1992R3932 — EN — 01.01.1995 — 001.001 — 1
This document is meant purely as a documentation tool and the institutions do not assume any liability for its contents
►B COMMISSION REGULATION (EEC) No 3932/92
of 21 December 1992
ontheapplicationofArticle85(3)oftheTreatytocertaincategoriesofagreements,decisionsand
concerted practices in the insurance sector
(OJ L 398, 31.12.1992, p. 7)
Amended by:
Official Journal
No page date
►A1Act of Accession of Austria, Sweden and Finland C 241 21 29.8.1994
(adapted by Council Decision 95/1/EC, Euratom, ECSC) L 1 1 1.1.1995
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COMMISSION REGULATION (EEC) No 3932/92
of 21 December 1992
ontheapplicationofArticle85(3)oftheTreatytocertaincatego-
ries of agreements, decisions and concerted practices in the insur-
ance sector
THE COMMISSION OF THE EUROPEAN COMMUNITIES,
Havingreg ard to the Treaty establishingthe European EconomicCommunity,
Having regard to Council Regulation (EEC) No 1534/91 of 31 May
1991 on the application of Article 85 (3) of the Treaty to certaincategories of agreements, decisions and concerted practices in the insur-ance sector(
1),
Havingpublished a draft of this Reg ulation(2),
Havingconsulted the Advisory Committee on Restrictive Practices and
Dominant Positions,
Whereas:
(1)Regulation (EEC) No 1534/91 empowers the Commission to
apply Article 85 (3) of the Treaty by regulation to certain catego-ries of agreements, decisions and concerted practices in the insur-ance sector which have as their object:
(a) cooperation with respect to the establishment of common risk
premium tariffs based on collectively ascertained statistics orthe number of claims;
(b) the establishment of common standard policy conditions;
(c) the common coverage of certain types of risks;
(d) the settlement of claims;
(e) the testingand acceptance of security devices;
(f) registers of, and information on, aggravated risks.
(2)The Commission by now has acquired sufficient experience in
handlingindividual cases to make use of such power in respect ofthe categories of agreements specified in points (a), (b), (c) and(e) of the list.
(3)In many cases, collaboration between insurance companies in theaforementioned fields goes beyond what the Commission haspermitted in its notice concerningcooperation between enter-prises(
3), and is caught by the prohibition in Article 85 (1). It is
therefore appropriate to specify the obligations restrictive ofcompetition which may be included in the four categories ofagreements covered by it.
(4)It is further necessary to specify for each of the four categoriesthe conditions which must be satisfied before the exemption canapply. These conditions have to ensure that the collaborationbetween insurance undertakings is and remains compatible withArticle 85 (3).
(5)It is finally necessary to specify for each of these categories thesituations in which the exemption does not apply. For thispurpose it has to define the clauses which may not be included inthe agreements covered by it because they impose undue restric-tions on the parties, as well as other situations fallingunder
(1) OJ No L 143, 7. 6. 1991, p. 1.
(2) OJ No C 207, 14. 8. 1992, p. 2.
(3) OJ No C 75, 29. 7. 1968, p. 3; corrigendum OJ No C 84, 28. 8. 1968, p.
14.
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Article 85 (1) for which there is no general presumption that theywill yield the benefits required by Article 85 (3).
(6)Collaboration between insurance undertakings or within associa-tions of undertakings in the compilation of statistics on thenumber of claims, the number of individual risks insured, totalamounts paid in respect of claims and the amount of capitalinsured makes it possible to improve the knowledge of risks andfacilitates the ratingof risks for individual companies. The sameapplies to their use to establish indicative pure premiums or, inthe case of insurance involvingcapitalization, frequency tables.Joint studies on the probable impact of extraneous circumstancesthat may influence the frequency or scale of claims, or the yieldof different types of investments, should also be included. It is,however, necessary to ensure that the restrictions are onlyexempted to the extent to which they are necessary to attain theseobjectives. It is therefore appropriate to stipulate that concertedpractices on commercial premiums — that is to say, thepremiums actually charged to policyholders, comprising aloadingto cover administrative, commercial and other costs, plusa loading for contingencies or profit margins — are notexempted, and that even pure premiums can serve only for refer-ence purposes.
(7)Standard policy conditions or standard individual clauses fordirect insurance and standard models illustratingthe profits of alife assurance policy have the advantage of improving thecomparability of cover for the consumer and of allowingrisks tobe classified more uniformly. However, they must not lead eitherto the standardization of products or to the creation of too captivea customer base. Accordingly, the exemptions should apply oncondition that they are not binding, but serve only as models.
