1995L0026 — EN — 15.06.2000 — 001.001 — 1
This document is meant purely as a documentation tool and the institutions do not assume any liability for its contents
►B EUROPEANPARLIAMENTANDCOUNCILDIRECTIVE95/26/EC
of29June1995
amendingDirectives 77/780/EEC and89/646/EEC inthe field ofcredit institutions,Directives 73/
239/EEC and92/49/EEC in the field of non-life insurance, Directives 79/267/EEC and92/96/EECin the field of life assurance, Directive 93/22/EEC in the field of investment firms and Directive85/611/EECinthefieldofundertakingsforcollectiveinvestmentintransferablesecurities(Ucits),
withaviewtoreinforcing prudentialsupervision
(OJ L 168, 18.7.1995, p. 7)
Amended by:
Official Journal
No page date
►M1Directive 2000/12/EC of the European Parliament and of the Council of
20 March 2000L 126 1 26.5.2000
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EUROPEAN PARLIAMENTANDCOUNCILDIRECTIVE95/26/
EC
of29June1995
amending Directives 77/780/EEC and 89/646/EEC in the field of
credit institutions, Directives 73/239/EEC and 92/49/EEC in thefield of non-life insurance, Directives 79/267/EEC and 92/96/EEC
in the field of life assurance, Directive 93/22/EEC in the field of
investment firms and Directive 85/611/EEC in the field of under-takings for collective investment in transferable securities (Ucits),
withaviewtoreinforcing prudentialsupervision
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE
EUROPEAN UNION,
Having regard to the Treaty establishing the European Community, and
in particular the first and third sentences of Article 57 (2) thereof,
Having regard to the proposal from the Commission (1),
Having regard to the opinion of the Economic and Social
Committee (2),
Acting in accordance with the procedure laid down in Article 189b of
the Treaty (3) in the light of the joint text approved by the Conciliation
Committee on 11 May 1995,
(1)Whereas certain events have shown that it is appropriate to
amend in certain respects certain Council Directives, specifying
the general framework within which credit institutions, insuranceundertakings, investment firms and undertakings for investmentin transferable securities (Ucits) may carry on their business,namely Directives 77/780/EEC (
4) and 89/646/EEC, Directives
73/239/EEC (5) and 92/49/EEC, Directives 79/267/EEC (6) and
92/96/EEC, Directive 93/22/EEC (7) and Directive 85/611/
EEC (8), with a view to reinforcing prudential supervision;
whereas it is desirable to adopt similar measures throughout thefinancial services sector;
(2)Whereas those Directives lay down, inter alia, the conditionswhich must be fulfilled before the competent authorities maygrant authorization for the taking-upof business;
(3)Whereas the competent authorities should not authorize or
continue the authorization of a financial undertaking where they
are liable to be prevented from effectively exercising their super-visory functions by the close links between that undertaking andother natural or legal persons; whereas financial undertakingsalready authorized must also satisfy the competent authorities inthat respect;
(4)Die in dieser Richtlinie gewählte Definition des Begriffs‘Whereas the definition of “close links” in this Directive laysdown minimum criteria and that does not prevent Member Statesfrom applying it to situations other than those envisaged by the
definition;’ beruht auf Mindestkriterien und hindert die Mitglied-1995L0026 — EN — 15.06.2000 — 001.001 — 2
(1) OJ No C 229, 25. 8. 1993, p. 10.
(2) OJ No C 52, 14. 2. 1994, p. 15.
(3) Opinion of the European Parliament of 9 March 1994 (OJ No C 91, 28. 3.
1994, p. 61), Council common position of 6 June 1994 (OJ No C 213, 3. 8.
1994, p. 29), European Parliament Decision of 26 October 1994 (OJ No
C 323, 21. 11. 1994, p. 56).
(4) OJ No L 322, 17. 12. 1977, p. 30. Directive as last amended by Directive
89/646/EEC (OJ No L 386, 30. 12. 1989, p. 1).
(5) OJ No L 228, 16. 8. 1973, p. 3. Directive as last amended by Directive 92/
49/EEC (OJ No L 228, 11. 8. 1992, p. 1).
(6) OJ No L 63, 13. 3. 1979, p. 1. Directive as last amended by Directive 92/96/
EEC (OJ No L 360, 9. 12. 1992, p. 1).
(7) OJ No L 141, 11. 6. 1993, p. 27.
(8) OJ No L 375, 31. 12. 1985, p. 3. Directive as amended by Directive 88/220/
EEC (OJ No L 100, 19. 4. 1988, p. 31).
