007 |
| Duration | 31.12.2013 |
| Economic sectors | All sectors eligible for regional investment aid |
| — |
| Name and address of the granting authority | Tiroler Landesregierung abgewickelt durch die Abteilung Wirtschaft und Arbeit, Sachgebiet Wirtschaftsförderung |
| Heiliggeiststraße 7-9 |
| A-6020 Innsbruck |
| (43) 512 508 24 02 |

Aid No

XR 68/07

Member State

Austria

Region

Osttirol

Title of aid scheme or the name of the undertaking receiving ad hoc aid supplement

Impulspaket Tirol

Legal basis

Richtlinie zum Impulspaket Tirol

Rahmenrichtlinie für die Wirtschaftsförderung des Landes Tirol

Type of measure

Aid scheme

Annual budget

EUR 10 million

Maximum aid intensity

15 %

In conformity with Article 4 of the Regulation

Date of implementation

1.1.2007

Duration

31.12.2013

Economic sectors

All sectors eligible for regional investment aid

—

Name and address of the granting authority

Tiroler Landesregierung abgewickelt durch die Abteilung Wirtschaft und Arbeit, Sachgebiet Wirtschaftsförderung

Heiliggeiststraße 7-9

A-6020 Innsbruck

(43) 512 508 24 02

Internet address of the publication of the aid scheme

http://www.tirol.gv.at/fileadmin/www.tirol.gv.at/themen/wirtschaft-und-tourismus/wirtschaftsfoerderung/downloads/richtlinie_impulspaket.pdf

Other information

—

| Aid No | XR 31/08 |
| --- | --- |
| Member State | Czech Republic |
| Region | Moravskoslezsko |
| Title of aid scheme or the name of the undertaking receiving ad hoc aid supplement | Rozvoj cestovního ruchu |
| Legal basis | Zákon č. 248/2000 Sb., o podpoře regionálního rozvoje, ve znění pozdějších předpisů
  Regionální operační program regionu soudržnosti Moravskoslezsko 2007–2013 |
| Type of measure | Aid scheme |
| Annual budget | CZK 274,94 million |
| Maximum aid intensity | 40 % |
| In conformity with Article 4 of the Regulation |
| Date of implementation | 1.2.2008 |
| Duration | 31.12.2013 |
| Economic sectors | All sectors eligible for regional investment aid |
| Name and address of the granting authority | Regionální rada regionu soudržnosti |
| Moravskoslezsko |
| Hrabákova 1/1861 |
| CZ-702 00 Ostrava – Moravská Ostrava |

Aid No

XR 31/08

Member State

Czech Republic

Region

Moravskoslezsko

Title of aid scheme or the name of the undertaking receiving ad hoc aid supplement

Rozvoj cestovního ruchu

Legal basis

Zákon č. 248/2000 Sb., o podpoře regionálního rozvoje, ve znění pozdějších předpisů