(8)Standard policy conditions may in particular not contain anysystematic exclusion of specific types of risk without providingfor the express possibility of includingthat cover by ag reementand may not provide for the contractual relationship with thepolicyholder to be maintained for an excessive period or gobeyond the initial object to the policy. This is without prejudiceto obligations arising from Community or national law.
(9)In addition, it is necessary to stipulate that the common standardpolicy conditions must be generally accessible to any interestedperson, and in particular to the policyholder, so as to ensure thatthere is real transparency and therefore benefit for consumers.
(10)The establishment of co-insurance or co-reinsurance groupsdesigned to cover an unspecified number of risks must be viewedfavourably in so far as it allows a greater number of undertakingsto enter the market and, as a result, increases the capacity forcovering, in particular, risks that are difficult to cover because oftheir scale, rarity or novelty.
(11)However, so as to ensure effective competition it is appropriate toexempt such groups subject to the condition that the participantsshall not hold a share of the relevant market in excess of a givenpercentage. The percentage of 15 % appears appropriate in thecase of co-reinsurance groups. The percentage should be reducedto 10 % in the case of co-insurance groups. This is because themechanism of co-insurance requires uniform policy conditionsand commercial premiums, with the result that residualcompetition between members of a co-insurance group is particu-larly reduced. As regards catastrophe risks or aggravated risks,those figures shall be calculated only with reference to the marketshare of the group itself.
(12)In the case of co-reinsurance groups, it is necessary to cover thedetermination of the risk premium includingthe probable cost ofcoveringthe risks. It is further necessary to cover the deter-mination of the operatingcost of the co-reinsurance and theremuneration of the participants in their capacity as co-reinsurers.
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(13)It should be legitimate in both cases to declare group cover for
the risks brought into the group to be subject to (a) the applica-tion of common or accepted conditions of cover, (b) the require-ment that agreement be obtained prior to the settlement of all (orall large) claims, (c) to joint negotiation of retrocession, and (d)to a ban on retrocedingindividual shares. The requirement thatall risks be brought into the group should however be excludedbecause that would be an excessive restriction of competition.
(14)The establishment of groups constituted only by reinsurancecompanies need not be covered by this Regulation due to lack ofsufficient experience in this field.
(15)The new approach in the realm of technical harmonization andstandardization, as defined in the Council resolution of 7 May1985 (
1), and also the global approach to certification and testing,
which was presented by the Commission in its communication tothe Council of 15 June 1989 (
2) and which was approved by the
Council in its resolution of 21 December 1989 (3), are essential to
the functioningof the internal market because they promotecompetition, beingbased on standard quality criteria throug houtthe Community.
(16)It is in the hope of promotingthose standard quality criteria thatthe Commission permits insurance undertakings to collaborate inorder to establish technical specifications and rules concerningthe evaluation and certification of the compliance of securitydevices, which as far as possible should be uniform at a Europeanlevel, thereby ensuringtheir use in practice.
(17)Cooperation in the evaluation of security devices and of theundertakings installing and maintaining them is useful in so far asit removes the need for repeated individual evaluation. Accord-ingly, the Regulation should define the conditions under whichthe formulation of technical specifications and procedures forcertifyingsuch security devices and the undertaking s installingormaintainingthem are authorized. The purpose of such conditionsis to ensure that all manufacturers and installation and mainte-nance undertakings may apply for evaluation, and that the evalu-ation and certification are guided by objective and well-definedcriteria.
(18)Lastly, such agreements must not result in an exhaustive list;each undertakingmust remain free to accept devices and installa-tion and maintenance undertakings not approved jointly.
(19)If individual agreements exempted by this Regulation neverthe-less have effects which are incompatible with Article 85 (3), asinterpreted by the administrative practice of the Commission andthe case-law of the Court of Justice, the Commission must havethe power to withdraw the benefit of the block exemption. Thisapplies for example where studies on the impact of future devel-opments are based on un-justifiable hypotheses; or where recom-mended standard policy conditions contain clauses which create,to the detriment of the policyholder, a significant imbalancebetween the rights and obligations arising from the contract; orwhere groups are used or managed in such a way as to give oneor more participatingundertaking s the means of acquiringorreinforcinga preponderant influence on the relevant market, or ifthese groups result in market sharing, or if policyholdersencounter unusual difficulties in finding cover for aggravatedrisks outside a group. This last consideration would normally notapply where a group covers less than 25 % of those risks.
