ARCHIVESHISTORIQUES
DELACOMMISSION
COLLECTION RELIEEDES
DOCUMENTS "COM"
COM(76)565
Vol.1976/0173

Disclaimer
Conformément aurèglement(CEE,Euratom)n°354/83duConseildu1erfévrier1983
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p.1),telquemodifiéparlerèglement(CE,Euratom)n°1700/2003du22septembre2003
(JOL243du27.9.2003,p.1),cedossierestouvertaupublic.Lecaséchéant,lesdocuments
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concerningtheopeningtothepublicofthehistoricalarchivesoftheEuropeanEconomic
Community andtheEuropeanAtomicEnergyCommunity (OJL43,15.2.1983,p.1),as
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W'J.¿.iιοτΠ
\·.COM(76)565 final
Brussels,3Noverr.ber197$
'V'.
AmendedproposalforaDirectivecoordinating
theconditionsfortheadmissionofsecurities
toofficialstockexchangequotation
\
(presentedtotheCouncilbytheCommission
inapplication ofArticle149,para.2)
-/
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COM(75)565final

OriginalproposalITewversion
Proposalforadirective
coordinating theconditionsforthe
admissionofsecurities toofficial
steel:exchangequotationAmendedproposalforadirective
coordinating theconditionsforthe
admissionofsecuritiestoofficial
stockexchangequotation
THECOUNCILOFT3EEURCPEAII vj.ichar.ged
COKiUITITÏES ,
HavingregardtotheTreaty
establishing theEuropeanEconomic
Communityandsinparticular
Article54(3)(g)v
HavingregardtotheProposalfrom
theCommission ,
HavingregardtctheOpinionof
theEuropeanParliament ;
~HavingregardtotheOpinionof
theEcononic .andSocialCommittee,
WhereastheSixthCouncil unchanged
Directive No....of....onthe
coordination ofthesafeguards
requiredintheMemberStatestc
protecttheinterestsbothofmembers
andofthirdpartiesconcerningthe
content,checkinganddistribution
oftheprospectustobepublished
whensecuritiesissuedbycompanies
withinthemeaningcfthesecond
paragraphofArticle58oftheTreaty
areadmittedtoofficialstock
exchangequotation,andtheCouncil
Recommendation ,ofthesamedate,
haveas-.heirobjectthealignment
ofthesafeguardsprovidedforthe

-2-
protectionoftheinterestsof.
ir.vestrs;whereastheyareelse
designedtofacilitatetheadmission
ofsecurities fromthesameicsuer
toofficialquotationonseveral
stockexchangessituatedinthe
variousMemberStates,andwhereas,
therefore,theycontributetowards
theestablishment ofaEuropean
capitalmarket;
Whereasthecoordination oftheunchanged
conditionsfortheadmissionor
introduction ofsecuritiestothe
sameofficialquotationonstocl:
exchangeshasthesameobjectives
andthereforefollowslogicallythe
introduction ofaCommunityprospectus
foradmissiontoquotation;
Whereastheccordina+ion issuchunchanged ,
astomakeequivalenttheprotection
ofinvestorsatCommunitylevel,by
virtueofthemoreuniformsafeguards
whichitwillprovideforthemin
eachMemberState;whereasitwill
facilitatetheadmissiontoofficial
quotationofsecuritiesoriginating
inotherMemberStatesandthe
quotationofthesamesecurityon -
severalstockexchangesinthe
Community;whereasconsequentlyit
vrillallowgreaterinterpenetration .
ofnationalsecuritiesmarkets;
Whereasduringtheinitialstageunchanged
thecoordination shouldbe
sufficiently flexibletotakeaccount

ofthecurrentdivergences between
thestructures ofsecurities markets
intheMemberStates;whereassuch
flexibilityis,moreover,necessary
toenabletheMemberStatestotake
accountoftheparticularsituations ,
withwhichtheywouldbeconfronted ;
I'Jhercasforthesereasons unchanged
harmonization shouldbeUnitedin
thisfirststagetotheestablishment
ofminimumconditionsforthe
admissionofsecuritiestoofficial
quotationonstockexchangesof
Meir.berStates;
Whereasalthoughthisproposal unchanged
thereforedoesnotprovideforfull
coordination oftheconditionsfor
adr.issiontoquotation,itnevertheless
constitutes afirststeptowards •
subsequentcloseralignmentofthe
regulations oftheMemberStatesin
thisfield:
HASA30PTZDTHISDIRECTIVE :unchanged

SectionItGeneralprovisions andfieldofapplication
Article1
TheMemberStatesshallmakethe
admissionorintroduction of
securitiestoofficialquotationon
astockexchangesituatedwithin
theirterritorysubjecttothe
provisionsofArticles3to19
.inclusiveofthisDirective.
Article2
Forthepurposesofthis
Directive:
(a)"open-endcollectiveinvestment
undertakings "shallmean
investmentcompaniesandunit
trustswhosesecurities areor
havebeenissuedcontinuously or
incloselyspacedblocksand/or
areattherequestofthe
holdersrepurchased orredeemed,
directlyorindirectly,fromthe
assets .oftheseundertakings ;
(b)"closedinvestmentcompanies"
shallmeaninvestmentcompanies
otherthanthosereferredtoin
.(a)above;
(c)"unitofaccount"shallmeanthe
unitofaccountasdefinedby
thedecisionoftheCommission
of18December1975(l)«
(1)O.J,No,L237,19.12.1975unchanged
Article2
unchanged
"collectiveinvestmentundertakings "
shallmeaninvestmentcompanies
andunittrustswhosesecurities
areorhavebeenissued
continuously orincloselyspaced
blocksand/orareattherequestof
theholdersrepurchased orredeemed,
directlyorindirectly,fromthe,
assetsoftheseundertakings ;
(b)deleted
(c)"unitofaccount"shallmeanthe
unitofaccountasdefinedbythe
CommissionDecisionof
13December1975(l)orbyany
subsequent CommissionDecision
modifyingorreplacingthesaid^
Decisionof18December1975.

-5-
Article3 Article3
1.Securitiesissuedbyopen--endimohrjigea
collectiveinvestnentundertakings
shallnotfallv:it.h.inthescopeof
thisDirective.
2.This'directiveshallalsonot2.ThisDirectiveshallals
relatetotheadnissionof relatetotheadmissionof
securitiesissued "byaMemberStatesecuritiesissuedbyaMembe
oritsregionalandlocal toofficialquotationona,s
authoritiestoofficialquotationonexchangesituatedwithinits
astockexchangesituatedwithintheterritory.
territorycfthatMemberState.2.ThisDirectiveshallalsonot
relatetotheadmissionof
securitiesissuedbyaMemberState
toofficialquotationona.stock
Article .1
1.Theacbiiscionofsecuritiesto
officialsteel:exchrvngequotation
shallbesubjecttotheconditions
listedinSchedules AandB,annexed
tothisDirectivewhichrelateto
sharesanddebtsecurities •
respectively .
2.Theissuersofasecurity
admittedtoofficialquotationshall
observetheobligationslistedin
Schedules CandD,annexedtothis
Directive whichrelatetoshares
anddebtsecuritiesrespectively .
3.Certificates representing shares
maybeadmittedonlyiftheissuer
ofthesharesrepresentedfulfils
theconditionsprovidedforin
ScheduleA,points1.1to1.3anaif
thecertificates representing theArticle4
unchanged
unchanged
3.Certificates representing shares
maybeadmittedonlyiftheissuer
ofthesharesrepresentedfulfilsthe
conditionsprovidedforinScheduleA,
pointsI.1to1.3Aandifthe'
certificates representing theshares

