2001L0034—EN—12.04.2003—001.001—1
This document is meant purely as a documentation tool and the institutions do not assume any liability for its contents
►B DIRECTIVE2001/34/ECOFTHEEUROPEANPARLIAMENTANDOFTHECOUNCIL
of28May2001
ontheadmissionofsecuritiestoofficialstockexchangelistingandoninformationtobepublished
onthosesecurities
(OJL184,6.7.2001,p.1)
Amendedby:
OfficialJournal
No page date
►M1Directive 2003/6/EC of the European Parliament and of the Council of
28January2003L96 16 12.4.2003
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DIRECTIVE 2001/34/EC OF THE EUROPEAN PARLIAMENT
ANDOFTHECOUNCIL
of28May2001
on the admissionof securities to official stockexchange listing and
oninformationtobepublishedonthosesecurities2001L0034—EN—12.04.2003—001.001—2
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TABLEOFCONTENTS
RECITALS
TITLEI:DEFINITIONSANDSCOPEOFAPPLICATION
ChapterI:Definitions
Article1
ChapterII:Scopeofapplication
Article2
Article3Article4
TITLEII:GENERALPROVISIONSCONCERNINGTHEOFFICIAL
LISTINGOFSECURITIES
ChapterI:Generalconditionsforadmission
Article5
Article6
Article7
ChapterII:Morestringentoradditionalconditionsandobligations
Article8
ChapterIII:Derogations
Article9
Article10
ChapterIV:Powersofthenationalcompetentauthorities
Section1:Decisionofadmission
Article11
Article12Article13Article14Article15
Section2:Informationrequestedbythecompetentauthorities
Article16
Section 3:Actionsagainst anissuerfailing tocomply tothe obli-
gationsresultingfromadmission
Article17
Section4:Suspensionanddiscontinuance
Article18
Section5:Righttoapplytothecourtsincaseofrefusalofadmis-
sionordiscontinuance
Article19
TITLEIII:PARTICULARCONDITIONSRELATINGTOOFFICIAL
LISTINGOFSECURITIES2001L0034—EN—12.04.2003—001.001—3
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ChapterI:Publicationoflistingparticularsforadmission
Section1:Generalprovisions
Article20
Article21Article22
Section 2: Partial or complete exemption from the obligation to
publishlistingparticulars
Article23
Section3:Permittedomissionfromthelistingparticularsofcertain
information
Article24
Section 4: Contents of the listing of particulars in certain specific
cases
Article25
Article26
Article27
Article28Article29Article30Article31Article32Article33
Article34
Section5:Controlandcirculationoflistingparticulars
Article35
Article36
Section6:Determinationofthecompetentauthority
Article37
Section7:Mutualrecognition
Article38
Article39Article40
Section8:Negotiationswithnon-membercountries
Article41
ChapterII:Particularconditionsfortheadmissionofshares
Section1:Conditionsrelatingtocompaniesforthesharesofwhich
admissiontoofficiallistingissought
Article42
Article43Article44
Section2:Conditionsrelatingtothesharesforwhichadmissionis
sought2001L0034—EN—12.04.2003—001.001—4
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Article45
Article46
Article47
Article48Article49Article50Article51
Chapter III: Particular conditions relating to the admission to the
officiallistingofdebtsecuritiesissuedbyanundertaking
Section 1: Conditions relating to undertakings forthe debt securi-
tiesofwhichadmissiontoofficiallistingissought
Article52
Section 2: Conditions relating to the debt securities for which
admissiontoofficiallistingissought
Article53
Article54
Article55Article56Article57
Section3:Otherconditions
Article58
Article59
ChapterIV:Particularconditionsrelatingtotheadmissiontoofficial
listingofdebtsecuritiesissuedbyaState,itsregionalorlocalautho-ritiesorapublicinternationalbody
Article60
Article61Article62
Article63
TITLEIV:ONGOINGOBLIGATIONSRELATINGTOSECURITIES
ADMITTEDTOOFFICIALLISTING
Chapter I: Obligations of companies whose shares are admitted to
officiallisting
Section1:Listingofnewlyissuedsharesofthesameclass
Article64
Section2:Treatmentofshareholders
Article65
Section 3: Amendment of the instrument of incorporation or the
statutes
Article66
Section4:Annualaccountsandannualreport
Article67
Section5:Additionalinformation2001L0034—EN—12.04.2003—001.001—5
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Article68
Section6:Equivalenceofinformation
Article69
Section7:Periodicalinformationtobepublished
Article70
Article71
Section8:Publicationandcontentsofthehalf-yearlyreport
Article72
Article73Article74Article75
Article76
Article77
Chapter II: Obligation of issuers whose debt securities are admitted
toofficiallisting
Section1:Debtsecuritiesissuedbyanundertaking
Article78
Article79
Article80Article81Article82
Section2:DebtsecuritiesissuedbyaStateoritsregionalorlocal
authoritiesorbyapublicinternationalbody
Article83
Article84
Chapter III: Obligations relating to the information to be published
whenamajorholdinginalistedcompanyisacquiredordisposedof
Section1:Generalprovisions
Article85
Article86Article87Article88
Section 2: Information when a major holding is acquired or
disposedof
Article89
Article90Article91
Section3:Determinationofthevotingrights
Article92
Section4:Exemptions
Article932001L0034—EN—12.04.2003—001.001—6
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Article94
Article95
Section5:Competentauthorities
Article96
Section6:Sanctions
Article97
TITLE V: PUBLICATION AND COMMUNICATION OF THE
INFORMATION
Chapter I: Publication and communication of listing particulars for
theadmissionofsecuritiestotheofficialstockexchangelisting
Section 1: Procedures and period ofpublication of listing particu-
larsandtheirsupplements
Article98
Article99
Article100
Section2:Priorcommunicationtothecompetentauthoritiesofthe
meansofpublication
Article101
Chapter II: Publication and communication of information after
listing
Article102
ChapterIII:Languages
Article103
Article104
TITLE VI: COMPETENT AUTHORITIES AND COOPERATION
BETWEENMEMBERSTATES
Article105Article106Article107
TITLEVII:CONTACTCOMMITTEE
Chapter1:Composition,workingandtasksoftheCommittee
Article108
ChapterII:Adaptationoftheamountofequitymarketcapitalisation
Article109
TITLEVIII:FINALPROVISIONS
Article110Article111Article1122001L0034—EN—12.04.2003—001.001—7
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Article113
AnnexI—Scheduleoflistingparticularsfortheadmissionofsecuri-
tiestotheofficialstockexchangelisting
Annex II — Part A: Repealed Directives and their successive amend-
ments
AnnexII—PartB:DeadlinesfortranspositionintonationallawAnnexIII—Correlationtable2001L0034—EN—12.04.2003—001.001—8
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THEEUROPEANPARLIAMENTANDTHECOUNCILOFTHE
EUROPEANUNION,
Having regard to the Treaty establishing the European Economic
Community,andinparticularArticles44and95thereof,
HavingregardtotheproposalfromtheCommission,
Having regard to the Opinion of the Economic and Social
Committee(1),
Acting in accordance with the procedure laid down in Article 251 of
theTreaty(2),
Whereas:
(1)CouncilDirective79/279/EECof5March1979coordinatingthe
conditions for the admission of securities to official stockexchangelisting(
3),CouncilDirective 80/390/EECof17March
1980coordinatingtherequirements forthedrawingup,scrutiny
anddistribution ofthelistingparticulars tobepublishedforthe
admission of securities to official stock exchange listing(4),
CouncilDirective82/121/EECof15February1982oninforma-tiontobepublishedonaregularbasisbycompanies thesharesofwhichhavebeenadmittedtoofficialstock-exchangelisting(
5)
and Council Directive 88/627/EEC of 12 December1988 on the
information to be published when a major holding in a listed
company is acquired or disposed of(6) have been substantially
amendedseveraltimes.Intheinterestsofclarityandrationality,the said Directives should therefore be codified by groupingthemtogetherinasingletext.
(2)ThecoordinationoftheconditionsfortheadmissionofsecuritiestoofficiallistingonstockexchangessituatedoroperatingintheMember States is likely to provide equivalent protection forinvestors at Community level, because of the more uniformguarantees offered to investors in the various Member States, itwill facilitate both the admission to official stock exchange
listing, in each such State, of securities fromother Mem ber
Statesandthelistingofanygivensecurityonanumberofstockexchanges in the Community; it will accordingly make forgreater interpenetration of national securities markets byremoving those obstacles that may prudently be removed and
therefore contribute to the prospect of establishing a European
capitalmarket.
(3)Such coordination must therefore apply to securities, indepen-dently of the legal status of their issuers, and must thereforealso apply to securities issued by non-member States or theirregional or local authorities or international public bodies; this
Directive therefore covers entities not covered by the second
paragraphofArticle48oftheTreaty.
(4)There shouldbe the possibility ofa right to apply to the courtsagainstdecisionsbythecompetentnationalauthoritiesinrespectoftheapplication ofthisDirective,concerningtheadmissionof
securities to official listing, although such right to apply must
notbeallowedtorestrictthediscretionoftheseauthorities.
(5)Initially, this coordination of the conditions for admission ofsecurities to official listing should be sufficiently flexible toenable account to be taken of present differences in the struc-tures of securities markets in the Member States and to enable2001L0034—EN—12.04.2003—001.001—9
(1) OJC116,20.4.2001,p.69.
(2) OpinionoftheEuropeanParliamentof14March2001(notyetpublishedin
theOfficialJournal)andCouncilDecisionof7May2001.
(3) OJ L 66, 16.3.1979, p. 21. Directive as last amended by Directive 88/627/
EEC(OJL348,17.12.1988,p.62).
(4) OJ L 100, 17.4.1980, p. 1. Directive as last amended by European Parlia-
mentandCouncilDirective94/18/EC(OJL135,31.5.1994,p.1).
(5) OJL48,20.2.1982,p.26.
(6) OJL348,17.12.1988,p.62.
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theMemberStatestotakeaccountofanyspecificsituationswith
whichtheymaybeconfronted.
(6)Forthisreason,coordinationshouldfirstbelimitedtotheestab-lishment of minimum conditions for the admission of securities
to official listing on stock exchanges situated or operating in
the Member States, without however giving issuersany right tolisting.
(7)Thispartialcoordinationoftheconditionsforadmissiontooffi-cial listing constitutes a first step towards subsequent closeralignmentoftherulesofMemberStatesinthisfield.
(8)Themarket in which undertakings operate hasbeen enlarged toembrace the wholeCommunity and thisenlargement involves acorrespondingincreaseintheirfinancialrequirementsandexten-sion of the capital markets on which they must call to satisfy
them; admission to official listing on stock exchanges of
Member States of securities issued by undertakings constitutesan important means of access to these capital markets; further-more exchange restrictions on the purchase of securities tradedon the stock exchanges of another Member State have been
eliminatedaspartoftheliberalisationofcapitalmovements.
(9)Safeguardsfortheprotectionoftheinterestsofactualandpoten-tial investors are required in most Member States of
undertakings offering their securities to the public, either at thetime of their offer or of their admission to official stockexchange listing;suchsafeguardsrequiretheprovisionofinfor-mation which is sufficient and as objective as possibleconcerningthefinancialcircumstancesoftheissuerandparticu-
lars of the securities for which admission to official listing is
requested; the formunder which this inform ation is requiredusuallyconsistsofthepublicationoflistingparticulars.
(10)The safeguards required differ from Member State to MemberState, both as regards the contents and the layout of the listingparticulars and the efficacy, methods and timing of the checkonthe information given therein; the effect of these differences
is not only to make it more difficult for undertakings to obtain
admission of securities to official listing on stock exchanges ofseveral Member States but also to hinder the acquisition byinvestors residing in one Member State of securities listed onstock exchanges of other Member States and thus to inhibit thefinancing of the undertakings and investment throughout the
Community.
(11)Thesedifferencesshouldbeeliminatedbycoordinatingtherulesand regulations without necessarily making them completely
uniform, in order to achieve an adequate degree of equivalencein the safeguards required in each Member State to ensure theprovision of information which is sufficient and as objective aspossibleforactualorpotentialsecurityholders.
(12)Suchcoordination mustapply tosecurities independently ofthelegal status of the issuing undertaking; this Directive applies to
entities to which no reference is made in the second paragraph
ofArticle48oftheTreaty.
(13)Mutual recognition of listing particulars to be published for theadmissionofsecuritiestoofficiallistingrepresentsanimportantstepforwardinthecreationoftheCommunity'sinternalmarket.
(14)Inthisconnection,itisnecessarytospecifywhichauthoritiesarecompetent to check and approve listing particulars to bepublished for the admission of securities to official listing inthe event of simultaneous applications for admission to officiallistingintwoormoreMemberStates.2001L0034—EN—12.04.2003—001.001—10
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(15)Article 21 of Council Directive 89/298/EEC of 17 April 1989
coordinating the requirements for the drawing-up, scrutiny and
distribution of the prospectus to be published when transferablesecuritiesareofferedtothepublic(
1)providesthatwherepublic
offers are made simultaneously or within short intervals of oneanotherintwoormoreMemberStates,apublic-offerprospectusdrawnupandapprovedinaccordancewithArticle7,8or12of
thatDirectivemustberecognisedasapublic-offerprospectusin
theotherMemberStatesconcernedonthebasisofmutualrecog-nition.
(16)It is also desirable to provide the recognition of a public-offerprospectus as listing particulars where admission to official
stock-exchange listing is requested within a short period of the
publicoffer.
(17)The mutual recognition of a public-offer prospectus and admis-sion to official listings does not in itself confer a right to
admissions.
(18)It is advisable to provide for the extension, by means of agree-
ments to be concluded by the Community with non-membercountries, of the recognition of listing particulars for admissiontoofficiallistingsfromthosecountriesonareciprocalbasis.
(19)It seems appropriate to provide for the possibility for theMemberStateinwhichadmissiontoofficiallistingissoughtincertain cases to grant partial or complete exemption from theobligation to publish listing particulars for admission to official
listings to issuers the securities of which have already been
admitted to official stock-exchange listing in another MemberState.
(20)CompanieswhichhavealreadybeenlistedintheCommunityforsometimeandareofhighqualityandinternationalstandingare
themostlikelycandidatesforcross-borderlisting.Thosecompa-
nies are generally well known in most Member States:informationconcerningthemiswidelycirculatedandavailable.
(21)TheaimofthisDirectiveistoensurethatsufficientinformationisprovidedforinvestors;therefore,whensuchacompanyseeks
tohaveitssecuritiesadmittedtolistinginahostMemberState,
investors operating on the market in that country may be suffi-cientlyprotectedbyreceivingonlysimplifiedinformationratherthanfulllistingparticulars.
(22)MemberStatesmayfinditusefultoestablishnon-discriminatoryminimumquantitative criteria,suchasthecurrentequitymarketcapitalisation, which issuers must fulfil to be eligible to benefitfromthe possibilities for exem ption provided for in this Direc-tive; given the increasing integration of securities markets, itshould equally be open to the competent authorities to give
smallercompaniessimilartreatment.
(23)Furthermore,manystockexchangeshavesecond-tiermarketsin
order to deal in shares of companies not admitted to officiallisting; in some cases the second-tier markets are regulated andsupervised by authorities recognised by public bodies that
impose on companies disclosure requirements equivalent in
substancetothoseimposedonofficiallylistedcompanies;there-fore, the principle underlying Article 23 of this Directive couldalsobeapplied whensuchcompanies seektohavetheir securi-tiesadmittedtoofficiallisting.
(24)Inordertoprotectinvestorsthedocumentsintendedtobemadeavailabletothepublicmustfirstbesenttothecompetentautho-ritiesintheMemberStateinwhichadmissiontoofficial listingis sought; it is for that Member State to decide whether thosedocuments should be scrutinised by its competent authorities2001L0034—EN—12.04.2003—001.001—11
(1) OJL124,5.5.1989,p.8.
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and to determine, if necessary, the nature and the manner in
whichthatscrutinyshouldbecarriedout.
(25)In the case of securities admitted to official stock-exchangelisting, the protection of investors requires that the latter be
supplied with appropriate regular information throughout the
entireperiodduringwhichthesecuritiesarelisted;coordinationof requirements for this regular information has similar objec-tives to those envisaged for the listing particulars, namely toimprovesuchprotectionandtomakeitmoreequivalent,tofacil-
itate the listing of these securities on more than one stock
exchange in the Community, and in so doing to contributetowards the establishment of a genuine Community capitalmarket by permitting a fuller interpenetration of securitiesmarkets.
(26)Underthis Directive, listed companies mustas soonas possiblemake available to investors their annual accounts and report
givinginformationonthecompanyforthewholeofthefinancial
year; whereas the Fourth Council Directive 78/660/EEC(
1) has
coordinated the laws, regulations and administrative provisionsoftheMemberStatesconcerning theannualaccountsofcertaintypesofcompanies.
(27)Companiesshouldalso,atleastonceduringeachfinancialyear,makeavailabletoinvestorsreportsontheiractivities;thisDirec-
tive can, consequently, be confined to coordinating the content
and distribution of a single report covering the first six monthsofthefinancialyear.
(28)However, in the case of ordinary debentures, because of therights they confer on their holders, the protection of investorsbymeansofthepublicationofahalf-yearlyreportisnotessen-tial; by virtue of this Directive, convertible or exchangeable
debentures and debentures with warrants may be admitted to
official listing only if the related shares are already listed onthesamestockexchangeoronanotherregulated,regularlyoper-ating,recognisedopenmarketoraresoadmittedsimultaneously;theMemberStatesmayderogatefromthisprincipleonlyiftheircompetent authorities are satisfied that holders have at their
disposal all the information necessary to form an opinion
concerning the value of the shares to which these debenturesrelate;consequently,regularinformationneedstobecoordinatedonly forcompanies whoseshares are admitted to official stock-exchangelisting.
(29)The half-yearly report must enable investors to make aninformedappraisalofthegeneraldevelopmentofthecompany's
activities duringtheperiodcoveredbythereport;however,this
report need contain only the essential details on the financialpositionandgeneralprogressofthebusinessofthecompanyinquestion.
(30)So as to ensure the effective protection of investors and theproperoperationofstockexchanges,therulesrelatingtoregularinformation to be published by companies, the shares of which
are admitted to official stock-exchange listing within the
Community, should apply not only to companies from MemberStates,butalsotocompaniesfromnon-membercountries.
(31)A policy of adequate information of investors in the field oftransferable securities is likely to improve investor protection,to increase investors' confidence in securities markets and thustoensurethatsecuritiesmarketsfunctioncorrectly.
(32)Bymakingsuchprotectionmoreequivalent,coordinationofthat
policy at Community level is likely to make for greater inter-
penetrationoftheMemberStates'transferablesecuritiesmarketsandthereforehelptoestablishatrueEuropeancapitalmarket.2001L0034—EN—12.04.2003—001.001—12
(1) OJL222,14.8.1978,p.11.DirectiveaslastamendedbyDirective1999/60/
EC(OJL162,26.6.1999,p.65).
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(33)Tothatendinvestorsshouldbeinformedofmajorholdingsand
of changes in those holdings in Community companies the
sharesofwhichareofficially listedonstockexchangessituatedoroperatingwithintheCommunity.
(34)Coordinated rules should be laid down concerning the detailedcontentandtheprocedureforapplyingthatrequirement.
(35)Companies, the shares of which are officially listed on aCommunity stock exchange, can inform the public of changesin major holdings only if they have been informed of suchchangesbytheholdersofthoseholdings.
(36)Most Member States do not subject holders to such a require-ment andwhere sucha requirementexists there are appreciabledifferences in the procedures for applying it; coordinated rules
shouldthereforebeadoptedatCommunitylevelinthisfield.
(37)This Directive should not affect the obligations of the MemberStates concerning the deadlines for transposition set out in
AnnexII,PartB,
HAVEADOPTEDTHISDIRECTIVE:
TITLEI
DEFINITIONSANDSCOPEOFAPPLICATION
CHAPTER I
Definitions
Article 1
ForthepurposesofthisDirective:
(a) ‘issuers’ shall mean companies and other legal persons and any
undertaking whose securities are the subject of an application foradmissiontoofficiallistingonastockexchange;
(b) ‘collectiveinvestmentundertakingsotherthantheclosed-endtype’
shallmeanunittrustsandinvestmentcompanies:
(i) the object of which is the collective investment of capital
provided by the public, and which operate on the principle ofriskspreading,and
(ii) the units of which are, at the holders' request, repurchased or
redeemed, directly or indirectly, out of the assets of these
undertakings.Actiontakenbysuchundertakingstoensurethatthestockexchangevalueofitsunitsdoesnotsignificantlyvaryfromtheir net asset value shall be regarded as equivalent tosuchrepurchaseorredemption;
(c) ForthepurposesofthisDirective‘investmentcompaniesotherthan
thoseoftheclosed-endtype’shallmeaninvestmentcompanies:
(i) the object of which is the collective investment of capital
provided by the public, and which operate on the principle ofriskspreading,and
(ii) thesharesofwhichare,attheholders'request,repurchasedor
redeemed,directlyorindirectly,outofthosecompanies'assets.
