14.6.93 OfficialJournaloftheEuropeanCommunities NoC161/25
OpinionontheproposalforaCouncilDirectivesupplementing theCommonSystemof
ValueAddedTaxandamendingDirective77/388/EEC—SpecialSchemeforGold(*)
(93/C161/08)
On11November1992theCouncildecided,inaccordancewithArticle99oftheEECTreaty,
toconsulttheEconomicandSocialCommitteeontheabovementioned proposal.
TheSectionforEconomic,FinancialandMonetaryQuestions,whichwasresponsiblefor
preparingtheCommittee'sworkonthesubject,adopteditsOpinionon9March1993.The
RapporteurwasMrRobertPelletier.
Atits305thPlenarySession(meetingof28April1993),theEconomicandSocialCommittee
adoptedthefollowingOpinionby78votesto56,with9abstentions .
1.Introduction 1.3.Likemostbasicrawmaterials,goldisquoted
oninternationalmarkets.However,becauseasmall
volumeofgoldhasahighvalue,itisaproductwhich
isnotfondofbarriers;whentheseexistmarketdealers
moreoftenthannotfindawayaroundthem.1.1.Goldtradingisaveryspecialactivity.
1.4.TherulesintheECongoldtradingarefarfrom
uniform.Somecountriessimplyprohibitthesaleof
goldbars,orcoinstoprivateindividuals;otherssimply
exemptitfromtaxorapplyazerorate.
However,industrialgoldisgenerallytaxedatthenor­
malValueAddedTax(VAT)rate.1.2.Interestingoldhaswanedconsiderablyinrecent
years.TheUSA'sabandonment ofthegoldexchange
standardin1971dealtaseriousblowtotheuseofgold
asmoneyandtoitsroleasareserveinstrumentofthe
centralbanks.SincetheJamaicaagreementsmodifying
thestatutesoftheInternationalMonetaryFund(IMF),
whichcameintoforceon1April1978,allreferences
togoldforfixingtheofficialvalueofnationalcurrencies
ininternationalrelationshavebeendeleted.Inaddition,
therehasbeensomemajorsellingofgoldbycertain
ECcentralbanks(400tonnesbytheDutchcentralbank
in1992).
1.2.1.SincetheabolitionoftheofficialpriceofUSD
35anouncein1971thegoldmarkethaslostmuchof
itsattractionasaninvestmentvehicle.Saversnowshun
itandthegoldpriceisverylowinrelationtomining
costs.1.5.TheCommitteeunderstands thattheCom­
mission,whichisresponsiblefortheproperfunctioning
oftheSingleMarket,wouldliketointroducesome
degreeoforderintoasituationwhich,throughits
diversity,hasbecomeincompatiblewiththefreemove­
mentofgoods.
1.5.1.Thepresentsystemoftaxation,whichvaries
fromcountrytocountry,opensthedoortodistortion
ofcompetition ,deflectionsoftradeorevenfraud.1.2.2.Overthelongandmediumterm,savershave
beenobligedtonotethatgoldistotallyunattractive
whencomparedwithothertypesofsaving:fixed­
incomesecurities,shares,propertyorindeedwithvir­
tuallyanyotherinvestment .
1.2.3.However,goldintheformofjewelleryis
stillattractiveanditsuseinindustryisgrowingin
importance .
1.2.4.Asaresult80%ofthegoldproducedtoday
isusedbyindustry.1.5.2.Theabolitionofbordercheckswillincrease
theserisksconsiderablyinamarketwheretradewill
naturallytendtogrowassoonascustomssurveillance
hasdisappeared .
1.6.Whatismore,onemustagainstress—andthis
isdecisive—thatthegoldmarketisinternationalwith
aquotedpricewhichispracticallythesamethroughout
theworld,perforceonatax-freebasis.Amongthe
greatfinancialmarketsspecialisingingoldtradingis
Switzerland ,amagnetwhoseeffectonthemarketasa
wholecannotbeoverlooked . (!)OJNoC302,19.11.1992,p.9.