(20)Agreements which are exempted pursuant to this Regulation neednot be notified. Undertakings may nevertheless in cases of doubt
(1) OJ No C 136, 4. 6. 1985, p. 1.
(2) OJ No C 267, 19. 10. 1989, p. 3.
(3) OJ No C 10, 16. 1. 1990, p. 1.
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notify their agreements pursuant to Council Regulation No 17 (1),
as last amended by the Act of Accession of Spain and Portugal,
HAS ADOPTED THIS REGULATION:
TITLE I
General provisions
Article 1
Pursuant to Article 85 (3) of the Treaty and subject to the provisions of
this Regulation, it is hereby declared that Article 85 (1) of the Treatyshall not apply to agreements, decisions by associations of undertakingsand concerted practices in the insurance sector which seek cooperationwith respect to:
(a) the establishment of common risk-premium tariffs based on collec-
tively ascertained statistics or on the number of claims;
(b) the establishment of standard policy conditions;
(c) the common coverage of certain types of risks;
(d) the establishment of common rules on the testingand acceptance of
security devices.
TITLE II
Calculation of the premium
Article 2
The exemption provided for in Article 1 (a) hereof shall apply to
agreements, decisions and concerted practices which relate to:
(a) the calculation of the average cost of risk cover (pure premiums) or
the establishment and distribution of mortality tables, and tablesshowingthe frequency of illness, accident and invalidity, in connec-tion with insurance involvingan element of capitalization — suchtables beingbased on the assembly of data, spread over a number ofrisk-years chosen as an observation period, which relate to identicalor comparable risks in sufficient number to constitute a base whichcan be handled statistically and which will yield figures on ( inter
alia):
— the number of claims duringthe said period,— the number of individual risks insured in each risk-year of the
chosen observation period,
— the total amounts paid or payable in respect of claims arisen
duringthe said period,
— the total amount of capital insured for each risk-year duringthe
chosen observation period,
(b) the carrying-out of studies on the probable impact of general
circumstances external to the interested undertakings on thefrequency or scale of claims, or the profitability of different types ofinvestment, and the distribution of their results.
Article 3
The exemption shall apply on condition that:
(a) the calculations, tables or study results referred to in Article 2,
when compiled and distributed, include a statement that they arepurely illustrative;
(b) the calculations or tables referred to in Article 2 (a) do not include
in any way loadings for contingencies, income deriving fromreserves, administrative or commercial costs comprisingcommis-
(1) OJ No 13, 21. 2. 1962, p. 204/62.
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sions payable to intermediaries, fiscal or para-fiscal contributions or
the anticipated profits of the participatingundertaking s;
(c) the calculations, tables or study results referred to in Article 2 do
not identify the insurance undertakings concerned.
Article 4
The exemption shall not benefit undertakings or associations of under-
takings which enter into an undertaking or commitment among them-selves, or which oblige other undertakings, not to use calculations ortables that differ from those established pursuant to Article 2 (a), or notto depart from the results of the studies referred to in Article 2 (b).
TITLE III
Standard policy conditions for direct insurance
Article 5
1. The exemption provided for in Article 1 (b) shall apply to agree-
ments, decisions and concerted practices which have as their object theestablishment and distribution of standard policy conditions for directinsurance.
2. The exemption shall also apply to agreements, decisions and
concerted practices which have as their object the establishment anddistribution of common models illustratingthe profits to be realizedfrom an insurance policy involvingan element of capitalization.
Article 6
1. The exemption shall apply on condition that the standard policy
conditions referred to in Article 5 (1):
(a) are established and distributed with an explicit statement that they
are purely illustrative; and
(b) expressly mention the possibility that different conditions may be
agreed; and
(c) are accessible to any interested person and provided simply upon
request.
2. The exemption shall apply on condition that the illustrative models
referred to in Article 5 (2) are established and distributed only by wayof guidance.