sharesfulfiltheconditions
providedforir>ScheduleA,point's
11,1to11,6.fulfiltheconditionsprovidedfor
inScheduleA,pointsII.1to11*6,
4.Theissuerofcertificates
representing sharesadmittedto
officialquotationshallensure
thattheobligations providedfor
inScheduleCfpoints2to3,are
observedandprovide,ontheshares
represented andtheirissuer,all
theinformationrequiredby
ScheduleC,points3to6.
Article5
1.Subjecttotheprohibition
providedforinArticleSandthose
providedforinSchedules Aand33,
theMemberStatesmaymakethe
admissionofsecuritiestoofficial
quotationsubjecttomorerigorous
conditionsthanthoselistedin
Schedules AandBortoadditional
conditions,providedthattheyare
ofgeneralapplication andthat
theyhavebeenpubliclybrought
intoforcepriortotherequestfor
admissiontoofficialquotationto
whichtheyrelate.
2.TheMemberStatesmay,within
thesamelimitsastheseprovided
forinparagraph1above,makethe
issuersofasecurityadmittedto
officialquotationsubjecttomoreunchanged
Ar+icle5
1»Subjecttotheprohibitions .
providedforinArticles6and8(l)
andinSchedules AandB,theMember
Statesmaymaketheadmissionof
securitiestoofficialquotation
subjecttomorerigorousconditions
thanthoselistedinSchedules Aand
Bortoadditionalconditions ,
providedthattheyareofgeneral
application andthattheyhavebeen
publiclybroughtintoforceprior
totherequestforadmissionto
officialquotationtowhichthey
relate.
unchanged

-7-
rigorousobligationsthanthose
listedinSchedules CandDorto
additionalobligations .
Article6
TheMemberStatesshallnotmake
theadmissiontoofficialquotation
ofsecuritiessubjecttothe
conditionthatthesesecuritiesbe
admittedtoofficialstockexchange
quotationinaMemberState.
Article7
WhereaMemberStateappliesone
oftheotionalderogationsprovided
forinSchedules AandBtothe
conditionsforadmissiontoofficial
quotationlistedthere,this
applicationshallbegeneral.unchanged
unchanged
Articleu
1«.TheMemberStatesshallwaive
application oftheconditions
providedforinScheduleBs
SectionA.I(legalpositionofthe
undertaking-capacityofthe
undertakingtomeetitscommitments )
wherearequestforadmissionto
officialquotationismadefordebt
securitiesissuedby:1,TheMemberStatesshallwaive
tIkconditioris ~I--'•
providedforinScheduleB,Section
A.I(legalpositionoftheunder­
taking-capacityoftheundertaking
tomeetitscommitments),any
additionalormorerigorous
conditionsIvllinciwithin
thescopeofthe-saidSectionA„Isnrt
■ "1T"
tb?oblioation
"UJr"1"–"J –».l». •
providedforinScheduleB,point
A»3(oontinuinginfornation)inherea
requestforadmissiontoofficial
quotationismadefordebtsecurities
issuedby:
•A
onlyaffectinc .theEnglishtext

δ-
(a)public bodies ofaMember State unchanged
which enjoyaState monopoly
inthe exercise oftheir
activities ;
(t>)financial institutions ofa unchanged
Member State which issue ontap
orasrepeat issues debt
securities admitted toofficial
quotation ,oncondition that
these financial institutions are
subject toapublic statute or
topublic supervision ensuring
theprotection ofthe investor .
2.TheMember States maywaive deleted
application oftheobligation
provided forunder Schedule D,
point A.3(continuing information )
where anapplication foradmission
toofficial quotation ismade for
debt securities issued bythebodies
orinstitutions referred toin
paragraph 1above ,
3.TheMember States maywaive unchanged
the conditions
provided forunder Schedule B,
Section A.I (legal position of ~

-9-
quotationismadefordebt .
securitiesissuedbyundertakings
whicharefromaMemberStateand
whoseborrowingsandinterestpay­
mentsarefully,unconditionally and '
irrevocablyguaranteedbyaMember
State.
4.WhereaMemberStateappliesone4«WhereaMemberStateappliesone
oftheoptionalderogationsprovidedoftheoptionalderogationsprovided
forinparagraphs2and3above,thisforinparagraph3above,this
applicationshallbegeneral.applicationshallbegeneral.
SectionII:Methodsofcontrolandpowersofthecompetentauthorities
Article9 unchanged .'
1.TheMemberStatesshalldesignate
thecompetentnationalauthorityor
authorities todecideonthe
admissionofsecuritiestoofficial
quotationonastockexchange
situatedwithintheirterritory.
TheyshallinformtheCommission
accordingly ,indicating,if
appropriate ,howthepowershave
beenallocated.'
2#Thecompetentauthorities may ^
admitasecurityto.official
quotationonlywheretheyare
satisfiedthatatleastallthe
requirements imposedbythis
Directivearecompliedwith.'
3»Thecompetentauthoritiesshall
beinvestedwithalltheauthority
andallthepowersofverification
necessaryfortheirwork.Theyshall
haveinparticulartheauthorityto
requiretheissuerforwhose

f
-10-
securities admission toofucial
quotation issought ,tofurnish any
information and .produce anydocuments
andcertificates which they consider
necessary inorder todecide onthis
application .Forthe sane purpose ,they
shall also heempowered torequire any
audits orinspections which they con­
sider appropriate .They must also have
authority tocheck that anissuer meets
theconditions provided forinArticle
8ofthis Directive with aview to
obtaining theexemptions provided for
inthat Article .
Article 10 Article 10
1.Inthe event oftherejection of Inthe event oftherejection of
anapplication foradmission ofa anapplication foradmission ofa
security toofficial quotation ,the security toofficial quotation ,the
competent authorities shall give competent authorities shall give
explicit reasons forthis decision explicit reasons forthis decision
tothe applicant . totheapplicant .
2.Each Member State shall provide Deleted (seenewArticle 16
foraright ofappeal tothe courts
against adecision torefuse an
application .
Article 11 Article 11
notwithstanding Articles 5and10 Notwithstanding Article 5»the
\ ' •
respectively ,theMember States may Member States mayinvest the .competent
invest thecompetent authorities with authorities with powers ,tobeinvoked
powers ,tobeinvoked only forthe only forthepurpose ofprotecting the
purpose ofprotecting theinvestor :investor ,tomake anapplication for
(a)tomake anapplication forthe theadmission ofasecurity to
admission ofasecurity to official quotation subject ,toany .
official quotation subject toanyspecial condition which they consider
special condition which they appropriate andofwhich theapplicant
consider appropriate andof :hasbeen explicitly infornf ?rfendfor
Which theapplicant hasbeen which full reasons have been given .
explicitly informed ; r• v;« • ,•/.