NoC161/26 14.6.93 OfficialJournaloftheEuropeanCommunities
2.3.Schemeapplicabletogoldotherthaninvestment
gold1.7.Respondingtoalltheseconstraintswhilesafe­
guardingtheprincipleofasystemoftaxationistechni­
callydifficult.
2.SummaryoftheCommissionproposal
BeforepresentingitsOpiniontheEconomicandSocial
CommitteefeelsitshouldsummarisethenewVAT
schemeforgoldproposedbytheCommission .
Themainfeaturesofthereformareasfollows:
2.1.Definitionofgold
2.1.1.Underthetransitionalschemelaiddownby
Directive77/388/EEC,MemberStatesareallowedto
exempttransactionsrelatingtogoldotherthanfor
industrialuse.2.3.1.Thestandardscheme
2.3.1.1.ThestandardVATschemeappliessubject
tothefollowingadjustments .
2.3.1.2.Thephysicaldeliveryofinvestmentgoldpre­
viouslyexemptedistaxedbyreferencetothecurrent
marketprice;thedeductibleproportioniscalculated
bygivingthecorresponding margininthenumerator
anddenominator .
2.3.1.3.TheVATchargedonpurchasesofgoldis
refundedtonon-taxablepersonsortaxablepersons
whohavenorightofdeduction,providedtheysupply
thegoldtoataxablepersonhavingarightofdeduction
andestablishedintheCommunity .Suchrefundismade
bythetaxablebuyeronthebasisofaninvoicewhich
hedrawsuponbehalfofthenon-taxablepersonor
taxablepersonwithoutrightofdeduction;thetaxto
berefundedisindicatedontheinvoice.Thetaxable
buyercandeductthetaxthusrefundedfromthetax
forwhichheisliable.
2.3.1.4.WheretheVATpaidbythesellerisnot
refundedtothetaxablebuyer,thetaxableamount
forthesubsequentsupplyofgoldthuspurchasedis
equivalenttothemargin(differencebetweentheselling
priceexclusiveoftaxandthepurchasepriceincluding
tax).Thetaxpaidisnotindicatedontheinvoicesfor
suchsuppliesandcannotbedeductedbythesubsequent
buyer.However,thetaxablebuyercanoptforthe
normaltaxschemeforeachofhissuppliestotaxable
personshavingarightofdeduction.
2.3.2.Adjustmentstothenormalschemeduringthe
newtransitionalperiod
2.3.2.1.Inthecaseofsuppliestotaxablepersons
havingtherightofdeduction,MemberStateshavethe
optionofdesignatingthebuyerasliablefortheVAT.
Thisoptionisjustifiedmainlybyconcerntocurtailthe
riskoffraud.
2.3.2.2.VATchargedonpurchasesbynon-taxable
personsortaxablepersonswithoutarightofdeduction
isrefundedbythepublicauthorities .2.1.2.Forthepurposesofthenewarrangements
proposedbytheCommission ,gold—whichincludes
goldcoins—meansgoldofapurityequaltoorgreater
than900thousandths ;goldobjectsareexcluded.
2.1.3.Therulesforinvestmentgoldaredifferent
fromthoseforothergold:investmentgoldmeansgold
asdefinedabove,whetherornotrepresentedbysecuri­
ties,providedthetransactiondoesnotgiverisetothe
physicaldeliveryofthegoodsandiscarriedoutby
licensedprofessionals .
2.2.Exemptionschemeforinvestmentgold
2.2.1.Althoughexempt,transactionsrelatingto
investmentgoldconfertherighttothedeductionor
refundreferredtoinArticle17oftheDirectiveof17
May1977,ifthegoodsandservicesareusedforthe
purposesofsuchtransactions .