Action taken by such companies to ensure that the stockexchange value of their shares does not significantly varyfromtheir net asset value shall be regarded as equivalent tosuchrepurchaseorredemption;
(d) ‘credit institution’ shall mean an undertaking whosebusinessis to
receive deposits or other repayable funds fromthe public and tograntcreditsforitsownaccount;
(e) ‘unitsofacollective investmentundertaking’shallmeansecurities
issued by a collective investment undertaking as representing therightsofparticipantsintheassetsofsuchanundertaking;2001L0034—EN—12.04.2003—001.001—13
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(f) ‘participating interest’ shall mean rights in the capital of other
undertakings,whetherornotrepresented bycertificates, which,bycreating a durable link with those undertakings, are intended to
contribute to the activities of the undertaking which holds these
rights;
(g) ‘netturnover’shallcomprisetheamountsderivedfromthesaleof
products and the provisionof services falling within the undertak-ing's ordinary activities, after deduction of sales rebates and ofvalueaddedtaxandothertaxesdirectlylinkedtotheturnover;
(h) ‘annual accounts’ shall comprise the balance sheet, the profit and
lossaccountandthenotesontheaccounts.Thesedocumentsshall
constituteacompositewhole.
CHAPTER II
Scope of application
Article 2
1. Articles 5to 19,42to 69,and78to 84shall apply to securities
which are admitted to official listing or are the subject of an applica-tion for admission to official listing on a stock exchange situated oroperatingwithinaMemberState.
2. MemberStatesmaydecidenottoapplytheprovisionsmentioned
inparagraph1to:
(a) units issued by collective investment undertakings other than the
closed-endtype,
(b) securitiesissuedbyaMemberStateoritsregional orlocal autho-
rities.
Article 3
1. Articles 20 to 41, as well as Annex I, shall apply to securities
whicharethesubjectofanapplicationforadmissiontoofficiallistingonastockexchangesituatedoroperatingwithinaMemberState.
2. Theprovisionsmentionedinparagraph1shallnotapplyto:
(a) units issued by collective investment undertakings other than the
closed-endtype,
(b) securities issued by a Member State or by its regional or local
authorities.
Article 4
1. Articles70to77shallapplytocompaniesthesharesofwhichare
admittedtoofficiallistingonastockexchangesituatedoroperatinginaMember State, whether theadmissionisofthesharesthemselves or
ofcertificates representingthem,andwheneverthedateofthisadmis-
sionoccurred.
2. The provisions mentioned in paragraph 1 shall not, however,
apply to investment undertakings other than those of the closed-end
type.
3. TheMemberStatesmayexcludecentralbanksfromthescopeof
theprovisionsmentionedinparagraph1.2001L0034—EN—12.04.2003—001.001—14
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TITLEII
GENERAL PROVISIONS CONCERNING THE OFFICIAL
LISTINGOFSECURITIES
CHAPTER I
General conditions for admission
Article 5
MemberStatesshallensurethat:
(a) securities may not be admitted to official listing on any stock
exchange situated or operating within their territory unless theconditionslaiddownbythisDirectivearesatisfied,and
(b) thatissuersofsecuritiesadmittedtosuchofficiallisting,regardless
ofthedateonwhichthisadmissiontakesplace, aresubjecttotheobligationsprovidedforbythisDirective.
Article 6
1. The admission of securities to official listing shall be subject to
the conditions set out in Articles 42 to 51, or 52 to 63, relating tosharesanddebtsecuritiesrespectively.
2. Theissuersofsecuritiesadmittedtoofficiallistingmustfulfilthe
obligations setoutinArticles 64to69,or78to84,relating tosharesanddebtsecuritiesrespectively.
3. Certificatesrepresentingsharesmaybeadmittedtoofficiallisting
onlyiftheissuerofthesharesrepresentedfulfilstheconditionssetoutinArticles42to44andtheobligationssetoutinArticles64to69andifthecertificatesfulfiltheconditionssetoutinArticles45to50.
Article 7
MemberStatesmaynotmaketheadmissiontoofficiallistingofsecu-
ritiesissuedbycompaniesorotherlegalpersonswhicharenationalsofanother MemberStatesubject tothecondition that thesecurities must
alreadyhavebeenadmittedtoofficiallistingonastockexchangesitu-
atedoroperatinginoneoftheMemberStates.
CHAPTER II
More stringent or additional conditions and obligations
Article 8
1. Subject to the prohibitions provided for in Article 7 and in
Articles42to63,theMemberStatesmaymaketheadmissionofsecu-
rities to official listing subject to more stringent conditions than those
set out in Articles 42 to 63 or to additional conditions, provided thatthese more stringent and additional conditions apply generally for allissuers or for individual classes of issuer and that they have beenpublishedbeforeapplicationforadmissionofsuchsecuritiesismade.
2. Member States may make the issuers of securities admitted to
official listing subject to more stringent obligations than those set outinArticles64to69and78to84ortoadditionalobligations,providedthatthesemorestringentandadditionalobligationsapplygenerallyforallissuersorforindividualclassesofissuer.
3. Member States may, under the same conditions as those laid
down in Article 9, authorise derogations fromthe additional or m orestringent conditions and obligations referred to in paragraphs 1 and 2hereof.
4. Member States may, in accordance with the applicable national
rules require issuers of securities admitted to official listing to informthepubliconaregularbasisoftheirfinancialpositionandthegeneralcourseoftheirbusiness.2001L0034—EN—12.04.2003—001.001—15
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CHAPTER III
Derogations
Article 9
Anyderogationsfromtheconditionsfortheadmissionofsecuritiesto
officiallistingwhichmaybeauthorisedinaccordancewithArticles42to63mustapplygenerallyforallissuerswherethecircumstancesjusti-fyingthemaresimilar.
Article 10
Member States may decide not to apply the conditions set out in
Articles 52 to 63 and the obligations set out in Article 81(1) and (3)inrespectofapplicationsforadmissiontoofficiallistingofdebtsecu-ritiesissuedbycompaniesandotherlegalpersonswhicharenationalsofaMember State andwhichareset upby,governed byormanaged
pursuant to a special law where repayments and interest payments in
respect of those securities are guaranteed by a Member State or oneofitsfederalstates.
CHAPTER IV
Powers of the national competent authorities
Section1
Decisionofadmission
Article 11
1. The competent authorities referred to in Article 105 shall decide
on the admission of securities to official listing on a stock exchangesituatedoroperatingwithintheirterritories.
2. Without prejudice to the other powers conferred upon them, the
competent authorities mayreject anapplication fortheadmissionofasecurity to official listing if, in their opinion, the issuer's situation is
suchthatadmissionwouldbedetrimentaltoinvestors'interests.
Article 12
BywayofderogationfromArticle8,MemberStatesmay,solelyinthe
interests of protecting the investors, give the competent authorities
powertomaketheadmissionofasecuritytoofficiallistingsubjectto
any special condition which the competent authorities consider appro-priateandofwhichtheyhaveexplicitlyinformedtheapplicant.
Article 13
1. Whereapplicationsaretobemadesimultaneouslyorwithinshort
intervalsofoneanotherforadmissionofthesamesecuritiestoofficiallisting on stock exchanges situated or operating in more than oneMember State, or where an application for admission is made inrespect of a security already listed on a stock exchange in anotherMember State, the competent authorities shall communicate with each
otherandmakesucharrangementsasmaybenecessarytoexpeditethe
procedureandsimplifyasfaraspossibletheformalitiesandanyaddi-tionalconditionsrequiredforadmissionofthesecurityconcerned.
2. In order to facilitate the work of the competent authorities, any
applicationfortheadmissionofasecuritytoofficiallistingonastockexchangesituatedoroperatinginaMemberStatemuststatewhetherasimilarapplicationisbeingorhasbeenmadeinanotherMemberState,
orwillbemadeinthenearfuture.
Article 14
The competent authorities may refuse to admit to official listing a
security already officially listed in another Member State where the2001L0034—EN—12.04.2003—001.001—16
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issuerfailstocomplywiththeobligationsresultingfromadmissionin
thatMemberState.
Article 15
Whereanapplication foradmissiontoofficiallistingrelatestocertifi-
catesrepresentingshares,theapplicationshallbeconsideredonlyifthe
competent authorities are of the opinion that the issuer of the certifi-catesisofferingadequatesafeguardsfortheprotectionofinvestors.
Section2
Informationrequestedbythecompetentauthorities
Article 16
1. An issuer whose securities are admitted to official listing shall
provide the competent authorities with all the information which thelatter consider appropriate in order to protect investors or ensure the
smoothoperationofthemarket.
2. Where protection of investors or the smooth operation of the
marketsorequires,anissuermayberequiredbythecompetentautho-ritiestopublishsuchinformationinsuchaformandwithinsuchtime
limits as they consider appropriate. Should the issuer fail to comply
with such requirement, the competent authorities may themselvespublishsuchinformationafterhavingheardtheissuer.
Section3
Action against an issuer failing to comply with the obli-
gationsresultingfromadmission
Article 17
Without prejudice to any other action or penalties which they may
contemplate intheeventoffailureonthepartoftheissuertocomply
with the obligations resulting fromadm ission to official listing, the
competentauthoritiesmaymakepublicthefactthatanissuerisfailingtocomplywiththoseobligations.
Section4
Suspensionanddiscontinuance
Article 18
1. Thecompetent authorities maydecide tosuspendthelistingofa
security where the smooth operation of the market is, or may be,temporarilyjeopardisedorwhereprotectionofinvestorssorequires.
2. The competent authorities may decide that the listing of the
securitybediscontinuedwheretheyaresatisfiedthat,owingtospecialcircumstances, normal regular dealings in a security are no longer
possible.
Section5
Right to apply to the courts in case of refusal of admis-
sionordiscontinuance
Article 19
1. MemberStatesshallensuredecisionsofthecompetentauthorities
refusingthe admissionofa security toofficial listing ordiscontinuingsuchalistingshallbesubjecttotherighttoapplytothecourts.
2. Anapplicantshallbenotifiedofadecisionregardinghisapplica-
tionforadmissiontoofficiallistingwithinsixmonthsofreceiptoftheapplicationor,shouldthecompetentauthorityrequireanyfurtherinfor-mation within that period, within six months of the applicant'ssupplyingsuchinformation.2001L0034—EN—12.04.2003—001.001—17
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3. Failure to give a decision within the time limit specified in
paragraph2shallbedeemedarejectionoftheapplication.Suchrejec-tion shall give rise to the right to apply to the courts provided for in
paragraph1.
TITLEIII
PARTICULAR CONDITIONS RELATING TO OFFICIAL LIST-
INGSOFSECURITIES
CHAPTER I
Publication of listing particulars for admission
Section1
Generalprovisions
Article 20
Member States shall ensure that the admission of securities to official
listingonastockexchangesituatedoroperatingwithintheirterritories
isconditionaluponthepublicationofaninformationsheet,hereinafter
referred to as ‘listing particulars’, in accordance with Chapter I ofTitleV.
Article 21
1. The listing particulars shall contain the information which,
according to the particular nature of the issuer and of the securitiesfor the admission of which application is being made, is necessary toenable investors and their investment advisers to make an informed
assessment of the assets and liabilities, financial position, profits and
losses, and prospects of the issuer and of the rights attaching to suchsecurities.
2. Member States shall ensure that the obligation referred to in
paragraph 1 is incumbent upon the persons responsible for the listingparticulars as provided for in heading 1.1 of Schedules A and B ofAnnexIhereto.
Article 22
1. Without prejudice to the obligation referred to in Article 21,
MemberStatesshallensurethat,subjecttothepossibilitiesforexemp-
tionsprovided forin Articles 23and24, listing particulars contain, in
aseasilyanalysableandcomprehensibleaformaspossible,atleasttheitemsofinformationprovidedforinSchedulesA,BorCofAnnexI,dependingonwhethershares,debtsecuritiesorcertificatesrepresentingsharesareinvolved.
2. InthespecificcasescoveredbyArticles25to34thelistingparti-
cularsaretobedrawnupinaccordancewiththespecificationsgivenin
those Articles, subject to the possibilities for exemptions provided for
inArticles23and24.
3. Where certain headings in Schedules A, B and C of Annex I
appear inappropriate to the issuer's sphere of activity or legal form,listing particulars giving equivalent information shall be drawn up byadaptingtheseheadings.
Section2
Partial or complete exemption from the obligation to
publishlistingparticulars
Article 23
Without prejudice to Article 39(1), Member States may allow the
competent authorities responsible for checking the listing particularswithinthemeaningofthisDirective,toprovideforpartialorcomplete2001L0034—EN—12.04.2003—001.001—18
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exemption from the obligation to publish listing particulars in the
followingcases:
1) wherethesecuritiesforwhichadmissiontoofficiallistingisapplied
forare:
(a) securitieswhichhavebeenthesubjectofapublicissue;or
(b) securitiesissuedinconnectionwithatakeoveroffer;
or
(c) securities issued in connection with a merger involving the
acquisition of another company or the formation of a new
company, the division of a company, the transfer of all or part
of an undertaking's assets and liabilities or as consideration forthetransferofassetsotherthancash;
and where, not more than 12 months before the admission of the
securitiestoofficiallisting,adocument,regardedbythecompetentauthoritiesascontaininginformationequivalenttothatofthelistingparticularsprovidedforbythisDirective,hasbeenpublishedinthesameMemberState.Particularsshallalsobepublishedofanymate-
rial changes which have occurred since such document was
prepared. The document must be made available to the public attheregisteredofficeoftheissuerandattheofficesofthefinancialorganisations retained to act as the latter's paying agents, and anyparticulars of material changes shall be published in accordance
withArticles98(1)and99(1);
2) wherethesecuritiesforwhichadmissiontoofficiallistingisapplied
forare:
(a) sharesallottedfreeofchargetoholdersofsharesalreadylisted
onthesamestockexchange;or
(b) sharesresultingfromtheconversion ofconvertible debtsecuri-
ties or shares created after an exchange for exchangeable debtsecurities, if shares of the company whose shares are offeredby way of conversion or exchange are already listed on the
samestockexchange;or
(c) shares resulting fromthe exercise of the rights conferred by
warrants, if shares of the company whose shares are offered toholders of the warrants are already listed on the same stockexchange;or
(d) shares issued in substitution for shares already listed on the
same stock exchange if the issuing of such new shares does
notinvolveanyincreaseinthecompany'sissuedsharecapital;
and,whereappropriate,theinformationprovidedforinChapter2of
Schedule A of Annex I is published in accordance with
Articles98(1)and99(1);
3) wherethesecuritiesforwhichadmissiontoofficiallistingisapplied
forare:
(a) sharesofwhicheitherthenumberortheestimatedmarketvalue
orthenominalvalueor,intheabsenceofanominalvalue,theaccountingparvalue,amountstolessthan10%ofthenumberor of the corresponding value of shares of the same classalreadylistedonthesamestockexchange;or
(b) debt securities issued by companies and other legal persons
whicharenationalsofaMemberStateandwhich:
(i) incarryingontheirbusiness,benefitfromStatemonopolies,
and
(ii) aresetuporgovernedbyaspeciallaworpursuanttosuch
alaworwhoseborrowingsareunconditionallyandirrevoc-ably guaranteed by a Member State or one of a MemberState'sfederatedStates;or
(c) debt securities issued by legal persons, other than companies,
whicharenationalsofaMemberState,and
(i) weresetupbyspeciallaw,and2001L0034—EN—12.04.2003—001.001—19
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(ii) whoseactivitiesaregovernedbythatlawandconsistsolely
in:
— raising funds under state control through the issue of
debtsecurities,and
— financing production by means of the resources which
they have raised and resources provided by a Member
State,and
(iii) thedebtsecuritiesofwhichare,forthepurposesofadmis-
sion to official listing, considered by national law as debtsecuritiesissuedorguaranteedbytheState;or
(d) shares allotted to employees, if shares of the same class have
already been admitted to official listing on the same stockexchange; shares which differ fromeach other solely as to thedate offirstentitlement todividendsshallnotbeconsidered as
beingofdifferentclasses;or
(e) securities already admitted to official listing on another stock
exchangeinthesameMemberState;or
(f) shares issued in consideration for the partial or total renuncia-
tion by the management of a limited partnership with a share
capital of its statutory rights over the profits, if shares of the
sameclasshavealready beenadmitted toofficial listingonthesamestockexchange;shareswhichdifferfromeachothersolelyas to the date of first entitlement to dividends shall not beconsideredasbeingofdifferentclasses;or
(g) supplementary certificates representing shares issued in
exchange for the original securities, where the issuing of suchnew certificates has not brought about any increase in thecompany's issued capital, and provided that certificates repre-
senting such shares are already listed on the same stock
exchange,
andwhere:
— in the case of (a), the issuer has complied with the stock
exchangepublicityrequirementsimposedbythenationalautho-
rities andhasproduced annualaccounts andannual andinterim
reportswhichtheseauthoritieshaveconsideredadequate;
— inthe case of(e),listing particulars complying withthisDirec-
tivehavealreadybeenpublished;and
— in all the cases referred to in points (a) to (g), information
concerning the number and type of securities to be admitted to
official listing and the circumstances in which such securities
have been issued has been published in accordance withArticles98(1)and99(1);
4) where:
(a) the securities or the shares of the issuer or certificates repre-
senting such shares have been officially listed in anotherMember State for not less than three years before the applica-tionforadmissiontoofficiallisting;
(b) to the satisfaction of the competent authorities of the Member
Stateinwhichadmissiontoofficiallistingissought,thecompe-
tentauthoritiesoftheMemberStateorMemberStatesinwhich
the issuer's securities are officially listed have confirmed thatduring the preceding three years or during the entire time theissuer's securities have been listed, if that is less than threeyears, the issuer has complied with all the requirementsconcerning information and admission to listing imposed on
companies thesecurities ofwhichareofficially listed byvirtue
ofthisDirective;
(c) all the following are published in the manner stipulated in
Articles98and99(1).
(i) adocumentcontainingthefollowinginformation:
— a statement that application has been made for admis-
sion of the securities to official listing. In the case ofshares,the statement shall alsospecify the number and2001L0034—EN—12.04.2003—001.001—20
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class of the shares in question and give a concise
description of the rights attaching thereto. In the caseof certificates representing shares the statement shall
alsospecifytherightsattachingtotheoriginalsecurities
and give information concerning the possibility ofconverting the certificates into original securities andthe procedure for that conversion. In the case of debtsecurities the statement shall also specify the nominal
amountoftheloan(ifthatamountisnotfixed,astate-
ment to that effect shall be made) and the conditionsandtermsoftheloan;except inthecaseofcontinuousissues,theissueandredemptionpricesandthenominalinterestrate(ifseveralinterestratesareprovidedfor,anindication of the conditions governing changes in the
rate); in the case of convertible debt securities,
exchangeable debt securities, debt securities withwarrants or warrants the statement shall also specifythe nature of the shares offered by way of conversion,exchange or subscription, the rights attaching thereto,
the conditions of and procedures for conversion,
exchange or subscription and details of the circum-stancesinwhichtheymaybeamended;
— detailsofanysignificant changeordevelopment which
has occurred since the date to which the documentsreferredtoin(ii)and(iii)relate;
— information specific to the market in the country in
which admission is sought concerning in particular the
income tax system, the paying agent forthe issuer andthe ways in which notices to investors are published;and
— a declaration by the persons responsible for the infor-
mation given in accordance with the first three indents
that such information is in accordance with the facts
andincludesnoomissionslikelytoaffecttheimportofthedocument;
(ii) the latest annual report, the latest audited annual accounts
(where the issuer prepares both own and consolidatedannual accounts both sets of accounts shall be supplied.The competent authorities may, however, allow the issuer
to supply either his own or the consolidated accounts, on
condition that the accounts which are not supplied do notprovide any significant additional information) and theissuer'slatesthalf-yearlystatementfortheyearinquestionwhereithasalreadybeenpublished;
(iii) any listing particulars, prospectus or equivalent document
published by the issuer in the 12 months preceding the
applicationforadmissiontoofficiallisting;and
(iv) the following information where it is not already given in
thedocumentsprovidedforin(i),(ii)and(iii):
— the composition of the company's administrative,
management and supervisory bodies and the functionsperformedbyindividualmembers,
— generalinformationaboutthecapital,— the current situation on the basis of the latest informa-
tioncommunicatedtotheissuerunderArticles85to97,and
— any reports concerning the last published annual
accounts by the official auditors required by thenational law of the Member State within the territoryofwhichtheissuer'sregisteredofficeissituated;
(d) thenotices,bills,postersanddocumentsannouncingtheadmis-
sion of the securities to official listing and indicating theessential characteristics of those securities and all other docu-ments relating to their admission and intended for publicationbytheissueroronhisbehalfstatethattheinformationreferred2001L0034—EN—12.04.2003—001.001—21
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to in (c) exists and indicate where it is being or will be
publishedinthemannerprescribedinArticle98;
and
(e) the information referred to in (c) and the notices, bills, posters
and documents referred to in (d) have been sent to the compe-tentauthoritiesbeforebeingmadeavailabletothepublic.
5) wherecompaniesthesharesinwhichhavealreadybeendealtinfor
at least the preceding two years on a second-tier market, regulatedand supervised by authorities recognised by public bodies, seek to
havetheirsecuritiesadmittedtoofficiallistinginthesameMember
State and, in the opinion of the competent authorities, informationequivalentinsubstancetothatrequiredbythisDirectiveisavailableto investors before the date on which admission to official listingbecomeseffective.