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staaten nicht, auch andere als die unter diese Definition fallenden
Situationen zu erfassen.
(5)Whereas the sole fact of having acquired a significant proportionof a company's capital does not constitute participation for thepurposes of this Directive if that holding has been acquired
solely as a temporary investment which does not make it
possible to exercise influence over the structure or financialpolicy of the undertaking;
(6)Whereas the reference to the supervisory authorities' effectiveexercise of their supervisory functions covers supervision on aconsolidated basis which must be exercised over a financialundertaking where the provisions of Community law so provide;whereas, in such cases, the authorities applied to for authoriza-
tion must be able to identify the authorities competent to
exercise supervision on a consolidated basis over that financialundertaking;
(7)Whereas the principles of mutual recognition and of homeMember State supervision require that Member States' competentauthorities should not grant or should withdraw authorizationwhere factors such as the content of programmes of operations,
the geographical distribution of the activities actually carried on
indicate clearly that a financial undertaking has opted for thelegal system of one Member State for the purpose of evadingthe stricter standards in force in another Member State withinwhose territory it carries on or intends to carry on the greaterpart of its activities; whereas a financial undertaking which is a
legal person must be authorized in the Member State in which it
has its registered office; whereas a financial undertaking whichis not a legal person must have its head office in the MemberState in which it has been authorized; whereas, in addition,Member States must require that a financial undertaking's head
office always be situated in its home Member State and that it
actually operates there;
(8)Whereas it is appropriate to provide for the possibility of
exchanges of information between the competent authorities and
authorities or bodies which, by virtue of their function, helptostrengthen the stability of the financial system; whereas, in orderto preserve the confidential nature of the information forwarded,the list of addressees must remain within strict limits;
(9)Whereas certain behaviour, such as fraud and insider offenses, isliable to affect the stability, including integrity, of the financialsystem, even when involving undertakings other than financial
ones;
(10)Whereas it is necessary to specify the conditions under whichsuch exchanges of information are authorized;
(11)Whereas, where it is stipulated that information may bedisclosed only with the express agreement of the competent
authorities, these may, where appropriate, make their agreementsubject to compliance with strict conditions;
(12)Whereas exchanges of information between, on the one hand, thecompetent authorities and, on the other, central banks and otherbodies with a similar function in their capacity as monetaryauthorities and, where appropriate, other public authoritiesresponsible for supervising payment systems should also be
authorized;
(13)Whereas the same obligation of professional secrecy on theauthorities responsible for authorizing and supervising Ucits and
the undertakings that take part in those activities and the samepossibilities for exchanging information as those granted to theauthorities responsible for authorizing and supervising creditinstitutions, investment firms and insurance undertakings, shouldbe included in Directive 85/611/EEC;1995L0026 — EN — 15.06.2000 — 001.001 — 3
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(14)Whereas this Directive coordinates all the provisions governing
information exchanges between authorities for the entire finan-
cial sector as provided for in Directive 93/22/EEC;
(15)Whereas, for the purpose of strengthening the prudential super-vision of financial undertakings and protection of clients offinancial undertakings, it should be stipulated that an auditormust have a duty to report promptly to the competent authorities,
wherever, as provided for by this Directive, he becomes aware,
while carrying out his tasks, of certain facts which are liable tohave a serious effect on the financial situation or the administra-tive and accounting organization of a financial undertaking;
(16)Whereas, having regard to the aim in view, it is desirable for
Member States to provide that such a duty should apply in all
circumstances where such facts are discovered by an auditorduring the performance of his tasks in an undertaking whichhas close links with a financial undertaking;
(17)Whereas the duty of auditors to communicate, where appro-
priate, to the competent authorities certain facts and decisions
concerning a financial undertaking which they discover duringthe performance of their tasks in a non-financial undertakingdoes not in itself change the nature of their tasks in that under-taking nor the manner in which they must perform those tasks inthat undertaking;
(18)Whereas adopting this Directive is the most appropriate meansof achieving the objectives in view, and in particular of reinfor-cing the powers of the competent authorities; whereas thisDirective restricts itself to the minimum required to achievethose objectives and does not go beyond what is necessary for
that purpose,
HAVE ADOPTED THIS DIRECTIVE:
Article 1
Wherever the term ‘financial undertaking’ is used in this Directive, it
shall be replaced by:
— ‘insurance undertaking’ where this Directive amends Directives 73/
239/EEC and 92/49/EEC, and ‘life assurance undertaking’ wherethis Directive amends Directives 79/267/EEC and 92/96/EEC;
— ‘investment firm’ where this Directive amends Directive 93/22/
EEC;
— ‘undertaking for collective investment in transferable securities
(Ucits) or an undertaking contributing towards its business activity’
where this Directive amends Directive 85/611/EEC.