3.AssessmentofthenewVATschemeforgoldas
proposedbytheCommissionandproposalsbythe
Committee2.2.2.Thisexemptionisbasedonthefindingthat
imposingVATwouldbelikelytodisturbthemarket
ingold,giventhespeedatwhichsecuritiesrepresenting
goldcirculate;theCommissionfurtherfindsthat
exemptingsuchtransactionswouldreducetheriskof
goldbeingdivertedtothirdcountriesandmakeiteasier
tokeepgoldinthelegalcircuit.3.1.TheCommitteeinprincipleendorsesthepro­
posalforzero-ratingtransactionsinvolvinginvestment

14.6.93 NoC161/27 OfficialJournaloftheEuropeanCommunities
gold:theCommunityauthoritiesshouldbeguidedby
theessentialconcernofavoidingasituationinwhich
residualtaxincurredasaresultofthepartiallytaxable
statusoftradersininvestmentgoldpushesuptrans­
actioncostsanddistortscompetition ,withtheriskof
transactionsbeingdivertedtonon-ECcountries.3.3.2.Thesystemofrefundsbythetaxablebuyeris,
ofnecessity,complex.Itwouldbemoresoduringthe
transitionalperiod,whenVATonpurchasesbynon­
taxablepersonsortaxablepersonswithoutarightof
deductionwouldberefundedbythepublicauthorities .
TherefundwouldbepaidbytheMemberStateof
residenceofthenon-taxableseller,whichwouldmake
anyintra-Community purchasesverycumbersome .
3.4.Forthesereasonstransactionsinvolvingunpro­
cessedgoldshouldbezero-rated .Thiswouldmake
iteasierformonetaryorinvestmentgoldtobecome
processedforindustrialuseandthuscomeunderthe
normalVATschemefortaxablepersons.3.2.TheCommitteethereforefeelsthatthedefi­
nitionofinvestmentgoldproposedbytheCommission
istoorestrictive :investmentgoldhastobehanded
overphysicallyassoonasdeliveryismadetoaVAT­
registeredperson,whetheralicensedprofessionalor
not,oradepositismadewithalicensedprofessional
onbehalfofthebuyer.Thepossibilitythatgoldcanbe
moved,withoutartificialbarriers,betweenitsvarious
usesisafactoflifeinthegoldtrade.Makingtransfers
betweenthetwotypesofusesubjecttoVATatthe
normalrateisartificialandtechnicallydifficulttocon­
trol;itwouldhavetheseriousconsequenceoftaxes
beingleviedonmajorfinancialtransactions,suchas
goldloansortransactionssubjecttotheconditionof
goldbeingdelivered.3.5.Theveryactofzero-ratinggoldwhenitis
introducedintotheprocessingsectorwouldclawback
taxandleadultimatelytotaxbeingleviedattherate
mostoftenappliedtoalltheproductsprocessedfrom
gold(jewellery,dentistry,industrialprocessing,etc.).
Taxreceiptsfromtheprocessingofgoldwouldthere­
forebesafeguarded .
3.2.1.IfsuchtransactionsweretaxedtheECmarket
wouldloseanyattractionsithad,andnon-ECfinancial
marketswouldbenefit.3.6.FortheCommittee,theschemeproposedhas
oneimmenseadvantage :therewouldnolongerbeany
needformachinerytorefundVATpaidonpurchases
bynon-taxablepersonsortaxablepersonswithouta
rightofdeduction.Suchmachinerywouldbeextremely
complex,difficulttosetupand,intheend,wouldhave
littlechanceofbeingadoptedbytheMemberStates.
3.3.Moreover,theCommitteecannotapprovethe
proposaltotaxalltransactionsrelatingtogoldother
thaninvestmentgold,evenunderthewiderdefinition
proposedinpoint3.2,becausesuchtransactions ,by
theirverynature,maypassthroughprofessionaland
privatenetworks.3.6.1.LevyingVATatthenormalrateongoldtrans­
actionsotherthanthoseinvolvinginvestmentgolddoes
notseemtobethebestwayofcombattingtaxevasion.
