27.11.93 OfficialJournaloftheEuropeanCommunities NoC321/15
restrictedinaccordancewithArticle3mustholda
fishinglicencewhichfixestheconditionsofaccessto
thosefisheries.Suchlicencesshallbegrantedand
managedbytheMemberStatewhoseflagthevesselis
flying,inaccordancewiththeprovisionsofArticle6of
Regulation(EC)No.../93(licenceregulation).onexploitationbyfixingfishingopportunitiesintermsof
thevolumeofcatchesandauthorizedfishingeffort.
3.Incompliancewiththegeneralprinciplesofthe
commonfisheriespolicy,andinparticularrelative
stability,theapplicationofArticles4and8ofRegu­
lation(EEC)No3760/92musttakeaccount,ineach
case,ofdevelopments infishingopportunities ,onthe
basisofthelevelsoffishingeffortlaiddowninArticles
158,160,164,165,349,351and352oftheActof
Accession .Article5
ThisRegulationshallenterintoforceontheseventhday
followingitspublicationintheOfficialJournalofthe
EuropeanCommunities .
ThisRegulationshallbebindinginitsentiretyand
directlyapplicableinallMemberStates.Article4
AllCommunityfishingvesselsauthorizedtoengagein
fishingactivitiesinfisherieswheretheexploitationrateis
ProposalforaCouncilDirectiveoninvestorcompensationschemes
(93/C321/11)
COM(93)381final—SYN471
(SubmittedbytheCommissionon22October1993)
THECOUNCILOFTHEEUROPEANUNION, theinvestmentservicesDirectiveforwhichtheyhave
receivedauthorizationthroughouttheCommunityby
establishingbranchesorunderthefreedomtoprovideHavingregardtotheTreatyestablishingtheEuropean
Community,andinparticularArticle57(2)thereof,services;
HavingregardtotheproposalfromtheCommission,
IncooperationwiththeEuropeanParliament,
HavingregardtotheopinionoftheEconomicand
SocialCommittee,«
Whereason10May1993theCounciladoptedDirective
93/22/EEConinvestmentservicesinthesecurities
field('),hereinafterreferredtoas'theinvestment
servicesDirective';whereasthatDirectiveisanessential
measurefortheachievementoftheinternalmarketfor
investmentfirms;Whereastheprotectionofinvestorsandthemaintenance
ofconfidenceinthefinancialsystemisanimportant
aspectofthecompletionoftheinternalmarketinthis
area;
WhereastheinvestmentservicesDirectiveprovidesfor
prudentialruleswhichinvestmentfirmsmustobserveat
alltimes,includingrulesthepurposeofwhichisto
protectasfaraspossibleinvestors'rightsinrespectof
moneyorinstrumentsbelongingtothem;
Whereas,however,nosystemofsupervisioncanprovide
acompletesafeguard,particularlywhereactsoffraud
arecommitted;
WhereasitisthereforeimportantthateachMember
Stateshouldhaveaninvestorcompensation scheme
providingaminimumlevelofcompensationatleastto
thesmallerinvestorintheeventthataninvestmentfirm
isunabletomeetitsobligationstoitsinvestorclients;
whereassuchisnotthecaseatpresent;
WhereastheCommission'sinitialproposalforan
investmentservicesDirective(2)includedinthelistin
Article9ofprudentialrulestobeobservedbyinvestmentWhereastheinvestmentservicesDirectivesecuresthe
essentialharmonization thatisnecessarytosecurethe
mutualrecognitionofauthorizationandofprudential
supervisionsystems,makingpossiblethegrantofasingle
authorizationvalidthroughouttheCommunityandthe
applicationoftheprincipleofhomeMemberState
supervision;whereas,byvirtueofmutualrecognition,
investmentfirmsauthorized intheirhomeMember
Statesmaycarryonanyoralloftheservicescoveredby
(')OJNoL141,11.6.1993,p.27. (2)OJNoC43,22.2.1989,p.7.