Regionální operační program regionu soudržnosti Moravskoslezsko 2007–2013

Type of measure

Aid scheme

Annual budget

CZK 274,94 million

Maximum aid intensity

40 %

In conformity with Article 4 of the Regulation

Date of implementation

1.2.2008

Duration

31.12.2013

Economic sectors

All sectors eligible for regional investment aid

Name and address of the granting authority

Regionální rada regionu soudržnosti

Moravskoslezsko

Hrabákova 1/1861

CZ-702 00 Ostrava – Moravská Ostrava

Internet address of the publication of the aid scheme

www.rr-moravskoslezsko.cz

Other information

—

| Aid No | XR 93/08 |
| --- | --- |
| Member State | Poland |
| Region | — |
| Title of aid scheme or the name of the undertaking receiving ad hoc aid supplement | Rozporządzenie Ministra Rozwoju Regionalnego w sprawie udzielania regionalnej pomocy inwestycyjnej w ramach regionalnych programów operacyjnych |
| Legal basis | 16 Regionalnych Programów Operacyjnych 2007–2013
  Rozporządzenie Ministra Rozwoju Regionalnego z dnia 11 października 2007 r. w sprawie udzielania regionalnej pomocy inwestycyjnej w ramach regionalnych programów operacyjnych (Dz.U. nr 193, poz. 1399) wydane na podstawie art. 21 ust. 3 ustawy z dnia 6 grudnia 2006 r. o zasadach prowadzenia polityki rozwoju (Dz.U. nr 227, poz. 1658 oraz z 2007 r. nr 140, poz. 984) |
| Type of measure | Aid scheme |
| Annual budget | EUR 506,62 million |
| Maximum aid intensity | 50 % |
| In conformity with Article 4 of the Regulation |
| Date of implementation | 3.11.2007 |
| Duration | 31.12.2013 |
| Economic sectors | All sectors eligible for regional investment aid |
| Name and address of the granting authority | Urząd Marszałkowski Województwa Dolnośląskiego
  rpo@dolnyslask.pl
  Urząd Marszałkowski Województwa Kujawsko-Pomorskiego
  politykaregionalna@kujawsko-pomorskie.pl
  Urząd Marszałkowski Województwa Lubelskiego
  rpo@lubelskie.pl
  Urząd Marszałkowski Województwa Lubuskiego
  sekretariat.biz@lrpo.lubuskie.pl
  Urząd Marszałkowski Województwa Łódzkiego
  strategia@lodzkie.pl
  Urząd Marszałkowski Województwa Małopolskiego
  ife@umwm.pl
  Urząd Marszałkowski Województwa Mazowieckiego
  urzad_marszalkowski@mazovia.pl
  Urząd Marszałkowski Województwa Opolskiego
  dpo@umwo.opole.pl
  Urząd Marszałkowski Województwa Podkarpackiego
  urzad@podkarpackie.pl
  Urząd Marszałkowski Województwa Podlaskiego
  sekretariat.rpo@wrotapodlasia.pl
  Urząd Marszałkowski Województwa Pomorskiego
  dpr@woj-pomorskie.pl
  Urząd Marszałkowski Województwa Śląskiego
  fundusze@silesia-region.pl
  Urząd Marszałkowski Województwa Świętokrzyskiego
  kancelaria@sejmik.kielce.pl
  Urząd Marszałkowski Województwa Warmińsko-Mazurskiego
  prr@warmia.mazury.pl
  Urząd Marszałkowski Województwa Wielkopolskiego
  info.wrpo@wielkopolskie.pl
  Urząd Marszałkowski Województwa Zachodniopomorskiego
  wzrpo@wzp.pl |
| Internet address of the publication of the aid scheme | http://www.rpo.dolnyslask.pl/
  http://fundusze.kujawsko-pomorskie.pl/index.php?option=com_content&task=blogcategory&id=61&Itemid=146#dok%20prog
  http://www.rpo.lubelskie.pl/
  http://www.lrpo.lubuskie.pl/
  http://www.lodzkie.pl/lodzkie/fundusze/programowanie/rop/index.html
  http://www.wrotamalopolski.pl/root_MRPO/Wazne+dokumenty/Dokumenty+programowe/
  http://www.mazovia.pl/?a=news&id=2837
  http://www.umwo.opole.pl/serwis/index.php?id=3467
  http://www.si.podkarpackie.pl/Urzad/K0/
  http://www.rpowp.wrotapodlasia.pl/?DownloadsList=11
  http://www.dpr.woj-pomorskie.pl/?dzial=862
  http://rpo.silesia-region.pl/?grupa=1&art=1130167451&kat=0_02&katrodzic=0
  http://www.rozwoj-swietokrzyskie.pl/pliki.html
  http://www.rpo.warmia.mazury.pl/index.php?page=dzial&dzial_id=79
  http://www.wrpo.wielkopolskie.pl/portal.php?aid=119098800846fd08e8d0b75
  http://www.um-zachodniopomorskie.pl/index.php?wiad=3651 |
| Other information | — |

