**Avis juridique important**

*|*

# 52004PC0365

**Opinion of the Commission pursuant to Article 251 (2), third subparagraph, point (c) of the EC Treaty on the European Parliament's amendments to the Council's Common Position regarding the position of the European Parliament adopted in second reading concerning a proposal for a Directive of the European Parliament and of the Council on markets in financial instruments, amending Council Directives 85/611/EEC, Council Directive 93/6/EC and European Parliament and Council Directive 2000/12/EC amending the proposal of the Commission pursuant to Article 250 (2) of the EC Treaty  /* COM/2004/0365 final - COD 2002/0269 */****

OPINION OF THE COMMISSION pursuant to Article 251 (2), third subparagraph, point (c) of the EC Treaty on the European Parliament's amendments to the Council's Common Position regarding the position of the European Parliament adopted in second reading concerning a proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on markets in financial instruments, amending Council Directives 85/611/EEC, Council Directive 93/6/EC and European Parliament and Council Directive 2000/12/EC AMENDING THE PROPOSAL OF THE COMMISSION pursuant to Article 250 (2) of the EC Treaty

2002/0269 (COD)

OPINION OF THE COMMISSION pursuant to Article 251 (2), third subparagraph, point (c) of the EC Treaty on the European Parliament's amendments to the Council's Common Position regarding the position of the European Parliament adopted in second reading concerning a proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on markets in financial instruments, amending Council Directives 85/611/EEC, Council Directive 93/6/EC and European Parliament and Council Directive 2000/12/EC

1. Introduction

Article 251(2), third subparagraph, point (c) of the EC Treaty provides that the Commission is to deliver an opinion on the amendments proposed by the European Parliament at Second Reading. The Commission sets out its opinion below on the 29 amendments proposed by Parliament.

2. Background

- Date of transmission of the Proposal to the European Parliament and Council (COM (2002) 625 final - 2002/0269 (COD)): 20 November 2002.

- Date on which the European Economic and Social Committee adopted its opinion: 18 June 2003.

- Date on which the European Parliament gave its opinion at First Reading: 25 September 2003.

- Date on which the Council adopted the Common Position: 8 December 2003

- Date on which the Commission communicated its view on the Common Position (COM (2004) 15 final -2002/0269 (COD)): 12 January 2004.

On 30 March 2004, the European Parliament at its Second Reading adopted 29 amendments, based on a compromise package agreed at the meeting of the Coreper on 18 March 2004 by all Member States and the Commission.

Purpose of the Directive

The proposal for a Directive on investment services and regulated markets is one of the key measures of the Financial Services Action Plan. The proposal aims to strengthen the capacity of the EU legislative framework to create a single market for investment services and regulated markets.

3. Opinion of the Commission on the amendments by the European Parliament

On 30 March 2004, the European Parliament adopted 29 amendments out of 82 that were tabled. The Commission can accept all amendments (n°54 to n°82) adopted as part as a global compromise package.

Conclusion

Pursuant to Article 250(2) of the EC Treaty, the Commission amends its proposal as set out above.