ARCHIVESHISTORIQUES
DELACOMMISSION
COLLECTION RELIEEDES
DOCUMENTS "COM"
COM(80)332
Vol.1980/0120

Disclaimer
Conformément aurèglement(CEE,Euratom)n°354/83duConseildu1erfévrier1983
concernantl'ouvertureaupublicdesarchiveshistoriquesdelaCommunauté économique
européenneetdelaCommunautéeuropéennedel'énergieatomique(JOL43du15.2.1983,
p.1),telquemodifiéparlerèglement(CE,Euratom)n°1700/2003du22septembre2003
(JOL243du27.9.2003,p.1),cedossierestouvertaupublic.Lecaséchéant,lesdocuments
classifiésprésentsdanscedossierontétédéclassifiésconformément àl'article5dudit
règlement.
InaccordancewithCouncilRegulation(EEC,Euratom)No354/83of1February1983
concerningtheopeningtothepublicofthehistoricalarchivesoftheEuropeanEconomic
CommunityandtheEuropeanAtomicEnergyCommunity(OJL43,15.2.1983,p.1),as
amendedbyRegulation(EC,Euratom)No1700/2003of22September2003(OJL243,
27.9.2003,p.1),thisfileisopentothepublic.Wherenecessary,classifieddocumentsinthis
filehavebeendeclassified inconformitywithArticle5oftheaforementioned regulation.
InÜbereinstimmung mitderVerordnung(EWG,Euratom)Nr.354/83desRatesvom1.
Februar1983überdieFreigabederhistorischen ArchivederEuropäischen
Wirtschaftsgemeinschaft undderEuropäischen Atomgemeinschaft (ABI.L43vom15.2.1983,
S.1),geändertdurchdieVerordnung(EG,Euratom)Nr.1700/2003vom22.September2003
(ABI.L243vom27.9.2003,S.1),istdieseDateiderÖffentlichkeitzugänglich.Soweit
erforderlich,wurdendieVerschlusssachen indieserDateiinÜbereinstimmung mitArtikel5
dergenanntenVerordnungfreigegeben.

COMMISSION OFTHEEUROPEAN COMMUNITIES
COM(80)332 final
Brussels,18June1980
Amendedproposalfora
COUNCILDIRECTIVE
oninformation tobepublished onaregular
basisbycompanies whosesharesareadmitted
toofficialstockexchangelisting
(submittedtotheCouncilbythe]Commission^
pursuanttothesecondparagraphofarticle149
oftheEECTreaty)"
•>.n
1S.
?S-06"\\
Sor«a«SetiÇVMl'*.3
f.,onéfsl ,-5V
COM(80)332final
■Λ

0Hq1nal_Progesal ;New_\/eps2on
ProposalforaCouncilDirectiveonAmendedproposalforaCouncilDirective
information tobepublishedonaregu-oninformation tobepublishedonaregu­
larbasisbycompanieswhosetransfer-larbasisbycompanieswhosesharesare
ablesecurities areadmittedtooffi-admittedtoofficialstockexchangelist-
cialstockexchangelisting ing
TheCounciloftheEuropeanCommuni-unchanged
ties,
HavingregardtotheTreatyestablish-unchanged
ingtheEuropeanEconomicCommunity,
andinparticularArticle54(3)(g)
thereof.
Havingregardtotheproposalfromtheunchanged -
Commission,
Havingregardtotheopinionoftheunchanged ;•
EuropeanParliament,(1)
Havingregardtotheopinf'onoftheunchanged
EconomicandSocialCommittee,(2)
/
WhereastheSixthCouncilDirective Whereas CouncilDirective 80/390/EEC
....af concerning theof17March1980coordinating therequire-
content,checkinganddistribution ofmentsforthedrawingup,scrutinyand
theprospectustobepublished whendistribution ofthelistingparticulars
securities issuedbycompanieswithintobepublishedfortheadmissionofsecu-
themeaningofthesecondparagraph ritiestoofficialstockexchangelisting(3)
ofArticle58oftheTreatyaread-seekstoensureimprovedprotection ofin-
mittedtoofficialstockexchange vestorsandagreaterdegreeofequivalence
listing(3)seekstoensureimproved fromcountrytocountryintheprotection
protectionofinvestors andagreaterprovided,bycoordinating requirements as
degreeofequivalence fromcountrytototheinformation tobepublishedatthe
countryintheprotection provided,timeofadmission;
\
bycoordinating requirements astothe
information tobepublishedatthe
timeofadmission;
(1)0JN°Cof
(2).0JN°C53of3March1980/p.
(3)0JN°L100of17April1980/p.1