-11-
(b)toreject ajiapplication forthe
admission ofasecurity to
official quotation without giving
explicit reasons fortherejection
tothe applicant .
Article 12
The competent authorities may not
admit toofficial quotation asecurity
already officially quoted inanother
Member State ,where theissuer is
failing tocomply with the
obligations resulting from admission
inthat other Member State ,
\
Article 13
The competent authorities shall
inform thepublic where anissuer of
officially quoted securities is
failing tocomply with theobliga­
tions resulting from admission#
Article 14
1»The competent authorities
shall request anissuer whose
securities are admitted toofficial
quotation toprovide them without
delcy with all theinformation which
they consider appropriate inorder to
protect the investor andensure the ■
smooth operation ofth-3market .The
issuer shall berequired toprovide
this information tothecompetent
authorities .deleted
Article 12
The competent authorities may
not admit toofficial quotation a
security already officially quoted
inanother Member State ,where the
issuer isfailing tocomply ,in
that other Member State ,with the
obligations under this Directive .
Article 13
The competent authorities shall
inform thepublic ofany serious
fa'lure byanissuer ofofficially
quoted securities to -comply with the
obligations resulting from
admission .
Article L*
unchanged

-12-
2.Inthecase referred toinparar -
graph 1above and ,more generally ,
where the competent authorities
consider that particular circumstances
resulting from the situation or
operations ofthe issuer orfrom the
dealings inhis officially quoted
securities require certain informa­
tion to "bepassed ontothepublic ,
they shall invite the issuer to
publish this information intheform
andwithin thetime-limits which they
consider appropriate and ^ifnecessary ,
shall act inplace ofthe issuer so
astoensure such publication under
conditions ofprofessional secrecy .
Article 15
1.The competent authorities may
suspend aquotation ,where the
smooth operation ofthemarket is
ormaybecome temporarily jeopardized ,
orwhere such suspension isinthe
interest ofthe investor .
2.The competent authorities may
discontinue aquotation altogether ,
where they areconvinced that ,
because ofparticular circumstances ,
normal andregular dealings inthe
relevant security arenotpossible .2.Inthe case referred toin
paragraph 1above and ,more
generally ,where thecompetent
authorities consider that
particular circumstances resulting
from the situation oroperations of
the issuer orfrom thedealings in
hisofficially quoted securities
require certain information tobe
passed ontothepublic ,they shall
invito theissuer topublish this
information inthe form and within
thetime-limits which they con­
sider appropriate ,provided that
such publication does not involve
the disclosure ofinformation–––u––i <–nm«m i –
covered bycusiness secrecy ,
unchanged

-13-
Article 16
Thecompetent authorities may ,in .unchanged
exceptional cases ,establish official
quotation ofasecurity without
application where there isinfact
amarket inthesecurity ,ifitis
inthe interest ofthe investor to
make the relevant dealings subject to
thedisciplines andcontrols of
official quotation .
Article loâ
Each Member State shall make pro­
vision forissuers tobring appeal
proceedings before the courts
against decisions taken bythe
competent authorities under
Articles 10.15(2 )and lo.
Article 17 unchanged
Tfhere application foradmission
relates tocertificates representing
shares ,theapplication shall be
considered only ifthe competent
authorities take the view that the
issuer ofthese certificates provides
proper safeguards fortheprotection
oftheinvestor . ,
Section III ;Methods ofpublishing the information tobemade available
tothe pv.blic
Article 18 unchanged
1.The information which issuers of
asecurity admitted toofficial
quotation onastock exchange situated
within aMember State arerequired to

-14-
makeavailabletothepublicm
accordancewiththeprovisionsof
Schedules CandDshallbepublished
inoneormorenewspapersdistributed
throughoutthecountryorshallbe
madeavailabletothepublicinthe
formofnoticestobedisplayedin
placesindicatedbyannouncements to
bepublishedinoneormorenewspapers
distributed throughoutthecountry,
2.Theinformation referredtoin
paragraph 1aboveshallbepublished
inthelanguageorlanguagesofthe
'MemberStateinwhichthisinformation
mustbemadepublic.
SectionIV;Proceduresforcooperation betweenMemberStates
Article19 Article19
1.IJhereofficialquotationofa1.IJhereofficialquotatio
securityisappliedforsimultaneously securityisappliedforat
inrespectofseveralstockexchangesintervalsinrespectofsev
situatedindifferentMemberStates,stockexchangessituatedin
thecompetentauthoritiesofthe MemberStates,thecompeten
MemberStatesconcernedshallestablishauthorities oftheMemberS
betweenthemselvesallthecontacts concernedshallestablish b
necessarytoensuremaximum themselvesallthecontacts
coordination oftheconditionsandnecessarytoensuremaximum
formalitiesrequiredfortheadmissioncoordination oftheconditi
ofthesecurityconcerned. formalitiesrequiredforthArticle19
1.IJhereofficialquotationofa
securityisappliedforatclose
intervalsinrespectofseveral
stockexchangessituatedindifferent
MemberStates,thecompetent
authorities oftheMemberStates
concernedshallestablishbetween
themselvesallthecontacts •
necessarytoensuremaximum v
coordination oftheconditions and
formalitiesrequiredforthe
admissionofthesecurityconcerned.
./■

2, -Inthe event ofanapplication
"being made fortheadmission to
official quotation onastock exchange
situated within aMember State ofa
security admitted toofficial quotation
inanother Member State ,thecompetent
authorities oftheMember State where
therequest ismade shall contact the
competent authorities oftheMember
State inwhich the security isalready
mooted with theaims ,inparticular ,
ofsimplifying asfaraspossible the
conditions andformalities required
for theadmission ofthe security
concerned and ofensuring that the
issuer carries outthe obligations
incumbent upon himbyvirtue ofthe
admission ofthat security toofficial
quotation .
3.Inthe event ofadmission to
official quotation onastock echange
situated within aMember State being
sought forasecurity forwhich
admission toofficial quotation ona
stock exchange situated within another
Member State hasbeen refused ,the
competent authorities oftheMember
State inwhich theapplication has
been made shall asked thecompetent
authorities inthe other Member State
togive the reasons forthis refusal .
The competent authorities questioned
shall communicate these reasons xfithout
delay ;thereasons shall be
communicated insuch away astocomply
with therequirements ofprofessional
secrecy .unchanged
3.Inthe event ofadmission to
official quotation onastock exchange
situated within aMember State being
sought forasecurity forwhich ad­
mission toofficial quotation ona
stock exchange situated within
another Member State has been refused
during the last three years ,the
competent authorities oftheMember
State inwhich theapplication has
been made shall ask the competent
authorities inthe other Member
State togive thereasons forthis
refusal .The competent authorities
questioned shall communicate these
reasons without delay ;thereasons
shall becommunicated insuch awry
astocomply with therequirements
ofprofessional secrecy .

-16-
Where official quotation ofa
security isapplied forsimultaneously
inrespect ofseveral stock exchanges
situated indifferent Member States ,
anycompetent authority intending to
refuse theapplication shall without
delay inform thecompetent authorities
ofthe other Member States concerned
ofthis intention and ofthe reasons
for it;thereasons shall be
communicated insuch away asto
comply with the requirements of
professional secrecy .Where official quotation ofa
security isapplied for atclose
intervals inrespect ofseveral
stock exchanges situated in
different Member States ,any
competent authority intending to
refuse theapplication shall
without delay inform thecompetent
authorities ofthe other Member
States concerned ofthis intention
andofthereasons for it;the
reasons shall becommunicated in
such awayastocomply with the'
requirements ofprofessional
secrecy .
4.Inorder toallow thecompetent unchanged
authorities toexercise thepowers
provided forinthis Article ,any
applicant fortheadmission ofa
security toofficial quotation ona
stock exchange situated within a
Member State must state whether a
similar application isbeing orhas
already been made inanother Member
State.
Section VÎ Contact Committee
Article 20 unchanged
1.AContact Committee shall beset
upattached totheCommission .Its
function shall be:
(a)tofacilitate ,without prejudice
totheprovisions ofArticles 169
and170oftheEECTreaty ,harmon­
ized application ofthedirective
through regular meetings dealing in
particular with practical problems
''•arising ;