Section3
Permitted omission from listing particulars of certain
information
Article 24
The competent authorities may authorise omission from the listing
particularsofcertaininformationprovidedforbythisDirectiveiftheyconsiderthat:
(a) such information is of minor importance only and is not such as
will influence assessment of the assets and liabilities, financialposition,profitsandlossesandprospectsoftheissuer;or
(b) disclosure of such information would be contrary to the public
interest orseriously detrimental tothe issuer,providedthat,inthelattercase,suchomissionwouldnotbelikelytomisleadthepublicwith regard to facts and circumstances, knowledge of which isessentialfortheassessmentofthesecuritiesinquestion.
Section4
Contentsoflistingofparticularsinspecificcases
Article 25
1. Where the application for admission to official listing relates to
sharesofferedtoshareholdersoftheissueronapre-emptivebasisandshares of the latter are already listed onthe same stockexchange, thecompetent authorities may provide that the listing particulars shall
containonlytheinformationprovidedforbyScheduleAofAnnexI:
(a) inChapter1,
(b) inChapter2,
(c) inChapter3,headings3.1.0,3.1.5,3.2.0,3.2.1,3.2.6,3.2.7,3.2.8,
and3.2.9,
(d) inChapter4,headings4.2,4.4,4.5,4.7.1,and4.7.2,
(e) inChapter5,headings5.1.4,5.1.5,and5.5,
(f) inChapter6,headings6.1,6.2.0,6.2.1,6.2.2,6.2.3,and
(g) inChapter7.
Where the shares referred to in the first subparagraph are represented
by certificates, the listing particulars shall contain, at least, subject to
Article 33(2)and(3),inaddition totheinformation mentioned inthat
subparagraph,thatprovidedforinScheduleCofAnnexI:
(a) inChapter1,headings1.1,1.3,1.4,1.6and1.8,
and
(b) inChapter2.
2. Where the application for admission to official listing relates to
convertibledebtsecurities,exchangeabledebtsecuritiesordebtsecuri-2001L0034—EN—12.04.2003—001.001—22
▼B
ties with warrants which are offered on a pre-emptive basis to the
shareholders of the issuer and where the latter's shares are alreadylisted on the same stock exchange, the competent authorities may
providethatthelistingparticularsshallcontainonly:
(a) information concerning the nature ofthesharesoffered bywayof
conversion, exchange or subscription and the rights attachingthereto,
(b) the information provided for in Schedule A of Annex I and
mentionedinthefirstsubparagraphofparagraph1,exceptforthat
providedforinChapter2ofthatSchedule,
(c) theinformationprovidedforinChapter2ofScheduleBofAnnexI,
and
(d) the conditions of and procedures for conversion exchange and
subscriptionandthesituationsinwhichtheymaybeamended.
3. Whenpublishedinaccordance withArticle98,listingparticulars
as referred to in paragraphs 1 and 2 shall be accompanied by theannualaccountsforthelatestfinancialyear.
4. Where the issuer prepares both own and consolidated annual
accounts,bothsetsofaccountsshallaccompanythelistingparticulars.However, the competent authorities may allow the issuer to attach tothelistingparticularseithertheownortheconsolidatedaccountsalone,
providedthattheaccountsnotattachedtothelistingparticularsfurnish
nomaterialadditionalinformation.
Article 26
1. Where the application for admission to official listing relates to
debtsecuritieswhichareneitherconvertible,exchangeable,noraccom-panied by warrants and are issued by an undertaking which hassecurities already listed on the same stock exchange, the competentauthorities may provide that the listing particulars shall contain onlytheinformationprovidedforbyScheduleBofAnnexI:
(a) inChapter1,
(b) inChapter2,
(c) inChapter3,headings3.1.0,3.1.5,3.2.0and3.2.2,
(d) inChapter4,heading4.3,
(e) inChapter5,headings5.1.2,5.1.3,5.1.4and5.4,
(f) inChapter6,and
(g) inChapter7.
2. Whenpublishedinaccordance withArticle98,listingparticulars
as referred to in paragraph 1 shall be accompanied by the annual
accountsforthelatestfinancialyear.
3. Where the issuer prepares both own and consolidated annual
accounts,bothsetsofaccountsmustaccompanythelistingparticulars.However, the competent authorities may allow the issuer to attach tothelistingparticularseithertheownortheconsolidatedaccountsalone,providedthattheaccountsnotattachedtothelistingparticularsfurnish
nomaterialadditionalinformation.
Article 27
Where the application for admission to official listing relates to debt
securities nearly all of which, because of their nature, are normally
boughtandtradedinbyalimitednumberofinvestorswhoareparticu-
larly knowledgeable in investment matters, the competent authoritiesmayallowtheomissionfromthelistingparticularsofcertaininforma-tion provided for by Schedule B of Annex I or allow its inclusion insummary form, on condition that such information is not materialfromthepointofviewoftheinvestorsconcerned.2001L0034—EN—12.04.2003—001.001—23
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Article 28
1. Fortheadmissionofsecurities,issuedbyfinancialinstitutions,to
officiallisting,thelistingparticularsmustcontain:
(a) at least the information specified in Chapters 1, 2, 3, 5 and 6 of
SchedulesAorBofAnnexI,accordingtowhethertheissueisofsharesordebtsecurities,and
(b) information adapted, in accordance with the rules laid down for
that purpose by national law or by the competent authorities, tothe particular nature of the issuer ofthe securities in question andat least equivalent to that specified in Chapters 4 and 7 of
SchedulesAorBofAnnexI.
2. Member States shall determine the financial institutions to be
coveredbythisArticle.
3. ThearrangementslaiddownbythisArticlemaybeextendedto:
(a) collective investment undertakings whose units are not excluded
fromthescopeofthisDirectivebyArticle3(2)(a),
(b) financecompaniesengaginginnoactivityotherthanraisingcapital
to make it available to their parent company or to undertakingsaffiliatedtothatcompany,and
(c) companies holding portfolios of securities, licences or patents and
engaginginnoactivityotherthanthemanagement ofsuchportfo-lios.
Article 29
Where the application for admission to official listing concerns debt
securities issued in a continuous or repeated manner by credit institu-
tions which regularly publish their annual accounts and which, withinthe Community, are set up or governed by a special law, or pursuantto sucha law, orare subject topublic supervision designed toprotectsavings, the Member States may provide that the listing particularsshallcontainonly:
(a) the information provided for in heading 1.1 and Chapter 2 of
ScheduleBofAnnexI,and
(b) information concerning any events of importance for the assess-
ment of the securities in question which have occurred since theend of the financial year in respect of which the last annualaccounts were published. Such accounts must be made availabletothepublicattheissuer'sofficesoratthoseofthefinancialorga-
nisationsretainedtoactasthelatter'spayingagents.
Article 30
1. Forthe admission toofficial listing ofdebtsecurities guaranteed
byalegalperson,listingparticularsmustinclude:
(a) with respect to the issuer, the information provided for in
ScheduleBofAnnexI,and
(b) with respect to the guarantor, the information provided for in
heading1.3andChapters3to7ofthatSchedule.
Where the issuerorguarantor isa financial institution, the partofthe
listingparticularsrelatingtothatfinancialinstitutionshallbedrawnupin accordance with Article 28, without prejudice to the first subpara-graphofthisparagraph.
2. When the issuer of the guaranteed debt securities is a finance
company as referred to in Article 28(3), the listing particulars mustinclude:
(a) with respect to the issuer, the information provided for in
Chapters 1, 2 and 3 and in headings 5.1.0 to 5.1.5 and 6.1 of
ScheduleBofAnnexI,and
(b) withrespecttotheguarantor,thatprovidedforinheading1.3and
Chapters3to7ofthatSchedule.2001L0034—EN—12.04.2003—001.001—24
▼B
3. Wherethereismorethanoneguarantor,theinformationspecified
shallberequiredofeachone;however,thecompetent authoritiesmayallowabridgementofthisinformationwithaviewtoachievinggreater
comprehensibilityofthelistingparticulars.
4. The guarantee contract must, in the cases referred to in
paragraphs 1, 2 and 3, be made available for inspection by the publicat the offices of the issuer and at those of the financial organisationsretainedtoactasthelatter'spayingagents.Copiesofthecontractshallbeprovidedtoanypersonconcernedonrequest.
Article 31
1. Where the application for admission to official listing relates to
convertibledebtsecurities,exchangeabledebtsecuritiesordebtsecuri-tieswithwarrants,thelistingparticularsmustinclude:
(a) information concerning the nature ofthesharesoffered bywayof
conversion, exchange or subscription, and the rights attaching
thereto,
(b) theinformationprovidedforinheading1.3andChapters3to7of
ScheduleAofAnnexI,
(c) theinformationprovidedforinChapter2ofScheduleBofAnnexI,
and
(d) the conditions of and procedures for conversion exchange or
subscription and details of the situations in which they may be
amended.
2. When theissueroftheconvertible debtsecurities, theexchange-
abledebtsecuritiesorthedebtsecuritieswithwarrantsisnottheissuer
oftheshares,listingparticularsmustinclude:
(a) information concerning the nature ofthesharesoffered bywayof
conversion, exchange or subscription and the rights attachingthereto,and
(b) in respect of the issuer of the securities, the information provided
forinScheduleBofAnnexI,
(c) in respect of the issuer of the shares, that provided for in
heading1.3andChapters3to7ofScheduleAofAnnexI,and
(d) the conditions of and procedures for conversion, exchange or
subscription and details of the situations in which they may beamended.
However,wheretheissuerofthedebtsecuritiesisafinance company
asreferredtoinArticle28(3),listingparticularsneedcontain,inrela-tiontothatcompany,onlytheinformationprovidedforinChapters1,2and3andheadings5.1.0to5.1.5and6.1ofScheduleBofAnnexI.
Article 32
1. Where the application for admission to official listing relates to
securitiesissuedinconnectionwithamergerinvolvingtheacquisition
ofanothercompanyortheformationofanewcompany,thedivisionof
a company, the transfer of all or part of an undertaking's assets andliabilities,atakeoverofferorasconsiderationforthetransferofassetsother than cash, the documents describing the terms andconditions ofsuch operations as well as, where appropriate, any opening balancesheet, whether or not pro forma, if the issuer has not yet prepared its
annualaccounts,must,withoutprejudicetotherequirement topublish
thelistingparticulars,bemadeavailableforinspectionbythepublicatthe offices of the issuer of the securities and at those of the financialorganisationsretainedtoactasthelatter'spayingagents.
2. Wherethetransactionreferredtoinparagraph1tookplacemore
thantwoyearspreviously,thecompetentauthoritiesmaydispensewiththerequirementimposedinthatparagraph.2001L0034—EN—12.04.2003—001.001—25
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Article 33
1. When the application for admission to official listing relates to
certificates representing shares,the listing particulars mustcontain theinformation, as regards certificates, provided for in Schedule C ofAnnex I and the information, as regards the shares represented,providedforinScheduleAofAnnexI.
2. However,the competent authorities mayrelieve the issuerofthe
certificates of the requirement to publish details of its own financialposition,whentheissueris:
(a) acreditinstitutionwhichisanationalofaMemberStateandisset
up or governed by a special law or pursuant to such law or is
subjecttopublicsupervisiondesignedtoprotectsavings,or
(b) asubsidiary95%ormoreofwhichisownedbyacreditinstitution
as referred to in point (a), the commitments of which towards theholdersofcertificatesareunconditionallyguaranteedbythatcreditinstitution and which is subject, de jureorde facto, to the same
supervision,or
(c) an‘Administratiekantoor ’intheNetherlandsgoverned,forthesafe
custodyoftheoriginal securities, byspecial regulations laiddown
bythecompetentauthorities.
3. Inthecaseofcertificatesissuedbyasecuritiestransferorganisa-
tion or by an auxiliary institution set up by such organisation, thecompetent authorities may dispense with the publication of the infor-mationprovidedforinChapter1ofScheduleCofAnnexI.
Article 34
1. Where debt securities for which admission to official listing is
applied for benefit, as regards both repayment of the loan and thepayment of interest, from the unconditional and irrevocable guarantee
of a State or of one of a State's federated States, national legislation
or the competent authorities may authorise the abridgement of theinformationprovidedforinChapters3and5ofScheduleBofAnnexI.
2. The possibility of abridgement provided for in paragraph 1 may
also be applied to companies set up or governed by a special law or
pursuant to such law which have the power to levy charges on theirconsumers.
Section5
Controlandcirculationoflistingparticulars
Article 35
1. No listing particulars may be published until they have been
approvedbythecompetentauthorities.
2. Thecompetentauthoritiesshallapprovethepublicationoflisting
particulars only if they are of the opinion that they satisfy all therequirementssetoutinthisDirective.
Article 36
The competent authorities shall decide whether to accept the audit
report of the official auditor provided for in heading 1.3 ofSchedulesAandBofAnnexIor,ifnecessary,torequireanadditionalreport.
The requirement for the additional report must be the outcome of an
examination of each case on its merits. At the request of the officialauditorand/oroftheissuer,thecompetent authoritiesmustdisclosetothemthereasonsjustifyingthisrequirement.2001L0034—EN—12.04.2003—001.001—26
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Section6
Determinationofthecompetentauthority
Article 37
Where, for the same securities, applications for admission to official
listing on stock exchanges situated or operating in two or moreMemberStates,includingtheMemberStateinwhichtheissuer'sregis-tered office is situated, are made simultaneously or within a shortinterval, listing particulars shall be drawn up in accordance with the
rules laid down in this Directive in the Member State in which the
issuerhasitsregisteredofficeandapprovedbythecompetentauthori-tiesofthatStateiftheissuer'sregisteredofficeisnotsituatedinoneofthoseMemberStates,theissuermustchooseoneofthoseStatesunderthe legislation of which the listing particulars will be drawn up and
approved.
Section7
Mutualrecognition
Article 38
1. Once approved in accordance with Article 37, listing particulars
must, subject to any translation, be recognised by the other Member
States in which admission to official listing has been applied for,
without its being necessary to obtain the approval of the competentauthorities of those States and without their being able to require thatadditional information be included in the listing particulars. Thecompetent authorities may, however, require that listing particulars
includeinformation specifictothemarketofthecountryofadmission
concerninginparticulartheincometaxsystem,thefinancialorganisa-tionsretainedtoactaspayingagentsfortheissuerinthatcountry,andthewayinwhichnoticestoinvestorsarepublished.
2. Listing particulars approved by the competent authorities within
themeaningofArticle37mustberecognisedinanotherMemberState
in which application for admission to official listing is made, even ifpartial exemption or partial derogation has been granted pursuant tothisDirective,providedthat:
(a) thepartial exemption orpartial derogation inquestionisofatype
thatisrecognisedintherulesoftheotherMemberStateconcerned,
and
(b) the conditions that justify the partial exemption or partial deroga-
tionalsoexistintheotherMemberStateconcernedandthatthere
are no other conditions concerning such exemption or derogation
whichmightleadthecompetent authority inthatMemberStatetorefusethem.
Even if the conditions laid down in (a) and (b) are not fulfilled, the
MemberStateconcernedmayallowitscompetentauthoritiestorecog-
nisethelistingparticularsapprovedbythecompetentauthoritieswithin
themeaningofArticle37.
3. When approving listing particulars, the competent authorities
within the meaning of Article 37 shall provide the competent authori-tiesoftheotherMemberStatesinwhichapplicationforofficiallisting
is made with a certificate of approval. If partial exemption or partial
derogation has been granted pursuant to this Directive, the certificateshallstatethatfactandthereasonsforit.
4. When application for admission to official listing is made, the
issuer shall communicate to the competent authorities in each of the
other Member States in which it is applying for admission the draft
listingparticularswhichitintendstouseinthatState.
5. Member States may restrict the application of this Article to
listingparticularsofissuershavingtheirregisteredofficeinaMemberState.2001L0034—EN—12.04.2003—001.001—27
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Article 39
1. Whereapplicationforadmissiontoofficiallistinginoneormore
Member States is made and the securities have been the subject of apublic-offer prospectus drawn up and approved in any Member Stateinaccordance withArticles7,8or12ofDirective 89/298/EECinthe
three months preceding the application for admission, the public-offer
prospectus shall be recognised, subject to any translation, as listingparticulars in the Member State or States in which application foradmission to official listing is made, without its being necessary toobtain the approval of the competent authorities ofthat Member Stateor those Member States and without their being able to require that
additional information be included in the prospectus. The competent
authorities may, however, require that the prospectus include informa-tion specific to the market of the country of admission concerning, inparticular, the income tax system, the financial organisations retainedto act as paying agents for the issuer in the country of admission andthewaysinwhichnoticestoinvestorsarepublished.
2. Article 38(2) to (5) shall apply in the eventuality referred to in
paragraph1ofthisArticle.
3. Article100shallapplytoallchangesoccurringbetweenthetime
when the content of the prospectus referred to in paragraph 1 isadoptedandthetimewhenstockexchangedealingsbegin.
Article 40
1. Where an application foradmission to official listing concerning
securitiesgivingarighttoparticipateincompanycapital,eitherimme-
diately or at the end of the maturity period, is made in one or moreMember States other than that in which the registered office of theissuer of the shares to which those securities give entitlement is situ-ated, while that issuer's shares have already been admitted to official
listinginthatMemberState, thecompetent authorities oftheMember
State of admission may act only after having consulted the competentauthorities of the Member State in which the registered office of theissuerofthesharesinquestionissituated.
2. Whereanapplicationforadmissiontoofficiallistingismadefor
securitieswhichhavebeenlistedinanotherMemberStatelessthansixmonths previously, the competent authorities to whom application ismade shall contact the competent authorities which have alreadyadmitted the securities to official listing and shall, as far as possible,
exempttheissuerofthosesecuritiesfromthepreparationofnewlisting
particulars,subjecttoanyneedforupdating,translationortheissueofsupplements in accordance with the individual requirements of theMemberStateconcerned.
Section8
Agreementswithnon-membercountries
Article 41
The Community may, bymeans ofagreements concluded with oneor
more non-member countries pursuant to the Treaty, recognise listing
particulars drawn upand checked, in accordance with the rules of thenon-member country or countries, as meeting the requirements of thisDirective,subjecttoreciprocity,providedthattherulesconcernedgiveinvestors protection equivalent tothat afforded bythisDirective, evenifthoserulesdifferfromtheprovisionsofthisDirective.2001L0034—EN—12.04.2003—001.001—28
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CHAPTER II
Specific conditions for the admission of shares
Section1
Conditionsrelatingtocompaniesforthesharesofwhich
admissiontoofficiallistingissought
Article 42
Thelegalpositionofthecompanymustbeinconformitywiththelaws
andRegulationstowhichitissubject,asregardsbothitsformationand
itsoperationunderitsstatutes.
Article 43
1. The foreseeable market capitalisation of the shares for which
admission to official listing is sought or, if this cannot be assessed,
the company's capital and reserves, including profit or loss, from thelastfinancialyear,mustbeatleastonemillioneuro.
2. MemberStatesmayprovideforadmissiontoofficiallisting,even
whenthisconditionisnotfulfilled,providedthatthecompetentautho-ritiesaresatisfiedthat therewillbeanadequate market fortheshares
concerned.
3. A higher foreseeable market capitalisation or higher capital and
reserves may be required bya Member State foradmission to officiallisting only if another regulated, regularly operating, recognised openmarket exists in that State and the requirements for it are equal to orlessthanthosereferredtoinparagraph1.
4. The condition set out in paragraph 1 shall not be applicable for
the admission to official listing of a further block of shares of the
sameclassasthosealreadyadmitted.
5. The equivalent in national currency of one million euro shall
initiallybetheequivalentinnationalcurrencyofonemillionEuropeanunitsofaccountthatwereapplicableon5March1979.
6. If, as a result of adjustment of the equivalent of the euro in
national currency, the market capitalisation expressed in nationalcurrency remains for a period of one year at least 10 % more or less
than the value of one million euro the Member state must, within the
12months following the expiry of that period, adjust its laws, regula-tionsoradministrativeprovisionstocomplywithparagraph1.
Article 44
Acompanymusthavepublishedorfileditsannualaccountsinaccor-
dance with national law for the three financial years preceding theapplication for official listing. By way of exception, the competentauthorities may derogate from this condition where suchderogation is
desirableintheinterestsofthecompanyorofinvestorsandwherethe
competent authorities are satisfied that investors have the necessaryinformation available to be able to arrive at an informed judgementon the company and the shares for which admission to official listingissought.
Section2
Conditions relating to the shares for which admission is
sought
Article 45
The legal position of the shares must be in conformity with the laws
andregulationstowhichtheyaresubject.
Article 46
1. Thesharesmustbefreelynegotiable.2001L0034—EN—12.04.2003—001.001—29
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2. The competent authorities may treat shares which are not fully
paidupasfreelynegotiable,ifarrangementshavebeenmadetoensurethatthenegotiabilityofsuchsharesisnotrestrictedandthatdealingis
made open and proper by providing the public with all appropriate
information.
3. The competent authorities may, in the case of the admission to
official listing of shares which may be acquired only subject to
approval, derogate fromparagraph 1 only if the use of the approvalclausedoesnotdisturbthemarket.
Article 47
Where public issue precedes admission to official listing, the first
listing may be made only after the end of the period during whichsubscriptionapplicationsmaybesubmitted.
Article 48
1. Asufficientnumberofsharesmustbedistributedtothepublicin
oneormoreMemberStatesnotlaterthanthetimeofadmission.
2. Theconditionsetoutinparagraph1shallnotapplywhereshares
are to be distributed to the public through the stock exchange. In thatevent, admission to official listing may be granted only if the compe-tent authorities are satisfied that a sufficient number of shares will bedistributedthroughthestockexchangewithinashortperiod.