Aid No

XR 93/08

Member State

Poland

Region

—

Title of aid scheme or the name of the undertaking receiving ad hoc aid supplement

Rozporządzenie Ministra Rozwoju Regionalnego w sprawie udzielania regionalnej pomocy inwestycyjnej w ramach regionalnych programów operacyjnych

Legal basis

16 Regionalnych Programów Operacyjnych 2007–2013

Rozporządzenie Ministra Rozwoju Regionalnego z dnia 11 października 2007 r. w sprawie udzielania regionalnej pomocy inwestycyjnej w ramach regionalnych programów operacyjnych (Dz.U. nr 193, poz. 1399) wydane na podstawie art. 21 ust. 3 ustawy z dnia 6 grudnia 2006 r. o zasadach prowadzenia polityki rozwoju (Dz.U. nr 227, poz. 1658 oraz z 2007 r. nr 140, poz. 984)

Type of measure

Aid scheme

Annual budget

EUR 506,62 million

Maximum aid intensity

50 %

In conformity with Article 4 of the Regulation

Date of implementation

3.11.2007

Duration

31.12.2013

Economic sectors

All sectors eligible for regional investment aid

Name and address of the granting authority

Urząd Marszałkowski Województwa Dolnośląskiego

rpo@dolnyslask.pl

Urząd Marszałkowski Województwa Kujawsko-Pomorskiego

politykaregionalna@kujawsko-pomorskie.pl

Urząd Marszałkowski Województwa Lubelskiego

rpo@lubelskie.pl

Urząd Marszałkowski Województwa Lubuskiego

sekretariat.biz@lrpo.lubuskie.pl

Urząd Marszałkowski Województwa Łódzkiego

strategia@lodzkie.pl

Urząd Marszałkowski Województwa Małopolskiego

ife@umwm.pl

Urząd Marszałkowski Województwa Mazowieckiego

urzad_marszalkowski@mazovia.pl

Urząd Marszałkowski Województwa Opolskiego

dpo@umwo.opole.pl

Urząd Marszałkowski Województwa Podkarpackiego

urzad@podkarpackie.pl

Urząd Marszałkowski Województwa Podlaskiego

sekretariat.rpo@wrotapodlasia.pl

Urząd Marszałkowski Województwa Pomorskiego

dpr@woj-pomorskie.pl

Urząd Marszałkowski Województwa Śląskiego

fundusze@silesia-region.pl

Urząd Marszałkowski Województwa Świętokrzyskiego

kancelaria@sejmik.kielce.pl

Urząd Marszałkowski Województwa Warmińsko-Mazurskiego

prr@warmia.mazury.pl

Urząd Marszałkowski Województwa Wielkopolskiego

info.wrpo@wielkopolskie.pl

Urząd Marszałkowski Województwa Zachodniopomorskiego

wzrpo@wzp.pl

Internet address of the publication of the aid scheme

http://www.rpo.dolnyslask.pl/

http://fundusze.kujawsko-pomorskie.pl/index.php?option=com_content&task=blogcategory&id=61&Itemid=146#dok%20prog

http://www.rpo.lubelskie.pl/

http://www.lrpo.lubuskie.pl/

http://www.lodzkie.pl/lodzkie/fundusze/programowanie/rop/index.html

http://www.wrotamalopolski.pl/root_MRPO/Wazne+dokumenty/Dokumenty+programowe/

http://www.mazovia.pl/?a=news&id=2837

http://www.umwo.opole.pl/serwis/index.php?id=3467

http://www.si.podkarpackie.pl/Urzad/K0/

http://www.rpowp.wrotapodlasia.pl/?DownloadsList=11

http://www.dpr.woj-pomorskie.pl/?dzial=862

http://rpo.silesia-region.pl/?grupa=1&art=1130167451&kat=0_02&katrodzic=0

http://www.rozwoj-swietokrzyskie.pl/pliki.html

http://www.rpo.warmia.mazury.pl/index.php?page=dzial&dzial_id=79

http://www.wrpo.wielkopolskie.pl/portal.php?aid=119098800846fd08e8d0b75

http://www.um-zachodniopomorskie.pl/index.php?wiad=3651

Other information

—

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| 23.8.2008 | EN | Official Journal of the European Union | C 216/21 |
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23.8.2008