t:,
•Λ-ν
-17
(b)tofacilitatetheestablishment .
ofaconcertedattitudebetween
theMemberStatescnthemore
rigorousoradditionalconditions
andobligations whichtheynay-
requirepursuanttoArticb5of
thisdirectiveandonthe
informationreceivedbythe
CommissionpursuanttoArticle22;
(c)toadvise,ifnecessary,the
Commissiononthesupplements ,
amendmentsoradjustmentstobe
madetothedirectivepursuant
toArticle21.
2,TheContactCommitteeshallbe
composedofrepresentatives ofthe
MemberStatesaridrepresentatives
oftheCommission.TheChairman
shallbearepresentative ofthe
Commission.TheCommission'sservioes
shallprovidetheSecretariat .
3.TheCommitteeshallbeconvened
bytheChairman,eitheronhisown
initiativeorattherequestofone
ofthemembers.
Article21,
1.Forthepurposeofadjusting,in
thelightoftherequirements ofthe
economicsituation,theminimum
marketcapitalization providedfor
inthefirstparagraphofScheduleA,
pointI,2,.therepresentative of
theCommissionshallsubmittothe
Committeeproposalsforthemeasures
tobetaken.TheCommitteeshall
deliveritsopinionwithinthe
periodlaiddownbytheChairman.unchanged

-18-
Itsdecisionsshallrequireforty-
threevotesinfavour,thevotesof
theMemberStatesbeingweightedas
providedforinArticle14ofthe
ActconcerningtheConditionsof
AccessionandtheAdjustmentstothe
Treaties.
2,(a)TheCommissionshalladoptthe
measuresenvisagedwheretheseare
inaccordancewiththeopinionofthe
Committee *
(b)VJherethemeasuresenvisaged
arenotinaccordancewiththeopinion
oftheCommitteeorwheretheCommittee
hasnotdeliveredanopinion,the
Commissionshallwithoutdelaylay
beforetheCouncilaproposal
concerningthemeasurestobetaken.
TheCouncilshallactbyaqualified
majority.
(c)WheretheCouncilfailsto
actwithinthreemonthsofreceiptof
aproposal,themeasuresproposed
shallbeadoptedbytheCommission.
Article22
1.Thecompetentauthoritiesshall
berequiredtoinformtheCommission
ofanydecision,togetherwiththe
reasons,torefuseanapplicationfor
admissiontoofficialquotationona
stockexchangesituatedwithintheir
territoryofasecurityissuedwithin
anotherMemberState,Article22
1.Thecompetentauthoritiesshall–
berequiredtoinformthe
Commissionofanydecision,together
withthereasons,torefusean
applicationforadmissionto
officialquotationonastock
exchangesituatedwithintheir
territoryofasecurityissued
withinanotherMemberState.In
thesameway,theconpeterf '
authorities shallinformthe

-19-
Commissionofanydecisionto
suspendorterminatethelistingof
asecurityac"nitte:1toofficial,
quotationonastockexchange ■
situatedwithintheirterritory,
togetherwiththereasonstherefor *
2.TheCommissionshallcommunicate
thesedecisionstotheContact
Committee.Anydiscussion bythe
Committeeofsuchacommunication
shall "becoveredbytheobligation
ofprofessional secrecy.
SectionVI:Finalprovisions -•:
Article22"A
Withinfouryearsoftheentry
intoforceofthisDirective/:the
CommissionshallsubmittotheCouncil
aproposalforaDirective?"dealing
withasco^dstageofcoordination
oflistingconditions ,withtheaim
ofensuringthattheadmissionof
asecuritytoofficialquotationon
astockexchangesituatedinone
MemberStatewillentitleittobe
admittedtoofficialquotation on
theotherstockexchangesofthe
Community.
f ThisproposalfornDirectiveshal-t
alsodealwiththecoordination of
.fornaladmissionprocedures.
Article23 unchanged
1.Withintwelvemonthsof
notification tothecofthis
Directive,theMemberStatesshall
putintoeffectallmeasures
•/.2.TheCommissionshallinformthe
ContactCommitteeofthisrefusal.
Thedeliberations oftheCommittee
onthemattershallbecoveredby
theobligationofprofessional
secrecy.

-20-
necessaryfor'complyingwithits
provisionsandshallinformthe
Commissionimmediatelyofsuch
measures *
2,:*TheMemberStatesshallcotnmuni-
catetotheCommissionthetextsof
theessentialprovisionsofnational
law.whichtheyadoptintheareas
coveredbythisDirective.
Article24 unchanged
ThisDirectiveisaddressedtothe
IleaberStates.
FortheCouncil
ThePresident

i
É
-21-
nrwx .i
SCHEDULE A
C0KDITI0T7S FORTITEAITZSSIOIT OFSIIAITE5TOOFL'TCTAL
QUOTATION ONSTOCKEXCHANGES CFMEMBERSTATES
OFTHEETJROPEALT COiifTU^ITIES
mU.iwiMMnn–liIM im»
I.Conditionsrelatingtocompaniesf~r-whosesharesquotationissought
1.Legalpositionofthecompany 1#Legalpositionofthecompany
Thelegalpositionoftliecompanyunchanged
mustbeinconformitywiththelaws
andregulationstowhichitissubject,
asregardsbothitsformationandits
operationunderthememorandumand
articlesofassociation .
Proofthatthisconditionis Thisconditionisdeemedtobe
fulfilledneednotbeprovidedwherefulfilledwheresecuritiesofthe
securitiesofthecompanyarealreadycompanyarealreadyofficiallyquoted
officiallyquotedonthesamestool:onthesemestoc1:exchange^
exchange.
2.Mir.ir-'.un ■capitalofcompany unchanged'
Theforeseeable market,capital­
izationofthe--sharesforwhich
admissionissought,or,-ifitis
impossibletoestablishthisamount,
thenetassetsofthecompanymust
beatleastonemillionunitsof
account.
MemberStatesmay,however,by
•V
wayofderogationfromthefirst
paragraph,providethatsharesmay ,
beadmittedtoofficialquotation
evenwhentheconditionlaiddownin ,
thatparagraphisnotfulfilled,
providedthatthecompetent
/•

-22-
authorities have ascertained that
there will "beanadequate market for '
these shares * .
Ahigher expected market
capitalization orhigher netassets
mayherequired byaMember State
foradmission toofficial quotation '
only ifanother regulated ,recognized
and open market exists inthis State
which operates normally andhasless
stringent requirements inthis natter
than those referred tointhe first
paragraph .
The condition laid down inthe
first paragraph isnotapplicable in
the case ofthe admission toofficial
quotation ofafurther block of
shares ofthe same class asthose
already admitted .
3•The company *sprofit-making
capacity
The company must give prooi of
itsprofit-making capacity forthe .
previous twoclosed financial years
andprovide satisfactory evidence
that itwill maintain aprofit-making
capacity forthe current financial
year andthefollowing financial year .
Intheevent of -theconversion ,
merger ,splitting uporre­
organization ofcompanies ,the
profit-making capacity asdefined in
thefirst paragraph isassessed in
the light ofthe situation ofthe
company orcompanies involved in3.The company 'sprofit-making •
capacity
Tfriegeneral position ofthe
company must not indicate that its
profit-making capacity isindoubt .