Article 2
1.
— I n Article 1 of Directive 92/49/EEC, a point (l),
— in Article 1 of Directive 92/96/EEC, a point (m), and
— in Article 1 of Directive 93/22/EEC, a point 15,
shall be added containing the following definition:
‘“close links” shall mean a situation in which two or more natural
or legal persons are linked by:
(a) “participation”, which shall mean the ownership, direct or by
way of control, of 20 % or more of the voting rights or capitalof an undertaking or1995L0026 — EN — 15.06.2000 — 001.001 — 4
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(b) “control”, which shall mean the relationshipbetween a p arent
undertaking and a subsidiary, in all the cases referred to inArticle 1 (1) and (2) of Directive 83/349/EEC (*), or a similar
relationshipbetween any natural or legal p erson and an under-
taking; any subsidiary undertaking of a subsidiary undertakingshall also be considered a subsidiary of the parent undertakingwhich is at the head of those undertakings.
A situation in which two or more natural or legal persons are
permanently linked to one and the same person by a control rela-
tionshipshall also be regarded as constituting a close link betweensuch persons.
(*) OJ No L 193, 18. 7. 1983, p. 1. Directive as last amended by
Directive 90/605/EEC (OJ No L 317, 16. 11. 1990, p. 60).’
2. The following subparagraphs shall be added at the end of:
— Article 3 (3) of Directive 93/22/EEC,
— Article 8 (1) of Directive 73/239/EEC,— Article 8 (1) of Directive 79/267/EEC:
‘Moreover, where close links exist between the financial under-
taking and other natural or legal persons, the competent authoritiesshall grant authorization only if those links do not prevent the effec-tive exercise of their supervisory functions.
The competent authorities shall also refuse authorization if the laws,
regulations or administrative provisions of a non-member country
governing one or more natural or legal persons with which theundertaking has close links, or difficulties involved in their enforce-ment, prevent the effective exercise of their supervisory functions.
The competent authorities shall require financial undertakings to
provide them with the information they require to monitor compli-
ance with the conditions referred to in this paragraph on a
continuous basis.’
Article 3
1. The following paragraph shall be inserted in Article 8 of Direc-
tive 73/239/EEC and in Article 8 of Directive 79/267/EEC:
‘1a. Member States shall require that the head offices of insur-
ance undertakings be situated in the same Member State as theirregistered offices.’
Article 4
1. In Article 16 of Directive 92/49/EEC and in Article 15 of Direc-
tive 92/96/EEC, the following paragraph shall be inserted:
‘5a. Notwithstanding paragraphs 1 to 4, Member States may
authorize exchanges of information between the competent authori-ties and:
— the authorities responsible for overseeing the bodies involved in
the liquidation and bankruptcy of financial undertakings and
other similar procedures, or
— the authorities responsible for overseeing the persons charged
with carrying out statutory audits of the accounts of insuranceundertakings, credit institutions, investment firms and otherfinancial institutions, or
— independent actuaries of insurance undertakings carrying out
legal supervision of those undertakings and the bodies respon-sible for overseeing such actuaries.1995L0026 — EN — 15.06.2000 — 001.001 — 5
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Die Mitgliedstaaten, die von der Möglichkeit des Unterabsatzes 1
Gebrauch machen, verlangen zumindest, daß folgende Bedingungenerfüllt werden:
— this information shall be for the purpose of carrying out the
overseeing or legal supervision referred to in the first subpara-graph,
— information received in this context will be subject to the condi-
tions of professional secrecy imposed in paragraph 1,
— where the information originates in another Member State, it
may not be disclosed without the express agreement of thecompetent authorities which have disclosed it and, where appro-priate, solely for the purposes for which those authorities gave
their agreement.
Member States shall communicate to the Commission and to the
other Member States the names of the authorities, person andbodies which may receive information pursuant to this paragraph.’