3. Whereadmissiontoofficiallistingissoughtforafurtherblockof
sharesofthesameclass,thecompetentauthoritiesmayassesswhetherasufficientnumberofshareshasbeendistributedtothepublicinrela-tion to all the shares issued and not only in relation to this further
block.
4. Bywayofderogationfromparagraph1,ifthesharesareadmitted
toofficiallistinginoneormorenon-membercountries,thecompetent
authoritiesmayprovidefortheiradmissiontoofficiallistingifasuffi-
cient number of sharesis distributed tothe public inthe non-MemberStateorStateswheretheyarelisted.
5. A sufficient number of shares shall be deemed to have been
distributed either when the shares in respect of which application for
admission has been made are in the hands of the public to the extentof a least 25 % of the subscribed capital represented by the class ofshares concerned or when, in view of the large number of shares ofthe same class and the extent of their distribution to the public, themarketwilloperateproperlywithalowerpercentage.
Article 49
1. Theapplicationforadmissiontoofficiallistingmustcoverallthe
sharesofthesameclassalreadyissued.
2. MemberStatesmayprovidethatthisconditionshallnotapplyto
applicationsforadmissionnotcoveringallthesharesofthesameclassalreadyissuedwherethesharesofthatclassforwhichadmissionisnot
soughtbelongtoblocksservingtomaintaincontrolofthecompanyor
are not negotiable for a certain time under agreements, provided thatthe public is informed of such situations and that there is no dangerofsuchsituationsprejudicing theinterestsoftheholdersofthesharesforwhichadmissiontoofficiallistingissought.
Article 50
1. Fortheadmissiontoofficiallistingofsharesissuedbycompanies
whicharenationalsofanotherMemberStateandwhichshareshavea
physical formit is necessary and sufficient that their physical form
comply with the standards laid down in that other Member State.WherethephysicalformdoesnotconformtothestandardsinforceintheMemberState inwhichadmissiontoofficial listingisapplied for,thecompetentauthoritiesofthatstateshallmakethatfactknowntothepublic.2001L0034—EN—12.04.2003—001.001—30
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2. The physical formof shares issued by com panies which are
nationals of a non-member country must afford sufficient safeguardfortheprotectionoftheinvestors.
Article 51
Ifthesharesissuedbyacompanywhichisanationalofanon-member
countryarenotlistedineitherthecountryoforiginorinthecountryinwhich the major proportion of the shares is held, they may not beadmittedtoofficiallistingunlessthecompetentauthoritiesaresatisfiedthattheabsenceofalistinginthecountryoforiginorinthecountryinwhich the major proportion is held is not due to the need to protect
investors.
CHAPTER III
Particular conditions relating to the admission to official listing of
debt securities issued by an undertaking
Section1
Conditions relating to undertakings for the debt securi-
tiesofwhichadmissiontoofficiallistingissought
Article 52
The legal position of the undertaking must be in conformity with the
laws and regulations to which it is subject, as regards both its forma-tionanditsoperationunderitsstatutes.
Section2
Conditions relating to the debt securities for which
admissiontoofficiallistingissought
Article 53
Thelegalpositionofthedebtsecuritiesmustbeinconformitywiththe
lawsandregulationstowhichtheyaresubject.
Article 54
1. Thedebtsecuritiesmustbefreelynegotiable.2. Thecompetentauthoritiesmaytreatdebtsecuritieswhicharenot
fully paid up as freely negotiable if arrangements have been made toensure that the negotiability of these debt securities is not restrictedand that dealing is made open and proper by providing the public
withallappropriateinformation.
Article 55
Where public issue precedes admission to official listing, the first
listing may be made only after the end of the period during whichsubscription applications may be submitted. This provision shall notapplyinthecaseoftapissuesofdebtsecuritieswhentheclosingdateforsubscriptionisnotfixed.
Article 56
The application for admission to official listing must cover all debt
securitiesranking pari passu.
Article 57
1. For the admission to official listing of debt securities issued by
undertakings which are nationals of another Member State and whichdebtsecuritieshaveaphysicalform,itisnecessaryandsufficientthattheir physical formcom ply with the standards laid down in that otherMemberState.Wherethephysicalformdoesnotconformtothestan-dards in force in the Member State in which admission to official2001L0034—EN—12.04.2003—001.001—31
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listingisappliedfor,thecompetentauthoritiesofthatStateshallmake
thatfactknowntothepublic.
2. The physical formof debt securities issued in a single Mem ber
StatemustconformtothestandardsinforceinthatState.
3. Thephysicalformofdebtsecuritiesissuedbyundertakingswhich
arenationalsofanon-membercountrymustaffordsufficientsafeguard
fortheprotectionoftheinvestors.
Section3
Otherconditions
Article 58
1. TheamountoftheloanmaynotbelessthanEUR200000.This
provision shall not be applicable in the case of tap issues where theamountoftheloanisnotfixed.
2. MemberStatesmayprovideforadmissiontoofficiallistingeven
whenthisconditionisnotfulfilled,wherethecompetentauthoritiesare
satisfied that there will be a sufficient market for the debt securities
concerned.
3. The equivalent in national currency of EUR 200000 shall initi-
allybetheequivalentinnationalcurrencyof200000unitsofaccount
thatwereapplicableon5March1979.
4. If as a result of adjustment of the equivalent of the euro in
national currency the minimum amount of the loan expressed innationalcurrencyremains,foraperiodofoneyear,atleast10%lessthan the value of EUR 200000 the Member State must, within the
12monthsfollowingtheexpiryofthatperiod,amenditslaws,regula-
tionsandadministrativeprovisionstocomplywithparagraph1.
Article 59
1. Convertible or exchangeable debentures and debentures with
warrants may be admitted to official listing only if the related shares
arealreadylistedonthesamestockexchangeoronanotherregulated,
regularlyoperating,recognisedopenmarketoraresoadmittedsimulta-neously.
2. Member States may, by way of derogation from paragraph 1,
providefortheadmissiontoofficiallistingofconvertibleorexchange-
able debentures or debentures with warrants, if the competentauthoritiesaresatisfiedthatholdershaveattheirdisposalalltheinfor-mationnecessarytoformanopinionconcerningthevalueofthesharestowhichthesedebtsecuritiesrelate.
CHAPTER IV
Particular conditions relating to the admission to official listing of
Debt securities issued by a State, its regional or local authorities or
a public international body
Article 60
Thedebtsecuritiesmustbefreelynegotiable.
Article 61
Where public issue precedes admission to official listing, the first
listing may be made only after the end of the period during which
subscription applications may be submitted. This provision shall not
applywheretheclosingdateforsubscriptionisnotfixed.
Article 62
Theapplicationforadmissiontoofficiallistingmustcoverallthesecu-
ritiesranking pari passu.2001L0034—EN—12.04.2003—001.001—32
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Article 63
1. For the admission to official listing of debt securities which are
issued by a Member State or its regional or local authorities in aphysical form, it is necessary and sufficient that such physical form
comply with the standards in force in that Member State. Where the
physical formdoes not com ply with the standards in force in theMember State where admission to official listing is applied for, thecompetentauthoritiesofthatstateshallbringthissituationtotheatten-tionofthepublic.
2. Thephysicalformofdebtsecuritiesissuedbynon-membercoun-
tries or their regional or local authorities or by public internationalbodiesmustaffordsufficientsafeguardfortheprotectionoftheinves-
tors.
TITLEIV
OBLIGATIONS RELATING TO SECURITIES ADMITTED TO
OFFICIALLISTING
CHAPTER I
Obligations of companies whose shares are admitted to official listing
Section1
Listingofnewlyissuedsharesofthesameclass
Article 64
WithoutprejudicetoArticle49(2),inthecaseofanewpublicissueof
sharesofthesameclassasthosealreadyofficiallylisted,thecompany
shallberequired,wherethenewsharesarenotautomaticallyadmitted,
toapplyfortheiradmissiontothesamelisting,eithernotmorethanayearaftertheirissueorwhentheybecomefreelynegotiable.
Section2
Treatmentofshareholders
Article 65
1. The company shall ensure equal treatment for all shareholders
whoareinthesameposition.
2. The company must ensure, at least in each Member State in
whichitssharesarelisted,thatallthenecessaryfacilitiesandinforma-tion are available to enable shareholders to exercise their rights. Inparticular,itmust:
(a) informshareholdersoftheholdingofmeetingsandenablethemto
exercisetheirrighttovote,
(b) publishnoticesordistributecircularsconcerningtheallocationand
paymentofdividends,theissueofnewsharesincludingallotment,subscription,renunciationandconversionarrangements,
(c) designate as its agent a financial institution through which share-
holders may exercise their financial rights, unless the company
itselfprovidesfinancialservices.
Section3
Amendment of the instrument of incorporation or the
statutes
Article 66
1. A company planning an amendment to its instrument of incor-
poration or its statutes must communicate a draft thereof to thecompetent authorities of the Member States in which its shares arelisted.2001L0034—EN—12.04.2003—001.001—33
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2. Thatdraftmustbecommunicatedtothecompetentauthoritiesno
laterthanthecalling ofthegeneral meetingwhichistodecideontheproposedamendment.
Section4
Annualaccountsandannualreport
Article 67
1. The company must make available to the public, as soon as
possible,itsmostrecentannualaccountsanditslastannualreport.
2. Ifthecompanypreparesbothannualownandannualconsolidated
accounts, it must make them available to the public. In that event thecompetent authorities may authorise the company only to make avail-abletothepubliceithertheownortheconsolidatedaccounts,providedthat the accounts which are not made available to the public do not
containanysignificantadditionalinformation.
3. Iftheannualaccountsandreportsdonotcomplywiththeprovi-
sionsofDirectives concerning companies'accounts andiftheydonotgiveatrueandfairviewofthecompany'sassetsandliabilities,finan-cial position and profit or loss, more detailed and/or additionalinformationmustbeprovided.
Section5
Additionalinformation
Article 68
2. The company must inform the public without delay of any
changesintherightsattachingtothevariousclassesofshares.
3. Thecompanymustinformthepublicofanychangesinthestruc-
ture (shareholders and breakdowns of holdings) of the major holdingsin its capital as compared with information previously published onthatsubjectassoonassuchchangescometoitsnotice.
Inparticular,acompanywhichisnotsubjecttoArticles85to97must
informthe public within nine calendar days whenever it com es to itsnoticethatapersonorentityhasacquiredordisposedofanumberof
shares such that his or its holding exceeds or falls below one of the
thresholdslaiddowninArticle89.
Section6
Equivalenceofinformation
Article 69
1. Acompanywhosesharesareofficiallylistedonstockexchanges
situated or operating in different Member States must ensure thatequivalentinformationismadeavailabletothemarketateachoftheseexchanges.
2. Acompanywhosesharesareofficiallylistedonstockexchanges
situatedoroperatinginoneormoreMemberStatesandinoneormore
non-member countries must make available to the markets of the
MemberStateorStatesinwhichitssharesarelistedinformationwhichisatleastequivalenttothatwhichitmakesavailabletothemarketsofthe non-member country or countries in question, if such informationmaybeofimportancefortheevaluationoftheshares.2001L0034—EN—12.04.2003—001.001—34
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Section7
Periodicalinformationtobepublished
Article 70
MemberStatesshallensurethatthecompaniesreferredtoinArticle4
publish half-yearly reports on their activities and profits and lossesduringthefirstsixmonthsofeachfinancialyear.
Article 71
With regard to the half-yearly report, the Member States may subject
companies to obligations more stringent than those provided for byArticles70,and72to76,102(2)andArticle103ortoadditionalobli-
gations, provided that they apply generally to all companies or to all
companiesofagivenclass.
Section8
Publicationandcontentsofthehalf-yearlyreport
Article 72
1. The half-yearly report shall be published within four months of
theendoftherelevantsix-monthperiod.
2. Inexceptional,dulysubstantiatedcases,thecompetentauthorities
shallbepermittedtoextendthetimelimitforpublication.
Article 73
1. Thehalf-yearlyreportshallconsistoffiguresandanexplanatory
statement relating to the company's activities and profits and lossesduringtherelevantsix-monthperiod.
2. Thefigures,presentedintableform,shallindicateatleast:
(a) thenetturnover,and
(b) theprofitorlossbeforeorafterdeductionoftax.
These terms shall have the same meanings as in the Directives on
companyaccounts.
3. The Member States may allow the competent authorities to
authorise companies, exceptionally and on a case-by-case basis, to
supplyestimatedfiguresforprofitsandlosses,providedthatthesharesof each such company are listed officially in only one Member State.The use of this procedure must be indicated by the company in itsreportandmustnotmisleadinvestors.
4. Wherethecompanyhaspaidorproposestopayaninterimdivi-
dend, the figures must indicate the profit or loss after tax for the six-monthperiodandtheinterimdividendpaidorproposed.
5. Againsteachfiguretheremustbeshownthefigureforthecorre-
spondingperiodintheprecedingfinancialyear.
6. The explanatory statement must include any significant informa-
tion enabling investors to make an informed assessment of the trendofthecompany's activities andprofitsorlossestogether withanindi-cation of any special factor which has influenced those activities andthose profits or losses during the period in question, and enable a
comparisontobemadewiththecorrespondingperiodofthepreceding
financialyear.
It must also, as far as possible, refer to the company's likely future
developmentinthecurrentfinancialyear.
7. Wherethefiguresprovidedforinparagraph2areunsuitedtothe
company'sactivities,thecompetentauthoritiesshallensurethatappro-priateadjustmentsaremade.2001L0034—EN—12.04.2003—001.001—35
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Article 74
Where a company publishes consolidated accounts it may publish its
half-yearly report in either consolidated or unconsolidated form.However, the Member States may allow the competent authorities,
where the latter consider that the formnot adopted would have
contained additional material information, to require the company topublishsuchinformation.
Article 75
Where the accounting information has been audited by the official
auditorofthecompany'saccounts,thatauditor'sreportandanyqualifi-cationshemayhaveshallbereproducedinfull.
Article 76
1. Where particular requirements ofthisDirective are unsuitedtoa
company's activities or circumstances, the competent authorities shallensurethatsuitableadaptationsaremadetosuchrequirements.
2. The competent authorities may authorise the omission from the
half-yearly report of certain information provided forin this Directiveiftheyconsider that disclosureofsuchinformation wouldbecontrary
tothepublicinterestorseriouslydetrimentaltothecompany,provided
that,inthelattercase,suchomissionwouldnotbelikelytomisleadthepublic with regard to facts and circumstances knowledge of which isessentialfortheassessmentofthesharesinquestion.
Thecompanyoritsrepresentativesshallberesponsibleforthecorrect-
ness and relevance of the facts on which any application for suchexemptionisbased.
3. Paragraphs1and2shallalsoapplytothemorestringentoraddi-
tionalobligationsimposedpursuanttoArticle71.
4. If a company governed by the law of a non-member country
publishesahalf-yearlyreportinanon-membercountry,thecompetent
authorities may authorise it to publish that report instead of the half-yearlyreportprovidedforinthisDirective,providedthattheinforma-tiongivenisequivalenttothatwhichwouldresultfromtheapplicationofthisDirective.
Article 77
Where a half-yearly report has to be published in more than one
MemberState,thecompetentauthoritiesoftheseMemberStatesshall,by way of derogation fromArticle 71, use their best endeavours toaccept as a single text the text which meets the requirements of the
MemberStateinwhichthecompany'sshareswereadmittedtoofficial
listingforthefirsttimeorthetextwhichmostcloselyapproximatestothat text. Incases ofsimultaneous admission toofficial listing ontwoor more stock exchanges situated or operating in different MemberStates,thecompetentauthoritiesoftheMemberStatesconcernedshall
usetheirbestendeavourstoacceptasasingletextthetextofthereport
which meets the requirements of the Member State in which thecompany'sheadofficeissituated;ifthecompany'sheadofficeissitu-ated in a non-member country, the competent authorities of theMember States concerned shall use their best endeavours to accept asingleversionofthereport.2001L0034—EN—12.04.2003—001.001—36
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CHAPTER II
Obligation of issuers whose debt securities are admitted to official
listing
Section1
Debtsecuritiesissuedbyanundertaking
Article 78
1. The undertaking must ensure that all holders of debt securities
rankingpari passuaregivenequaltreatmentinrespectofalltherights
attachingtothosedebtsecurities.
Providedtheyaremadeinaccordancewithnationallaw,thiscondition
shall not prevent offers of early repayment of certain debt securitiesbeingmadetoholdersbyanundertakinginderogationfromthecondi-tionsofissueandinparticularinaccordancewithsocialpriorities.
2. The undertaking must ensure that at least in each Member State
whereitsdebtsecuritiesareofficiallylistedallthefacilitiesandinfor-mation necessary to enable holders to exercise their rights are
available.Inparticular,itmust:
(a) publish notices or distribute circulars concerning the holding of
meetings ofholdersofdebtsecurities,thepayment ofinterest, theexercise ofany conversion, exchange, subscription orrenunciationrights,andrepayment,
(b) designate asitsagent afinancial institution throughwhichholders
of debt securities may exercise their financial rights, unless theundertakingitselfprovidesfinancialservices.
Article 79
1. An undertaking planning an amendment to its instrument of
incorporationoritsstatutesaffectingtherightsofholdersofdebtsecu-rities must forward a draft thereof to the competent authorities of theMemberStatesinwhichitsdebtsecuritiesarelisted.
2. Thatdraftmustbecommunicatedtothecompetentauthoritiesno
laterthanthecallingofthemeetingofthebodywhichistodecideon
theproposedamendment.
Article 80
1. The undertaking must make available to the public as soon as
possible its most recent annual accounts and its last annual report thepublicationofwhichisrequiredbynationallaw.
2. Ifthe undertaking prepares bothannual ownandannual consoli-
dated accounts, it must make them available to the public. In thatevent,however,thecompetentauthoritymayauthorisetheundertaking
only to make available to the public either the own accounts or the
consolidated accounts, provided that the accounts which are not madeavailabledonotcontainanysignificantadditionalinformation.
3. Iftheaccountsandreportsdonotcomply withtheprovisionsof
Directives concerning companies' accounts and if they do not give atrue and fair view of the undertaking's assets and liabilities, financial
position and results, more detailed and/or additional information must
beprovided.
Article 81
2. The undertaking must inform the public without delay of any
changeintherightsofholdersofdebtsecuritiesresultinginparticularfromachangeinloantermsorininterestrates.2001L0034—EN—12.04.2003—001.001—37
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3. The undertaking must inform the public without delay of new
loan issues and in particular of any guarantee or security in respectthereof.
4. Where the debt securities officially listed are convertible or
exchangeable debentures,ordebentureswithwarrants,theundertakingmust inform the public without delay of any changes in the rightsattachingtothevariousclassesofsharestowhichtheyrelate.
Article 82
1. An undertaking the debt securities of which are officially listed
on stock exchanges situated or operating in different Member Statesmustensurethatequivalentinformationismadeavailabletothemarket
ateachoftheseexchanges.
2. An undertaking the debt securities of which are officially listed
onstockexchangessituatedoroperatinginoneormoreMemberStatesandinoneormore non-member countries mustmake available tothe
marketsoftheMemberStateorMemberStatesinwhichitsdebtsecu-
ritiesarelistedinformationwhichisatleastequivalenttothatwhichitmakesavailabletothemarketsofthenon-membercountryorcountriesin question, if such information may be of importance for the evalua-tionofthedebtsecurities.
Section2
Debt securities issued by a State or its regional or local
authoritiesorbyapublicinternationalbody
Article 83
1. States, their regional or local authorities and public international
bodiesmustensurethatallholdersofdebtsecuritiesranking pari passu
aregivenequaltreatmentinrespectofalltherightsattachingtothosedebtsecurities.
Providedtheyaremadeinaccordancewithnationallaw,thiscondition
shall not prevent offers of early repayment of certain debt securitiesbeing made to holders by an issuer in derogation from the conditionsofissueandinparticularinaccordancewithsocialpriorities.
2. States, their regional or local authorities and public international
bodies must ensure that at least in each Member State in which theirdebt securities are officially listed all the facilities and informationnecessary to enable holders of debt securities to exercise their rightsareavailable.Inparticular,theymust:
(a) publish notices or distribute circulars concerning the holding of
meetings ofholdersofdebtsecurities, thepayment ofinterest andredemption,
(b) designate as their agents financial institutions through which
holdersofdebtsecuritiesmayexercisetheirfinancialrights.
Article 84
1. States, their regional or local authorities and public international
bodies the debt securities of which are officially listed on stockexchangessituatedoroperatingindifferentMemberStatesmustensurethat equivalent information ismade available tothe market ateach of
theseexchanges.
2. States, their regional or local authorities and public international
bodies the debt securities of which are officially listed on stockexchanges situated or operating in one ormore Member States and in
oneormorenon-membercountriesmustmakeavailabletothemarkets
of the Member State or Member States in which their debt securitiesare listed information which is at least equivalent to that which theymakeavailabletothemarketsofthenon-membercountryorcountriesin question, if such information may be of importance for the evalua-tionofthedebtsecurities.2001L0034—EN—12.04.2003—001.001—38
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CHAPTER III
Obligations relating to the information to be published when a major
holding in a listed company is acquired or disposed of
Section1
Generalprovisions
Article 85
1. MemberStatesshallmakesubjecttothisChapternaturalpersons
and legal entities in public or private law who acquire or dispose of,
directly or through intermediaries, holdings meeting the criteria laid
downinArticle89(1)whichinvolvechangesintheholdingsofvotingrights in companies incorporated under their law the shares of whichareofficiallylistedonastockexchangeorexchangessituatedoroper-atingwithinoneormoreMemberStates.