Article 7
1. The exemption shall not apply where the standard policy condi-
tions referred to in Article 5 (1) contain clauses which:
(a) exclude from the cover losses normally relatingto the class of
insurance concerned, without indicatingexplicitly that each insurerremains free to extend the cover to such events;
(b) make the cover of certain risks subject to specific conditions,
without indicatingexplicity that each insurer remains free to waivethem;
(c) impose comprehensive cover includingrisks to which a sig nificant
number of policyholders is not simultaneously exposed, withoutindicatingexplicitly that each insurer remains free to propose sepa-rate cover;
(d) indicate the amount of the cover or the part which the policyholder
must pay himself (the ‘excess');
(e) allow the insurer to maintain the policy in the event that he cancels
part of the cover, increases the premium without the risk or thescope of the cover beingchang ed (without prejudice to indexationclauses), or otherwise alters the policy conditions without theexpress consent of the policyholder;
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(f) allow the insurer to modify the term of the policy without the
express consent of the policyholder;
(g) impose on the policyholder in the non-life assurance sector a
contract period of more than three years;
(h) impose a renewal period of more than one year where the policy is
automatically renewed unless notice is given upon the expiry of agiven period;
(i) require the policyholder to agree to the reinstatement of a policy
which has been suspended on account of the disappearance of theinsured risk, if he is once again exposed to a risk of the samenature;
(j) require the policyholder to obtain cover from the same insurer for
different risks;
(k) require the policyholder, in the event of disposal of the object of
insurance, to make the acquirer take over the insurance policy.
2. The exemption shall not benefit undertakings or associations of
undertakings which concert or undertake among themselves, or obligeother undertakings not to apply conditions other than those referred toin Article 5 (1).
Article 8
Without prejudice to the establishment of specific insurance conditions
for particular social or occupational categories of the population, theexemption shall not apply to agreements, decisions and concerted prac-tices which exclude the coverage of certain risk categories because ofthe characteristics associated with the policyholder.
Article 9
1. The exemption shall not apply where, without prejudice to legally
imposed obligations, the illustrative models referred to in Article 5 (2)include only specified interest rates or contain figures indicatingadministrative costs.
2. The exemption shall not benefit undertakings or associations of
undertakings which concert or undertake among themselves, or obligeother undertakings not to apply models illustrating the benefits of aninsurance policy other than those referred to in Article 5 (2).
TITLE IV
Common coverage of certain types of risks
Article 10
1. The exemption under Article 1 (c) hereof shall apply to agree-
ments which have as their object the setting-up and operation of groupsof insurance undertakings or of insurance undertakings and reinsuranceundertakings for the common coverage of a specific category of risks inthe form of co-insurance or co-reinsurance.
2. For the purposes of this Regulation:
(a) ‘co-insurance groups' means groups set up by insurance undertak-
ings which:
— agree to underwrite in the name and for the account of all the
participants the insurance of a specified risk category, or
— entrust the underwritingand manag ement of the insurance of a
specified risk category in their name and on their behalf to oneof the insurance undertakings, to a common broker or to acommon body set up for this purpose;
(b) ‘co-reinsurance groups'means groups set up by insurance undertak-
ings, possibly with the assistance of one or more re-insuranceundertakings:
— in order to reinsure mutually all or part of their liabilities in
respect of a specified risk category,
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— incidentally, to accept in the name and on behalf of all the
participants the re-insurance of the same category of risks.
3. The agreements referred to in paragraph 1 may determine:
(a) the nature and characteristics of the risks covered by the co-insur-
ance or co-reinsurance;
(b) the conditions governing admission to the group;
(c) the individual own-account shares of the participants in the risks
co-insured or co-reinsured;
(d) the conditions for individual withdrawal of the participants;
(e) the rules governing the operation and management of the group.
4. The agreements alluded to in paragraph 2 (b) may further deter-
mine:
(a) the shares in the risks covered which the participants to not pass on
for co-reinsurance (individual retentions);
(b) the cost of co-reinsurance, which includes both the operatingcosts
of the group and the remuneration of the participants in theircapacity as co-reinsurers.
Article 11
1. The exemption shall apply on condition that:
(a) the insurance products underwritten by the participatingundertak-
ings or on their behalf do not, in any of the markets concerned,represent:
— in the case of co-insurance groups, more than 10 % of all the
insurance products that are identical or regarded as similar fromthe point of view of the risks covered and of the cover provided,
— in the case of co-reinsurance groups, more than 15 % of all the
insurance products that are identical or regarded as similar fromthe point of view of the risks covered and of the cover provided;
(b) each participatingundertakinghas the rig ht to withdraw from the
group, subject to a period of notice of not more than six months,without incurringany sanctions.
2. By way of derogation from paragraph 1, the respective percent-
ages of 10 and 15 % apply only to the insurance products brought intothe group, to the exclusion of identical or similar products underwrittenby the participatingcompanies or on their behalf and which are notbrought into the group, where this group covers:
— catastrophe risks where the claims are both rare and large,— aggravated risks which involve a higher probability of claims
because of the characteristics of the risk insured.