EN

Official Journal of the European Union

C 216/21

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Information communicated by Member States regarding State aid granted under Commission Regulation (EC) No 2204/2002 on the application of Articles 87 and 88 of the EC Treaty to State aid for employment

(Text with EEA relevance)

(2008/C 216/08)

| Aid No | XE 24/08 |
| --- | --- |
| Member State | Germany |
| Region | — |
| Title of aid scheme | Förderrichtlinie zum ESF-Bundesprogramm „Soziale Stadt — Bildung, Wirtschaft, Arbeit im Quartier (BI-WAQ)“ für Teilhabe und Chancengerechtigkeit in den Gebieten des Städtebauförderungsprogramms „Stadtteile mit besonderem Entwicklungsbedarf — Soziale Stadt“ vom 2. April 2008 |
| Legal basis | Förderrichtlinie „Soziale Stadt — Bildung, Wirtschaft, Arbeit im Quartier (BIWAQ)“ für Teilhabe und Chancengerechtigkeit in den Gebieten des Städtebauförderungsprogramms „Stadtteile mit besonderem Entwicklungsbedarf — Soziale Stadt“ vom 2. April 2008 veröffentlicht im Bundesanzeiger — Amtlicher Teil — Nr. 56, Seite 1316, vom 11. April 2008 |
| Budget | Annual budget: EUR 8 million |
| Maximum aid intensity | In conformity with Articles 4(2)-(5), 5 and 6 of the Regulation |
| Date of implementation | 11.4.2008 |
| Duration | 31.10.2012 |
| Objective | Art. 4: Creation of employment; Art. 5: Recruitment of disadvantaged and disabled workers; Art. 6: Employment of disabled workers |
| Economic sectors | All Community sectors (1) eligible for employment aid |
| Name and address of the granting authority | Bundesverwaltungsamt Projektgruppe ESF |
| Barbarastr. 1 |
| D-50735 Köln |
| Tel. (49) (0)22 899 358-0 |
| E-mail: poststelle@bva.bund.de |

Aid No

XE 24/08

Member State

Germany

Region

—

Title of aid scheme

Förderrichtlinie zum ESF-Bundesprogramm „Soziale Stadt — Bildung, Wirtschaft, Arbeit im Quartier (BI-WAQ)“ für Teilhabe und Chancengerechtigkeit in den Gebieten des Städtebauförderungsprogramms „Stadtteile mit besonderem Entwicklungsbedarf — Soziale Stadt“ vom 2. April 2008

Legal basis

Förderrichtlinie „Soziale Stadt — Bildung, Wirtschaft, Arbeit im Quartier (BIWAQ)“ für Teilhabe und Chancengerechtigkeit in den Gebieten des Städtebauförderungsprogramms „Stadtteile mit besonderem Entwicklungsbedarf — Soziale Stadt“ vom 2. April 2008 veröffentlicht im Bundesanzeiger — Amtlicher Teil — Nr. 56, Seite 1316, vom 11. April 2008

Budget

Annual budget: EUR 8 million

Maximum aid intensity

In conformity with Articles 4(2)-(5), 5 and 6 of the Regulation

Date of implementation

11.4.2008

Duration

31.10.2012

Objective

Art. 4: Creation of employment; Art. 5: Recruitment of disadvantaged and disabled workers; Art. 6: Employment of disabled workers

Economic sectors

All Community sectors (1) eligible for employment aid

Name and address of the granting authority

Bundesverwaltungsamt Projektgruppe ESF

Barbarastr. 1

D-50735 Köln

Tel. (49) (0)22 899 358-0

E-mail: poststelle@bva.bund.de

---

(1)  With the exception of the shipbuilding sector and other sectors subject to special rules in regulations and directives governing all State aid within the sector.