2. In►
M1 ◄Article 25 of Directive 93/22/EEC, the
following paragraph shall be inserted:
‘5a. Notwithstanding paragraphs 1 to 4, Member States may
authorize exchanges of information between, the competent autho-
rities and:
— the authorities responsible for overseeing the bodies involved in
the liquidation and bankruptcy of financial undertakings andother similar procedures, or
— the authorities responsible for overseeing persons charged with
carrying out statutory audits of the accounts of insurance under-
takings, credit institutions, investment firms and other financial
institutions.
Member States which have recourse to the option provided for in
the first subparagraph shall require at least that the following condi-tions are met:
— the information shall be for the purpose of performing the task
of overseeing referred to in the first subparagraph,
— information received in this context shall be subject to the
conditions of professional secrecy imposed in paragraph 1,
— where the information originates in another Member State, it
may not be disclosed without the express agreement of thecompetent authorities which have disclosed it and, where appro-priate, solely for the purposes for which those authorities gavetheir agreement.
Member States shall communicate to the Commission and to the
other Member States the names of the authorities which mayreceive information pursuant to this paragraph.’
3. In►
M1 ◄Article 16 of Directive 92/49/EEC, in
Article 25 of Directive 93/22/EEC and in Article 15 of Directive 92/96/EEC, the following paragraph shall be inserted:
‘5b. Notwithstanding paragraphs 1 to 4, Member States may,
with the aim of strengthening the stability, including integrity, of
the financial system, authorize the exchange of information
between the competent authorities and the authorities or bodiesresponsible under the law for the detection and investigation ofbreaches of company law.
Member States which have recourse to the option provided for in
the first subparagraph shall require at least that the following condi-tons are met:
— the information shall be for the purpose of performing the task
referred to in the first subparagraph,
— information received in this context shall be subject to the
conditions of professional secrecy imposed in paragraph 1,
— where the information originates in another Member State, it
may not be disclosed without the express agreement of thecompetent authorities which have disclosed it and, where appro-1995L0026 — EN — 15.06.2000 — 001.001 — 6
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priate, solely for the purposes for which those authorities gave
their agreement.
Where, in a Member State, the authorities or bodies referred to in
the first subparagraph perform their task of detection or investiga-
tion with the aid, in view of their specific competence, of personsappointed for that purpose and not employed in the public sector,the possibility of exchanging information provided for in the firstsubparagraph may be extended to such persons under the conditionsstipulated in the second subparagraph.
In order to implement the final indent of the second subparagraph,
the authorities or bodies referred to in the first subparagraph shall
communicate to the competent authorities which have disclosed theinformation, the names and precise responsibilities of the persons towhom it is to be sent.
Member States shall communicate to the Commission and to the
other Member States the names of the authorities or bodies which
may receive information pursuant to this paragraph.
Before 31 December 2000, the Commission shall draw upa rep ort
on the application of the provisions of this paragraph.’
4. In►
M1 ◄Article 25 of Directive 93/22/EEC,
paragraph 6 shall be replaced by the following:
‘6. This Article shall not prevent a competent authority from
transmitting:
— to central banks and other bodies with a similar function in their
capacity as monetary authorities,
— where appropriate, to other public authorities responsible for
overseeing payment systems,
information intended for the performance of their task, nor shall it
prevent such authorities or bodies from communicating to the
competent authorities such information as they may need for the
purposes of paragraph 4. Information received in this context shallbe subject to the conditions of professional secrecy imposed in thisArticle.’
5. In Article 16 of Directive 92/49/EEC and in Article 15 of Direc-
tive 92/96/EEC, the following shall be inserted:
‘5c. Member States may authorize the competent authorities to
transmit:
— to central banks and other bodies with a similar function in their
capacity as monetary authorities,
— where appropriate, to other public authorities responsible for
overseeing payment systems,
information intended for the performance of their task and may
authorize such authorities or bodies to communicate to the compe-tent authorities such information as they may need for the purposesof paragraph 4. Information received in this context shall be subjectto the conditions of professonial secrecy imposed in this Article.’
7. In Article 50 of Directive 85/611/EEC, paragraphs 2, 3 and 4shall be replaced by the following:
‘2. Member States shall provide that all persons who work or
who have worked for the competent authorities, as well as auditorsand experts instructed by the competent authorities, shall be bound
by the obligation of professional secrecy. Such secrecy implies that
no confidential information which they may receive in the courseof their duties may be divulged to any person or authority whatso-ever, save in summary or aggregate form such that Ucits andmanagement companies and depositaries (hereinafter referred to asundertakings contributing towards their business activity) cannot be1995L0026 — EN — 15.06.2000 — 001.001 — 7
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individually identified, without prejudice to cases covered by crim-
inal law.