-23
thesetransactionsand/orthe
situationofthecompanyorcompanies
resultingfromthetransactions .
MemberStatesmay,however,
notwithstanding thefirstparagraph,
providethatsharesicsnedbya
companynaybeadmittedtcofficial
quotationevenwhentheconditions
laiddowninthatparagrapharenot
fulfilled:
(a)wherethecornparyhasnotyet
nadeupaccountsfortwo
financialyearsbutisableto
providesatisfactory evidence
'thatitwillhaveaprofit-making
■■■capacityforthecurrent
financialyearandthefollowing
financialyear;"'
(b)wherethecompany,becauseofthe
natureofitsactivities ,will
nethaveaprofit-making .
capacityuntilthemoredistant
future,butisabletoprovide
satisfactory evidenoethatit
willrealisethisprofit-making
potential;
(c)inthecaseofaclosedinvestment
company.
Theexceptionsprovidedforat"
(a)and(b)abovemaynotbeallowed
byMemberStatesinwhichanother
regulated,recognizedandopen.-
marketexistswhichoperatesnormally
andwhDserequirements asregards
profit-making capacitydonot
preventthesharesinquestion

«24-
beingadmittedtothismarket;this
doesnotapplyifthecompanyshews
thatitcannotraiseitscapital
otherthanbyhavingitsshares
admittedtoofficialquotationand
thatitisinthepublicinterest
thatthecapitalberaised.
Theconditionslaiddowninthe
firstparagrapharenotapplicable
inthecaseoftheadmissionto
officialquotationofafurther
blockofsharesofthesameclassas
thosealreadyadmitted.
3A.Publication ofbalancesheets
TheCompanyshallhavepublished
orfileditsbalancesheetsforthe
twofinancialyearspriorto*the
applicationforlisting(orhave
observedequivalentconditionsof
publicity–filingwithcei-tain
authorities-incompliancewith
theCouncilDirectiveof9March
1968onthecoordination ofsafe­
guardswhich,fortheprotectionof
theinterestsofmembersandothers,
arerequiredbyMemberStatesof
companieswithinthemeaningofthe
secondparagraphofArticle53of'
Treaty,withaviewtomaking
suchsafeguardsequivalent'throughout
theCommunity),'
MemberStatesmayhoweverwaive
thisrequirement when?
(a)thecompanyhasnotyetcompleted
twofinancialyears,butisable
toshowthatitcannotraiseits-

-25-
•capital otherwise than bymean 's
ofthe acjiisEi.cn ofit-3shares
' ■ toofficial quotation ;
(b)thecase concerns aclosed-end
collective investment under -
V taking ;
(c)admission toofficiai quotation
isessential toprotect
investors ;
(d)thecompany hasnotyetcompleted
two financial years and' isthe
V
product ofanoperation of
tgansforaation .amalgamation ,
splitting orrestructuring of
*" " companies .
II.Conditions relating tothe share sforwhich eructation issought
1.Legal position ofthe shares unchanged■»ui«r fcIIIIIiti II»■!».'■■WinWW–rnoam nMiwinn^
Thelegal position oftheshares -
must beinconformity with thelaws
andregulations towhich they are
subject .
2,ITegctiability oftheshares unchanged
Theshares must befreely
negotiable .
Member States maytreat asfreely
negotiable shares ,shares which are
notfully paid up,ifarrangements
have been made toensure that
negotiability ofthese shares isnot
hampered anddealing ismade - ■.
transparent byproviding thepublic ;
with allappropriate information . -,
For shares which maybeacquired -'
only subject toapproval ,Member

-26-
Statesmay,bywayofdergoationfrom
thefirstparr,graphsadnitthemto
officialquotationonlyiftheuseof
theapprovalclausedoesnotinterfere
withdealing.
3»Publicissueprocedingadmission
Inthecaseofpublicissue
precedingadmissiontoofficialquo­
tation,thefirstquotationmaybe
madeonlyaftertheclosureofthe
-periodduringwhichapplicationfor
subscription maybesubmitted.unchanged
4.Distribution ofshares 4*Distribution ofshares
Asufficient numberofshares Asufficient numberofsharesmust
mustbedistributedtothepublicinbedistributedtothepublic
theMemberStateinwhichadmission (includinginstitutional investors)
toofficialquotationisappliedfor,inthe-MemberStateinwhichadmission
atthelatestatthetimeofadmission.toofficialquotationisappliedfor,
atthelatestatthetimeofadmission.4.Distribution ofshares
Asufficient numberofsharesmust
bedistributedtothepublic
(includinginstitutional investors)
intheMemberStateinwhichadmission
Thisconditionisnotapplicable unchanged
wherethesharesinquestionareto
bedistributedtothepublicthrough
thestockexchange.Inthiscase,
admissiontoofficialquotationmay
begrantedonlyifthecompetent
authorities areconvincedthata
sufficient numberofshareswillbe
distributed throughthestockexchange
withinashortperiod.
Whereadmissiontoofficial
quotationissoughtforafurther
blockofsharesofthesameclass,
thecompetentauthorities mayassessunchanged

-27-
whetherasufficient numberof
shareshasteendistributed tothe
publicbyreferencetoalltheshares
issuedandnotonlythisfurther
block.
Wherethesharesinquestionare
alreadyofficiallyquotedinoneor
moreetherStates,MemberStatesmay,
bywayofderogationfromthefirst
paragraph,admitthesharesto
officialquotationifasufficient
numberofsharesisdistributed to
thepublicinatleastoneofthe
Statesinwhichtheshareare
officiallyquoted.
Shareswillnotbedeemedtobe
distributed insufficient numberif
thesharesofthesameclassheldby
thepublicdonotrepresentatleast
25$ofthesubscribedcapitalofthe
company.However,MemberStatesmay
authorizethecompetentauthorities
toconsiderthatasufficient number
isdistributed evenifthispercentage
isnotattained,where,invie*jof
thelargenumberofsharesofthe
sameclassandtheextentoftheir
distributiontothepublic,they
feelthatthemarketwilloperate
properlywiththislowerpercentage.However,ifthesharesare
distributed inoneormoreother
MemberStates,oriftheyare
admittedtoofficialquotationin
oneormorenon-MemberStates,the
competentauthorities may,byway
ofderogation fromthefirstpara­
graph,providefcrtheiradmission
toofficialquotationifasufficient
numberofsharesisdistributed to
thepublicintheseMemberStates
asawholeorinthenon-Member
StateorStateswheretheyare
quoted,
unchanged
./

23-
5•Quotation ofshares ofthe sane unchanged
class
Theapplication foradmission
toofficial quotation must bofor
all the shares ofthe same class
already issued .
By .way ofderogation from the
first paragraph ,Member States may
provide that the .condition laid down
inthat .paragraph does ,no.t apply to
applications foradmission not
covering allthe shares ofthe same
class ,where theshares ofthis class
forwhich admission isnot sought
belong toblocks serving tomaintain
control ofthecompany ,orarenot
negotiable foracertain ,time under
agreements ,provided that thepublic
isinformed ofsuch situations and
that there isnodanger of .prejudicing
the interests ofthe holders ofthe
shares forwhich admission issought .
6.Physical shape ,substance or ■unchanged
appearance
For shares issued bycompanies
from another Member State ,itis
necessary andsufficient that their
physical shape ,substance and
appearance comply with thestandards
laid down inthis other Member State .
Where thephysical shape ,substance
orappearance donot conform tothe
provisions inforce intheMember
State inwhich quotation isapplied
for ,thecompetent authorities ofthis
State will make this known tothepublic .