NoC321/16 OfficialJournaloftheEuropeanCommunities 27.11.93
firmsandtobesupervisedbythehomeMemberState's
authoritiesmembershipofageneralcompensation
schemetoprotectinvestors;whereas,however,the
Commissionproposedthat,pendingfurtherharmon­
izationofcompensation schemes,branchesshouldbe
subjecttothecompensation schemeinforceinthehost
MemberState:ofdeposit-guarantee arrangementsforcreditinstitutions;
whereascreditinstitutionsmayincertainareasbein
competitionwithspecialistinvestmentfirms;
WhereasalthoughmostMemberStatescurrentlyhave
someinvestorcompensation arrangements thevast
majoritydonothavearrangementscorrespondingtothe
scopeoftheinvestmentservicesDirective;
WhereasthereforealltheMemberStatesshouldbe
requiredtohaveaninvestorcompensation scheme,or
schemes,towhichallinvestmentfirmsholdingthesingle
licenceundertheinvestmentservicesDirectiveshouldWhereas,however,thisinterimsolutionwasrejectedby
theMemberStatesinfavourofafullhomecountry
approach,giventheresponsibilityofthehomeMember
Stateforissuingtheauthorizationtoinvestmentfirms
andfortheirprudentialsupervision;whereasitwas
arguedthatapplicationofthehomecountrycontrol
principlerequiredthatthehomeStatecompensation
schemeshouldcovertheactivitiescarriedoninhost
MemberStates,throughbranchesorviafreedomto
provideservices;
Whereasitwasthegeneralviewthatthecomplexissues
raisedbythesubjectofinvestorcompensation schemes
couldbeadequatelydealtwithonlyinaseparate
proposalforadirective;whereasArticle12ofthe
investmentservicesDirectivedoesnotrequireMember
Statestohaveaninvestorcompensation schemebut
merelyrequiresthatinvestorsbeinformedofthe
compensation arrangements available,ifany;whereas
theCommissionstatedthatitwouldsubmitproposalson
theharmonization ofcompensation systemscovering
transactionsbyinvestmentfirmsby31July1993atthe
latest;belong;whereastheschemeshouldcovermoneyor
instrumentswhichareheldbytheinvestmentfirmin
connectionwiththeconductofinvestmentbusinessand
which,followingthefailureofthefirm,cannotbe
returnedtotheinvestor;
Whereasthedefinitionofinvestmentfirmincludescredit
institutionswhichareauthorizedtoprovideinvestment
services;whereassuchcreditinstitutionsshouldalsobe
requiredtoparticipateinaninvestorcompensation
schemeinrespectoftheirinvestmentbusiness;whereas,
however,inthecaseofinvestmentfirmswhicharecredit
institutionsitmayincertaincasesbedifficultto
distinguishbetweendepositscoveredpursuantto
Directive ./EECondeposit-guarantee schemes
andmoneyheldinconnectionwiththeconductof
investmentbusiness;whereasMemberStatesshouldbe
giventhepossibilityofthemselvesdeterminingunder
whichDirectivesuchclaimsshouldfall;
WhereasDirective.../.../EECondeposit-guarantee
schemesallowsMemberStatestodispenseacredit
institutionfromtheobligationtobelongtoadeposit­
guaranteeschemewherethatcreditinstitutionbelongsto
asystemwhichprotectsthecreditinstitutionitselfand,
inparticular,ensuresitssolvency;whereas,wheresucha
creditinstitutionisalsoaninvestmentfirm,Member
Statesshouldalsobeauthorizedtodispenseitfromthe
obligationtobelongtoaninvestorcompensation
scheme;Whereastheproperfunctioningoftheinternalmarket
requiresadegreeofcoordinationinthisareasothatthe
smallinvestorcanpurchaseinvestmentservicesfrom
branchesofCommunityinvestmentfirmsoronacross­
frontierbasisasconfidentlyasfromdomesticinvestment
firms,intheknowledgethataCommunityminimum
levelofcompensationwouldbeavailableintheeventof
thefailureoftheinvestmentfirmanditssubsequent
inabilitytoreturntheinvestor'smoneyorsecurities;
Whereasthecostofinvestorprotectionhastobemetby
investmentfirmsbutisultimatelypassedontothe
investor;whereasthereforeitisundesirabletointroduce
throughouttheCommunityaveryhighlevelof
protection;whereasinadditiontoencouragetheinvestor
totakeduecareinthechoiceofaninvestmentfirmitis