Whereas,inthecaseofsecurities ad-unchanged
mittedtoofficialstockexchangelist­
ing,theprotectionofinvestorsre­
quiresthattheselatterbesupplied r,' ■
withappropriate regularinformation
throughout theentireperiodduring
whichthesecurities arelisted;whereas
coordination ofthisregularinformation
hassimilarobjectivestothoseenvisaged \
fortheprospectus,namelytoimprove
suchprotection andtomakeitmore
equivalent,tomakesecurities -more
attractivetoinvestors,tofacilitate
thequotationofthesesecurities on
morethanonestockexchangeinthe
Community,andinsodoingtocontri­
butetowardstheestablishment ofa •..
genuineCommunitycapitalmarketby '
permitting afullerinterpenetration
ofsecurities markets;
Whereas,underCouncilDirective Whereas,underCouncilDirective 79/279/EEC
>of coordinating thecon-of5March1979coordinating thecondi-
ditionsfortheadmissionofsecurities tionsfortheadmissionofsecuritiesto
toofficialstockexchangefisting(4),officialstockexchangelisting(4),
quotedcompanies mustattheendofthequotedcompanies mustattheendof
financialyearmakeavailabletoin-thefinancialyearmakeavailabletoin­
vestorstheirannualaccountsandre-vestorstheirannualaccountsandreport .
portgivinginformation onthecompanygivinginformation onthecompanyforthe
forthewholeofthefinancialyear;wholeofthefinancialyear.Whereasthe
whereastheFourthCouncilDirective FourthCouncilDirective 78/660/EECof
*
(4)OJN°L66of16March1979/P-21

-3-
t
78/660/EECof25July1978(5)has25July1978(5)hascoordinated thelaws,
coordinated thelaws,regulations regulations andadministrative provisions
andadministrative provisionsoftheoftheMemberStatesconcerningtheannual
MemberStatesconcerningtheannual accountsofcertaintypesofcompanies;K
accountsofcertaintypesofcompa­
nies;
Whereasthecompanyshouldalso,atunchanged _•••
leastonceduringthefinancialyear,
makeavailabletoinvestors areport
onthecompany'sbusiness;whereas
thepresentDirective can,conse­
quently,beconfinedto'cbordinating
thecontentanddistribution ofa
singlereportcoveringthefirstsix
monthsofthefinancialyear;
\
Whereas,however,inthecaseofWhereas,however,inthecaseofordinary
ordinarydebentures,becauseofthedebentures,becauseoftherightsthey
rightstheyconferonthebearer,theconferontheirbearer,theprotection of
protectionofinvestorsbymeansofinvestorsbymeansofthepublication of
thepublication ofahalf-yearly re-ahalf-yearly reportisnotessential;
portisnotessential,whereascon-whereas,byvirtueofDirective
sequentlyregularinformation needs79/279/FEC,convertibleorexchangeable '
tobecoordinated onlyforcompanies debentures anddebentures withwarrantsmay
whoseshares,convertible debentures,beadmittedtoofficiallistingonlyifthere-
exchangeable debentures,debentures latedsharesarealreadylistedonthesame
withwarrantsattachedorparticipating stockexchangeororvanotherregulated,regu-
debenturesareadmittedtoofficial larlyoperating,recognized openmarketorare
stockexchangelisting; soadmittedsimultaneously ;whereastheMember
Statesmayderogatefromthisprincipleonlyif
theircompetentauthorities aresatisfiedthat
' holdershaveattheirdisposalalltheinforma-
•tionnecessarytoformanopinionconcerning
I:' thevoluoofthesharestowhichthesedebt
(5)OJN°L222,14.8.1978,p.11