Amoreeffectiveapproach,especiallytocombattheuse
ofgoldinlaunderingoperations,wouldbetousefully
allthewaysandmeansprovidedforintheCouncil
Directiveof10June1991onpreventingthefinancial
systembeingusedforthepurposesofmoneylaun­
dering;asisemphasisedinthefourthrecitalofthe
directive,suchwaysandmeansmustbebasedprimarily
oncriminallawmeasuresandinternationalco-oper­
ationbetweenthepoliceandlegalauthorities .3.3.1.TheCommissionproposestooffsettheeffects
ofVATbyhavingtaxablebuyersrefundtheVATon
thebillofsaletonon-taxablesellersortaxablesellers
withoutarightofdeduction .Thismustnecessarilybe
limitedinscopebecause,astheCommissionadmits,a
breakinthechainofdeductionscan,technically,occur
ifonlyonenon-taxableintermediary entersthe
sequenceoftransactions ;ifthereareseveralsuccessive
non-taxableintermediaries thechainofdeductionsis
definitelybrokenresultinginacascadeoftaxeswhich
isonlyslightlydampenedbythetaxonthemarginof
thefirsttaxablebuyer.3.7.Thereisariskofthegoldprocessingindustry,
whichissubjecttoVATintheEC,movingtocountries
withalowertaxrate,butitisnogreaterthanthe
generalproblemofanyproductiveactivitybeingshifted
tolow-taxnon-ECcountries .

NoC161/28 OfficialJournaloftheEuropeanCommunities 14.6.93
3.7.1.Thereislittleriskofcompetitionwithinthe
ECbeingdistortedifgoldprocessingistaxedasofnow
atthenormalVATrate.
4.Conclusion
4.1.TheCommitteehastriedtoreflecttheconcerns
ofgoldmarketprofessionalsasfaraspossible,includ­
ingtheirunanimousviewthatitisimpossibleforthe
ECtoadoptanysolutionwhichinfringestheoperating
rulesoftheinternationalgoldmarket.
4.2.Thedistinctionbetweengoldasaninvestment
instrumentandgoldasarawmaterialofaprocessing
industryisafundamentalone,butmovementfromone
categorytotheotherisinevitableandinkeepingwith
thespecificnatureofthemetal.
4.3.Thezero-ratetaxationofinvestmentgold,
definedmorewidelythanitisbytheCommission ,isessentialgiventheinternationalnatureofthegold
trade.TheCommitteefeelsherethatthesolutionpro­
posedbytheCommissionisnotreallysatisfactory :it
wouldlead,almostinevitably,togoldtradingandgold
processingbeingswitchedtonon-ECcountries,andthe
importanceofboththeseindustriestotheECeconomy
isnotsomethingtobeoverlooked .
4.3.1.However,itwouldbeunjustifiedtoexempt
goldfromthegeneralVATsystemonceitisprocessed
intoaconsumerproduct,suchasjewellery,orusedfor
industrialpurposes.Suchanexemptioncouldevenseem
shockingwhenessentialstaplegoodsaretaxed.
4.4.TheCommitteethereforeproposesasolution
wherebyazeroVATrateisusedtoreintroducegold
intothenormalVATschemerightfromthefirststage
ofprocessing,withVATbeingleviedatthenormalrate
ongoodsresultingfromgoldprocessingoperations .
DoneatBrussels,28April1993.
TheChairman
oftheEconomicandSocialCommittee
SusanneTIEMANN
APPENDIX 1
totheOpinionoftheEconomicandSocialCommittee
Thefollowingamendment (counter-Opinion )wasrejectedbutreceivedmorethan25%ofthevotescast:
Frompoint3onwards,replacetheRapporteur'stextbythefollowing(points1and2remain):
'3.AssessmentbytheESC
3.1TheESCagreeswiththeproposalandtheCommission'sapproachofexemptingfromVATcertain
veryspecificfinancialtransactionsconnectedwithgoldinvestmentoperations.