reasonabletoallowMemberStatestorequirethe
investortobearaproportionofanyloss;whereas,
however,theinvestorshouldbecoveredforatleast
90%ofhislossuntilthecompensationpaymentreaches
theCommunityminimum;Whereasintheabsenceofsuchcoordination host
MemberStatesmayconsiderthemselvesjustifiedfor
reasonsofinvestorprotectioninrequiringmembership
ofthehostStatecompensation arrangementwhena
Communityinvestmentfirmoperatingviaabranchor
viafreedomtoprovideserviceseitherbelongstono
investorcompensationschemeinitshomeMemberState
orbelongstoaschemewhichisnotconsideredtooffer
equivalentprotection;whereasanysuchrequirement
mightcreateseriousdifficultiesfortheoperationofthe
singlemarket;
WhereasCouncilDirective.../.../EECondeposit­
guaranteeschemesintroducedminimumharmonizationWhereasaharmonizedminimumlevelofcompensation
shouldbesufficienttoprotecttheinterestsofthesmaller
investorintheeventofthefailureofaninvestmentfirm;
\

27,11.93 OfficialJournaloftheEuropeanCommunities NoC321/17
WhereasasimilarlevelwasproposedbytheCommission
initsamendedproposalforaCouncilDirective
./EECondeposit-guarantee schemes;
WhereastheschemesofcertainMemberStatescurrently
offerhigherlevelsofcover;whereas,however,itdoes
notseemappropriatetorequirethatthoseschemes
shouldreducethecovertheyoffer;whetherandonwhatconditionstoadmitthebranches
ofinvestmentfirmshavingtheirheadofficeinthird
countriestooperateontheirterritory;whereassuch
brancheswillnotbenefitfromfreedomtoprovide
servicesbyvirtueofthesecondparagraphofArticle59
oftheTreaty,norfromfreedomofestablishment in
MemberStatesotherthantheoneinwhichtheyare
established;whereasaccordinglyaMemberState
admittingsuchbranchesmaydecidetoobligeorpermit
suchbranchestoparticipateintheinvestorcompensation
schemeinplaceontheirterritory;whereas,however,it
isappropriatethatsuchbranchesshouldberequiredto
informtheirinvestmentclientsofwhetherornotthey
belongtoanycompensation schemeandoftheextent
andlimitsofanysuchcoverage;WhereastheretentionintheCommunityofschemes
providingcoveragewhichishigherthantheharmonized
minimummayleadonthesameterritorytodisparitiesin
compensation whichareprejudicialtoinvestorsand
unequalconditionsofcompetitionbetweennational
investmentfirmsandthebranchesoffirmsofother
MemberStates;whereas,inordertocounteractthese
disadvantages ,branchesshouldbeallowedtojointhe
hostcountryschemeonasupplementary basissothat
theycanofferthesamelevelofcoverasisofferedbythe
schemeofthecountrywheretheyarelocated;
WhereastheobjectiveofthisDirectiveistoensurea
minimumlevelofprotectionforsmallinvestors,
includingsmallandmedium-sized enterprises,whohave
thegreatestneedofprotection;whereas,however,
MemberStatesshouldbeallowedtoexcludefrom
coveragecertainothercategoriesofinvestorswhohavea
lesserneedofsuchprotection;Whereasinconclusionaminimumharmonization of
investorcompensationarrangementsappearsnecessaryin
ordertocompletetheinternalmarketforinvestment
firmsbygivinginvestorsconfidencetodealwithfirms
fromotherMemberStatesaswellaslocallyincorporated
firmsandbyavoidingthedifficultiesthatmightarise
fromtheapplicationbyhostMemberStatesoftheir
uncoordinated domesticinvestorprotection
requirements ;whereasabindingCommunitydirectiveis
theonlysuitableinstrumenttoachievethedesired
objectiveinthegeneralabsenceofinvestorcompensation
arrangementscorresponding tothecoverageofthe
investmentservicesDirective;whereasthismeasure
restrictsitselftotheminimumharmonization thatis
required,allowsMemberStatesfreedomtoprovide
widerorhighercoverageiftheydesireandalsoallows
MemberStatesconsiderablefreedomasregardsthe
organizationandfinancingofinvestorcompensation
schemes,WhereasanumberofMemberStateshaveinvestor
compensation schemesundertheresponsibilityof
professionalorganizations ;whereasotherschemesmay
besetupandadministeredonastatutorybasis;whereas