Nevertheless, when an Ucits or an undertaking contributing towards
its business activity has been declared bankrupt or is being compul-
sorily wound up, confidential information which does not concernthird parties involved in rescue attempts may be divulged in civilor commercial proceedings.
3. Paragraph 2 shall not prevent the competent authorities of the
various Member States from exchanging information in accordancewith this Directive or other Directives applicable to Ucits or toundertakings contributing towards their business activity. That
information shall be subject to the conditions of professional
secrecy imposed in paragraph 2.
4. Member States may conclude cooperation agreements
providing for exchanges of information with the competent authori-
ties of third countries only if the information communicated iscovered by guarantees of professional secrecy at least equivalentto those provided for in this Article.
5. Competent authorities receiving confidential information
under paragraphs 2 or 3 may use it only in the course of theirduties:
— to check that the conditions governing the taking-upof the busi-
ness of Ucits or of undertakings contributing towards their
business activity are met and to facilitate the monitoring of the
conduct of that business, administrative and accounting proce-dures and internal-control mechanisms,
— to impose sanctions,
— in administrative appeals against decisions by the competent
authorities, or
— in court proceedings initiated under Article 51 (2).
6. Paragraphs 2 and 5 shall not preclude the exchange of infor-
mation:
(a) within a Member State, where there are two or more competent
authorities; or
(b) within a Member State or between Member States, between
competent authorities; and
— authorities with public responsibility for the supervision of
credit institutions, investment undertakings, insuranceundertakings and other financial organizations and theauthorities responsible for the supervision of financialmarkets,
— bodies involved in the liquidation or bankruptcy of Ucits
and other similar procedures and of undertakings contri-buting towards their business activity,
— persons responsible for carrying out statutory audits of the
accounts of insurance undertakings, credit institutions,investment undertakings and other financial institutions,
in the performance of their supervisory functions, or the disclo-
sure to bodies which administer compensation schemes ofinformation necessary for the performance of their functions.Such information shall be subject to the conditions of profes-sional secrecy imposed in paragraph 2.
7. Notwithstanding paragraphs 2 to 5, Member States may
authorize exchanges of information between the competent authori-ties and:
— the authorities responsible for overseeing the bodies involved in
the liquidation and bankruptcy of financial undertakings and
other similar procedures, or
— the authorities responsible for overseeing persons charged with
carrying out statutory audits of the accounts of insurance under-1995L0026 — EN — 15.06.2000 — 001.001 — 8
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takings, credit institutions, investment firms and other financial
institutions.
Member States which have recourse to the option provided for in
the first subparagraph shall require at least that the following condi-
tions are met:
— the information shall be for the purpose of performing the task
of overseeing referred to in the first subparagraph,
— information received in this context shall be subject to the
conditions of professional secrecy imposed in paragraph 2,
— where the information originates in another Member State, it
may not be disclosed without the express agreement of the
competent authorities which have disclosed it and, where appro-
priate, solely for the purposes for which those authorities gavetheir agreement.
Member States shall communicate to the Commission and to the
other Member States the names of the authorities which mayreceive information pursuant to this paragraph.
8. Notwithstanding paragraphs 2 to 5, Member States may, with
the aim of strengthening the stability, including integrity, of thefinancial system, authorize the exchange of information betweenthe competent authorities and the authorities or bodies responsibleunder the law for the detection and investigation of breaches of
company law.
Member States which have recourse to the option provided for in
the first subparagraph shall require at least that the following condi-
tons are met:
— the information shall be for the purpose of performing the task
referred to in the first subparagraph,
— information received in this context shall be subject to the
conditions of professional secrecy imposed in paragraph 2,
— where the information originates in another Member State, it
may not be disclosed without the express agreement of the
competent authorities which have disclosed it and, where appro-priate, solely for the purposes for which those authorities gavetheir agreement.
Where, in a Member State, the authorities or bodies referred to in
the first subparagraph perform their task of detection or investiga-tion with the aid, in view of their specific competence, of persons
appointed for that purpose and not employed in the public sector
the possibility of exchanging information provided for in the firstsubparagraph may be extended to such persons under the conditionsstipulated in the second subparagraph.
In order to implement the final indent of the second subparagraph,
the authorities or bodies referred to in the first subparagraph shallcommunicate to the competent authorities which have disclosed theinformation the names and precise responsibilities of the persons to
whom it is to be sent.