This derogation is subject to the following conditions:
— that none of the concerned undertakings shall participate in another
group that covers risks on the same market, and
— with respect to groups which cover aggravated risks, that the insur-
ance products brought into the group shall not represent more than15 % of all identical or similar products underwritten by the partici-patingcompanies or on their behalf on the market concerned.
Article 12
Apart from the obligations referred to in Article 10, no restriction on
competition shall be imposed on the undertakings participating in aco-insurance group other than:
(a) the obligation, in order to qualify for the co-insurance cover within
the group, to
— take preventive measures into account,— use the general or specific insurance conditions accepted by the
group,
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— use the commercial premiums set by the group;
(b) the obligation to submit to the group or approval any settlement of a
claim relatingto a co-insured risk;
(c) the obligation to entrust to the group the negotiation of reinsurance
agreements on behalf of all concerned;
(d) a ban on reinsuringthe individual share of the co-insured risk.
Article 13
Apart from the obligations referred to in Article 10, no restriction on
competition shall be imposed on the undertakings participating in aco-reinsurance group other than:
(a) the obligation, in order to qualify for the co-reinsurance cover, to
— take preventive measures into account,— use the general or specific insurance conditions accepted by the
group,
— use a common risk-premium tariff for direct insurance calcu-
lated by the group, regard being had to the probable cost of riskcover or, where there is not sufficient experience to establishsuch a tariff, a risk premium accepted by the group,
— participate in the cost of the co-reinsurance;
(b) the obligation to submit to the group for approval the settlement of
claims relatingto the co-reinsured risks and exceedinga specifiedamount, or to pass such claims on to it for settlement;
(c) the obligation to entrust to the group the negotiation of retrocession
agreements on behalf of all concerned;
(d) a ban on reinsuringthe individual retention or retrocedingthe
individual share.
TITLE V
Security devices
Article 14
The exemption provided for in Article 1 (d) shall apply to agreements,
decisions and concerted practices which have as their object the estab-lishment, recognition and distribution of:
— technical specifications, in particular technical specifications
intended as future European norms, and also procedures forassessingand certifyingthe compliance with such specifications ofsecurity devices and their installation and maintenance,
— rules for the evaluation and approval of installation undertakings or
maintenance undertakings.
Article 15
The exemption shall apply on condition that:
(a) the technical specifications and compliancy assessment procedures
are precise, technically justified and in proportion to theperformance to be attained by the security device concerned;
(b) the rules for the evaluation of installation undertakings and mainte-
nance undertakings are objective, relate to their technical compet-ence and are applied in a non-discriminatory manner;
(c) such specifications and rules are established and distributed with the
statement that insurance undertakings are free to accept othersecurity devices or approve other installation and maintenanceundertakings which do not comply with these technical specifica-tions or rules;
(d) such specifications and rules are provided simply upon request to
any interested person;
(e) such specifications include a classification based on the level of
performance obtained;
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(f) a request for an assessment may be submitted at any time by any
applicant;
(g) the evaluation of conformity does not impose on the applicant any
expenses that are disproportionate to the costs of the approvalprocedure;
(h) the devices and installation undertakings and maintenance undertak-
ings that meet the assessment criteria are certified to this effect in anon-discriminatory manner within a period of six months of thedate of application, except where technical considerations justify areasonable additional period;
(i) the fact of compliance or approval is certified in writing;(j) the grounds for a refusal to issue the ceritifcate of compliance are
given in writing by attaching a duplicate copy of the records of thetests and controls that have been carried out;
(k) the grounds for a refusal to take into account a request for assess-
ment are provided in writing;
(l) the specifications and rules are applied by bodies observingthe
appropriate provisions of norms in the series EN 45 000.
TITLE VI
Miscellaneous provisions
Article 16
1. The provisions of this Regulation shall also apply where the
participating undertakings lay down rights and obligations for theundertakings connected with them. The market shares, legal acts orconduct of the connected undertakings shall be considered to be thoseof the participatingundertaking s.
2. ‘Connected undertakings' for the purposes of this Regulation
means:
(a) undertakings in which a participating undertaking, directly or indir-
ectly:
— owns more than half the capital or business assets, or— has the power to exercise more than half the votingrig hts, or— has the power to appoint more than half the members of the
supervisory board, board of directors or bodies legally repre-sentingthe undertaking , or
— has the right to manage the affairs of the undertaking;
(b) undertakings which directly or indirectly have in or over a partici-
patingundertakingthe rig hts or powers listed in (a);
(c) undertakings in which an undertaking referred to in (b) directly or
indirectly has the rights or powers listed in (a).