thisvarietyofstatusposesaproblemonlywithregardto
compulsorymembershipofandexclusionfromthe
scheme;whereasitisthereforenecessarytotakestepsto
limitthepowersofschemesinthisarea;
Whereastheinvestorshouldreceivecompensation
withoutexcessivedelayoncehehasestablishedavalid
claim;whereasthecompensationschemeitselfshouldbe
allowedtofixareasonableperiodduringwhichclaims
shouldbepresented;whereas,however,thefactthat
suchaperiodhasexpiredshouldnotbeinvokedagainst
aninvestorwhoforagoodreasonhasnotbeenableto
presenthisclaimontime;
Whereasinvestorinformation oncompensation
arrangements isanessentialelementininvestor
protectionandmustthereforealsobethesubjectofa
minimumnumberofbindingprovisions;
WhereassubjecttoArticle5oftheinvestmentservices
DirectiveandArticle9(1)ofCouncilDirective
77/780/EECof12December1977onthecoordination
oflaws,regulationsandadministrative provisions
relatingtothetakingupandpursuitofthebusinessof
creditinstitutions(1),aslastamendedbyDirective
89/646/EEC(2),MemberStatesarefreetodecideHASADOPTEDTHISDIRECTIVE :
Article1
ForthepurposesofthisDirectivethefollowingdefi­
nitionsshallapply:
1.'investmentfirm'shallmeananinvestmentfirmauth­
orizedinaccordancewithArticle3oftheinvestment
servicesDirective,oracreditinstitutiontheauthori­
zationofwhich,pursuanttoDirectives77/780/EEC
and89/646/EEC,coversoneormoreofthe
investmentserviceslistedinSectionAoftheAnnext9
theinvestmentservicesDirective;
2.'investmentbusiness'shallmeananinvestmentservice
asdefinedinArticle1(1)oftheinvestmentservices
Directiveandtheservicereferredtoinpoint1of
SectionCoftheAnnextotheinvestmentservices
Directive;
3.'instruments'shallmeantheinstruments listedin
SectionBoftheAnnextotheinvestmentservices
Directive;OOJNoL322,17.12.1977,p.30.
OOJNoL386,30.12.1989,p.1.
\

NoC321/18 OfficialJournaloftheEuropeanCommunities 27.11.93
4.'investor'shallmeanapersonwhohasentrusted
moneyorinstrumentstoaninvestmentfirmin
connectionwithinvestmentbusiness.4.Theamountofaninvestor'sclaimshallbe
calculatedonthebasisoftheamountofmoneyorthe
marketvalueoftheinstrumentsbelongingtotheinvestor
whichtheinvestmentfirmisunabletorepayorreturnat
thetimetheobligationtomakerepaymentorreturnthe
instrumentsarisesoratthetimeofthedecisionreferred
toinparagraph2.
Article3
1.MemberStatesshallensurethatthescheme
providesforcoverageofnotlessthanECU20000per
investorinrespectoftheclaimsreferredtoinArticle2
(2).Article2
1.EachMemberStateshallensurethataninvestor
compensation scheme(orschemes)isestablishedand
officiallyrecognizedonitsterritory.Noinvestmentfirm
whichitauthorizesmaycarryoninvestmentbusiness
unlessitparticipatesinsuchascheme.Theschemeshall
providecovertoinvestorsinrespectofinvestment
businesscarriedonunderfreedomtoprovideservicesin
otherMemberStatesandinrespectofinvestment
businesscarriedonthroughbranchessetupby
investmentfirmsinotherMemberStates.
However,MemberStatesmayexemptacreditinstitution
whichisalsoaninvestmentfirmfrombelongingtoan
investorcompensation schemewherethatcredit
institutionbelongstoasystemwhichprotectsthecredit
institutionitselfandinparticularensuresitssolvency,
thusguaranteeingaprotectionforinvestorsatleastequi­
valenttothatprovidedbyaninvestorcompensation
schemeandwhichintheopinionofthecompetentauth­
oritiesfulfilstheconditionslaiddowninArticle2(1)of
Directive.../.../EECondeposit-guarantee schemes.2.Notwithstanding paragraph 1MemberStatesmay
providethatcertaincategoriesofinvestorsshallbe
excludedfromthecoverageoftheschemeorshallbe
grantedalowerlevelofcoverage.Thecategoriesin
questionarelistedintheAnnex.
3.Paragraphs 1and2shallnotprecludetheretention
oradoptionofprovisionswhichoffermorecompre­
hensivecoverforinvestors,inparticularbyextendingthe
categoriesofinvestorsprotectedbytheguaranteeorby
providingahigherlevelofcompensation .