-L-
securities relate ;whereas consequently
regular information needs tobecoordi­
nated only forcompanies whose shares
areadmitted toofficial stock exchange
listing ;
Whereas thehalf-yearly report must unchanged
enable the investors tomake anin­
formed appraisal ofthegeneral de­
velopment ofthecompany 'sactivity
during theperiod covered bythe
report ;whereas ,,however ,this re­
port need contain 'only theessential
details onthefinancial position
andgeneral progress ofthebusiness
ofthe company inquestion ;
Whereas coordination should be unchanged
achieved bystages andshould there­
fore beconfined atpresent tothe
establishment ofminimum rules ;
Whereas ,inorder totake account of unchanged
difficulties resulting from the
current state oflegislation incer­
tain Member States ,alonger period
may beprovided forcompanies to
adapt themselves totheprovisions
of#theDirective than that provided
fortheadaptation ofnational legis­
lation ;

-5-
Whereas,soastoensureeffectivepro-Whereas,soastoensureeffectivepro­
tectionofinvestors andthepropertectionofinvestorsandtheproper
operationofstockexchanges,theru-operationofstockexchanges,therules
Lesrelatingtoregularinformation relatingtoregularinformation tobe
tobepublishedbycompanieswhosepublishedbycompanieswhosesharesare.
securities areadmittedtoofficial admittedtoofficialstockexchange
stockexchangelistingwithinthelistingwithintheCommunityshould
CommunityshouldapplynotonlytoapplynotonlytocompaniesfromMember
companiesfromMemberStatesreferredStates,butalsotocompaniesfrom
tointhesecondparagraphofArti-thirdcountries;
cle58oftheTreaty,butalsoto
companiesfromthirdcountries;
HASADOPTEDTHISDIRECTIVE : unchanged

SectionI:Generalprovisions andfieldofapplication
Article 1 , Article 1
•1.ThisDirectiveshallapply ,1.ThisDirectiveshallapplyto
tocompanies whoseshares,convertible -companies whosesharesareadmittedto
debentures,exchangeable debentures ,,/officiallistingonastockexchange
debentures'carryingwarrantsorparti-' .situatedoroperatingwithintheterri-
cipatingdebentures areadmittedtotoryofaMemberState,whetherthe
officiallisting ,ona"stockexchange admissionisoftheshares ,themselves
situatedoroperatingwithinthe\„orcertificates representing them?and
territoryofaMemberState,whether whethersuchadmissionprecedesor
•suchsecurities themselves orcerti-followsthe-datewhenthisDirective
.ficates .representing themareadmitted enters -intoforce, . ■
andwhethersuchadmissionprecedes ■ -•
orfollowsthedate.whenthisDirect
tiveentersintoforce.
2. ■.ThisDirectiveshall,however,2.ThisDirectiveshallnotapply/
notapplytoinvestment companies -■toinvestment companies-otherthanthe
otherthanof'theclosed-end type.closed-end type.,.
' '.V
For.thepurposesofthis ■-Forpurposesofthis
Directive,"investment companies .otherDirective,"investment companies
thanoftheclosed-end type"shall -otherthantheclosed-end type"shall,
meaninvestment :companies: 'meani/ivestmentcompanies:
-whoseobjectisthecollective -theobjectofwhichisthecollective
investmentofcapitalprovidedbyinvestmentofcapitalprovidedbythe
thepublic,andwhichoperateonpublic,andwhichoperateonthe
theprincipleofriskspreading;principleofriskspreading;and
-and -theunitsofwhichare,atthe■'
holders'request,repurchased or
-whoseunitsare,attherequestof ,,.. •'..M redeemed,directlyorindirectly,
holders,repurchased orredeemed, '-., .,...„.„outoftheassetsofthesecompanies.
directly .orindirectly,asacharge
ontheassetsofthesecompanies.