3.1.1Theproposaltakesaccountoftheneednottohamperorhandicapunnecessarilyinvestment
transactionsofapurelyfinancialnature.Sinceinvestmentgold(intheformofcertificates )sometimes
circulatesveryrapidly,theimpositionofVATwouldmakethingsextremelydifficultandmightdrivetrade
tonon-ECcountries .
3.1.2However,theCommission'sstrictrulesontheabsenceofphysicaldeliveryandtheprofessional
statusofsellersareessential.
3.1.2.1Iftheseruleswererelaxedtoanygreatextent,forinstancebyexemptingfromVATthephysical
deliveryofgoldforinvestmentpurposes,thereisarealriskthatsuchgoldwouldinfactbeusedasan
industrialrawmaterial,ratherthanasaninvestmentvehicle.AssuchinvestmentgoldwouldbeVAT-exempt
andnodeclarationwouldhavetobemade,theauthoritieswouldnolongerhaveanymeansofchecking
whetheritwasincludedindeclarationsorwhetheritwasliableforVAT.

14.6.93 OfficialJournaloftheEuropeanCommunities NoC161/29
3.1.2.2Thedisappearance ofgoldfromtheofficialVATcircuitwouldhavebothanegativeimpacton
VATrevenueandaknock-oneffectonincometax,socialsecurityandcorporationtaxfraud.
3.1.2.3SuchanunconditionalrelaxingoftheVATrulesforgoldcouldalsoleadtoasimilarsystembeing
adoptedforotherproductssuchasdiamonds,platinum,worksofartandantiques,withtheinevitable
consequences .
3.1.2.4Ifthephysicaldeliveryofgoldwerezero-rated,ratherthanbeingVAT-exempt ,thedoorwould
beleftopenforthesetting-upofunofficialdistributionnetworks.Zero-ratedtransactionswouldstillhave
tobedeclared,sotheauthoritieswouldretainsomedegreeofcontrol.Butthiscontrolwoulddisappear
completelywhenthegoldwasre-soldtoanindividualoralegalpersonnotregisteredforVAT.Fromthen
onthepossibilitiesforfraudwouldagainbereal.
3.2AlthoughtheESCsupportsthestrictrulesforinvestmentgoldproposedbytheCommission ,itwould
pointoutthatsomegoldtransactions ,suchasgoldloansortransactionswhichweresubjecttothecondition
ofgoldbeingdelivered,wouldnotqualifyforVATexemption;thiscouldleadtobusinessbeingswitchedto
non-ECmarkets.
3.2.1TheESCthereforeproposesthatthesesortoftransactionsbezero-ratediftheyarecarriedout
betweenVAT-registered personsorifanotherwayisfoundofrecordingthemeffectively.Whateverhappens,
onemustavoidofferinganewopportunityforfraud.
3.2.2TheESCwouldpointoutherethattheMemberStateshavethepossibilityofsettingupmachinery
thatdoesnotrequireanyexpensivepre-financingfromVAT.So,thereislittlelikelihoodoftradeflows
beingdivertedforthatreason.
3.3Asregardsthesaleofnon-investment goldtoindividuals,theCommission'sproposaltograntarefund
whenanindividualsellsgoldtoaVAT-registered persondoesnotcompletelyresolvethe'cascade'problem
(i.e.payingVATonVAT).Infactthisrulewouldnotapplyiftheindividualinquestionboughtgoldfrom
anotherindividual .ButtheESCsupposesthatindividualsandtaxpayerswhotradeingoldwouldoperatein
asufficientlyrationalmannertoavoidtheprobleminvolvedinthistypeoftransaction.'
Reasonsforsubmittingthecounter-Opinion
Thekeyquestioniswhetherornotthereshouldbeexceptionalarrangements forgold,suchasVAT
exemptionorzeroratingassociatedwithstrictconditions .