4.MemberStatesmaylimitthecoverprovidedforin
paragraph 1orthatreferredtoinparagraph3toa
specifiedpercentageoftheinvestor'sclaim.However,
thepercentagecoveredmustequalorexceed90%of
theclaimuntiltheamounttobepaidunderthescheme
reachesECU20000.2.Theschemeshallprovidecovertoinvestorsin
accordancewithArticle3whereadecisionofthe
schemeorofthecompetentauthoritiesorofajudicial
authorityinthehomeMemberStatehasdeterminedthat
aninvestmentfirmisunableorislikelytobeunableto
meetitsobligationsresultingfrominvestors'claims
relatingto:
—therepaymentofmoneybelongingtoinvestorsand
heldontheirbehalfinconnectionwithinvestment
business,or
—thereturntoinvestorsofanyinstrumentsbelonging
tothemandphysicallyheldontheirbehalfin
connectionwithinvestmentbusiness,or
—thereturntoinvestorsofanyinstrumentsbelonging
tothemandadministeredorarrangedontheirbehalf
inconnectionwithinvestmentbusiness.Article4
Abranchofaninvestmentfirmauthorizedinanother
MemberStatemayapplytojoinvoluntarilyascheme
coveringthecategoryofinvestmentfirmtowhichit
belongsintheMemberStateinwhichitisestablishedin
ordertosupplementthecoveragewhichitsinvestors
alreadyenjoybyvirtueoftheirobligatorycoverageby
theschemereferredtoinArticle2.
MemberStatesshallensurethatobjectiveconditions
relatingtothemembershipofthesebranchesformpart
ofallinvestorcompensation schemes.
3.Anyclaimunderthefirstindentofparagraph2on
aninvestmentfirmthatisacreditinstitutionwhich,ina
MemberState,wouldbesubjectbothtothisDirective
andtoDirective.../.../EECondeposit-guarantee
schemesshallbeallocatedtoaschemeunderoneor
otheroftheseDirectivesasthatStateshallconsider
appropriate .Noclaiminrespectofasingleamountshall
beeligibleforcompensationunderbothDirectives.Article5
IfaninvestmentfirmrequiredbyArticle2(1)totake
partinaschemeoroneofthebranchesgranted
voluntarymembershippursuanttoArticle4doesnot
complywiththeobligationsincumbentonitasamember
ofthescheme,thecompetentauthoritieswhichissued
theauthorization shallbenotifiedand,incooperation

27.11.93 OfficialJournaloftheEuropeanCommunities NoC321/19
withthemanagersofthescheme,shalltakeallappro­
priatemeasures,includingtheimpositionofpenalties,to
securecompliancebytheinvestmentfirmwithitsobli­
gations.
If,asaresultofthesemeasures,compliancebythe
investmentfirm,orbranchthereof,withtheirobligations
isnotsecured,themanagersoftheschememayexclude
theinvestmentfirmorbranch,wherenationallawauth­
orizessuchexclusionandwiththeexplicitconsentofthe
competentauthorities.
Inthatcase,thecoverageofmoneyorinstruments
belongingtoinvestorsandheldbytheinvestmentfirmor
branchthereofatthedateofexclusionshallbemain­
tainedfor12monthsfromthedateofexclusion.withtheinformationnecessaryforthemtoidentifythe
investorcompensation schemeinwhichtheinvestment
firmanditsbranchestakepartwithintheCommunity .
Thelevelofcoverageundertheschemeshallbemade
knowntoinvestors.
Informationshallalsobegivenonrequestonthe
conditionsgoverningcompensation andtheformalities
whichmustbefulfilledinordertoobtaincompensation .
MemberStatesshallensurethatinvestorsareinformed
whereaninvestmentfirmisexcludedfromaninvestor
compensation schemeinaccordancewithArticle5.
2.Theinformationreferredtoinparagraph 1shallbe
madeavailableintheofficiallanguage(s)oftheMember
Stateinwhichabranchisestablishedorinwhich
servicesareprovidedandshallbedraftedinaclearand
comprehensible form.
Article9
1.Actualandintendinginvestorsatbranchesestab­
lishedbyinvestmentfirmswiththeirregisteredoffice
outsidetheCommunityshallbeprovidedbythe
investmentfirmwithallrelevantinformationconcerning
thecompensation arrangements whichcovertheir
investments ,
2.Theinformationreferredtoinparagraph 1shallbe
madeavailableintheofficiallanguage(s)oftheMember
Stateinwhichthebranchisestablishedinthemanner
prescribedbynationallawandshallbedraftedinaclear
andcomprehensible form.Article6
1.ThecoveragereferredininArticle3(1),(3)and
(4)shallapplytotheaggregateamountofmoneyand
instrumentsbelongingtotheinvestorandheldbythe
investmentfirmirrespectiveofthenumberofaccounts,
thecurrencyandthelocationwithintheCommunity .