-7-
ActiontakenbyacompanytoActiontakenbysuchcompaniesto
ensurethatthestockexchangevalueofensurethatthestockexchangevalueof
itsunitsdoesnotsignificantly varytheirunitsdoesnotsignificantly vary
fromtirenetassetvalueshallbere-fromtheirnetassetvalueshallbere­
gardedasequivalenttosuchrepurchasegardedasequivalenttosuchrepurchase
orredemption. orredemption.
Article2 Article2
ThecompaniesreferredtoinTheMemberStatesshallensurethatthe
Article1shallpublish,eachfinancialcompaniesreferredtoinArticle1shall
year,ahalf-yearlyreportrelatingtopublish,eachfinancialyear/ahalf-yearly
theiractivityduringthefirstsixreportrelatingtotheiractivityduringthe
monthsoftheirfinancialyear.firstsixmonthsoftheirfinancialyear.
Article3
TheMemberStatesmaymake
companiestowhichthisDirective
appliessubjecttomorerigorousobli­
gationsthanthosecontainedinthis
Directive,ortoadditionalobliga­
tions,providedthattheyareofge­
neralapplicationforallcompanies
orforindividualclassesofcompany.Article3
unchanged
SectionII:Publication andcontentsofhalf-yearlyreport
Article4
Thehalf-yearlyreportshall
bepublishedwithinthreemonthsof
theendoftherelevantsix-month ,
period.Article4
unchanged
Article5
/
1.Thehalf-yearlyreportshall
consistoffiguresandan'explanatory
statementrelatingtothecompany's'
businessduringtherelevantsix-
monthperiod. 'VArticle5
unchanged

2.Thefigures,presentedin
tableform,shallshowatleastthe
following:
-netturnover;
-otheroperatingincome;
-opérâtmgcharges;
-grossoperatingresult;
-interimdividends(ifany)paid
orproposed.
3.Againsteachoftheabove unchanged
figures,thefigureforthecorrespond­
ingperiodintheprecedingfinancial "
yearshallalsobeshown. " -
.4.Theexplanatory statementshall4.Theexplanatory statementshall
enableinvestorstomakeaninformed enableinvestorstomakeaninformed
appraisalofthecompany'sbusiness assessmentofthedevelopment ofthe
duringtherelevantperiodandtomakecompany'sbusinessduringtherelevant
acomparisonwiththecorresponding periodandtomakeacomparisonwith
periodofthepreviousfinancialyear.thecorresponding periodoftheprevious
Theexplanatorystatementshallrelate .financialyear.Theexplanatorystatement
tothefiguresreferredtoinpara-shallrelatetothefiguresreferredtoin
graph2andtoatleastthefollowing paragraph2and,toatleastthefollowing
items,givingsupportingfigureswhen-itemstotheextentthat,theyaresi'gnifi-
everappropriate : cantgivingsupportingfigureswhenever
appropriate :
-thenumberofpersonsemployed;-thenumberbfperspns.employed;
-investmentcarriedoutanddeci-~-investmentscarriedoutandfirmcommit-,
sionstakenastofutureinvestment;mentsmadebythecompany'smanagement
-stateoftheorderbook; 'bodiesconcerningprincipalfutureinvest­
-thegeneralsituationregardingstocks •ments,withtheexceptionofintereststo
offinishedproducts; beacquiredinotherundertakings ;
-thedegreeofcapacityutilization;-stateoftheorderbook;
-anynewproductsoractivitieswhich-thegeneralsituationregardingstocksof
havehadasignificanteffectonfinishedproducts;
Φ
turnover. 1-thedegreeofcapacityutilization;unehangea