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V Announcements

ADMINISTRATIVE PROCEDURES

Commission

| 23.8.2008 | EN | Official Journal of the European Union | C 216/22 |
| --- | --- | --- | --- |

23.8.2008

EN

Official Journal of the European Union

C 216/22

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MEDIA 2007 — DEVELOPMENT, DISTRIBUTION, PROMOTION AND TRAINING

Call for proposals — EACEA/20/08

Support for television broadcasting of European audiovisual works

(2008/C 216/09)

1.   Objectives and Description

This notice of a call for proposals is based on Decision No 1718/2006/EC of the European Parliament and of the Council of 15 November 2006 concerning the implementation of a programme of support for the European audiovisual sector (MEDIA 2007).

One of the objectives of the programme is to promote the transnational broadcasting of European audiovisual works produced by independent production companies by encouraging cooperation between broadcasters on one hand, and independent producers and distributors on the other.

2.   Eligible applicants

This notice is aimed at European companies whose activities contribute to the attainment of the above objectives, and in particular to independent TV production companies.

Applicants must be established in one of the following countries:

| — | the 27 countries of the European Union, |
| --- | --- |

—

the 27 countries of the European Union,

| — | the EFTA countries, Switzerland and Croatia. |
| --- | --- |

—

the EFTA countries, Switzerland and Croatia.

3.   Eligible actions

The audiovisual work proposed must be an independent European television production (fiction, animation or creative documentary) involving the participation of at least three broadcasting companies from several Member States of the European Union or countries participating in the MEDIA 2007 Programme.

The application must be submitted at the earliest 6 months before the first day of principal photography and at the latest on the first day of principal photography.

The maximum duration of the projects is 30 or 42 (in the case of series and animation projects) months.

4.   Award criteria

Points will be allocated out of a total of 100 on the basis of the following weighting; the aspects taken into account are mentioned below each criterion:

| — | the European dimension and financing of the work (45 points):






  — | the country of origin of the applicant company, |
| --- | --- | --- |

—

the European dimension and financing of the work (45 points):

—

the country of origin of the applicant company,

| — | the number of broadcasters attached to the work, |
| --- | --- |

—

the number of broadcasters attached to the work,

| — | the financial involvement of the broadcasters, |
| --- | --- |

—

the financial involvement of the broadcasters,

| — | the level of non national financing, |
| --- | --- |

—

the level of non national financing,

| — | international distributor's involvement (10 points):






  — | number and track record of the distributors involved in the work, |
| --- | --- | --- |

—

international distributor's involvement (10 points):

—

number and track record of the distributors involved in the work,

| — | amount of the distributor's involvement, |
| --- | --- |

—

amount of the distributor's involvement,

| — | existence of a distribution arm in the applicant production company, |
| --- | --- |

—

existence of a distribution arm in the applicant production company,

| — | international appeal of the work (25 points):






  — | the quality of the work, |
| --- | --- | --- |

—

international appeal of the work (25 points):

—

the quality of the work,

| — | the international sales potential, |
| --- | --- |

—

the international sales potential,

| — | the international marketing strategy, |
| --- | --- |

—

the international marketing strategy,

| — | enhancement of European linguistic and cultural diversity (7 points):






  — | number of linguistic areas covered, |
| --- | --- | --- |

—

enhancement of European linguistic and cultural diversity (7 points):

—

number of linguistic areas covered,

| — | promotion of European cultural diversity, |
| --- | --- |

—

promotion of European cultural diversity,

| — | enhancement of the European audiovisual heritage (3 points):






  — | examination of the archive material used, |
| --- | --- | --- |

—

enhancement of the European audiovisual heritage (3 points):

—

examination of the archive material used,

| — | track record of international sales (10 points):






  — | international sales done in the last 5 years by the applicant company/producer. |
| --- | --- | --- |

—

track record of international sales (10 points):

—

international sales done in the last 5 years by the applicant company/producer.

