COMMISSION OF THE EUROPEAN COMMUNITIES 
Brussels,29.01.l996 
COM(96) 11 final 
94/0099 (COD) 
OPINION OF THE COMMISSION 
pursuant to Article 189 b (2) (d) of the EC Treaty, 
on the European Parliament's amendment 
to the Council's common position regarding the 
proposal for a 
EUROPEAN PARLIAMENT AND COUNCIL DIRECTIVE 
AMENDING DIRECTIVE 89/647/EEC 
AS REGARDS THE RECOGNITION OF CONTRACTUAL NETTING 
BY THE COMPETENT AUTHORITIES 
AMENDING THE PROPOSAL OF THE COMMISSION 
pursuant to Article 189 a (2) of the EC Treaty 

OPINION OF THE COMMISSION 
pursuant to Article 189b(2)(d) of the EC Treaty 
on the European Parliament's amendment 
to the Council Common Position regarding the 
proposal for a 
EUROPEAN PARLIAMENT AND COUNCIL DIRECTIVE 
AMENDING DIRECTIVE 89/647/EEC 
AS REGARDS THE RECOGNITION OF CONTRACTUAL NETTING 
BY THE COMPETENT AUTHORITIES 
I. STAGE REACHED IN THE PROCEDURE 
(a) On 27 April 1994 the Commission adopted its original proposal for a Directive1. The 
proposal was sent to the Council by letter of the same date. 
The Council immediately sent copies of the proposal to the Parliament and the 
Economic and Social Committee. 
(b) On 14 September 1994 at its 318th Plenary Session in Brussels the Economic and 
Social Committee unanimously adopted an opinion2 on the Commission proposal. It 
approved the Commission proposal in principle but requested certain amendments. 
1 OJNrC 231, 20.8.1994, p. 20 
2 OJ NrC 393, 31.12.1994, p. 30 
(c) By letter of 16 January 1995 the European Monetary Institute submitted its opinion 
endorsing the Commission proposal in principle. 
(d) At its sitting of 16 February 1995 the European Parliament unanimously adopted the 
legislative resolution embodying its opinion3 on the Commission proposal. 
Parliament suggested 9 amendments to the proposal. 
(e) On 10 May 1995 the Commission adopted and transmitted to the Council an amended 
proposal4. It took account of the consultations of Parliament, the Economic and 
Social Committee and the European Monetary Institute and introduced at least in 
substance the 9 amendments proposed by Parliament. 
(1) On 5 September 1995 the Council adopted the common position5. It introduced a 
number of amendments to the Commission's amended proposal; in particular it 
rejected 6 out of the 9 Parliament amendments inserted in the amended proposal. 
(g) In the plenary session of 21 September 1995 the President of the Parliament 
announced receipt of the Common Position. 
(h) on 14 December 1995 the European Parliament adopted unanimously one amendment 
to the Common Position6. 
In accordance with the procedure described in Article 189b(2)(d) of the Treaty, the 
Commission has to deliver an opinion on this amendment. 
3 OJNrC56, 6.3.1995, p. 79 
4 OJNrC 165, 1.7.1995, p. 1 
5 OJNrC 288, 30.10.1995, p. 30 
h Text not yet published m the OlYkMl Journal 
2 
2. POSITION TAKEN BY THE COMMISSION REPRESENTATIVE AT THE 
PLENARY SITTING 
The European Parliament proposed one amendment to the text of the Common Position 
of the Council. The Commission representative accepted this amendment in the plenary 
session because it is rather likely to be approved by the Council thereby avoiding the 
conciliation procedure and promoting expedient adoption of the Directive. 
3. THE COMMISSION OPINION ON THE AMENDMENT VOTED BY THE 
EUROPEAN PARLIAMENT 
The amendment aims to render the transposition of the Directive compulsory for the 
Member States. The Commission has reliable indication that the Council is also willing 
to accept this amendment. 
The Commission accepts this amendment. 
Amended proposal for a 
EUROPEAN PARLIAMENT AND COUNCIL DIRECTIVE 
AMENDING DIRECTIVE 89/647/EEC 
AS REGARDS THE RECOGNITION OF CONTRACTUAL NETTING 
BY THE COMPETENT AUTHORITIES 
(presented by the Commission pursuant to Article 189a(2) of the EC Treaty) 
EXPLANATORY STATEMENT 
The amendment aims to render the transposition of the Directive compulsory for the 
Member States. This is in line with Article 189 of the EC Treaty stating that a "... 
directive shall be binding, as to the result to be achieved, upon each Member State to 
which it is addressed ...". 
Therefore, the Commission accepts this amendment. 
Common Position of the Council Amendments by Parliament 
(Amendment 1) 
Article 3(1) 
1. Ihosc Member States which decide to 1. Member States shall bring into force 
exercise the option provided for in this the laws, regulations and administrative 
Directive shall bring into force the laws, provisions necessary for them to comply 
regulations and administrative provisions with this Directive after its entry into 
necessary for them to comply with this force and no later than 30 June 1996. 
Directive after its entry into force. They They shall forthwith inform the 
shall forthwith inform the Commission Commission thereof, 
thereof. 

ISSN 0254-1475 
COM(96) 27 final 
DOCUMENTS 
EN 09 10 
Catalogue number : CB-CO-96-026-EN-C 
ISBN 92-77-99726-5 
Office for Official Publications of the European Communities 
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