-anynewproductsoractivities which
havehadasignificant effectonturn­
over;
-thecompany'sprospectsforthecurrent
financialyear.
Article6
1.Forthepurposesofthis
Directive :
-netturnovershallcpmprisethe
amountsderivedfromthe'saleof
productsandtheprovisionofser­
vicesfallingwithinthecompany's
ordinaryactivities,afterdeduction
ofsalesrebatesandofvalue ,added
taxandothertaxesdirectlylinked
totheturnover.Wherethehalf-
yearlyreportisdrawnuponacon­
solidatedbasis,netturnover ,shall'
notcomprisethesaleofproducts
andprovisionofservicesbetween
companiesformingpartofthegroup;
-otheroperating incomeshallcom­
priseitems2,3and4inArticle23
andtheirequivalents inArticle24,
anditem6ofArticle25andits
equivalentinArticle26ofthe
FourthCouncilDirectiveof25July
1978ontheannualaccountsofcer­
taintypesofcompanies;Article6
1.ForthepurposesofthisDirective:
-netturnovershallcomprisetheamounts
derivedfromthesaleofproductsandthe
provisionofservicesfallingwithinthe
company'sordinaryactivities,afterde­
ductionofsalesrebatesandofvalueadded
taxandothertaxesdirectlylinkedtothe
turnover;
(secondsentencedeleted)
FourthCouncilDirective 78/660/EECon
theannualaccountsofcertaintypes
ofcompanies;

-10-
.«•operating charges shall comprise Items unchanged
5,6,7and8InArticle 23andtheir
equivalents inArticles 24and items s
2,4and 5ofArticle 25andtheir
equivalents inArticle 26ofthe Fourth
Directive referred toabove ;
»
-gross operating result isthediffer - unchanged
ence between (a)the net turnover
together with other operating income
and (b)operating charges .
2. Inrespect ofcompanies whose unchanged
annual accounts donot have tobedrawn
upinaccordance with theFourth Direc­
tive referred toabove ,theinformation
defined inthe second and third indents
ofparagraph 1above shall beestablished
inanequivalent manner .
Article 7 Article 7
Net turnover shall bebroken deleted
down bycategories ofactivity andinto
geographical markets ,insofar as,
taking account ofthemanner inwhich
thesale ofproducts andtheprovision
ofservices falling within thecompany 's
ordinary activities areorganized,these
categories andmarkets differ substan­
tially from one another .
Article 8 Article 8
1. Ifthecompany prepares consoli -unchanged
dated annual accounts only ,thehalf-
yearly report shall ,bedrawn upincon­
solidated form . '
/
4

-11-
2.Ifthecompanypreparesbothun-2.Ifthecompanypreparesbothuncon-
consolidated accountsandconsolidated solidatedannualaccountsandconsoli-
accounts,thehalf-yearlyreportshallbedatedannualaccounts,thehalf-yearly
I - -»
drawnupinbothforms.Inthatevent,reportshallbedrawnupinbothforms,
however,thecompetentauthoritymayHowever,thecompetentauthorities may
authorizethecompanytodrawupthehalf-authorizethecompanytodrawupthe
yearlyreporteitherinunconsolidated half-yearlyreporteitherinunconsolida-
orinconsolidated formprovidedthattedformorinconsolidated form,on-con-
theotherformdoesnotconveyanysigni-ditionthattheotherformdoes:not.pro-
ficantsupplementary information.videanysignificantadditionalinformation .
Article9 Article9
1.Thehalf-yearlyreportshall 1.Thehalf-yearlyreportshallbepub­
* «· ·*
bepublishedinoneormorenewspapers lishedintheMemberStateorMember
distributed throughoutthecountryorStateswherethesharesareadmittedto
distributed widely,orinthenationalofficiallistingbyinsertioninoneor
gazette,orshallbemadeavailabletomorenewspapersdistributed throughout
thepubliceitherinwritinginplacesthecountryordistributed widely,or-in
indicatedbyannouncements tobe thenationalgazette,orshallbemade
publishedinoneormorenewspapers availabletothepubliceitherinwriting
distributedthroughoutthecountryorinplacesindicatedbyannouncements to
widelydistributed,orbyotherequi-bepublishedinoneormorenewspapers y
valentmeansapprovedbythecompetent distributedthroughoutthecountryor
authorities. widelydistributed,orbyotherequi­
| valentmeansapprovedbythecompetent
authorities .
Ifthetransferable securi- Ifthesharesareadmittedtoofficial
tiesareadmittedtoofficiallistinglistinginmorethanoneMemberState,the
inmorethanoneMemberState,the .half-yearlyreportshallbepublished
half-yearlyreportshallbepublished simultaneously ineachsuchMemberState.
simultaneously ineachsuchMember
^ 1a.<Inaddition,thehalf-yearly reportofotdie.
companiesreferredtoinArticle1of
Directive68/151/EECof9March1968(1)
;-! mustbepublishedinaccordancewithArti-
,,cle3ofthatDirective.
-'■(1)OJN°L65of14.3.1968