2. Where the acquisition or disposal of a major holding such as
referred to in paragraph 1 is effected by means of certificates repre-senting shares, this Chapter shall apply to the bearers of thosecertificates,andnottotheissuer.
3. This Chapter shall not apply to the acquisition or disposal of
majorholdingsincollectiveinvestmentundertakings.
Article 86
ForthepurposesofthisChapter, ‘acquiring aholding’shallmeannot
only purchasing a holding, but also acquisition by any other means
whatsoever, including acquisition in one of the situations referred toinArticle92.
Article 87
1. For the purposes of this Chapter, ‘controlled undertaking’ shall
meananyundertakinginwhichanaturalpersonorlegalentity:
(a) hasamajorityoftheshareholders'ormembers'votingrights;or
(b) hastherighttoappointorremoveamajorityofthemembersofthe
administrative,managementorsupervisorybodyandisatthesametime a shareholder in, or member of, the undertaking in question;or
(c) is a shareholder or member and alone controls a majority of the
shareholders' or members' voting rights pursuant to an agreement
entered into with other shareholders or members of the under-taking.
2. Forthe purposes of paragraph 1, a parent undertaking's rights as
regardsvoting,appointmentandremovalshallincludetherightsofanyothercontrolledundertakingandthoseofanypersonorentityactinginhisownname butonbehalf oftheparent undertaking orofanyothercontrolledundertaking.
Article 88
Member States may subject the natural persons, legal entities and
companies referred to in Article 85(1) to requirements stricter than
those provided for in this Chapter or to additional requirements,provided that such requirements apply generally to all those acquiringordisposingofholdingsandallcompaniesortoallthosefallingwithina particular category acquiring or disposing of holdings or of compa-nies.2001L0034—EN—12.04.2003—001.001—39
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Section2
Information when a major holding is acquired or
disposedof
Article 89
1. WhereanaturalpersonorlegalentityreferredtoinArticle85(1)
acquires or disposes of a holding in a company referred to in
Article 85(1) and where, following that acquisition or disposal, the
proportionofvotingrightsheldbythat personorlegal entity reaches,exceedsorfallsbelowoneofthethresholdsof10%,20%,1/3,50%and2/3,heshallnotifythecompanyandatthesametimethecompe-tent authority or authorities referred to in Article 96 within seven
calendar days of the proportion of voting rights he holds following
thatacquisitionordisposal.MemberStatesneednotapply:
(a) thethresholdsof20%and ⅓wheretheyapply asinglethreshold
of25%,
(b) thethresholdof /twothirdwheretheyapplythethresholdof75%.
The period of seven calendar days shall start fromthe tim e when the
owner of the major holding learns of the acquisition or disposal, or
from the time when, in view of the circumstances, he should havelearntofit.
Member States may further provide that a company must also be
informed in respect of the proportion of capital held by a naturalpersonorlegalentity.
2. MemberStatesshall,ifnecessary,establishintheirnationallaw,
and determine in accordance with it, the manner in which the votingrights to be taken into account for the purposes of applyingparagraph 1aretobebroughttothenotice ofthenatural personsandlegalentitiesreferredtoinArticle85(1).
Article 90
MemberStatesshallprovidethatatthefirstannualgeneralmeetingof
acompanyreferredtoinArticle85(1),totakeplace,withregardto:
Belgium,asfrom1October1993,
Denmark,asfrom1October1991,
Germany,asfrom1April1995,Greece,asfrom1October1992,Spain,asfrom15June1991,France,asfrom1October1991,Ireland,asfrom1November1991,Italy,asfrom1June1992,Luxembourg,asfrom1June1993,Netherlands,asfrom1May1992,Austria,asfrom1April1995,Portugal,asfrom1August1991,
Finland,asfrom1April1995,
Sweden,asfrom1April1996,andUnitedKingdom,asfrom18December1993,
any natural person or legal entity as referred to in Article 85(1) must
notify the company concerned and at the same time the competentauthority or authorities where he holds 10 % or more of its votingrights, specifying the proportion of voting rights actually held unlessthat person or entity has already made a declaration in accordancewithArticle89.2001L0034—EN—12.04.2003—001.001—40
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Withinonemonthofthatgeneralmeeting,thepublicshallbeinformed
ofallholdingsof10%ormoreinaccordancewithArticle91.
Article 91
A company which has received a declaration referred to in the first
subparagraph of Article 89(1) must in turn disclose it to the public in
eachoftheMemberStatesinwhichitssharesareofficiallylistedona
stock exchange as soon as possible but not more than nine calendardaysafterthereceiptofthatdeclaration.
AMemberStatemayprovideforthedisclosuretothepublic,referred
tointhefirstsubparagraph,tobemadenotbythecompanyconcerned
but by the competent authority, possibly in cooperation with thatcompany.
Section3
Determinationofthevotingrights
Article 92
For the purposes of determining whether a natural person or legal
entity as referred toinArticle 85(1)isrequired to make a declarationas provided for in Article 89(1) and in Article 90, the following shallberegardedasvotingrightsheldbythatpersonorentity:
(a) voting rights held by other persons or entities in their own names
butonbehalfofthatpersonorentity,
(b) voting rights held by an undertaking controlled by that person or
entity;
(c) votingrightsheldbyathirdpartywithwhomthatpersonorentity
hasconcludedawrittenagreementwhichobligesthemtoadopt,byconcertedexerciseofthevotingrightstheyhold,alastingcommon
policytowardsthemanagementofthecompanyinquestion.
(d) voting rights held by a third party under a written agreement
concluded with that person or entity or with an undertaking
controlled by that person or entity providing for the temporarytransferforconsiderationofthevotingrightsinquestion,
(e) voting rights attaching to shares owned by that person or entity
which are lodged as security, except where the person or entityholding the security controls the voting rights and declares hisintention of exercising them, in which case they shall be regarded
asthelatter'svotingrights,
(f) votingrightsattachingtosharesofwhichthatpersonorentityhas
thelifeinterest,
(g) votingrightswhichthatpersonorentityoroneoftheotherpersons
or entities mentioned in points (a) to (f) is entitled to acquire, onhis own initiative alone, under a formal agreement; in such cases,thenotificationprescribedinArticle89(1)shallbeeffectedonthedateoftheagreement,
(h) voting rights attaching to shares deposited with that person or
entity which that person or entity can exercise at its discretion in
theabsenceofspecificinstructionsfromtheholders.
BywayofderogationfromArticle89(1),whereapersonorentitymay
exercisevotingrightsreferredtoinpoint(h)ofthefirstparagraphina
companyandwherethetotalityofthesevotingrightstogetherwiththe
other voting rights held by that person or entity in that companyreachesorexceedsoneofthethresholdsprovidedforinArticle89(1),Member States may lay down that the said person or entity is onlyobligedtoinformthecompanyconcerned21calendar daysbeforethegeneralmeetingofthatcompany.2001L0034—EN—12.04.2003—001.001—41
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Section4
Exemptions
Article 93
If the person or entity acquiring or disposing of a major holding as
definedinArticle89isamemberofagroupofundertakingsrequired
under Council Directive 83/349/EEC(1) to draw up consolidated
accounts, that person or entity shall be exempt from the obligation tomakethedeclarationprovidedforinArticle89(1)andinArticle90ifitismadebytheparentundertakingor,wheretheparentundertakingisitselfasubsidiaryundertaking,byitsownparentundertaking.
Article 94
1. The competent authorities may exempt from the declaration
provided for in Article 89(1) the acquisition or disposal of a majorholding,asdefinedinArticle89,byaprofessionaldealerinsecurities,insofar as that acquisition or disposal is effected in his capacity as aprofessional dealer in securities and insofar as the acquisition is notused by the dealer to intervene in the management of the company
concerned.
2. Thecompetentauthoritiesshallrequiretheprofessionaldealersin
securitiesreferredtoinparagraph1tobemembersofastockexchangesituated or operating within a Member State or to be approved orsupervisedbyacompetentauthoritysuchasreferredtoinArticle105.
Article 95
The competent authorities may, exceptionally, exempt the companies
referredtoinArticle85(1)fromtheobligationtonotifythepublicset
outinArticle91wherethoseauthoritiesconsiderthatthedisclosureofsuch information would be contrary to the public interest or seriouslydetrimental to the companies concerned, provided that, in the lattercase, such omission would not be likely to mislead the public with
regard to the facts and circumstances knowledge of which is essential
fortheassessmentofthetransferablesecuritiesinquestion.
Section5
Competentauthorities
Article 96
For the purpose of this Chapter, the competent authorities shall be
those of the Member State the law of which governs the companiesreferredtoinArticle85(1).
Section6
Sanctions
Article 97
Member States shall provide for appropriate sanctions in cases where
the natural persons or legal entities and the companies referred to inArticle85(1)donotcomplywiththeprovisionsofthisChapter.2001L0034—EN—12.04.2003—001.001—42
(1) OJ L 193, 18.7.1983, p. 1. Directive as last amended by the 1994 Act of
Accession.
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TITLEV
PUBLICATION AND COMMUNICATION OF THE INFORMA-
TION
CHAPTER I
Publication and communication of listing particulars for the admis-
sion of securities to the official stock exchange listing
Section1
Procedures and period of publication of listing particu-
larsandtheirsupplements
Article 98
1. Listingparticularsmustbepublishedeither:
(a) by insertion in one or more newspapers circulated throughout the
Member State in which the admission to official listing of securi-tiesissought,orwidelycirculatedtherein,or
(b) inthe formofa brochure to be m ade available, free of charge, to
thepublic atthe officesofthe stockexchange orstockexchangesonwhichthesecuritiesarebeingadmittedtoofficiallisting,attheregistered office of the issuer and at the offices of the financial
organisations retained to act as the latter's paying agents in the
Member State in which the admission of securities to officiallistingissought.
2. In addition, either the complete listing particulars or a notice
stating where the listing particulars have been published and where
they may be obtained by the public must be inserted in a publication
designated by the Member State in which the admission of securitiestoofficiallistingissought.
Article 99
1. Listing particulars mustbe published within a reasonable period,
tobelaid downinnational legislation orbythecompetent authoritiesbeforethedateonwhichofficiallistingbecomeseffective.
Moreover, where the admission of securities to official listing is
preceded by trading of the pre-emptive subscription rights giving riseto dealings recorded in the official list, the listing particulars must bepublishedwithinareasonableperiod,tobelaiddownbythecompetentauthoritiesbeforesuchtradingstarts.
2. Inexceptional, properlyjustified cases,thecompetent authorities
mayallowthepostponementofthepublicationofthelistingparticularsuntilafter:
(a) thedateonwhichofficial listingbecomeseffective, inthecaseof
securities of a class already listed on the same stock exchange
issuedinconsiderationoftransfersofassetsotherthancash,
(b) the date of the opening of trading in pre-emptive subscription
rights.
3. If the admission of debt securities to official listing coincides
with their public issue and if some of the terms of the issue are notfinalised until the last moment, the competent authorities may merelyrequirethepublication,withinareasonableperiod,oflistingparticularsomitting information as to these terms but indicating how it will begiven. Such information must be published before the date on which
official listing starts, except where debt securities are issued on a
continuousbasisatvaryingprices.
Article 100
Every significant new factor capable of affecting assessment of the
securities which arises between the time when the listing particularsareadoptedandthetimewhenstockexchangedealingsbeginshallbe2001L0034—EN—12.04.2003—001.001—43
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covered by a supplement to the listing particulars, scrutinised in the
samewayasthelatterandpublishedinaccordancewithprocedurestobelaiddownbythecompetentauthorities.
Section2
Priorcommunicationtothecompetentauthoritiesofthe
meansofpublication
Article 101
Where listing particulars are, orwill be, published inaccordance with
Articles3and20fortheadmissionofsecuritiestoofficial listing,the
notices, bills, posters and documents announcing this operation andindicating theessential characteristics ofthesesecurities, andallotherdocuments relating to their admission and intended for publication bythe issueroronhisbehalf,mustfirstbecommunicated tothecompe-
tent authorities. The latter shall decide whether they should be
submittedtoscrutinybeforepublication.
Theabovementioneddocumentsmuststatethatlistingparticularsexist
andindicate wheretheyarebeing,orwillbe,publishedinaccordancewithArticle98.
CHAPTER II
Publication and communication of information after listing
Article 102
1. The information referred to in Articles 67, 68, 80, 81 and 91
which issuers of a security admitted to official listing in one or more
Member States are required to make available to the public shall be
published in one or more newspapers distributed throughout theMemberStateorStatesconcernedorwidelydistributedthereinorshallbemadeavailabletothepubliceitherinwritinginplacesindicatedbyannouncements tobepublishedinoneormorenewspapersdistributedthroughouttheMemberStateorStatesconcernedorwidelydistributed
therein, or by other equivalent means approved by the competent
authorities.
The issuers must simultaneously send the information referred to in
Articles67,68,80and81tothecompetentauthorities.
2. Thehalf-yearlyreportreferredtoinArticle70mustbepublished
in the Member State or Member States where the shares are admittedto official listing by insertion in one or more newspapers distributedthroughout the State or widely distributed therein or in the nationalgazette, or shall be made available to the public either in writing inplaces indicated by announcement to be published in one or more
newspapers distributed throughout the State or widely distributed
therein, or by other equivalent means approved by the competentauthorities.
Thecompanyshallsendacopyofitshalf-yearlyreportsimultaneously
tothecompetent authorities ofeach MemberStateinwhichitsshares
are admitted to official listing. It shall do so not later than the time
whenthehalf-yearlyreportispublishedforthefirsttimeinaMemberState.
CHAPTER III
Languages
Article 103
TheinformationreferredtoinArticles67,68,80,81and91,inaddi-
tion to the half-yearly report referred to in Article 70, must be drawnup in the official language or languages or in one of the officiallanguages or in another language, provided that, in the Member Stateconcerned, suchofficial language orlanguagesorsuchotherlanguage2001L0034—EN—12.04.2003—001.001—44
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arecustomaryinthesphereoffinanceandareacceptedbythecompe-
tentauthorities.
Article 104
The information referred to in Article 23(4)(c) and (d) shall be
published in the official language or one of the official languages oftheMemberStateinwhichadmissiontoofficiallistingissoughtorinanother language, provided that in the Member State in question thatother language is customary in the sphere of finance, accepted by the
competent authorities and, where appropriate, such further conditions
astheymayimposearecompliedwith.
TITLEVI
COMPETENT AUTHORITIES AND COOPERATION
BETWEENMEMBERSTATES
Article 105
1. MemberStatesshallensurethatthisDirectiveisappliedandshall
appoint one or more competent authorities for the purposes of the
Directive. They shall notify the Commission thereof, giving details of
anydivisionofpowersamongthem.
2. Member States shall ensure that the competent authorities have
thepowersnecessaryforthemtocarryouttheirtask.
3. ThisDirectiveshallnotaffectthecompetentauthorities'liability,
whichshallcontinuetobegovernedsolelybynationallaw.
Article 106
The competent authorities shall cooperate whenever necessary for the
purposeofcarryingouttheirdutiesandshallexchangeanyinformationusefulforthatpurpose.
Article 107
1. Member States shall provide that all persons employed or
formerly employed by the competent authorities shall be bound byprofessional secrecy. This means that any confidential informationreceived in the course of their duties may not be divulged to any
personorauthorityexceptbyvirtueofprovisionslaiddownbylaw.
2. Paragraph 1 shall not, however, preclude the competent authori-
ties of the various Member States from exchanging information asprovided for in this Directive. Information thus exchanged shall becoveredbytheobligationofprofessionalsecrecytowhichthepersons
employedorformerlyemployedbythecompetentauthoritiesreceiving
theinformationaresubject.
3. Without prejudice to cases covered by criminal law, the compe-
tent authorities which, pursuant to Article 106, receive informationunder Title III,Chapter I,Title V,Chapter Iand AnnexI,may useit
onlyfortheperformanceoftheirdutiesorinthecontextofadministra-
tiveappealsorlegalproceedingsinrelationtosuchperformance.
Acompetent authority which,pursuanttoparagraph 2,receives confi-
dential information under Title IV, Chapter III, may use it solely fortheperformanceofitsduties.2001L0034—EN—12.04.2003—001.001—45
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TITLEVII
CONTACTCOMMITTEE
CHAPTER I
Composition, working and tasks of the Committee
Article 108
1. A Contact Committee, hereinafter called ‘the Committee’, shall
besetupalongsidetheCommission.
The Committee shall be composed of persons appointed by the
Member States and of representatives of the Commission. Thechairman shall be a representative of the Commission. SecretarialservicesshallbeprovidedbytheCommission.
Meetings of the Committee shall be convened by its chairman, either
onhisowninitiativeorattherequestofoneMemberStatedelegation.TheCommitteeshalldrawupitsrulesofprocedure.
2. TheCommitteeshallhaveasitsfunction:
(a) with regard to conditions for admission of securities to official
listing, the conditions of establishment, the control and circulation
of listing particulars to be published for admission, and periodicinformation tobepublishedbythe companies ofwhichthe sharesare admitted, without prejudice to Articles 226 and 227 of theTreatytofacilitatetheharmonisedimplementationofthisDirective
through regular consultations on any practical problems arising
fromits application on which exchanges of views are deem eduseful;
(b) with regard to the information to be published when a major
holding in a listed company is acquired or disposed of, to permitregular consultations on any practical problems which arise fromthe application of this Directive and on which exchanges of viewaredeemeduseful;
(c) to facilitate the establishment of a concerted attitude between the
MemberStateson:
(i) the more stringent or additional conditions and obligations
which, pursuant to Article 8, they may lay down at nationallevel;
(ii) the supplements and improvements to the listing particulars
which the competent authorities are entitled to require or
recommendatnationallevel;
(iii) the stricter or additional requirements which they may lay
down in accordance with Articles 71 and 88, so that therequirements imposed in all the Member States may bebrought into line, in accordance with Article 44(2)(g) of theTreaty;
(d) toadvisetheCommission,ifnecessary,onanyadditionsoramend-
ments to be made to this Directive, and in particular, to considerthe possible modification of Articles 71 and 73 in the light of
progress towards the convergence of obligations referred to in
(c)(iii) above or any adjustments to be made in accordance withArticle109.
ItshallnotbethefunctionoftheCommittee toappraisethemeritsof
decisionstakenbythecompetentauthoritiesinindividualcases.
CHAPTER II
Adaptation of the amount of equity market capitalisation
Article 109
1. For the purpose of adjusting, in the light of the requirements of
theeconomicsituation,theminimumamountoftheforeseeablemarket2001L0034—EN—12.04.2003—001.001—46
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capitalisation laiddowninArticle 43(1),theCommissionshallsubmit
totheCommitteeadraftofthemeasurestobetaken.
2. Articles5and7ofCouncilDecision1999/468/ECof28June1999
laying down the procedures for the exercise of implementing powers
conferred on the Commission(1) shall apply, in compliance with
Article7(3)andArticle8thereof.
3. The period laid down in Article 5(6) of Decision 1999/468/EC
shallbesetatthreemonths.
TITLEVIII
FINALPROVISIONS
Article 110
TheMemberStatesshallcommunicate totheCommissionthetextsof
the main laws, regulations and administrative provisions which theyadoptinthefieldcoveredbythisDirective.
Article 111
1. Directives 79/279/EEC, 80/390/EEC, 82/121/EEC and 88/627/
EEC, as amended by the acts listed in Annex II Part A, are hereby
repealed without prejudice to the obligations of the Member Statesconcerningthetime-limitsfortranspositionsetoutinAnnexIIPartB.
2. ReferencestotherepealedDirectivesshallbeconstruedasrefer-
ences to this Directive and should be read in accordance with thecorrelationtableshowninAnnexIII.
Article 112
ThisDirectiveshallenterintoforcethetwentiethdayfollowingthatof
itspublicationinthe Official Journal of the European Communities .
Article 113
ThisDirectiveisaddressedtotheMemberStates.2001L0034—EN—12.04.2003—001.001—47
(1) OJL184,17.7.1999,p.23.
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ANNEX I
SCHEDULE OF LISTING PARTICULARS FOR THE ADMISSION OF
SECURITIESTOTHEOFFICIALSTOCKEXCHANGELISTING
SCHEDULEA
Layout for listing particulars for the admission of shares to official stock
exchangelisting
Chapter 1
Information concerning those responsible for listing particulars and the
auditingofaccounts
1.1. Name and function of natural persons and name and registered office of
legal personsresponsibleforthelistingparticulars or,asthecasemaybe,
for certain parts of them, with, in the latter case, an indication of those
parts.
1.2. Declarationbythoseresponsiblereferredtoinheading1.1that,tothebest
oftheirknowledge,theinformationgiveninthatpartofthelistingparticu-
lars for which they are responsible is in accordance with the facts and
containsnoomissionslikelytoaffecttheimportofthelistingparticulars.
1.3. Names, addresses and qualifications of the official auditors who have
audited the company's annual accounts for the preceding three financial
yearsinaccordancewithnationallaw.
Statement that the annual accounts have been audited. If audit reports on
the annual accounts have been refused by the official auditors or if they
contain qualifications, such refusal or such qualifications shall be repro-
ducedinfullandthereasonsgiven.
Indication of other information in the listing particulars which has been
auditedbytheauditors.