3. Undertakings in which the participating undertakings or undertak-
ings connected with them have directly or indirectly the rights orpowers set out in paragraph 2 (a) shall be considered to be connectedwith each of the participatingundertaking s.
Article 17
The Commission may withdraw the benefit of this Regulation, pursuant
to Article 7 of 1534/91, where it finds in a particular case that anagreement, decision or concerted practice exempted under this Regula-tion nevertheless has certain effects which are incompatible with theconditions laid down in Article 85 (3) of the EEC Treaty, and inparticular where,
— in the cases referred to in Title II, the studies are based on unjustifi-
able hypotheses,
— in the cases referred to in Title III, the standard policy conditions
contain clauses other than those listed in Article 7 (1) which create,to the detriment of the policyholder, a significant imbalance betweenthe rights and obligations arising from the contract,
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— in the cases referred to in Title IV:
(a) the undertakings participating in a group would not, having
regard to the nature, characteristics and scale of the risksconcerned, encounter any significant difficulties in operatingindividually on the relevant market without organizing them-selves in a group;
(b) one or more participatingundertaking s exercise a determining
influence on the commercial policy of more than one group onthe same market;
(c) the setting-up or operation of a group may, through the condi-
tions governing admission, the definition of the risks to becovered, the agreements on retrocession or by any other means,result in the sharingof the markets for the insurance productsconcerned or form neighbouring products;
(d) an insurance group which benefits from the provisions of
Article 11 (2) has such a position with respect to aggravatedrisks that the policyholders encounter considerable difficulties infindingcover outside this g roup.
Article 18
1. As regards agreements existing on 13 March 1962 and notified
before 1 February 1963 and agreements, whether notified or not, towhich Article 4 (2) (1) of Regulation No 17 applies, the declaration ofinapplicability of Article 85 (1) of the Treaty contained in this Regula-tion shall have retroactive effect from the time at which the conditionsfor application of this Regulation were fulfilled.
2. As regards all other agreements notified before this Regulation
entered into force, the declaration of inapplicability of Article 85 (1) ofthe Treaty contained in this Regulation shall have retroactive effectfrom the time at which the conditions for application of this Regulationwere fulfilled, or from the date of notification, whichever is later.
Article 19
If agreements existing on 13 March 1962 and notified before 1 February
1963, or agreements covered by Article 4 (2) (1) of Regulation No 17and notified before 1 January 1967, are amended before 31 December1993 so as to fulfil the conditions for application of this Regulation, andif the amendment is communicated to the Commission before 1 April1994, the prohibition in Article 85 (1) of the Treaty shall not apply inrespect of the period prior to the amendment. The communication shalltake effect from the time of its receipt by the Commission. Where thecommunication is sent by registered post, it shall take effect from thedate shown on the postmark of the place of posting.
Article 20
1. As regards agreements covered by Article 85 of the Treaty as a
result of the accession of the United Kingdom, Ireland and Denmark,Articles 18 and 19 shall apply, on the understandingthat the relevantdates shall be 1 January 1973 instead of 13 March 1962 and 1 July 1973instead of 1 February 1963 and 1 January 1967.
2. As regards agreements covered by Article 85 of the Treaty as a
result of the accession of Greece, Articles 18 and 19 shall apply, on theunderstandingthat the relevant dates shall be 1 January 1981 instead of13 March 1962 and 1 July 1981 instead of 1 February 1963 and 1January 1967.
3. As regards agreements covered by Article 85 of the Treaty as a
result of the accession of Spain and Portugal, Articles 18 and 19 shallapply, on the understandingthat the relevant dates shall be 1 January1986 instead of 13 March 1962 and 1 July 1986 instead of 1 February1963 and 1 January 1967.
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A1
4. As regards agreements covered by Article 85 of the Treaty as aresult of the accession of Austria, Finland and Sweden, Articles 18 and
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19 shall apply mutatis mutandis on the understandningthat the relevant
dates shall be the date of accession instead of 13 March 1962 and sixmonths after the date of accession instead of 1 February 1963, 1 January1967, 31 December 1993 and 1 April 1994. The amendments made tothe agreements in accordance with Article 19 need not be notified to theCommission. However, the present paragraph shall not apply to agree-ments which at the date of accession already fall under Article 53(1) ofthe EEA Agreement.
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Article 21
This Regulation shall enter into force on 1 April 1993.It shall apply until 31 March 2003.
This Regulation shall be binding in its entirety and directly applicable in
all Member States.