Member States shall communicate to the Commission and to the
other Member States the names of the authorities or bodies whichmay receive information pursuant to this paragraph.
Before 31 December 2000, the Commission shall draw upa rep ort
on the application of this paragraph.
9. This Article shall not prevent a competent authority from
transmitting to central banks and other bodies with a similar func-
tion in their capacity as monetary authorities information intendedfor the performance of their tasks, nor shall it prevent such autho-rities or bodies from communicating to the competent authoritiessuch information as they may need for the purposes of paragraph5. Information received in this context shall be subject to the condi-
tions of professional secrecy imposed in this Article.
10. This Article shall not prevent the competent authorities from
communicating the information referred to in paragraphs 2 to 5 to aclearing house or other similar body recognized under national law1995L0026 — EN — 15.06.2000 — 001.001 — 9
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for the provision of clearing or settlement services for one of their
Member State's markets if they consider that it is necessary tocommunicate the information in order to ensure the proper func-
tioning of those bodies in relation to defaults or potential defaults
by market participants. The information received in this contextshall be subject to the conditions of professional secrecy imposedin paragraph 2. Member States shall, however, ensure that informa-tion received under paragraph 3 may not be disclosed in the
circumstances referred to in this paragraph without the express
consent of the competent authorities which disclosed it.
11. In addition, notwithstanding the provisions referred to in
paragraphs 2 and 5, Member States may, by virtue of provisions
laid down by law, authorize the disclosure of certain information
to other departments of their central government administrationsresponsible for legislation on the supervision of Ucits and of under-takings contributing towards their business activity, creditinstitutions, financial institutions, investment undertakings and
insurance undertakings and to inspectors instructed by those depart-
ments.
Such disclosures may, however, be made only where necessary for
reasons of prudential control.
Member States shall, however, provide that information received
under paragraphs 3 and 6 may never be disclosed in the circum-stances referred to in this paragraph except with the expressagreement of the competent authorities which disclosed the infor-
mation.’
Article 5
The following shall be incorporated:
— in Directive 92/49/EEC, an Article 16a,
— in Directive 92/96/EEC, an Article 15a,— in Directive 93/22/EEC, an Article 25a,— and in Directive 85/611/EEC, an Article 50a,
reading as follows:
‘1. Member States shall provide at least that:
(a) any person authorized within the meaning of Directive 84/253/
EEC (*), performing in a financial undertaking the taskdescribed in Article 51 of Directive 78/660/EEC (**), Article
37 of Directive 83/349/EEC or Article 31 of Directive 85/611/
EEC or any other statutory task, shall have a duty to reportpromptly to the competent authorities any fact or decisionconcerning that undertaking of which he has become awarewhile carrying out that task which is liable to:
— constitute a material breach of the laws, regulations or
administrative provisions which lay down the conditions
governing authorization or which specifically govern pursuit
of the activities of financial undertakings, or
— affect the continuous functioning of the financial under-
taking, or
— lead to refusal to certify the accounts or to the expression of
reservations;
(b) that person shall likewise have a duty to report any facts and
decisions of which he becomes aware in the course of carryingout a task as described in (a) in an undertaking having closelinks resulting from a control relationshipwith the financialundertaking within which he is carrying out the abovemen-
tioned task.
2. The disclosure in good faith to the competent authorities, by
persons authorized within the meaning of Directive 84/253/EEC, of1995L0026 — EN — 15.06.2000 — 001.001 — 10
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any fact or decision referred to in paragraph 1 shall not constitute a
breach of any restriction on disclosure of information imposed bycontract of by any legislative, regulatory or administrative provi-
sion and shall not involce such persons in liability of any kind.
(*) OJ No L 126, 12. 5. 1984, p. 20.
(**) OJ No L 222, 14. 8. 1978, p. 11. Directive as last amended by
Directive 90/605/EEC (OJ No L 317, 16. 11. 1990, p. 60).’
Article 6
1. The Member States shall bring into force the laws, regulations
and administrative provisions necessary for them to comply with this
Directive by 18 July 1996. They shall forthwith inform the Commis-
sion thereof.
When the Member States adopt those measures, they shall contain a
reference to this Directive or shall be accompanied by such a referenceon the occasion of their official publication. The methods of makingsuch a reference shall be laid down by the Member States.
2. The Member States shall communicate to the Commission the
texts of the main provisions of national law which they adopt in the
field governed by this Directive.
Article 7
This Directive is addressed to the Member States.1995L0026 — EN — 15.06.2000 — 001.001 — 11