Chapter 2
Information concerning admission to official listing and the shares for the
admissionofwhichapplicationisbeingmade
2.1. Indicationthattheadmissionappliedforisadmissiontoofficiallistingof
shares already marketed or admission to listing with a view to stock
exchangemarketing.
2.2. Information concerning the shares in respect of which application for
officiallistingisbeingmade:
2.2.0. Indication of the resolutions, authorisations and approvals by virtue of
whichtheshareshavebeenorwillbecreatedand/orissued.
Natureoftheissueandamountthereof.
Number of shares which have been or will be created and/or issued, if
predetermined.
2.2.1. Inthecaseofsharesissuedinconnectionwithamerger,thedivisionofa
company,thetransferofallorpartofanundertaking'sassetsandliabil-
ities,atakeoveroffer,orasconsiderationforthetransferofassetsother
than cash, indication of where the documents describing the terms and
conditionsofsuchoperationsareavailableforinspectionbythepublic.
2.2.2. A concise description of the rights attaching to the shares, and in parti-
cular the extent of the voting rights, entitlement to share in the profits
andtoshareinanysurplusintheeventofliquidationandanyprivileges.
Time limit after which dividend entitlement lapses and indication of the
partyinwhosefavourthisentitlementoperates.
2.2.3. Tax on the income from the shares withheld at source in the country of
originand/orthecountryoflisting.
Indication as to whether the issuer assumes responsibility for the with-
holdingoftaxatsource.
2.2.4. Arrangementsfortransferofthesharesandanyrestrictionsontheirfree
negotiability(e.g.clauseestablishingapprovalrequirement).
2.2.5. Dateonwhichentitlementtodividendsarises.2.2.6. The stock exchanges where admission to official listing is or will be
sought.2001L0034—EN—12.04.2003—001.001—48
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2.2.7. The financial organisations which, at the time of admission of shares to
official listing, are the paying agents of the issuerin the Member States
whereadmissionhastakenplace.
2.3. Insofarasitisrelevant,informationconcerningissueandplacing,public
orprivate,ofthesharesinrespectofwhichtheapplicationforadmission
to official listing is made where suchissueor placing hasbeen effected
withinthe12monthsprecedingadmission:
2.3.0. Indication of the exercise of the right of pre-emption of shareholders or
oftherestrictionorwithdrawalofsuchright.
Indication, whereapplicable, ofthe reasonsforrestriction orwithdrawal
ofsuchright;insuchcases,justificationoftheissueprice,whereanissue
isforcash;indicationofthebeneficiariesiftherestrictionorwithdrawal
oftherightofpre-emptionisintendedtobenefitspecificpersons.
2.3.1. Thetotalamountofthepublicorprivateissueorplacingandthenumber
ofsharesoffered,whereapplicablebycategory.
2.3.2. Ifthepublicorprivateissueorplacingwereorarebeingmadesimulta-
neouslyonthemarketsoftwoormoreStatesandifatranchehasbeenor
isbeingreservedforcertainofthese,indicationofanysuchtranche.
2.3.3. Theissuepriceortheofferorplacingprice,statingthenominalvalueor,
inits absence, the accounting par value orthe amount tobe capitalised;
the issue premium and the amount of any expenses specifically charged
tothesubscriberorpurchaser.
Themethodsofpaymentoftheprice,particularlyasregardsthepaying-
upofshareswhicharenotfullypaid.
2.3.4. The procedure for the exercise of any right of pre-emption; the negotia-
bility of subscription rights; the treatment of subscription rights not
exercised.
2.3.5. Period of the opening of the issue or offer of shares, and names of the
financial organisations responsible for receiving the public's subscrip-
tions.
2.3.6. Methodsofandtimelimitsfordeliveryoftheshares,possiblecreationor
provisionalcertificates.
2.3.7. Names,addressesanddescriptions ofthenatural orlegal personsunder-
writingorguaranteeingtheissuefortheissuer.Wherenotalloftheissue
isunderwrittenorguaranteed,astatementoftheportionnotcovered.
2.3.8. Indication or estimate of the overall amount and/or of the amount per
shareofthechargesrelatingtotheissueoperation,statingthetotalremu-
neration of the financial intermediaries, including the underwriting
commission or margin, guarantee commission, placing commission or
sellingagent'scommission.
2.3.9. Netproceedsaccruing totheissuerfromtheissueandintended applica-
tion of such proceeds, e.g. to finance the investment programme or to
strengthentheissuer'sfinancialposition.
2.4. Informationconcerningadmissionofsharestoofficiallisting.
2.4.0. Description of the shares for which admission to official listing is
applied, and in particular the number of shares and nominal value per
share, or, in the absence of nominal value, the accounting par value or
the total nominal value, the exact designation or class, and coupons
attached.
2.4.1. Ifthesharesaretobemarketedonthestockexchangeandnosuchshares
have previously been sold to the public, a statement of the number of
shares made available to the market and of their nominal value, or, in
the absence of nominal value, of their accounting par value, or a state-
ment of the total nominal value and, where applicable, a statement of
theminimumofferprice.
2.4.2. Ifknown,thedatesonwhichthenewshareswillbelistedanddealtin.2.4.3. If shares of the same class are already listed on one or more stock
exchanges,indicationofthesestockexchanges.
2.4.4. Ifsharesofthe same class have notyet been admitted to official listing
butaredealtinononeormoreothermarketswhicharesubjecttoregu-
lation,areinregularoperationandarerecognisedandopen,indicationof
suchmarkets.
2.4.5. Indication of any of the following which have occurred during the last
financialyearandthecurrentfinancialyear:
(a) publictakeoveroffersbythirdpartiesinrespectoftheissuer'sshares,
(b) public takeover offers by the issuer in respect of other companies'
shares.2001L0034—EN—12.04.2003—001.001—49
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The price or exchange terms attaching to such offers and the outcome
thereofaretobestated.
2.5. If, simultaneously or almost simultaneously with the creation of shares
for which admission to official listing is being sought, shares of the
same class are subscribed for or placed privately or if shares of other
classes are created for public or private placing, details are to be given
ofthenatureofsuchoperationsandofthenumberandcharacteristicsof
thesharestowhichtheyrelate.
Chapter 3
Generalinformationabouttheissueranditscapital
3.1. Generalinformationabouttheissuer:
3.1.0. Name, registered office and principal administrative establishment if
differentfromtheregisteredoffice.
3.1.1. Date of incorporation and the length of life of the issuer, except where
indefinite.
3.1.2. Legislation under which the issuer operates and legal formwhich it has
adoptedunderthatlegislation.
3.1.3. Indication of the issuer's objects and reference to the clause of the
memorandumofassociationinwhichtheyaredescribed.
3.1.4. Indicationoftheregisterandoftheentrynumbertherein.3.1.5. Indication of where the documents concerning the issuer which are
referredtointhelistingparticularsmaybeinspected.
3.2. Generalinformationaboutthecapital:
3.2.0. Theamountoftheissuedcapital,thenumberandclassesofthesharesof
whichitiscomposedwithdetailsoftheirprincipalcharacteristics;
thepartoftheissuedcapitalstilltobepaidup,withanindicationofthe
number, or total nominal value, and the type of the shares not yet fully
paidup,brokendownwhereapplicable accordingtotheextenttowhich
theyhavebeenpaidup.
3.2.1. Where there is authorised but unissued capital or an undertaking to
increasethecapital,interaliainconnectionwithconvertibleloansissued
orsubscriptionoptionsgranted,indicationof:
(a) the amount ofsuchauthorised capital or capital increase and, where
appropriate,thedurationoftheauthorisation,
(b) the categories of persons having preferential subscription rights for
suchadditionalportionsofcapital,
(c) thetermsand,arrangementsfortheshareissuecorrespondingtosuch
portions.
3.2.2. Iftherearesharesnotrepresentingcapital,thenumberandmaincharac-
teristicsofsuchsharesaretobestated.
3.2.3. Theamountofanyconvertibledebtsecurities,exchangeabledebtsecuri-
tiesordebtsecuritieswithwarrants,withanindicationoftheconditions
governingandtheproceduresforconversion,exchangeorsubscription.
3.2.4. Conditions imposed by the memorandum and articles of association
governing changes in the capital and in the respective rights of the
various classes of shares, where such conditions are more stringent than
isrequiredbylaw.
3.2.5. Summary description of the operations during the three preceding years
whichhave changed theamount ofthe issuedcapital and/or the number
andclassesofsharesofwhichitiscomposed.
3.2.6. Asfarastheyareknowntotheissuer,indication ofthenatural orlegal
personswho,directlyorindirectly,severallyorjointly,exerciseorcould
exercise control over the issuer, and particulars of the proportion of the
capitalheldgivingarighttovote.
Jointcontrolshallmeancontrolexercisedbymorethanonecompanyor
bymorethanonepersonhavingconcludedanagreementwhichmaylead
totheiradoptingacommonpolicyinrespectoftheissuer.
3.2.7. Insofar as they are known to the issuer, indication of the shareholders
who,directlyorindirectly,holdaproportionoftheissuer'scapitalwhich
theMemberStatesmaynotfixatmorethan20%.
3.2.8. Iftheissuerbelongstoagroupofundertakings,abriefdescriptionofthe
groupandoftheissuer'spositionwithinit.
3.2.9. Number, book value and nominal value or, in the absence of a nominal
value,theaccountingparvalueofanyofitsownshareswhichtheissuer2001L0034—EN—12.04.2003—001.001—50
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oranother company inwhich ithasadirect orindirect holding ofmore
than50%hasacquiredandisholding,ifsuchsecuritiesdonotappearas
aseparateitemonthebalancesheet.
Chapter 4
Informationconcerningtheissuer'sactivities
4.1. Theissuer'sprincipalactivities:
4.1.0. Descriptionoftheissuer'sprincipalactivities,statingthemaincategories
ofproductssoldand/orservicesperformed.
Indicationofanysignificantnewproductsand/oractivities.
4.1.1. Breakdownofnetturnoverduringthepastthreefinancial yearsbycate-
goriesofactivityandintogeographicalmarketsinsofaras,takingaccount
ofthemannerinwhichthesaleofproductsandtheprovisionofservices
falling within the issuer's ordinary activities are organised, these cate-
goriesandmarketsdiffersubstantiallyfromoneanother.
4.1.2. Location and size of the issuer's principal establishments and summary
information about real estate owned. Any establishment which accounts
formorethan10%ofturnoverorproductionshallbeconsideredaprin-
cipalestablishment.
4.1.3. For mining, extraction of hydrocarbons, quarrying and similar activities
insofar as significant, description of deposits, estimate of economically
exploitablereservesandexpectedperiodofworking.
Indication of the periods and main terms of concessions and the
economicconditionsforworkingthem.
Indicationoftheprogressofactualworking.
4.1.4. Wheretheinformationgivenpursuanttoheadings4.1.0to4.1.3hasbeen
influencedbyexceptionalfactors,thatfactshouldbementioned.
4.2. Summary information regarding the extent to which the issuer is depen-
dent, if at all, on patents or licences, industrial, commercial or financial
contracts or new manufacturing processes, where such factors are of
fundamentalimportancetotheissuer'sbusinessorprofitability.
4.3. Information concerning policy on the research and development of new
productsandprocessesoverthepastthreefinancial years,wheresignifi-
cant.
4.4. Information on any legal or arbitration proceedings which may have or
have had a significant effect on the issuer's financial position in the
recentpast.
4.5. Informationonanyinterruptionsintheissuer'sbusinesswhichmayhave
or have had a significant effect on the issuer's financial position in the
recentpast.
4.6. Average numbers employed and changes therein over the past three
financial years, if such changes are material, with, if possible, a break-
downofpersonsemployedbymaincategoriesofactivity.
4.7. Investmentpolicy:
4.7.0. Description,withfigures,ofthemaininvestmentsmade,includinginter-
ests such as shares, debt securities, etc., in other undertakings over the
past three financial years and the months already elapsed of the current
financialyear.
4.7.1. Information concerning the principal investments being made with the
exceptionofinterestsbeingacquiredinotherundertakings.
Distributionoftheseinvestmentsgeographically(homeandabroad).
Methodoffinancing(internalorexternal).
4.7.2. Informationconcerningtheissuer'sprincipalfutureinvestments,withthe
exception of interests to be acquired in other undertakings on which its
managementbodieshavealreadymadefirmcommitments.
Chapter 5
Information concerning the issuer'sassetsand liabilities, financial position
andprofitsandlosses
5.1. Accountsoftheissuer:
5.1.0. The last three balance sheets and profit and loss accounts drawn up by
the company set out as a comparative table. The notes on the annual
accountsforthelastfinancialyear.2001L0034—EN—12.04.2003—001.001—51
▼B
The draft listing particulars must be filed withthe competent authorities
notmorethan18monthsaftertheendofthefinancialyeartowhichthe
last annual accounts published relate. The competent authorities may
extendthatperiodinexceptionalcases.
5.1.1. If the issuer prepares consolidated annual accounts only, it shall include
thoseaccountsinthelistingparticularsinaccordancewithheading5.1.0.
Iftheissuerpreparesbothownandconsolidatedannualaccounts,itshall
includebothsetsofaccountsinthelistingparticularsinaccordancewith
heading5.1.0.
However,thecompetentauthoritiesmayallowtheissuertoincludeeither
the own or the consolidated annual accounts, on condition that the
accountswhicharenotincludeddonotprovideanysignificantadditional
information.
5.1.2. Theprofitorlosspershareoftheissuingcompany,forthefinancialyear,
arising out of the company's ordinary activities, after tax, for the last
three financial years, where the company includes its own annual
accountsinthelistingparticulars.
Wheretheissuerincludesonlyconsolidatedannualaccountsinthelisting
particulars, it shall indicate the consolidated profit or loss per share, for
thefinancialyear,forthelastthreefinancialyears.Thisinformationshall
appear in addition to that provided in accordance with the preceding
subparagraph where the issuer also includes its own annual accounts in
thelistingparticulars.
Ifinthecourseoftheabovementionedperiodofthreefinancialyearsthe
number of shares in the issuing company has changed as a result, for
example, of an increase or decrease in capital or the rearrangement or
splittingofshares,theprofitorlosspersharereferredtointhefirstand
second subparagraph above shall be adjusted to make them comparable;
inthateventtheadjustmentformulaeusedshallbedisclosed.
5.1.3. The amount of the dividend per share for the last three financial years,
adjusted,ifnecessary,tomakeitcomparableinaccordancewiththethird
subparagraphofheading5.1.2.
5.1.4. Wheremorethanninemonthshaveelapsedsincetheendofthefinancial
year to which the last published own annual and/or consolidated annual
accounts relate, an interimfinancial statem ent covering at least the first
six months shall be included in the listing particulars or appended to
them. If such an interim financial statement is unaudited, that fact must
bestated.
Where the issuer prepares consolidated annual accounts, the competent
authorities shall decide whether the interimfinancial statem ent to be
submittedmustbeconsolidatedornot.
Any significant change which has occurred since the end of the last
financial year or the preparation of the interim financial statement must
be described in a note inserted in the listing particulars or appended
thereto.
5.1.5. IftheownorconsolidatedannualaccountsdonotcomplywiththeDirec-
tivesoncompanies'annualaccountsanddonotgiveatrueandfairview
of the issuer's assets and liabilities, financial position and profits and
losses,moredetailedand/oradditionalinformationmustbegiven.
5.1.6. Atableshowingthesourcesandapplicationoffundsoverthepastthree
financialyears.
5.2. Individual details listed below relating to the undertakings in which the
issuerholdsaproportionofthecapitallikelytohaveasignificanteffect
on the assessment of its own assets and liabilities, financial position or
profitsandlosses.
The items of information listed below must be given in any event for
everyundertakinginwhichtheissuerhasadirectorindirectparticipating
interest,ifthebookvalueofthatparticipating interestrepresentsatleast
10%ofthecapitalandreservesoraccountsforatleast10%ofthenet
profitorlossoftheissueror,inthecaseofagroup,ifthebookvalueof
thatparticipatinginterestrepresentsatleast10%oftheconsolidatednet
assetsoraccountsforatleast10%oftheconsolidatednetprofitorloss
ofthegroup.
Theitemsofinformationlistedbelowneednotbegivenprovidedthatthe
issuerprovesthatitsholdingisofapurelyprovisionalnature.
Similarly, the information required under points (e) and (f) may be
omitted where the undertaking in which a participating interest is held
doesnotpublishitsannualaccounts.
TheMemberStatesmayauthorisethecompetentauthoritiestopermitthe
omission of the information prescribed in points (d) to (j) if the annual2001L0034—EN—12.04.2003—001.001—52
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accountsoftheundertakingsinwhichtheparticipating interestsareheld
are consolidated into the group annual accounts or if the value attribu-
table to the interest under the equity method is disclosed in the annual
accounts, provided that, in the opinion of the competent authorities, the
omission of that information is not likely to mislead the public with
regard to the facts and circumstances, knowledge of which is essential
fortheassessmentofthesecurityinquestion.
Theinformationprovidedforunderpoints(g)and(j)maybeomittedif,
in the opinion of the competent authorities, such omission does not
misleadinvestors.
(a) Nameandregisteredofficeoftheundertaking.
(b) Fieldofactivity.
(c) Proportionofcapitalheld.
(d) Issuedcapital.
(e) Reserves.
(f) Profitor lossarising out of ordinary activities, after tax, for the last
financialyear.
(g) Valueatwhichtheissuerobligedtopublishlistingparticularsshows
sharesheldinitsaccounts.
(h) Amountstilltobepaiduponsharesheld.
(i) Amountofdividendsreceivedinthecourseofthelastfinancialyear
inrespectofsharesheld.
(j) Amount of the debts owed to and by the issuer with regard to the
undertaking.
5.3. Individual information relating to the undertakings not referred to in
heading5.2inwhichtheissuerholdsatleast10%ofthecapital.These
details may be omitted when they are of negligible importance for the
purposeoftheobjectivesetinArticle21:
(a) nameandregisteredofficeoftheundertaking;
(b) proportionofcapitalheld.
5.4. When the listing particulars comprise consolidated annual accounts,
disclosure:
(a) of the consolidation principles applied. These shall be described
explicitlywheretheMemberStatehasnolawsgoverningtheconso-
lidation of annual accounts or where such principles are not in
conformity with such laws or with a generally accepted method in
use in the Member State in which the stock exchange on which
admissiontoofficiallistingisrequestedissituatedoroperates;
(b) of the names and registered offices of the undertakings included in
theconsolidation,wherethatinformationisimportantforthepurpose
of assessing the assets and liabilities, the financial position and the
profitsandlossesoftheissuer.Itissufficienttodistinguishthemby
a sign in the list of undertakings of which details are required in
heading5.2;
(c) foreachoftheundertakingsreferredtoin(b):
(i) thetotalproportionofthird-partyinterests,ifannualaccountsare
consolidatedglobally;
(ii) the proportion of the consolidation calculated on the basis of
interests,ifconsolidationhasbeeneffectedonaproratabasis.
5.5. Wheretheissuerisadominantundertakingformingagroupwithoneor
moredependent undertakings,thedetails providedforinChapters4and
7shallbegivenforthatissuerandgroup.
The competent authorities may permit the provision of that information
fortheissueraloneorforthegroupalone,providedthatthedetailswhich
arenotprovidedarenotmaterial.
5.6. If certain information provided for under this Schedule is given in the
annualaccountsprovidedinaccordancewiththisChapter,itneednotbe
repeated.
Chapter 6
Informationconcerningadministration,managementandsupervision
6.1. Names,addressesandfunctionsintheissuingcompanyofthefollowing
persons and an indication of the principal activities performed by them2001L0034—EN—12.04.2003—001.001—53
▼B
outside that company where these are significant with respect to that
company:
(a) membersoftheadministrative,managementorsupervisorybodies;
(b) partners with unlimited liability, in the case of a limited partnership
withasharecapital;
(c) founders, if the company has been established for fewer than five
years.
6.2. Interestsofthemembersoftheadministrative,managementandsupervi-
sorybodiesintheissuingcompany:
6.2.0. Remuneration paid and benefits in kind granted, during the last
completed financial year under any heading whatsoever, and charged to
overheadsortheprofitappropriationaccount,tomembersoftheadmin-
istrative, management and supervisory bodies, these being total amounts
foreachcategoryofbody.
Thetotalremuneration paidandbenefitsinkindgranted toall members
of the administrative, management and supervisory bodies of the issuer
by all the dependent undertakings with which it forms a group must be
indicated.
6.2.1. Total number of shares in the issuing company held by the members of
its administrative, management and supervisory bodies and options
grantedtothemonthecompany'sshares.
6.2.2. Informationaboutthenatureandextentoftheinterestsofmembersofthe
administrative, management and supervisory bodies in transactions
effected by the issuer which are unusual in their nature or conditions
(such as purchases outside normal activity, acquisition or disposal of
fixed asset items) during the preceding financial year and the current
financial year. Where such unusual transactions were concluded in the
course of previous financial years and have not been definitively
concluded,informationonthosetransactionsmustalsobegiven.
6.2.3. Total of all the outstanding loans granted by the issuer to the persons
referred toinheading 6.1(a)andalsoofanyguarantees providedbythe
issuerfortheirbenefit.
6.3. Schemesforinvolvingthestaffinthecapitaloftheissuer.
Chapter 7
Informationconcerningtherecentdevelopmentandprospectsoftheissuer
7.1. Except in the event of a derogation granted by the competent authorities,
general information on the trend of the issuer's business since the end of
the financial year to which the last published annual accounts relate, in
particular:
(a) the most significant recent trends in production, sales and stocks and
thestateoftheorderbook,and
(b) recenttrendsincostsandsellingprices.