2.Thehalf-yearlyreportshallbeunchanged
publishedintheofficiallanguageor
languagesorinoneoftheofficial
languagesorinanotherlanguage,pro­
videdthat,intheStateconcerned,
suchofficiallanguageorlanguagesor
suchotherlanguagearecustomaryinthe,
sphereoffinanceandareacceptedby
thecompetentauthorities . .
3.Thecompanyshallsendacopy3.Thecompanyshallsendacopyofthe
ofthehalf-yearly reportsimultaneously ,half-yearly reportsimultaneously ,notlater
notlaterthantfhetimeofitspublica-thanthetimeofitspublication,tothecom-
tion,tothecompetentauthorities ofpetentauthorities ofeachMemberStatein
eachMemberStateinwhichthetransfer-whichthesharesareadmittedtoofficial
ablesecuritiesareadmittedtoofficiallisting.
listing._ •
.Article10
Thehalf-yearly reportmuststateArticle10
whethertheaccounting information contained
Thehalf-yearly reportmustthereinhasorhasnotbeenauditedbythe
\
statewhetherthefinancialinformation official .auditorof'thecompany'saccounts,v
containedthereinhasorhasnotbeenIfsuchinformation hasbeenaudited,andif
checkedbytheofficialauditorofthe"':theauditrep0rthas_beenrefused-the
company'saccounts.IftheauditorhasL^cialauditororifitcontainsqualifier
madeanyqualifications ,thesemusttions,suchrefusalorsuchqualifications
alsobe,stated. • shallbereproducedinfullandthereasons
given.
SectionIII:Powersofthecompetentauthorities "-
Article11. -v Article11
1.TheMemberStatesshallde-1."MemberStatesshallappointoneormore
signatethenationalauthorityor competentauthorities andshallnotifythe
authorities responsible forensuring Commissionoftheappointments ofsuch
thattheruleslaiddowninthis .authorities,givingdetailsofanydivision
Directiveareapplied.Theyshall ,.ofpowersamongthem.MemberStatesshall
informtheCommissionaccordingly,alsoberesponsibleforseeingthatDirective
indicating,ifappropriate/howdutiesisapplied.
havebeenallocated.

2.TheMemberStatesshallensure
thatthecompetentauthorities arein­
vestedwithsuchauthority andsuch
ι
powersasmaybenecessaryfo^*carrying
outtheirtask.2.MemberStatesshallensurethat
thecompetentauthorities havethepowers
necessaryforthemtocarryouttheir
task.
3.Incaseswhereparticular re-unchanged
quirementsofthisDirectivearein­
appropriate tothecompany'ssphereof
activity,thecompetentauthorities shall
ensurethatsuitableadaptations are
madetotheserequirements . A.The
4.Thecompetentauthorities may
exemptthecompanyfrompublishing any
information requiredbythisDirective
iftheyaresatisfiedthat:
-suchinformation isofminorimpor­
tanceonlyandis.unlikelytoin­
fluenceassessmentofthedevelop­
mentofthecompany'sbusiness;
-disclosure ofsuchinformation would
becontrarytothepublicinterest
orseriouslydetrimental tothecom­
pany,providedthat,inthelatter
case,non-publication isnotlikely
tomisleadthepublicwithregardto
factsandcircumstances essential
forassessmentofthecompany's
transferable securities referredto
inArticle 1.'A.Thecompetentauthorities may
authorizeomissionfromthehalf-yearly
reportofcertaininformation providedfor
bythisDirectiveiftheyconsiderthat
disclosure ofsuchinformation wouldbe
contrarytothepublicinterestorseriously
detrimental tothecompany,providedthat,
inthelattercase,suchomissionwouldnot
belikelytomisleadthepublicwithregard
tofactsandcircumstances ,knowledgeof
whichisessentialfortheassessment ofthe
sharesinquestion.