Thephysical shape ,substance
andappearance ofshares issued "by "
companies from non–member States
must "besuch astoensure that
investors 5interests aresafeguarded .
7*Quotation inthecountry of 7■
origin orinthe country inwhich
W.I1 ––»«llll««l HI»■■■■ –
themajor proportion ofthe shares
■isheld
Shares ofcompanies from non-
member states must have been admitted
toofficial quotation either inthe
country oforigin orinthecountry
inwhich themajor proportion ofthe
shares isheld .
Member States may ,however ,"by
way ofderogation from thefirst
paragraph ,provide that shares may
"beadmitted toofficial quotation
even when the condition laid down in
that paragraph isnotfulfilled ,
provided that the competent
authorities have ascertained that the
reason why theshares arenotquoted
inthe country oforigin orinthe
country inwhich themajor proportion
isheld isnottheneed toprotect
the interests ofinvestors .Quotation inthe country of
ori /?inorinthe country inwhich
themajor proportion oftheshares
isheld
unchanged
Member States may ,however ,byway
ofderogation from the first para­
graph ,provide that shares maybe
admitted toofficial quotation even
when the condition laid down inthat
paragraph isnotfulfilled ,provided
that the competent authorities have
ascertained that the absence of
quotation inthecountry oforigin
orinthecountry inwhich themajor
proportion isheld isnot the result
ofadecision rejecting the
application onthegrounds ofthe
need toprotect the interests of
investors .

-30-
ATOTEXII
SCHEDULEB
CONDITIONS FORTHEAMISSION 0?DEITSECURITIES
TOOF?!CIALQUOTATION ONSTOCKEXCHANGESOff
MEMBERSTATF3OFTHEEUROPEAN COMMUNITIES
A.Admissiontoofficialquotationofdebtsecuritiesissuedbyanunder­
taking
I,Conditionsrelatingtoundertakings forwhosedebtsecurities
.quotationissought " ■
1,Legalpositionoftheundertaking 1.Legalpositionoftheundertaking
Thelegalpositionoftheunder-unchanged
takingmustbeinconformitywith
thelawsandregulationstowhichit
issubject,asregardsbothits
formationanditsoperationunder
thememorandum andarticlesof
association .
Proofthatthisconditionis Thisconditionisdeemedtobe
fulfilledneednotbeprovidedwherefulfilledwheresecuritiesofthe
securitiesoftheundertakingareundertakingarealreadyofficially
alreadyofficiallyquotedonthequotedonthesamestockexchange.
samestockexchange.
2.Capacityoftheundertaking to2.Capacityoftheundertaking to
meetitscommitments meetitscormitments
Theundertakingmustprovide Thegeneralpositionofthe
sufficientevidencethatitisableundertaking mustnotindicatethat
tomeetthecommitmentsresulting itmightnetbeabletomeetthe
fromtheissueoftheloanstockforcommitmentsresultingfromtheissue
whichquotationissought. oftheloanstockforwhichquotationThisconditionisdeemedtobe
fulfilledwheresecurities ofthe
undertakingarealreadyofficially
quotedonthesamestockexchange.
2*Capacityoftheundertaking to
meetitscormitments
Thegeneralpositionofthe
undertaking mustnotindicatethat
itmightnetbeabletomeetthe
commitmentsresultingfromtheissue
oftheloanstockforwhichquotation
issought.

-31-
II.Conditions relatin ,?tothe debt securities forwhich quotation is
sought
1.Legal position ofdebt securities unchanged .
The issue concerned must conform
tothelaws andregulations towhich
itissubject .
2.Negotiability ofdebt securities unchanged
1
Thesecurities must befreely
negotiable .
Member States may treat asfreely -
negotiable securities ,securities
which arenotfully paid up,if
arrangements have been made toensure
that negotiability ofthese securities
isnothampered anddealing ismade
transparent byproviding thepublic
with allappropriate information .
3.Public issue preceding admission unchanged
Inthe case ofpublic issue
preceding admission toofficial
quotation ,thefirst quotation may
bemade only after theclosure of
theperiod during which applications
forsubscription maybesubmitted .
This provision isnotapplicable in
the case .oftap issues ofdebt
securities when the closure date of
thesubscription period isnot
fixed .

4.Distribution ofdebtsecurities' 4-*--distribution ofdebtsecurities
Asufficient numberof Asufficient numberofsecurities
securitiesmustbedistributedtomustbedistributedtothepublic
thepublicintheMemberStatein(includinginstitutional investors)
whichadmissiontoofficialquotationintheMemberStateinwhichadmission
isappliedfor,atthelatestatthetoofficialquotationisappliedfor,
timeofadmission. fatthelatestatthetimeofadmission.
Thisconditionisnotapplicable unchanged
wherethesecuritiesinquestionare
tobedistributedtothepublic
throughthestockexchange.Inthis
case,admissiontoofficialquotation ,
maybegrantedonlyifthecompetent
authorities areconvincedthata
sufficient numberofsecuritieswill
bedistributed throughthestock
exchangewithinashortperiod.
Whereadmissiontoofficial unchanged
quotationissoughtfordebt
securitiesissuedontaporasrepeat
issuesbyfinancialinstitutions ,the " ~""'''
competentauthorities mayassess
whetherasufficient numberof
securitieshasbeendistributed to , '
thepublicbyreferencetoallthe
securitiesissuedandnotonlythe
newissue.
Wherethesecuritiesinquestion However,ifthesecuritiesare
,arealreadyofficiallyquotedinonedistributedinoreormoreother
ormoreotherStates,MemberStatesMemberStates,oriftheyareadmitted
may,notwithstanding thefirstpara-toofficialquotationinoneormore
graph,admitthesecuritiestorion-reemberStates,thecompetent
officialquotationifasufficient authorities may,bywayofderogation
numberofsecuritiesisdistributed fromthefirstparagraph ,providefor
tothepublicinatleastoneofthetheiradmissiontoofficialquotation
Statesinwhichthesecuritiesareifasufficientnumberofsecuritiesis
officiallyquoted, distributedtothepublicintheseMem-
Statesasawholeorinthenon-member
StateorStateswheretheyarequoted.

-33-
SecuritieswillnotbedeemedtoSecuritieswillnotbedeemedto
bedistributedinsufficientnumberbedistributedinsufficientnumber
ifthesecuritiesrelatingtotheifthesecuritiesrelatingtothe
saneloanissueandheldbythepub-sameloanorthesameissueandheld
liedonotrepresentatleast25$ofbythepublicdonotrepresentat'
theamountoftheissue.Howevertleastoftheamountoftheloan.
MemberStatesmayauthorizetheHowever,MemberStatesmayauthorize
competentauthoritiestoconsiderthecompetentauthoritiestoconsider
thatasufficientnumberis.thatasufficientnumberisdistributed
distributed evenifthispercentage evenifthispercentageisnot
isnotattained,where,inviewofattained,where,inviewofthelarge
thelargenumberofsecurities numberofsecuritiesrelatingtothe
relatingtothesameloanissueandsameloanorthesaneissueandthe
theextentoftheirdistribution toextentoftheirdistribution tothe'
thepublic,theyfeelthatthemarketpublic,theyfeelthatthemarket
willoperateproperlywiththislowerwilloperateproperlywiththislower
percentage. percentage. -
5.Quotationofdebtsecurities 5•Quotationofdebtsecurities
relatingtothesameloanissue relatingtothesaneloanorthe
Theapplicationforadmission sameissue
toofficialquotationmustbefor applicationfora,dmissionto
allthesecurities ,relatingtotheofficialquotationmustbeforall
sameloanissue. "thesecuritiesrelatingtothesame
' '!loanorthesameissue.'
6.Physicalsha->esubstanceand.unchanged
appearance ofdebtsecurities
1.Forsecuritiesissuedbyunder-,.
takingsfromanotherMemberState,it'
isnecessaryandsufficientthat
theirphysicalshape,substanceand '
appearancecomplywiththestandards
laiddowninthisotherMemberState.
Wherethephysicalshape,substance
orappearance donotconformtothe
provisionsinforceintheMember '
:

-34-
Statemwhichquotationisapplied
for,thecompetentauthorities of
thisStatewillmakethisknownto
thepublic.
2,However,thephysicalshape,
substanceandappearanceof
securitiesissuedinasingleMember
Statemustconformtothestandards
». i..
inforceinthisMemberState,
3»The.physioalshape,substance
andappearanceofsecuritiesissued
byundertakings fromnon-MemberStates
mustbesuchastoensurethat
investors *interestsaresafeguarded.
Ill,..Otherconditions .
1,Minimumanomitoftheloan unchanged
Theamountoftheloanmaynot
belessthan200000unitsofaccount,'
This"provisionis"notapplicablein''"l"'
thecaseoftapissueswherethe
amountoftheloanisnotfixed.
2,Convertible debenturesorConvertible debenttires ,exchangeable
dobentureswithWarrantsattacheddebentures anddebentureswith
debentureswithwarrantsattached exchangeable debenturesor
maybeadmittedtoofficialquotationdebentureswithwarrantsattached
alreadyquotedonthesamestockonly-IftherelatedsharesarealreadyConvertible debentures or.warrantsattached .
Convertib1edebentures,
onlyiftherelatedsharesare maybeadmittedtoofficialquotation
exchangeoraretobeadmitted
simultaneously.quotedonthe-same,stockexchangeor
aretobeadmittedsimultaneously .

-35-
However ,Member States may , However ,Member States may ,
notwithstanding thefirst paragraph ,notwithstanding thefirst paragraph ,
provide fortheadmission toofficial provide fcrtheadmission toofficial
quotation ofconvertible debentures quotation ofconvertible debentures ,
ordebentures with warrants attached exchangeable debentures ordebentures
even when the condition laid doim with warrants attached even when the
inthat paragraph isnotfulfilled ,condition laid down inthat paragraph
provided that thecompetent
authorities have ascertained that
holders have attheir disposal allisnotfulfilled ,provided that the
competent authorities have ascertained
that holders have attheir disposal
theinformation necessary toform anall .theinformation necessary toform
opinion concerning thevalue ofthe a
shares towhich' these debentures t
relate ,where : r
(a)when thedebentures are u
admitted toofficial quotation ,
these shares arealready officially
quoted onanother stock exchange
inthe same Member State ,oron
astock exchange inanother Mem­
ber State oronastock exchange
inanon-Member State ,provided
that this latter stock exchange ,
intheview ofthe competent
authorities ,offers investors
every guarantee ;or
(b)although these shares arenot (
officially quoted when the
debentures areadmitted ,an
application for official
quotation will bemade ,notlater
than theopening date ofthe
conversion orsubscription
period ,intheMember State ,in
which theapplication forthe
admission ofthe debentures to
official quotation ismade andanopinion' concerning' thevalue of
the shares towhich these' debentures
relate ,where :
unchanged
(b)although these shares arenot
officially quoted when the
debentures areadmitted ,an
application forofficial quotation
will bemade ,notlater than the
opening date oftheconversion ,
exchange orsubscription period ,
intheMember State inwhich the
application fortheadmission of
the debentures toofficial
quotation ismade andthe

-36-
thecompetentauthorities have
ascertained thatnoobstacle
existstotheirsubsequent
admissiontoofficialquotation.competentauthorities have
ascertained thatnoobstacle
existstotheirsubsequent
admissiontoofficialquotation.
B.Admissiontoofficialquotation
ofdebtsecuritiesissuedbythe
centralgovernmentorregional
orlocalauthorities ofanother
Stateorbyapublicinter­
nationalorganization
1.Capacitytomeetcommitments
resulting -;fromtheloan
Centralgovernments ,regionalor
localauthorities andpublicinter­
nationalorganizations mustprovide
sufficientevidencethattheyare
abletomeetthecommitments result­
ingfromtheissueoftheloanstock
forwhichadmissiontoquotationis
sought.
Proofthatthisconditionis
fulfilledneednotbeprovidedby-
MemberStates.-B.Admissiontoofficialquotation
ofdebtsecuritiesjgsuedbythe
centralgovernment ofanother
State,byaregionalorlocal
authorityorbyapublicinter­
nationalorganization •
1.Capacitytomeetcommitments
resultingfromtheloan
Thegeneralpositionofcentral
governments ,regionalorlocal
authorities andpublicinternational
organizations must'notindicatethat
theymightnotbeabletomeetthe
commitmentsresultingfromtheissue
oftheloanstockforwhichadmission
toquotationissought.
Thisconditionisdeemedtobe
fulfilledbyMemberStates.
MemoerStatesmay,notwith-unchanged
standingparagraph1,providethat
theconditionlaiddowninthat
paragraphdoesnotapplytonon-
MemberStatesandpublicinter­
nationalorganizations ,wheretheir
competentauthorities haveascertained
thattheseissuersofferinvestors
everyguarantee.
•A

-37-
2.FegotieMlityofdebtsecurities uncha-nged
Thesecuritiesmustbefreely-
negotiable.
3.Publicissueprecedingadmissionunchanged
Inthecaseofpublicissue
precedingadmissiontoofficial
quotation,thefirstquotationmay
bemadeonlyaftertheclosureof
tlieperiodduringwhichapplications
forsubscription maybesubmitted.
Thisprovisionisnotapplicable
wheretheclosuredateofthe;'_.,
subscription periodisnotfixed.
4.Distribution ofdebtsecurities 4«Distribution ofdebtsecurities
Asufficient numberof Asufficient numberofsecurities
securitiesmustbedistributed tothemustbedistributed tothepublic
publicintheMemberStateinwhich(includinginstitutional investors)
admissiontoofficialquotationisintheMemberStateinwhichadmission
appliedfor,atthelatestatthetoofficialquotationisappliedfor,
timeofadmission. atthelatestatthetimeofadmission.
Thisconditionisnotapplicable unchanged
wherethesecuritiesinquestionare
tobedistributed tothepublic
throughthestockexchange.Inthis
case,admissiontoofficialquotation
maybegrantedonlyifthecompetent
authorities areconvincedthata
sufficient numberofsecuritieswill
bedistributed throughthestock
exchangewithinashortperiod.

Kherethesecuritiesm
questionarealreadyofficially
quotedinoneormoreotherStates,
MemberStatesnay,bywayof
derogationfromthefirstparagraph,
admitthesecuritiestoofficial
quotationifasufficientnumberof
securitiesisdistributed tothe
publicinatleastoneoftheStates
inwhichthesecuritiesare
officiallyquoted.However,ifthesecuritiesare
distributed inoneormoreother
MemberStates,oriftheyare
admittedtoofficialquotationin
oneormerenon-MemberStates,the
competentauthorities may,b.ywayof
derogation fromthefirstparagraph,
providefortheiradmissionto
officialquotationifasufficient
numberofsecuritiesisdistributed
tothepublicintheseMemberStates
asawholeorinthenon~Merober
StateorStateswheretheyarequoted.
Securitieswillnotbedeemedunchanged
tobe,distributed insufficient
numberifthesecuritiesrelatingto
thesameloanissueandheldbythe
publicdonotrepresentatleast
25^oftheamountoftheissue.
However,MemberStatesmayauthorize :
thecompetentauthoritiestoconsider
thatasufficient numberis
distributed evenifthispercentage
isnotattained,where,inviewof
thelargenumberofsecurities
relatingtothesameloanissueand
theextentoftheirdistribution to
thepublic,theyfeelthatthemarket
willoperateproperlywiththis
lowerpercentage,
5•Quotationofdebtsecurities unchanged
relatingtothesameloanissue
Theapplicationforadmissionto
officialquotationmustbeforall
thesecuritiesrelatingtothesame
loanissue.