7.2. Except in the event of a derogation granted by the competent authorities,
informationontheissuer'sprospectsforatleastthecurrentfinancialyear.2001L0034—EN—12.04.2003—001.001—54
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SCHEDULEB
Layoutforlistingparticulars for theadmissionofdebtsecurities toofficial
stockexchangelisting
Chapter 1
Information concerning those responsible for listing particulars and the
auditingofaccounts
1.1. Names and addresses of the natural or legal persons responsible for the
listingparticularsor,asthecasemaybe,forcertainpartsofthemwith,in
thelattercase,anindicationofthoseparts.
1.2. Declarationbythoseresponsible,asreferredtoinheading1.1,that,tothe
best of their knowledge, the information given in that part of the listing
particulars for which they are responsible is in accordance with the facts
andcontainsnoomissionslikelytoaffecttheimportofthelistingparticu-
lars.
1.3. Names, addresses and qualifications of the official auditors who have
auditedtheannualaccountsfortheprecedingthreefinancialyearsinaccor-
dancewithnationallaw.
Statement that the annual accounts have been audited. If audit reports on
the annual accounts have been refused by the official auditors or if they
contain qualifications, such refusal or such qualifications must be repro-
ducedinfullandthereasonsgiven.
Indication of other information in the listing particulars which has been
auditedbytheauditors.
Chapter 2
Information concerning loans and the admission of debt securities to offi-
ciallisting
2.1. Conditionsoftheloan:
2.1.0. Thenominalamountoftheloan;ifthisamountisnotfixed,astatement
tothiseffectshallbemade.
Thenature,numberandnumberingofthedebtsecuritiesandthedenomi-
nations.
2.1.1. Except in thecase ofcontinuous issues,theissueandredemption prices
andthenominalinterestrate;ifseveralinterestratesareprovidedfor,an
indicationoftheconditionsforchangesintherate.
2.1.2. Procedures for the allocation of any other advantages; the method of
calculatingsuchadvantages.
2.1.3. Tax on the income from the debt securities withheld at source in the
countryoforiginand/orthecountryoflisting.
Indication as to whether the issuer assumes responsibility for the with-
holdingoftaxatsource.
2.1.4. Arrangements for the amortisation of the loan, including the repayment
procedures.
2.1.5. The financial organisations which, at the time of admission to official
listing,arethepayingagentsoftheissuerintheMemberStateofadmis-
sion.
2.1.6. Currencyoftheloan;iftheloanisdenominated inunitsofaccount,the
contractualstatusofthese;currencyoption.
2.1.7. Timelimits:
(a) periodoftheloanandanyinterimduedates;
(b) the date fromwhich interest becom es payable and the due dates for
interest;
(c) the time limit on the validity of claims to interest and repayment of
principal;
(d) proceduresandtimelimitsfordeliveryofthedebtsecurities,possible
creationofprovisionalcertificates.
2.1.8. Except in the case of continuous issues, an indication of yield. The
method whereby that yield is calculated shall be described in summary
form.
2.2. Legalinformation:2001L0034—EN—12.04.2003—001.001—55
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2.2.0. Indication of the resolutions, authorisations and approvals by virtue of
whichthedebtsecuritieshavebeenorwillbecreatedand/orissued.
Typeofoperationandamountthereof.
Number of debt securities which have been or will be created and/or
issued,ifpredetermined.
2.2.1. Nature and scope of the guarantees, sureties and commitments intended
to ensure that the loan will be duly serviced as regards both the repay-
mentofthedebtsecuritiesandthepaymentofinterest.
Indicationoftheplaceswherethepublicmayhaveaccesstothetextsof
thecontractsrelatingtotheseguarantees,suretiesandcommitments.
2.2.2. Organisation of trustees or of any other representation for the body of
debtsecurityholders.
Nameandfunction anddescription andheadoffice oftherepresentative
of the debt security holders, the main conditions of such representation
and in particular the conditions under which the representative may be
replaced.
Indication of wherethe public may have access to the contracts relating
totheseformsofrepresentation.
2.2.3. Mention of clauses subordinating the loan to other debts of the issuer
alreadycontractedortobecontracted.
2.2.4. Indication of the legislation under which the debt securities have been
createdandofthecourtscompetentintheeventoflitigation.
2.2.5. Indicationastowhetherthedebtsecuritiesareregisteredorbearer.
2.2.6. Anyrestrictionsonthefreetransferabilityofthedebtsecurities.
2.3. Information concerning the admission of the debt securities to official
listing.
2.3.0. The stock exchanges where admission to official listing is, or will be,
sought.
2.3.1. Names, addresses and description of the natural or legal persons under-
writing or guaranteeing the issue for the issuer. Where not all of the
issue is underwritten or guaranteed, a statement of the portion not
covered.
2.3.2. Ifthepublicorprivateissueorplacingwereorarebeingmadesimulta-
neouslyonthemarketsoftwoormoreStatesandifatranchehasbeenor
isbeingreservedforcertainofthese,indicationofanysuchtranche.
2.3.3. If debt securities of the same class are already listed on one or more
stockexchanges,indicationofthesestockexchanges.
2.3.4. Ifdebtsecuritiesofthesameclasshavenotyetbeenadmittedtoofficial
listing but are dealt in one or more other markets which are subject to
regulation, areinregular operation andare recognised andopen,indica-
tionofsuchmarkets.
2.4. Informationconcerningtheissueofitisconcomitantwithofficialadmis-
sionorifittookplacewithinthethreemonthsprecedingsuchadmission.
2.4.0. The procedure for the exercise of any right of pre-emption; the negotia-
bility of subscription rights; the treatment of subscription rights not
exercised.
2.4.1. Methodofpaymentoftheissueorofferprice.
2.4.2. Except in the case of continuous debt security issues, period of the
openingoftheissueorofferandanypossibilitiesofearlyclosure.
2.4.3. Indication of the financial organisations responsible for receiving the
public'ssubscriptions.
2.4.4. Reference, where necessary, to the fact that the subscriptions may be
reduced.
2.4.5. Exceptinthecaseofcontinuousdebtsecurityissues,indicationofthenet
proceedsoftheloan.
2.4.6. Purposeoftheissueandintendedapplicationofitsproceeds.
Chapter 3
Generalinformationabouttheissueranditscapital
3.1. Generalinformationabouttheissuer.
3.1.0. Name, registered office and principal administrative establishment if
differentfromtheregisteredoffice.2001L0034—EN—12.04.2003—001.001—56
▼B
3.1.1. Date of incorporation and the length of life of the issuer, expect where
indefinite.
3.1.2. Legislation under which the issuer operates and legal formwhich it has
adoptedunderthatlegislation.
3.1.3. Indication of the issuer's objects and reference to the clause in the
memorandumofassociationinwhichtheyaredescribed.
3.1.4. Indicationoftheregisterandoftheentrynumbertherein.3.1.5. Indication of where the documents concerning the issuer which are
referredtointhelistingparticularsmaybeinspected.
3.2. Generalinformationaboutcapital:
3.2.0. Theamountoftheissuedcapitalandthenumberandclassesofthesecu-
rities of which it is composed with details of their principal
characteristics.
Thepartoftheissuedcapitalstilltobepaidup,withanindicationofthe
number, or total nominal value, and the type of securities not yet fully
paidup,brokendownwhereapplicable accordingtotheextenttowhich
theyhavebeenpaidup.
3.2.1. Theamountofanyconvertibledebtsecurities,exchangeabledebtsecuri-
tiesordebtsecuritieswithwarrants,withanindicationoftheconditions
governingandtheproceduresforconversion,exchangeorsubscription.
3.2.2. Iftheissuerbelongstoagroupofundertakings,abriefdescriptionofthe
groupandoftheissuer'spositionwithinit.
3.2.3 Number, book value and nominal value or, in the absence of a nominal
value,theaccountingparvalueofanyofitsownshareswhichtheissuer
oranothercompanyinwhichtheissuerhasadirectorindirectholdingof
more than 50 % has acquired and is holding, if such securities do not
appear asaseparate itemonthebalance sheet,insofarastheyrepresent
asignificantpartoftheissuedcapital.
Chapter 4
Informationconcerningtheissuer'sactivities
4.1. Theissuer'sprincipalactivities.
4.1.0. Descriptionoftheissuer'sprincipalactivities,statingthemaincategories
ofproductssoldand/orservicesperformed.
Indicationofanysignificantnewproductsand/oractivities.
4.1.1. Netturnoverduringthepasttwofinancialyears.4.1.2. Location and size of the issuer's principal establishments and summary
information about real estate owned. Any establishment which accounts
formorethan10%ofturnoverorproductionshallbeconsideredaprin-
cipalestablishment.
4.1.3. For mining, extraction of hydrocarbons, quarrying and similar activities
insofar as significant, description of deposits, estimate of economically
exploitablereservesandexpectedperiodofworking.
Indication of the periods and main terms of concessions and the
economicconditionsforworkingthem.
Indicationoftheprogressofactualworking.
4.1.4. Wheretheinformationgivenpursuanttoheadings4.1.0to4.1.3hasbeen
influencedbyexceptionalfactors,thatfactshouldbementioned.
4.2. Summary information regarding the extent to which the issuer is depen-
dent, if at all, on patents or licences, industrial, commercial or financial
contracts or new manufacturing processes, where such factors are of
fundamentalimportancetotheissuer'sbusinessorprofitability.
4.3. Information on any legal or arbitration proceedings which may have or
have had a significant effect on the issuer's financial position in the
recentpast.
4.4. Investmentpolicy:
4.4.0. Description,withfigures,ofthemaininvestmentsmade,includinginter-
ests such as shares, debt securities, etc., in other undertakings, over the
past three financial years and the months already elapsed of the current
financialyear.
4.4.1. Information concerning the principal investments being made with the
exceptionofinterestsbeingacquiredinotherundertakings.
Distributionoftheseinvestmentsgeographically(homeandabroad).
Methodoffinancing(internalorexternal).2001L0034—EN—12.04.2003—001.001—57
▼B
4.4.2. Informationconcerningtheissuer'sprincipalfutureinvestments,withthe
exception of interests to be acquired in other undertakings, on which its
managementbodieshavealreadymadefirmcommitments.
Chapter 5
Information concerning the issuer'sassetsand liabilities, financial position
andprofitsandlosses
5.1. Accountsoftheissuer:
5.1.0. Thelasttwobalancesheetsandprofitandlossaccountsdrawnupbythe
issuer set out as a comparative table. The notes on the annual accounts
forthelastfinancialyear.
The draft listing particulars must be filed withthe competent authorities
notmorethan18monthsaftertheendofthefinancialyeartowhichthe
last annual accounts published relate. The competent authorities may
extendthatperiodinexceptionalcases.
5.1.1. If the issuer prepares consolidated annual accounts only, it shall include
thoseaccountsinthelistingparticularsinaccordancewithheading5.1.0.
Iftheissuerpreparesbothownandconsolidatedannualaccounts,itshall
includebothsetsofaccountsinthelistingparticularsinaccordancewith
heading 5.1.0. However, the competent authorities may allow the issuer
toinclude eithertheownortheconsolidatedannualaccounts, oncondi-
tion that the accounts which are not included do not provide any
significantadditionalinformation.
5.1.2. Wheremorethanninemonthshaveelapsedsincetheendofthefinancial
year to which the last published own annual and/or consolidated annual
accounts relate, an interimfinancial statem ent covering at least the first
six months shall be included in the listing particulars or appended to
them. If the interim financial statement is unaudited, that fact must be
stated.
Where the issuer prepares consolidated annual accounts, the competent
authorities shall decide whether the interimfinancial statem ent to be
submittedmustbeconsolidatedornot.
Any significant change which has occurred since the end of the last
financial year or the preparation of the aforementioned interim financial
statement must be described in a note inserted in or appended to the
listingparticulars.
5.1.3. If the own annual or consolidated annual accounts do not comply with
theDirectivesoncompanies'annualaccountsanddonotgiveatrueand
fairviewoftheissuer'sassetsandliabilities,financialpositionandprofits
andlosses,moredetailedand/oradditionalinformationmustbegiven.
5.1.4. Indication as at the most recent date possible (which must be stated) of
thefollowing,ifmaterial:
(a) the total amount of any loan capital outstanding, distinguishing
betweenloansguaranteed (bytheprovisionofsecurity orotherwise,
bytheissuerorbythirdparties)andloansnotguaranteed,
(b) the total amount of all other borrowings and indebtedness in the
nature of borrowing, distinguishing between guaranteed and unguar-
anteedborrowingsanddebts,
(c) thetotalamountofanycontingentliabilities.
An appropriate negative statement shall be given, where relevant, in the
absence of any such loan capital, borrowings and indebtedness and
contingentliabilities.
If the issuer prepares consolidated annual accounts, the principles laid
downinheading5.1.1shallapply.
As a general rule, no account should be taken of liabilities between
undertakings within the same group, a statement to that effect being
madeifnecessary.
5.1.5. Atableshowingthesourcesandapplicationoffundsoverthepastthree
financialyears.
5.2. Individual details listed below relating to the undertakings in which the
issuerholdsaproportionofthecapitallikelytohaveasignificanteffect
on the assessment of its own assets and liabilities, financial position or
profitsandlosses.
The items of information listed below must be given in any event for
everyundertakinginwhichtheissuerhasadirectorindirectparticipating
interest,ifthebookvalueofthatparticipating interestrepresentsatleast
10%ofthecapitalandreservesoraccountsforatleast10%ofthenet2001L0034—EN—12.04.2003—001.001—58
▼B
profitorlossoftheissuer,orinthecaseofagroup,ifthebookvalueof
thatparticipatinginterestrepresentsatleast10%oftheconsolidatednet
assetsoraccountsforatleast10%oftheconsolidatednetprofitorloss
ofthegroup.
Theitemsofinformationlistedbelowneednotbegivenprovidedthatthe
issuerprovesthatitsholdingisofapurelyprovisionalnature.
Similarly, the information required under points (e) and (f) may be
omitted where the undertaking in which a participating interest is held
doesnotpublishitsannualaccounts.
TheMemberStatesmayauthorisethecompetentauthoritiestopermitthe
omission of the information prescribed in points (d) to (h) if the annual
accountsoftheundertakingsinwhichtheparticipating interestsareheld
are consolidated into the group annual accounts or if the value attribu-
table to the interest under the equity method is disclosed in the annual
accounts, provided that in the opinion of the competent authorities, the
omission of that information is not likely to mislead the public with
regard to the facts and circumstances knowledge of which is essential
fortheassessmentofthesecurityinquestion.
(a) Nameandregisteredofficeoftheundertaking.
(b) Fieldofactivity.
(c) Proportionofcapitalheld.
(d) Issuedcapital.
(e) Reserves.
(f) Profitor lossarising out of ordinary activities, after tax, for the last
financialyear.
(g) Amountstilltobepaiduponsharesheld.
(h) Amountofdividendsreceivedinthecourseofthelastfinancialyear
inrespectofsharesheld.
5.3. When the listing particulars comprise consolidated annual accounts,
disclosure:
(a) of the consolidation principles applied. These shall be described
explicitlywheretheMemberStatehasnolawsgoverningtheconso-
lidation of annual accounts or where such principles are not in
conformity with such laws or with a generally accepted method in
use in the Member State in which the stock exchange on which
admissiontoofficiallistingisrequestedissituatedoroperates;
(b) of the names and registered offices of the undertakings included in
theconsolidation,wherethatinformationisimportantforthepurpose
of assessing the assets and liabilities, the financial position and the
profitsandlossesoftheissuer.Itissufficienttodistinguishthemby
a sign in the list of companies for which details are required in
heading5.2;
(c) foreachoftheundertakingsreferredtoin(b):
(i) thetotalproportionofthirdpartyinterests,ifannualaccountsare
consolidatedglobally,
(ii) the proportion of the consolidation calculated on the basis of
interests,ifconsolidationhasbeeneffectedonaproratabasis.
5.4. Wheretheissuerisadominantundertakingformingagroupwithoneor
moredependent undertakings,thedetails providedforinChapters4and
7shallbegivenforthatissuerandgroup.
The competent authorities may permit the provision of that information
fortheissueraloneorforthegroupalone,providedthatthedetailswhich
arenotprovidedarenotmaterial.
5.5. If certain information provided for under this Schedule is given in the
annualaccountsprovidedinaccordancewiththisChapter,itneednotbe
repeated.
Chapter 6
Informationconcerningadministration,managementandsupervision
6.1. Names,addressesandfunctionsintheissuingundertakingofthefollowing
persons, and an indication of the principal activities performed by them
outside that undertaking where these are significant with respect to that
undertaking:
(a) membersoftheadministrative,managementorsupervisorybodies;2001L0034—EN—12.04.2003—001.001—59
▼B
(b) partners with unlimited liability, in the case of a limited partnership
withasharecapital.
Chapter 7
Informationconcerningtherecentdevelopmentandprospectsoftheissuer
7.1. Except in the event of a derogation granted by the competent authorities,
general information on the trend of the issuer's business since the end ofthe financial year to which the last published annual accounts relate, in
particular:
(a) the most significant recent trends in production, sales and stocks and
thestateoftheorderbook,and
(b) recenttrendsincostsandsellingprices.
7.2. Except in the event of a derogation granted by the competent authorities,
informationontheissuer'sprospectsforatleastthecurrentfinancialyear.2001L0034—EN—12.04.2003—001.001—60
▼B
SCHEDULEC
Layout for listing particulars for the admission of certificates representing
sharestoofficialstockexchangelisting
Chapter 1
Generalinformationabouttheissuer
1.1. Name, registered office and principal administrative establishment if
differentfromtheregisteredoffice.
1.2. Dateofincorporationandlengthoflifeoftheissuer,exceptwhereindefi-
nite.
1.3. Legislation under which the issuer operates and legal formwhich it has
adoptedunderthatlegislation.
1.4. Theamountoftheissuedcapitalandthenumberandclassesofthesecuri-
tiesofwhichitiscomposedwithdetailsoftheirprincipalcharacteristics.
Thepartoftheissuedcapital stilltobepaidup,withanindication ofthe
number,ortotalnominalvalue,andthetypeofthesecuritiesnotyetfully
paid up, broken down where applicable according to the extent to which
theyhavebeenpaidup.
1.5. Indicationoftheprincipalholdersofthecapital.
1.6. Names, addresses and functions in the issuing body of the following
persons, and an indication of the principal activities performed by them
outside that body where these are significant with respect to that body,
andalsothefunctionsheld:
(a) membersoftheadministrative,managementorsupervisorybodies;
(b) partners with unlimited liability, in the case of a limited partnership
withasharecapital.
1.7. Thecompany'sobjects.Iftheissueofcertificatesrepresentingsharesisnot
the sole object of the company, the nature of its other activities must be
described,thoseofapurelytrusteenaturebeingdealtwithseparately.
1.8. Asummaryoftheannualaccountsrelating tothelastcompleted financial
year.
Wheremorethanninemonthshaveelapsedsincetheendofthelastfinan-
cialyeartowhichthelastpublishedownannualand/orconsolidatedannual
accountsrelate,aninterimfinancialstatementcoveringatleastthefirstsix
monthsshall be included inthe listing particulars orappended tothem. If
theinterimfinancialstatementisunaudited,thatfactmustbestated.
Where the issuer prepares consolidated annual accounts, the competent
authorities shall decide whether the interimfinancial statem ent to be
submittedmustbeconsolidatedornot.
Anysignificantchangewhichhasoccurredsincetheendofthelastfinan-
cial year or the preparation of the interim financial statement must be
describedinanoteinsertedinthelistingparticularsorappendedthereto.
Chapter 2
Informationonthecertificatesthemselves
2.1. Legalstatus:
Indicationoftherulesgoverningtheissueofthecertificatesandmention
ofthedateandplaceoftheirpublication.
2.1.0. Exerciseofandbenefitfromtherightsattachingtotheoriginalsecurities,
inparticularvotingrights–conditionsonwhichtheissuerofthecertifi-
cates may exercise such rights, and measures envisaged to obtain the
instructions of the certificate holders – and the right to share in profits
andanyliquidationsurplus.
2.1.1. Bank or other guarantees attached to the certificates and intended to
underwritetheissuer'sobligations.
2.1.2. Possibility of obtaining the conversion of the certificates into original
securitiesandprocedureforsuchconversion.
2.2. The amount of the commissions and costs to be borne by the holder in
connectionwith:
(a) theissueofthecertificate,
(b) thepaymentofthecoupons,
(c) thecreationofadditionalcertificates,2001L0034—EN—12.04.2003—001.001—61
▼B
(d) theexchangeofthecertificatesfororiginalsecurities.
2.3. Transferabilityofthecertificates:
(a) Thestockexchangeswhereadmissiontoofficiallistingis,orwillbe,
sought;
(b) Anyrestrictionsonthefreetransferabilityofthecertificates.
2.4. Supplementaryinformationforadmissiontoofficiallisting:
(a) Ifthecertificatesaretobeplacedonastockexchangethenumberof
certificates made available to the market and/or the total nominal
value;theminimumsaleprice,ifsuchapriceisfixed;
(b) Dateonwhichthenewcertificateswillbelisted,ifknown.
2.5. Indication of the tax arrangements with regard to any taxes and charges
to be borne by the holders and levied in the countries where the certifi-
catesareissued.