5.   Budget

The total budget available is EUR 11,4 million.

The financial contribution awarded is a subsidy. The maximum financial contribution which may be awarded is EUR 500 000 per work for fiction and animation projects and EUR 300 000 per work for documentary projects. The financial contribution awarded will in no event exceed 12,5 % of the eligible costs submitted by the producer for fiction and animated films and 20 % of the eligible costs for documentary films.

6.   Deadline for submission of applications

Applications must be submitted to the Executive Agency (EACEA) no later than 14 November 2008, 27 February 2009 and 26 June 2009 to the following address:

| Education, Audiovisual and Culture Executive Agency (EACEA) — MEDIA |
| --- |
| Constantin Daskalakis |
| BOUR 3/30 |
| Avenue du Bourget 1 |
| B-1140 Brussels |

Education, Audiovisual and Culture Executive Agency (EACEA) — MEDIA

Constantin Daskalakis

BOUR 3/30

Avenue du Bourget 1

B-1140 Brussels

Only applications submitted on the official application form, duly signed by the person entitled to enter into legally binding commitments on behalf of the applicant organisation and containing all the information and annexes specified in the full text of the call will be accepted.

Applications sent by fax or email will be rejected

7.   Full details

The full text of the guidelines together with the application forms, can be found at the following Internet address:

http://ec.europa.eu/information_society/media/producer/tv/index_en.htm

Applications must comply with all the terms of the guidelines and be submitted on the forms provided.

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PROCEDURES RELATING TO THE IMPLEMENTATION OF THE COMPETITION POLICY

Commission

| 23.8.2008 | EN | Official Journal of the European Union | C 216/24 |
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23.8.2008

EN

Official Journal of the European Union

C 216/24

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Prior notification of a concentration

(Case COMP/M.5259 — Mitsui/Bamesa Celik/Bami JV)

Candidate case for simplified procedure

(Text with EEA relevance)

(2008/C 216/10)

| 1. | On 13 August 2008, 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 Mitsui & Co. Europe (‘Mitsui’, UK) and Bamesa Celik Service Sanayi ve Ticaret (‘Bamesa Celik’, Turkey), jointly controlled by Bamesa Aceros SL (‘Bamesa’, Spain) and ArcelorMittal Group (‘ArcelorMittal’, Luxembourg) acquire within the meaning of Article 3(1)(b) of the Council Regulation joint control of the whole of a newly created joint venture, Bami Celik Service Sanayi ve Ticaret AS (‘Bami’, Turkey) by way of purchase of shares. |
| --- | --- |

1.

On 13 August 2008, 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 Mitsui & Co. Europe (‘Mitsui’, UK) and Bamesa Celik Service Sanayi ve Ticaret (‘Bamesa Celik’, Turkey), jointly controlled by Bamesa Aceros SL (‘Bamesa’, Spain) and ArcelorMittal Group (‘ArcelorMittal’, Luxembourg) acquire within the meaning of Article 3(1)(b) of the Council Regulation joint control of the whole of a newly created joint venture, Bami Celik Service Sanayi ve Ticaret AS (‘Bami’, Turkey) by way of purchase of shares.

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






  — | for Mitsui: operates in the worldwide trading of a number of commodities, including steel products, |
| --- | --- | --- |

2.