TheCommissionfeelsthatarrangements suchasVATexemptionareonlypermissibleunderverystrict
conditions :thegoldmaynotbeactuallydeliveredandthesellermustbeproperlyrecognised .
Inthiscounter-Opinion wesupporttheCommission'sview,insofarasspecialarrangementsarenecessaryso
asnottocomplicatecertaintransactionsandtheCommission ,bylayingdownstrictconditions,wouldavoid
encouragingtaxevasioninthefieldsofVAT,socialsecurityandincometax.
ButtheRapporteur'stextdoesnotfollowtheCommission'sline:itisbasedontheargumentthatthe
Commission'spreconditionforexemptionofnophysicaldeliverywillleadtocertainfinancialtransactions
(suchasgoldloansortransactionssubjecttotheconditionofgoldbeingdelivered)beingswitchedoutside
theEC.
AlthoughtheRapporteur'sfeariswell-foundedthisparticularsituationshouldnotbetackledbymakinga
exceptiontothegeneralrule,forinstanceastheRapporteurdoesbyproposingthatgoldbezero-ratedas
longasitisnotprocessed .Thedangerofsuchanapproachisthatitwillinfactbedifficulttodetect
fraudulentpractices.
Ourviewisthattheexceptionalarrangementsshouldbeextendedtocoverthesetwoparticularcases;the
authoritieswillthenhavesufficientmeanstocheckonandpreventabuse.Butforallothertransactionsthe
Commission'sproposalsandthestrictconditionsitcontainsareperfectlyadequate.
Voting
For:60,against:80,abstentions :7.
Thefollowingmembers,presentorrepresented,votedforthecounter-Opinion :
Mr/Mrs/Miss:ABEJONRESA,AMATO,ATTLEY,BAEZA,BARBAGLI ,BERNS,BLESER,BOTTAZZI ,
CAL,CARROLL ,CASSINA,CHEVALIER ,CHRISTIE,COLOMBO ,DECAILLON ,vanDIJK,DRAIJER,
ELSTNER,ETTY,EULEN,FLUM,FREEMAN ,GEUENICH ,GIATRAS,GOMEZMARTINEZ ,
GROBEN,HILKENS,JANSSEN,JENKINS,deKNEGT,LACAMARTIN,LIVERANI,LYONS,MAD­
DOCKS,MASUCCI,MOLINAVALLEJO,MORRIS,NIELSENB.,NIELSENP.,NIERHAUS ,PELLARINI ,
PIETTE,RAFTOPOULOS ,REA,ROSEINGRAVE ,SANDERSON ,SANTIAGO ,SANTILLAN CABEZA,

NoC161/30 OfficialJournaloftheEuropeanCommunities 14.6.93
SANTOS,SCHMITZ,vonSCHWERIN ,SCULLY,SEQUEIRA,SMITH,THEONAS,TIXIER,VERBO­
VEN,WAGENMANS ,WALDACK ,ZUFIAURNARVAIZA .
Thefollowingmembers,presentorrepresented,votedagainstthecounter-Opinion :
Mr/Mrs/Miss:ANDRADE ,ARENA,ATAIDEFERREIRA,BEALE,BELL,BELTRAMI ,BENTO
GONIALVES,BERNABEI,BLACK,BOISSEREE ,BORDES-PAGES ,BREDIMA-SAVOPOULOU ,BUR­
NEL,CEBALLOHERRERO,CONNELLAN ,CUNHA,vanDAM,d'ELIA,DIAPOULIS ,DONCK,DOU­
VIS,ENGELEN-KEFER ,FRANDI,FRERICHS,GAFOFERNANDEZ ,GAUTIER,GARDNER ,GIA­
COMELLI,GIESECKE,GREDAL,GREEN,GUILLAUME ,HOVGAARD JAKOBSEN ,KAARIS,KAFKA,
KAZAZIS,KIENLE,LAPPAS,LAUR,LITTLE,LÖW,LUSTENHOUWER ,MARVIER,MAYAYOBELLO,
MERCEJUSTE,MEYER-HORN ,MOBBS,MORELAND ,MORIZE,MULLERE„MÜLLERR.,MUNIZ
GUARDADO ,NOORDWAL ,OVIDEETIENNE,PARDON,DEPAULdeBARCHIFONT AINE,PEAR­
SON,PELLETIERR.,PERRIN-PELLETIER ,PETERSEN ,PETROPOULOS ,POMPEN,PRICOLO,PROU­
MENS,QUEVEDOROJO,RODRIGUEZ deAZEROYDELHOYO,RODRIGUEZ GARCIA-CARO ,
ROMOLI,SAITIS,SALA,SALMON,SAUWENS,SCHADE-POULSEN ,SOLARI,SPYROUDIS ,STECHER
NAVARRA ,STRAUSS,THYS,TUKKER,WICK.