2.6. Indication of the legislation under which the certificates have been
createdandofthecourtscompetentintheeventoflitigation.2001L0034—EN—12.04.2003—001.001—62
▼B
ANNEX II
PARTA
Repealed Directives and their successive amendments (referred to in
Article 111)
CouncilDirective79/279/EEC (OJL66,16.3.1979,p.21)
CouncilDirective82/148/EEC (OJL62,53.1982,p.22)
CouncilDirective88/627/EEC (OJL348,17.12.1988,p.62)
CouncilDirective80/390/EEC (OJL100,17.4.1980,p.1)
CouncilDirective82/148/EEC (OJL62,5.3.1982,p.22)
CouncilDirective87/345/EEC (OJL185,4.7.1987,p.81)CouncilDirective90/211/EEC (OJL112,3.5.1990,p.24)
European Parliament and Council
Directive94/18/EC(OJL135,31.5.1994,p.1)
CouncilDirective82/121/EEC (OJL48,20.2.1982,p.26)
CouncilDirective88/627/EEC (OJL348,17.12.1988,p.62)2001L0034—EN—12.04.2003—001.001—63
▼B
ANNEX II
PARTB
Time-limits fortranspositionintonationallaw(referred toinArticle111)
Directive Time-limit for transposition
79/279/EEC 8March1981(1)(2)
80/390/EEC 19September1982(2)
82/121/EEC
30June1983(3)
82/148/EEC
87/345/EEC1January1990
1January1991forSpain
1January1992forPortugal
88/627/EEC 1January1991
90/211/EEC 17April199194/18/EC
(1) 8.3.1982fortheMemberStateswhichintroducesimultaneouslyDirectives79/279/EEC
and80/390/EEC.
(2) 30.6.1983for the Member States which introduce simultaneously Directives 79/279/
EEC,80/390/EECand82/121/EEC.
(3) Time-limitforapplication: 30.6.1986.2001L0034—EN—12.04.2003—001.001—64
▼B
ANNEX III
CORRELATIONTABLE
ThisDirective Dir.79/279/EEC Dir.80/390/EEC Dir.82/121/EEC Dir.88/627/EEC
Article1(a) Article2(c)
Article1(b),intro-
ductoryphraseArticle2(a),
introductory
phraseArticle2(a),
introductory
phrase
Article1(b)(i)and
(ii)Article2(a),1st
and2ndindentsArticle2(a),1st
and2ndindents
Article1(c),intro-
ductoryphraseArticle1(2),2nd
subparagraph,
introductory
phrase
Article1(c)(i)and
(ii)Article1(2),2nd
subparagraph,1st
and2ndindents
Article1(d) Article2(e)
Article1(e) Article2(b) Article2(b)Article1(f) Article2(f)
Article1(g) Article2(d)
Article1(h) Article2(g)
Article2(1) Article1(1)
Article2(2),intro-
ductoryphraseArticle1(2),
introductory
phrase
Article2(2)(a)and
(b)Article1(2),1st
and2ndindents
Article3(1) Article1(1)
Article3(2),intro-
ductoryphraseArticle1(2),
introductory
phrase
Article3(2)(a)
and(b)Article1(2),1st
and2ndindents
Article4(1) Article1(1)
Article4(2) Article1(2),
firstsubparagraph
Article4(3) Article1(3)
Article5(a)and
(b)Article3,first
andsecond
indents
Article6 Article4Article7 Article6Article8 Article5Article9 Article7Article10 Article8
Article11(1) Article9(1)
Article11(2) Article9(3)
Article12 Article102001L0034—EN—12.04.2003—001.001—65
▼B
ThisDirective Dir.79/279/EEC Dir.80/390/EEC Dir.82/121/EEC Dir.88/627/EEC
Article13(1) Article18(2)
Article13(2) Article18(3)
Article14 Article11
Article15 Article16Article16 Article13Article17 Article12Article18 Article14Article19 Article15
Article20 Article3
Article21 Article4Article22 Article5Article23,intro-
ductoryphraseArticle6,intro-
ductoryphrase
Article23(1)and
(2)Article6(1)and
(2)
Article23(3)(a) Article6(3)(a)Article23(3)(b),
introductory
phraseArticle6(3)(b),
introductory
phrase
Article23(3)(b)(i) Article6(3)(b),
1stindent
Article23(3)(b)
(ii)Article6(3)(b),
2ndindent
Article23(3)(c),
introductory
phraseArticle6(3)(c),
introductory
phrase
Article23(3)(c)(i) Article6(3)(c),
1stindent
Article23(3)(c)
(ii)Article6(3)(c),
2ndindent
Article23(3)(c)
(ii),1stindentArticle6(3)(c),
2ndindent(i)
Article23(3)(c)
(ii),2ndindentArticle6(3)(c),
2ndindent(ii)
Article23(3)(c)
(iii)Article6(3)(c),
3rdindent
Article23(3)(d)to
(g)Article6(3)(d)to
(g)
Article23(4)and
(5)Article6(4)and
(5)
Article24 Article7
Article25(1),1st
subparagraph,
introductory
phraseArticle8(1),1st
subparagraph,
introductory
phrase
Article25(1),1st
subparagraph,(a)
to(g)Article8(1),1st
subparagraph,1st
to7thindents2001L0034—EN—12.04.2003—001.001—66
▼B
ThisDirective Dir.79/279/EEC Dir.80/390/EEC Dir.82/121/EEC Dir.88/627/EEC
Article25(1),2nd
subparagraph,
introductory
phraseArticle8(1),2nd
subparagraph,
introductory
phrase
Article25(1),2nd
subparagraph,(a)
and(b)Article8(1),2nd
subparagraph,1st
and2ndindents
Article25(2),
introductory
phraseArticle8(2),
introductory
phrase
Article25(2)(a)to
(d)Article8(2),1st
to4thindents
Article25(3)and
(4)Article8(3)and
(4)
Article26(1),
introductory
phraseArticle9(1),
introductory
phrase
Article26(1)(a)to
(g)Article9(1),1st
to7thindents
Article26(2)and
(3)Article9(2)and
(3)
Article27 Article10
Article28(1),
introductory
phraseArticle11(1),
introductory
phrase
Article28(1)(a)
and(b)Article11(1),1st
and2ndindents
Article28(2) Article11(2)
Article28(3)
introductory
phraseArticle11(3)
introductory
phrase
Article28(3)(a),
(b)and(c)Article11(3)1st,
2ndand3rd
indent
Article29intro-
ductoryphraseArticle12intro-
ductoryphrase
Article29(a)and
(b)Article121stand
2ndindents
Article30(1),1st
subparagraph,
introductory
phraseArticle13(1),1st
subparagraph,
introductory
phrase
Article30(1),1st
subparagraph,(a)
and(b)Article13(1),1st
subparagraph,1st
and2ndindents
Article30(1),2nd
subparagraphArticle13(1),2nd
subparagraph
Article30(2),
introductory
phraseArticle13(2),
introductory
phrase
Article30(2)(a)
and(b)Article13(2),1st
and2ndindents
Article30(3)and
(4)Article13(3)and
(4)
Article31(1),
introductory
phraseArticle14(1),
introductory
phrase2001L0034—EN—12.04.2003—001.001—67
▼B
ThisDirective Dir.79/279/EEC Dir.80/390/EEC Dir.82/121/EEC Dir.88/627/EEC
Article31(1)(a)to
(d)Article14(1),1st
to4thindents
Article31(2),1st
subparagraph(a)
to(d)Article14(2),1st
to4thindents
Article31(2),2nd
subparagraphArticle14(2),2nd
subparagraph
Article32 Article15Article33(1) Article16(1)
Article33(2),
introductory
phraseArticle16(2),
introductory
phrase
Article33(2)(a),
(b)and(c)Article16(2),1st,
2ndand3rd
indents
Article33(3) Article16(3)
Article34 Article17
Article35 Article18(2)and
(3),1stsubpara-
graph
Article36 Article19Article37 Article24
Article38 Article24a
Article39 Article24bArticle40 Articles24(c)(2)
and(3)
Article41 Article25aArticle42 Annex—Sche-
duleA(I)(1)
Article43 Annex—Sche-
duleA(I)(2)
Article44 Annex—Sche-
duleA(I)(3)
Article45 Annex—Sche-
duleA(II)(1)
Article46 Annex—Sche-
duleA(II)(2)
Article47 Annex—Sche-
duleA(II)(3)
Article48 Annex—Sche-
duleA(II)(4)
Article49 Annex—Sche-
duleA(II)(5)
Article50 Annex—Sche-
duleA(II)(6)2001L0034—EN—12.04.2003—001.001—68
▼B
ThisDirective Dir.79/279/EEC Dir.80/390/EEC Dir.82/121/EEC Dir.88/627/EEC
Article51 Annex—Sche-
duleA(II)(7)
Article52 Annex—Sche-
duleB(A)(I)
Article53 Annex—Sche-
duleB(A)(II)
(1)
Article54 Annex—Sche-
duleB(A)(II)
(2)
Article55 Annex—Sche-
duleB(A)(II)
(3)
Article56 Annex—Sche-
duleB(A)(II)
(4)
Article57 Annex—Sche-
duleB(A)(II)
(5)
Article58 Annex—Sche-
duleB(A)(III)
(1)
Article59 Annex—Sche-
duleB(A)(III)
(2)
Article60 Annex—Sche-
duleB(B)(1)
Article61 Annex—Sche-
duleB(B)(2)
Article62 Annex—Sche-
duleB(B)(3)
Article63 Annex—Sche-
duleB(B)(4)
Article64 Annex—Sche-
duleC(1)
Article65(1) Annex—Sche-
duleC(2)(a)
Article65(2)
introductory
phraseAnnex—Sche-
duleC(2)(b),
introductory
phrase
Article65(2)(a),
(b)and(c)Annex—Sche-
duleC(2)(b),
1st,2ndand3rd
indents
Article66 Annex—Sche-
duleC(3)
Article67 Annex—Sche-
duleC(4)
Article68 Annex—Sche-
duleC(5)(a),(b)
and(c)2001L0034—EN—12.04.2003—001.001—69
▼B
ThisDirective Dir.79/279/EEC Dir.80/390/EEC Dir.82/121/EEC Dir.88/627/EEC
Article69 Annex—Sche-
duleC(6)
Article70 Article2
Article71 Article3
Article72 Article4Article73(1) Article5(1)
Article73(2),1st
subparagraph,
introductory
phraseArticle5(2),1st
subparagraph,
introductory
phrase
Article73(2),1st
subparagraph(a)
and(b)Article5(2),1st
subparagraph,1st
and2ndindents
Article73(2),2nd
subparagraphArticle5(2),2nd
subparagraph
Article73(3)to(7) Article5(3)to(7)
Article74 Article6
Article75 Article8Article76 Article9(3)to(6)
Article77 Article10(2)
Article78(1) Annex—Sche-
duleD(A)(1)(a)
Article78(2)
introductory
phraseAnnex—Sche-
duleD(A)(1)
(b),introductory
phrase
Article78(2)(a)
and(b)Annex—Sche-
duleD(A)(1)
(b),1stand2nd
indents
Article79 Annex—Sche-
duleD(A)(2)
Article80 Annex—Sche-
duleD(A)(3)
Article81 Annex—Sche-
duleD(A)(4)
Article82 Annex—Sche-
duleD(A)(5)
Article83(1) Annex—Sche-
duleD(B)(1)(a)
Article83(2),
introductory
phraseAnnex—Sche-
duleD(B)(1)
(b),introductory
phrase
Article83(2)(a)
and(b)Annex—Sche-
duleD(B)(1)
(b),1stand2nd
indents
Article84 Annex—Sche-
duleD(B)(2)2001L0034—EN—12.04.2003—001.001—70
▼B
ThisDirective Dir.79/279/EEC Dir.80/390/EEC Dir.82/121/EEC Dir.88/627/EEC
Article85 Article1(1),(2)
and(3)
Article86 Article2
Article87 Article8Article88 Article3Article89(1),1st
subparagraph,
introductory
phraseArticle4(1),1st
subparagraph,
introductoryphrase
Article89(1),1st
subparagraph(a)
and(b)Article4(1),1st
subparagraph,1st
and2ndindents
Article89(1),2nd
and3rdsubpara-
graphsArticle4(1),2nd
and3rdsubpara-
graphs
Article89(2) Article4(2)
Article90 Article5
Article91 Article10(1)
Article92,1st
subparagraph,
introductory
phraseArticle7,1st
subparagraph,
introductoryphrase
Article92,1st
subparagraph(a)
and(h)Article7,1st
subparagraph,1st
to8thindents
Article92,2nd
subparagraphArticle7,2nd
subparagraph
Article93 Article6Article94 Article9Article95 Article11
Article96 Article13
Article97 Article15Article98(1),
introductory
phraseArticle20(1),
introductory
phrase
Article98(1)(a)
and(b)Article20(1),1st
and2ndindents
Article98(2) Article20(2)
Article99(1) Article21(1)
Article99(2),
introductory
phraseArticle21(2),
introductory
phrase
Article99(2)(a)
and(b)Article21(2),1st
and2ndindents
Article99(3) Article21(3)
Article100 Article23Article101 Article222001L0034—EN—12.04.2003—001.001—71
▼B
ThisDirective Dir.79/279/EEC Dir.80/390/EEC Dir.82/121/EEC Dir.88/627/EEC
Article102(1),1st
subparagraphArticle17(1),1st
sentenceArticle10(2),1st
subparagraph
Article102(1),2nd
subparagraphArticle17(1),2nd
sentence
Article102(2) Article7(1)and
(3)
Article103 Article17(2) Article7(2) Article10(2),2nd
subparagraph
Article104 Article6aArticle105(1)and
(2)Article9(1)and
(2)Article18(1)and
(3),2ndsubpara-
graphArticle9(1)and
(2)Article12(1)and
(2)
Article105(3) Article18(4) Article9(7)
Article106 Article18(1) Article24c(1) Article10(1) Article12(3)Article107(1)and
(2)Article19 Article25(1)and
(2)Article14(1)and
(2)
Article107(3)1st
subparagraphArticle25(3)
Article107(3)2nd
subparagraphArticle14(3)
Article108(1),1st
subparagraphArticle20(1),
introductory
phrase
Article108(1),2nd
and3rdsubpara-
graphsArticle20(3)and
(4)
Article108(2),1st
subparagraph,
point(a)Article20(1),
introductory
phraseandpoint
(a)Article26(1)(a) Article11(1)(a)
Article108(2),1st
subparagraph,
point(b)Article16(1)(a)
Article108(2),1st
subparagraph,
point(c)(i)Article20(1)(b)
Article108(2),1st
subparagraph,
point(c)(ii)Article26(1)(b)
Article108(2),1st
subparagraph,
point(c)(iii)Article11(1)(b) Article16(1)(b)
Article108(2),1st
subparagraph,
point(d)Article20(1)(c) Article26(1)(c) Article11(1)(c) Article16(1)(c)
Article108(2),2nd
subparagraphArticle20(2) Article26(2)
Article109 Article21
Article110 Article22(2) Article27(2) Article12(3) Article17(2)Article111Article112Article1132001L0034—EN—12.04.2003—001.001—72
▼B
ThisDirective Dir.79/279/EEC Dir.80/390/EEC Dir.82/121/EEC Dir.88/627/EEC
AnnexI—Sche-
duleA,ChapterIAnnex—Sche-
duleA,Chapter1
AnnexI—Sche-
duleA,Chapter2
—2.1to2.4.4Annex—Sche-
duleA,Chapter2
—2.1to2.4.4
AnnexI—Sche-
duleA,Chapter2
—2.4.5,1st
subparagraph,
introductory
phraseAnnex—Sche-
duleA,Chapter2
—2.4.5,1st
subparagraph,
introductory
phrase
AnnexI—Sche-
duleA,Chapter2
—2.4.5,1st
subparagraph(a)
and(b)Annex—Sche-
duleA,Chapter2
—2.4.5,1st
subparagraph,1st
and2ndindents
AnnexI—Sche-
duleA,Chapter2
—2.4.5,2nd
subparagraphAnnex—Sche-
duleA,Chapter2
—2.4.5,2nd
subparagraph
AnnexI—Sche-
duleA,Chapter2
—2.5Annex—Sche-
duleA,Chapter2
—2.5
AnnexI—Sche-
duleA,Chapter3
—3.1to3.2.0Annex—Sche-
duleA,Chapter3
—3.1to3.2.0
AnnexI—Sche-
duleA,Chapter3
—3.2.1introduc-
toryphraseAnnex—Sche-
duleA,Chapter3
—3.2.1intro-
ductoryphrase
AnnexI—Sche-
duleA,Chapter3
—3.2.1(a),(b)
and(c)Annex—Sche-
duleA,Chapter3
—3.2.1,1st,2nd
and3rdindents
AnnexI—Sche-
duleA,Chapter3
—3.2.2to3.2.9Annex—Sche-
duleA,Chapter3
—3.2.2to3.2.9
AnnexI—Sche-
duleA,Chapter4Annex—Sche-
duleA,Chapter4
AnnexI—Sche-
duleA,Chapter5
—5.1to5.3Annex—Sche-
duleA,Chapter5
—5.1to5.3
AnnexI—Sche-
duleA,Chapter5
—5.4(a)and(b)Annex—Sche-
duleA,Chapter5
—5.4(a)and(b)
AnnexI—Sche-
duleA,Chapter5
—5.4(c)(i)and
(ii)Annex—Sche-
duleA,Chapter5
—5.4(c)1stand
2ndindents
AnnexI—Sche-
duleA,Chapter5
—5.5and5.6Annex—Sche-
duleA,Chapter5
—5.5and5.6
AnnexI—Sche-
duleA,Chapter6Annex—Sche-
duleA,Chapter62001L0034—EN—12.04.2003—001.001—73
▼B
ThisDirective Dir.79/279/EEC Dir.80/390/EEC Dir.82/121/EEC Dir.88/627/EEC
AnnexI—Sche-
duleA,Chapter7—7.1introductory
phraseAnnex—Sche-
duleA,Chapter7—7.1introduc-
toryphrase
AnnexI—Sche-
duleA,Chapter7
—7.1(a)and(b)Annex—Sche-
duleA,Chapter7
—7.1,1stand
2ndindents
AnnexI—Sche-
duleA,Chapter7
—7.2Annex—Sche-
duleA,Chapter7
—7.2
AnnexI—Sche-
duleB,Chapter1
—4Annex—Sche-
duleB,Chapter
1—4
AnnexI—Sche-
duleB,Chapter5
—5.1to5.1.3Annex—Sche-
duleB,Chapter5
—5.1to5.1.3
AnnexI—Sche-
duleB,Chapter5
—5.1.4,1st
subparagraph,
introductory
phraseAnnex—Sche-
duleB,Chapter5
—5.1.4,1st
subparagraph,
introductory
phrase
AnnexI—Sche-
duleB,Chapter5
—5.1.4,1st
subparagraph(a),
(b)and(c)Annex—Sche-
duleB,Chapter5
—5.1.4,1st
subparagraph,
1st,2ndand3rd
indents
AnnexI—Sche-
duleB,Chapter5
—5.1.4,2nd,3rd
and4thsubpara-
graphsAnnex—Sche-
duleB,Chapter5
—5.1.4,2nd,3rd
and4thsubpara-
graphs
AnnexI—Sche-
duleB,Chapter5
—5.1.5to5.2Annex—Sche-
duleB,Chapter5
—5.1.5to5.2
AnnexI—Sche-
duleB,Chapter5
—5.3introductory
sentenceAnnex—Sche-
duleB,Chapter5
—5.3introduc-
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AnnexI—Sche-
duleB,Chapter5
—5.3(a)and(b)Annex—Sche-
duleB,Chapter5
—5.3(a)and(b)
AnnexI—Sche-
duleB,Chapter5
—5.3(c)(i)and
(ii)Annex—Sche-
duleB,Chapter5
—5.3(c)1stand
2ndindents
AnnexI—Sche-
duleB,Chapter6Annex—Sche-
duleB,Chapter6
AnnexI—Sche-
duleB,Chapter7
—7.1introductory
phraseAnnex—Sche-
duleB,Chapter7
—7.1introduc-
toryphrase2001L0034—EN—12.04.2003—001.001—74
▼B
ThisDirective Dir.79/279/EEC Dir.80/390/EEC Dir.82/121/EEC Dir.88/627/EEC
AnnexI—Sche-
duleB,Chapter7
—7.1(a)and(b)Annex—Sche-
duleB,Chapter7
—7.1,1stand
2ndindents
AnnexI—Sche-
duleB,Chapter7
—7.2Annex—Sche-
duleB,Chapter7
—7.2
AnnexI—Sche-
duleC,Chapter1Annex—Sche-
duleC,Chapter1
AnnexI—Sche-
duleC,Chapter2
—2.1to2.1.2Annex—Sche-
duleC,Chapter2
—2.1.2
AnnexI—Sche-
duleC,Chapter2
—2.2introductory
phraseAnnex—Sche-
duleC,Chapter2
—2.2introduc-
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AnnexI—Sche-
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—2.2(a)to(d)Annex—Sche-
duleC,Chapter2
—2.2,1stto4th
indents
AnnexI—Sche-
duleC,Chapter2
—2.3to2.6Annex—Sche-
duleC,Chapter2
—2.3to2.6
AnnexII
AnnexIII2001L0034—EN—12.04.2003—001.001—75