2.Theshareofeachinvestorinajointinvestment
accountshallbetakenintoaccountincalculatingthe
coverageprovidedforinArticle3(1),(3)and(4).
Intheabsenceofspecialprovisionstheaccountshallbe
dividedequallybetweentheinvestors.
Article7
1.MemberStatesshallensurethattheschemeisable
tomeetaninvestor'sclaimwithinamaximumperiodof
threemonthsfromthedateofthedecisionreferredtoin
Article2(2)iftheeligibilityandamountofthatclaim
havebeenestablished .Article10
Withoutprejudicetoanyotherrightswhichitmayhave
undernationallaw,aninvestorcompensation scheme
whichpaysinvestors'claimsshallbesubrogatedtothe
rightsoftheinvestorsintheliquidationproceedingsfor
anamountequivalenttoitspayment.
2.Thecompensationschemeshallbeallowedtofixa
periodofnotlessthansixmonthsfollowingthedecision
referredtoinArticle2(2)duringwhichinvestorsmaybe
requiredtosubmittheirclaims.
However,theexpiryofsuchaperiodmaynotbe
invokedbytheschemeinordertodenythebenefitof
coveragetoaninvestorwho,duetoabsenceorforany
othergoodreason,hasbeenunabletoasserthisclaim
underthecompensationschemeintime.Article11
Nolaterthanfiveyearsafterthedatementionedin
Article12(1),theCommissionshallpresentareportto
theCouncilontheapplicationofthisDirective,accom­
paniedwhereappropriatebyproposalsforitsrevision.
Article12
1.MemberStatesshallbringintoforcethelaws,
regulationsandadministrative provisionsnecessaryto
complywiththisDirectiveby31December1995.They
shallforthwithinformtheCommissionthereof.
WhenMemberStatesadopttheseprovisions,theseshall
containareferencetothisDirectiveorshallbeaccom­
paniedbysuchreferenceatthetimeoftheirofficialArticle8
1.MemberStatesshallensurethatthemanagersof
theinvestmentfirmprovideactualandpotentialinvestors

NoC321/20 OfficialJournaloftheEuropeanCommunities 27.11.93
publication .Theprocedureforsuchreferenceshallbeadministrative decisionswhichtheyadoptinthefield
adoptedbyMemberStates. coveredbythisDirective.
2.MemberStatesshallcommunicate tothe
Commissionthetextofthemainlaws,regulationsandArticle13
ThisDirectiveisaddressedtotheMemberStates.
ANNEX
LISTOFTHECATEGORIES OFINVESTORS REFERRED TOINARTICLE 3
1.InvestmentfirmsasdefinedinArticle1(2)oftheinvestmentservicesDirective.
2.CreditinstitutionsasdefinedinthefirstindentofArticle1ofDirective77/780/EEC.
3.FinancialinstitutionsasdefinedinArticle1(6)ofDirective89/646/EEC.
4.Insuranceundertakings asdefinedinArticle1ofDirective73/239/EECorArticle1ofDirective
79/267/EECorundertakingscarryingonthereinsuranceandretrocessionactivitiesreferredtoin
Directive64/225/EEC.
5.Undertakingsforcollectiveinvestmentintransferablesecurities.
6.Pensionorretirementfunds.
7.Otherinstitutionalinvestors.
8.Governmentandcentraladministrative authorities .
9.Provincial,regional,localormunicipalauthorities.
10.Directorsandmanagersofandmemberspersonallyliableintheinvestmentfirm,holdersofatleast
5%ofthecapitaloftheinvestmentfirm,membersoftheexternalauditingbodieswhoauditthe
accountsoftheinvestmentfirmandinvestorswithsimilarstatusintheothercompaniesinthesame
group.
11.Closerelativesandthirdpartiesactingonbehalfoftheinvestorsreferredtoatpoint10.
12.Othercompaniesinthesamegroup,
13.Investorswhohaveonanindividualbasisobtainedfromtheinvestmentfirmratesandfinancial
concessionswhichhavehelpedtoaggravatethefinancialsituationofthatinvestmentfirm.
14.Companieswhichareofsuchasizethattheyexceedthecriteriafordrawingupabridgedbalance
sheetslaiddowninArticle11ofDirective78/660/EEC,aslastamendedbyDirective.../.../EEC.