The business activities of the undertakings concerned are:

—

for Mitsui: operates in the worldwide trading of a number of commodities, including steel products,

| — | for ArcelorMittal: is worldwide integrated steel group whose activities include the manufacture of steel inputs and the processing and distribution of steel, |
| --- | --- |

—

for ArcelorMittal: is worldwide integrated steel group whose activities include the manufacture of steel inputs and the processing and distribution of steel,

| — | for Bamesa Aceros: operates a network of service centers which are active in the iron and steel sector, |
| --- | --- |

—

for Bamesa Aceros: operates a network of service centers which are active in the iron and steel sector,

| — | for Bamesa Celik: processing and distribution of steel, |
| --- | --- |

—

for Bamesa Celik: processing and distribution of steel,

| — | for Bami: steel processing in Turkey. |
| --- | --- |

—

for Bami: steel processing in Turkey.

| 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 ((32-2) 296 43 01 or 296 72 44) or by post, under reference number COMP/M.5259 — Mitsui/Bamesa Celik/Bami JV, to the following address:





  European Commission |
| --- | --- |
| Directorate-General for Competition |
| Merger Registry |
| J-70 |
| B-1049 Bruxelles/Brussel |

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 ((32-2) 296 43 01 or 296 72 44) or by post, under reference number COMP/M.5259 — Mitsui/Bamesa Celik/Bami JV, to the following address:

European Commission

Directorate-General for Competition

Merger Registry

J-70

B-1049 Bruxelles/Brussel

---

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

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

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| 23.8.2008 | EN | Official Journal of the European Union | C 216/25 |
| --- | --- | --- | --- |

23.8.2008

EN

Official Journal of the European Union

C 216/25

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Prior notification of a concentration

(Case COMP/M.5286 — Lion Capital/Foodvest)

(Text with EEA relevance)

(2008/C 216/11)

| 1. | On 13 August 2008, 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 Lion Capital LLP (‘Lion Capital’, the United Kingdom) acquire(s) within the meaning of Article 3(1)(b) of the Council Regulation control of the whole of the undertaking Foodvest Equity Co. SA (‘the Foodvest Group’, the United Kingdom) by way of purchase of shares. |
| --- | --- |

1.

On 13 August 2008, 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 Lion Capital LLP (‘Lion Capital’, the United Kingdom) acquire(s) within the meaning of Article 3(1)(b) of the Council Regulation control of the whole of the undertaking Foodvest Equity Co. SA (‘the Foodvest Group’, the United Kingdom) by way of purchase of shares.

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






  — | for Lion Capital: private equity investor, |
| --- | --- | --- |

2.

The business activities of the undertakings concerned are:

—

for Lion Capital: private equity investor,

| — | for Foodvest Group: processing and distribution of food products, serving the retail and food service sectors. |
| --- | --- |

—

for Foodvest Group: processing and distribution of food products, serving the retail and food service sectors.

| 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 ((32-2) 296 43 01 or 296 72 44) or by post, under reference number COMP/M.5286 — Lion Capital/Foodvest, to the following address:





  European Commission |
| --- | --- |
| Directorate-General for Competition |
| Merger Registry |
| J-70 |
| B-1049 Bruxelles/Brussel |

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 ((32-2) 296 43 01 or 296 72 44) or by post, under reference number COMP/M.5286 — Lion Capital/Foodvest, to the following address:

European Commission

Directorate-General for Competition

Merger Registry

J-70

B-1049 Bruxelles/Brussel

---

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

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| 23.8.2008 | EN | Official Journal of the European Union | C 216/26 |
| --- | --- | --- | --- |

23.8.2008

EN

Official Journal of the European Union

C 216/26

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Prior notification of a concentration

(Case COMP/M.5237 — Sodexo Pass International/Sofinco/JV)

Candidate case for simplified procedure

(Text with EEA relevance)

(2008/C 216/12)

| 1. | On 13 August 2008, 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 Sofinco, belonging to the group Crédit Agricole SA (France) and Sodexo Pass International, belonging to the group Sodexo SA, acquire within the meaning of Article 3(1)(b) of the Council Regulation joint control of, by purchase of shares, a newly created company constituting a joint venture. |
| --- | --- |

1.