Thefollowingmembers,presentorrepresented,abstained:
Mr/Mrs:BARROW,DUNKEL,FORGASICABRERA,HAGEN,LARSEN,MERCIER,PAVLOPOULOS .
APPENDIX 11
totheopinionoftheEconomicandSocialCommittee
VotebyrollcallonthecompletetextoftheOpinion
For:78,against:56,abstentions :9.
Thefollowingmembers,presentorrepresented ,votedfortheOpinion:
Mr/Mrs/Miss:AMATO,ANDRADE ,ARENA,BAGLIANO ,BARROW ,BEALE,BELL,BELTRAMI ,
BENTOGONÇALVES ,BONVICINI ,BORDES-PAGES ,BOTTAZZI ,BREDIMA-SAVOPOULOU ,BUR­
NEL,CAVALEIRO BRANDAO ,CEBALLOHERRERO ,CONNELLAN ,CUNHA,vanDAM,d'ELIA,
DONCK,DOUVIS,FRANDI,FRERICHS ,GAFOFERNANDEZ ,GARDNER ,GAUTIER,GIACOMELLI ,
GIESECKE,GREDAL,GREEN,GUILLAUME ,KAARIS,KAFKA,KAZAZIS,KIENLE,KORFIATIS ,
LAUR,LITTLE,LOW,LUSTENHOUWER ,MARVIER,MAYAYOBELLO,MERCEJUSTE,MEYER­
HORN,MOBBS,MORALES ,MORELAND ,MORIZE,MULLERE.,MULLERR„NOORDWAL ,OVIDE
ETIENNE,PARDON,DEPAULdeBARCHIFONT AINE,PEARSON,PELLETIERR„PERRIN-PELLETI ­
ER,PETERSEN ,PETROPOULOS ,POMPEN,PRICOLO,PROUMENS ,RANGONIMACHIAVELLI ,
RODRIGUEZ deAZEROYDELHOYO,RODRIGUEZ GARCIA-CARO ,ROMOLI,ROSEINGRAVE ,
SAITIS,SALA,SALMON,SAUWENS,SCHADE-POULSEN ,SOLARI,SPYROUDIS ,STECHERNAVAR­
RA,TUKKER,WICK.
Thefollowingmembers,presentorrepresented ,votedagainsttheOpinion:
Mr/Mrs/Miss:ABEJONRESA,ATTLEY,BAEZA,BARBAGLI ,BLESER,BRIESCH,CAL,CARROLL,
CASSINA,CHEVALIER ,CHRISTIE,COLOMBO ,DECAILLON ,vanDIJK,DRAIJER,DRILLEAUD ,
ELSTNER ,ETTY,EULEN,FLUM,FREEMAN ,GEUENICH ,GOMEZMARTINEZ ,GROBEN,HILKENS,
JANSSEN,JENKINS,deKNEGT,LACAMARTIN,LIVERANI,LYONS,MADDOCKS ,MASUCCI,
MOLINAVALLEJO,MORRIS,MOURGUES ,NIELSENB.,NIELSENP.,NIERHAUS ,PE,PIETTE,
QUEVEDOROJO,SANDERSON ,SANTIAGO ,SANTILLAN CABEZA,SANTOS,SCHMITZ,von
SCHWERIN ,SEQUEIRA ,SMITH,THEONAS ,TIXIER,VERBOVEN ,WAGENMANS ,WALDACK ,ZUF­
IAURNARVAIZA .