-14-
5. Theprovisions ofparagraphs 3unchanged
andAshall also apply tothemore ri- (
gorous oradditional obligations imposed
pursuant toArticle 3.
6. Ifacompany which is
governed bythe law
ofanon-Member State publishes ahalf-
yearly report inthat State ,the compe­
tent authorities may authorize itto
publish such report instead ofthe half-
yearly report drawn upinaccordance
. with Article 5ofthis Directive ,pro­
,vided that such report gives comparable
information tothat required bythat ■
Article .^
s ' '
, . 6a. This Directive shall notaffect the
' • . L competent authorities' liability ,which
1 shall continue tobegoverned solely by
national law . *
Section III a:Cooperation between Member States
Article 11a ..
Where ahalf-yearly report isre­
quired tobepublished inmore than one
Member State ,the competent authorities of
, theMember States concerned shall exchange
information and use their best endeavours
toachieve maximum co-ordination oftheir
requirements concerning the half-yearly
report ,with aview toavoiding amultiplicity
offormalities andtoagreeing toasingl e
text requiring atthemost translation ,where
s appropriate ,andthg .issue ofsupplements as
. necessary tomeet theindividual requirements
ofeach Member State concerned .

-15-
SectionIVContactCommittee
Article12 Article12
TheContactCommitteesetupby
Article20ofDirective79/279/EECTheContactCommitteeestab- TheContactCommittee _se
lishedbytheCouncilDirectiveofArticle20ofDirective79/279/EE
coordinating theconditionsshallalsohaveasitsfunction:
fortheadmissionofsecuritiestoL_'.
officialstockexchangelistingshall
alsohaveasitsfunction:
a)tofacilitate,withoutprejudice
totheprovisionsofArticles169
zand170oftheTreaty>harmonized
application oftheDirective
throughregularconsultations on.
anypracticalproblemsarising
fromitsapplication,onwhich
exchangesofopinionaredeemed
useful;
brtofacilitate theestablishment
-ofaconcertedattitudebetween
theMemberStatesonthemore
rigorousoradditionalobliga­
tionswhichtheymaylayflownat
purelynationallevelpursuant
toArticle3;
c)toadvisetheCommission,if
necessary,onanysupplements or
amendmentstobemadetothe
Directive.a)withoutprejudicetoArticles169and
170oftheTreatytofacilitatethe
harmonizedimplementation ofthisDirec­
tivethroughregularconsultations onany
practicalproblemsarisingfromits
application onwhichexchangesofviews
aredeemeduseful;
b)tofacilitateconsultation betweenthe
MemberStatesonthemorerigorousoraddi­
tionalobligations whichtheymaylay
downatnationallevelpursuanttoArti­
cle3;
c)toadvisetheCommission,ifnecessary,
onanyadditionsoramendmentstobemade
tothisDirective.
SectionV:Finalprovisions
Article13
1.MemberStatesshalltake
themeasuresnecessaryinorderto
complywiththisDirectivewithin
twoyearsofitsnotification and
shallforthwithinformtheCommission
thereof.Article13
1.MemberStatesshalltakethemea­
suresnecessarytocomplywiththisDirective
withintwoyearsofitsnotification .They
shallforthwithinformtheCommissionthereof.

2.TheMemberStatesmaystipulateunchanged
thatthemeasuresreferredtoinpara­
graph1shallnotapplyuntiloneyear
aftertheendoftheperiodprovided
forinthatparagraph.
3.Witheffectfromthenotifi­
cationofthisDirective,MemberStates
shallcommunicate totheCommission
thetextsofthemainlaws,regula­
tionsandadministrative provisions
whichtheyadoptinthefieldcovered
bythisDirective;''
Article14
ThisDirectiveisaddressed
totheMemberStates.3.hsfromthenotification ofthis
Directive,MemberStatesshallcommuni­
catetotheCommissionthetextsofthe
mainlaws,regulations andadministrative
provisionswhichtheyadoptinthefield
coveredbythisDirective.
Article14
unchanged
Don?at
FortheCouncil
ThePresident