On 13 August 2008, 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 Sofinco, belonging to the group Crédit Agricole SA (France) and Sodexo Pass International, belonging to the group Sodexo SA, acquire within the meaning of Article 3(1)(b) of the Council Regulation joint control of, by purchase of shares, a newly created company constituting a joint venture.

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






  — | for Sofinco: consumer credit, |
| --- | --- | --- |

2.

The business activities of the undertakings concerned are:

—

for Sofinco: consumer credit,

| — | for Sodexo Pass International: food collective restaurant activities, facilities management, service cards and bills. |
| --- | --- |

—

for Sodexo Pass International: food collective restaurant activities, facilities management, service cards and bills.

| 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 ((32-2) 296 43 01 or 296 72 44) or by post, under reference number COMP/M.5237 — Sodexo Pass International/Sofinco/JV to the following address:





  European Commission |
| --- | --- |
| Directorate-General for Competition |
| Merger Registry |
| J-70 |
| B-1049 Bruxelles/Brussel |

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 ((32-2) 296 43 01 or 296 72 44) or by post, under reference number COMP/M.5237 — Sodexo Pass International/Sofinco/JV to the following address:

European Commission

Directorate-General for Competition

Merger Registry

J-70

B-1049 Bruxelles/Brussel

---

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

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

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| 23.8.2008 | EN | Official Journal of the European Union | C 216/27 |
| --- | --- | --- | --- |

23.8.2008

EN

Official Journal of the European Union

C 216/27

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Prior notification of a concentration

(Case COMP/M.5308 — Teck Cominco/Fording Canadian Coal Trust)

Candidate case for simplified procedure

(Text with EEA relevance)

(2008/C 216/13)

| 1. | On 14 August 2008 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 Teck Cominco Limited (‘Teck’, Canada) acquires within the meaning of Article 3(1)(b) of the Council Regulation control of the whole of the undertaking Fording Canadian Coal Trust (‘Fording’, Canada) by way of purchase of assets, which consist principally of a royalty in respect of Fording's interest in the Elk Valley Coal Partnership (‘EVCP’). |
| --- | --- |

1.

On 14 August 2008 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 Teck Cominco Limited (‘Teck’, Canada) acquires within the meaning of Article 3(1)(b) of the Council Regulation control of the whole of the undertaking Fording Canadian Coal Trust (‘Fording’, Canada) by way of purchase of assets, which consist principally of a royalty in respect of Fording's interest in the Elk Valley Coal Partnership (‘EVCP’).

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






  — | for Teck: mining, smelting and refining of zinc, production of other metals and by-products through its mining activities, |
| --- | --- | --- |

2.

The business activities of the undertakings concerned are:

—

for Teck: mining, smelting and refining of zinc, production of other metals and by-products through its mining activities,

| — | for Fording: mutual trust fund established in connection with the creation of EVCP, |
| --- | --- |

—

for Fording: mutual trust fund established in connection with the creation of EVCP,

| — | for EVCP: production of coking coal from its mines in Canada. |
| --- | --- |

—

for EVCP: production of coking coal from its mines in Canada.

| 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 ((32-2) 296 43 01 or 296 72 44) or by post, under reference number COMP/M.5308 — Teck Cominco/Fording Canadian Coal Trust, to the following address:





  European Commission |
| --- | --- |
| Directorate-General for Competition |
| Merger Registry |
| J-70 |
| B-1049 Bruxelles/Brussel |

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 ((32-2) 296 43 01 or 296 72 44) or by post, under reference number COMP/M.5308 — Teck Cominco/Fording Canadian Coal Trust, to the following address:

European Commission

Directorate-General for Competition

Merger Registry

J-70

B-1049 Bruxelles/Brussel

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

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

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