14.6.93 OfficialJournaloftheEuropeanCommunities NoC161/31
Thefollowingmembers,presentorrepresented,abstained:
Mr/Mrs/Miss:BERNABEI ,BERNS,DUNKEL,ENGELEN-KEFER ,HAGEN,LAPPAS,LARSEN,MER­
CIER,PAVLOPOULOS .
APPENDIX 111
totheopinionoftheEconomicandSocialCommittee
FollowingthevotebyrollcallonthecompletetextoftheOpinion,thefollowingmembersofGroupII
(Workers),whohadvotedagainstthetext,issuedadeclarationcontainingthetextofthecounter-Opinion
setoutinAppendixI
Mr/Mrs/Miss:ABEJONRESA,ATTLEY,BAEZA,BLESER,BRIESCH,CAL,CARROLL,CASSINA,
CHRISTIE,COLOMBO ,DECAILLON ,vanDIJK,DRAIJER,DRILLEAUD ,ETTY,EULEN,FLUM,
FREEMAN,GEUENICH ,GOMEZMARTINEZ ,GROBEN,JANSSEN,JENKINS,deKNEGT,LACA
MARTIN,LIVERANI,LYONS,MADDOCKS ,MASUCCI ,MOLINAVALLEJO,MORRIS,MOURGUES ,
NIELSENB.,NIELSENP.,NIERHAUS ,PE,PIETTE,SANDERSON ,SANTILLAN CABEZA,SANTOS,
SCHMITZ ,vonSCHWERIN ,SEQUEIRA ,SMITH,THEONAS ,TIXIER,VERBOVEN ,WAGENMANS ,
WALDACK ,ZUFIAURNARVAIZA .
OpinionontheproposalforaCouncilDirectiveamendingDirective80/390/EECcoordinating
theRequirementsfortheDrawing-up ,ScrutinyandDistributionoftheListingParticulars
tobePublishedfortheAdmissionofSecuritiestoOfficialStockExchangeListing,with
regardtotheObligationtoPublishListingParticulars (!)
(93/C161/09)
On22February1993theCouncildecided,inaccordancewithArticle54(2)oftheEEC
Treaty,toconsulttheEconomicandSocialCommitteeontheabovementioned proposal.
TheCommitteeinstructeditsSectionforEconomic,FinancialandMonetaryQuestionsto
carryoutthepreparatorywork.DuringitsworktheCommitteeappointedMrMeyer-Horn
Rapporteur-General (Articles18and46oftheRulesofProcedure).
Atits305thPlenarySession(meetingof28April1993),theEconomicandSocialCommittee
adoptedunanimouslythefollowingOpinion.
—thereportingofqualifyingholdings;
—issueprospectuses ;and
—theprohibitionofinsidertrading.1.Introduction
1.1.ThefirstECdirectivesonsecuritiesandstock
marketsweredevotedentirelytoinvestorprotection .
Theycoveredtheharmonization of:
—theconditionstobesatisfiedinordertoqualifyfor
astockexchangelisting;
—thelistingprospectusitself;
—theregularcommunications oflistedcompanies;Adirectiveonpublictakeoverbidsisstilllacking.The
investmentservicesandcapitaladequacydirectiveswill
placefreedomofestablishment andthefreedomto
provideservicesundertheaegisofhomecountrysuper­
vision,whilethesupplementary directiveoninvestment
firms'clearingschemeswillagaindealwithinvestor
protection . HOJNoC23,27.1.1993,p.6.