-29-
6.Physicalshape,substanceana.unchanged
Forsecuritiesissuedbythe
centralgovernmentorregionalor
localauthorities ofaMemberState,
itisnecessaryandsufficientthat
theirphysicalshape,substanceand
appearancecomplywiththestandards
laiddowninthatMemberState,
'Wherethephysicalshape,substance
orappearancedoesnotconformto
theprovisionsinforceintheMember
Stateinwhichquotationisapplied
for,thecompetentauthorities of
thisStatewillmakethisknownto
thepublic.
Thephysicalshape,substance
orappearanceofsecuritiesissued
bythecentralgovernmentorregional
orlocalauthorities ofanon-nenber
Stateorbyapublicinternational
organization mustbesuchasto
ensurethatinvestors *interestsare
safeguarded.

--40.-
A.T*
.SCHEDULE C
OILig/TIOF^OFCOTT-^TES WIT03ESHAKESAPESMUTTED
TOCIpl|,TCIJj.LeUOTATIOrorASTOCKEXCHAIGE
OPAMEKHERSTATEOPTHEEUROPEANC0HIU1TITIES
1,Quotationofnewlyissuedshares
ofthesaneclass
Withoutprejudicetothepro­
visionsofScheduleA,II,5»para­
graph2,inthecaseofanewissue
ofsharesofthesameclassasthose
alreadyofficiallyquoted,the
companyisrequiredtoapplyfor
admissiontothesameofficial
quotationforthesenewshares,
eitherayearaftertheirissueat
thelatestorwhenthey"become
freelynegotiable.
2.Treatmentofshareholders
(a)Thecompanymustensurethat
holdersofsharesofthesamevdass
aregivenequaltreatmentinrespect
ofalltherightsattachingtothese
shares.Thisdoesnotpreventlimits
"beingplacedonthenumberofvotes
thatanindividualshareholder may
haveatthegeneralmeetingtinder
nationallawsorthememorandum and
articlesofassociation ofthe
compamr.1.Quotationofnewlyissuedrhares
niiJJ»■ –mmm
ofthesameclass
Withoutprejudicetothepro­
visionsofScheduleA,II,5fpara­
graph2,inthecaseofanewpublic
issueofshares <pfthesameclassas
thosealreadyofficiallyquoted,the
comparerisrequiredtoapplyfor
admissiontothesameofficial
quotationforthesenewshares,leither
ayearaftertheirissueatthe
latestorwhenthey"becomefreely
negotiable.
unchanged.
/.

-41-
(b)Thecompanymustensurethat
oneachstockexchangeinaMember
Stateonwhichitsshares^ere ■"•
officiallyquoted,allthenecessary
information andfacilities are
availablewithoutanycostto
shareholders ,toenabletheseto
exercisetheirrights.Inparticular,
itmusti
-enableshareholders tovotebyproxy;
-publishnoticesconcerningthe
allocationandpaymentofdividends,
theholdingofmeetings,theissue
ofnewshares,allotment,subscrip­
tion,renunciation andconversion
operations }
-designateasitsagentafinancial
institution atwhichshareholders
mayexercisetheirfinancialrights,
3.Alterationofthememorandum unchanged
orarticlesofassociation
(a)AcompanyfromaMemberState
planningtoalteritsmemorandumor
articlesofassociation must
communicate theplansofsuch
alterationstothecompetent
authorities ofthisMemberStateif
itssharesarequotedthereor,
otheiwise,tothoseoftheMember
Stateinwhichthemajorproportion
ofitssharesareofficiallytraded.

Acompany from anon-member
State planning such alterations must v
corcv'mcate t.ieplans tothe competent
authorities ofthe Member State in
which themajor proportion ofits
shares areofficially traded .
(b)These plans must becommuni­
cated tothecompetent authorities
atthelatest when thegeneral
meeting which istodecide onthe
proposed alterations ofthememorandum
orarticles ofassociation iscalled ,
4.Continuing information 4*Continuing Information .
Thecompany must periodically , Thecompany must periodically ,
andhalf-yearly atleast ,make andhalf-yearly atleast ,make
available tothepublic sufficient available tothepublic sufficient
information toenable thepublic to information toenable thepublic to
evaluate theassets andfinancial evaluate thefinancial position of
position ofthecompany andthe thecompany andthegeneral progress
general progress ofitsbusiness , ofitsbusiness ,without prejudice to
without prejudice tothepublication thepublication ofthe'annual accounts
oftheannual accounts andannual andannual report ,andconsolidated
report ,andconsolidated accounts accounts endannual report of .the
andannual report ofthegroup ,as group ,asrequired bynational law#
5.Additional information
Thecompany must inform the
public assoon aspossible ofmajor
newdevelopments initssphere of
activity which arenotpublic know™
ledge andwhich may ,byvirtue of
their effect onitsassets and
financial position oronthegeneral
progress ofitsbusiness ,lead to4.Continuing information
Thecompany must periodically ,
andhalf-yearly atleast ,make
available tothepublic sufficient
information toenable thepublic to
evaluate the assets and financial
position ofthecompany andthe
general progress ofitsbusiness ,
without prejudice tothepublication
ofthe annual accounts and annual
report ,andconsolidated accounts
andannual report ofthegroup ,as
required bynational law .
5•Addit ional infornai ion
Thecompany must inform the
public without delay ofmajor new
developments inits sphere of
activity which arenotpublic know­
ledge andwhich may ,byvirtue of
their effect onits assets and
financial position oronthegeneral
progress ofitsbusiness ,lead to

largemovementsinthepricesof
itsshares.largemovementsinthepricesof
itsshares.
Thec-jrpotentauthorities may,
however,exervotthecompanyfrom
thisrequirement ,ifthedisclosure
ofparticularinformation -would "be
ofsuchanatureastoprejudicethe
legitimateinterestsofthecompany
anditsshareholders .
(bIThecompanymustinformunchanged
thepublicwithoutdelayofany
changesintherightsattachingto
thevariousclassesofshares,
(c)Thecompanymustinformtheunchanged
publicofanychangesinthe
informationpublishedpreviously on
thestructureofthemajorholdings
ofitscapital,asc;oonassuch
changescometoitsnotice,
6,Equivalence ofinformation 6,Equivalence ofinformation
(a)Acompanywhosesharesareunchanged
officiallyquotedonstockexchanges
indifferent MemberStatesmust
ensurethatequivalentinformation
ismadeavailabletoeachofthese
markets, -
(b)Acompanywhosesharesare(b)Acompanywhosesharesare
officiallyquotedonstockexchangesofficiallyquotedonstockexchanges
inoneormoreMemberStatesandininoneormoreMemberStatesandin
oneormorenon-memberStates,mustoneormorenon–memberStates,must
makeavailabletothemarketsofthemakeavailabletothemarketsofthe

MemberStateorStcvfces.in~wMohit3
share3arequotedthesaraeirrforncv-
tionasisavailabletothemarkets
ofthenon-member StateorStatesin
question.Member "StateorStatesmxvhichits
sharesarequotede^^^-'lert
information tothatwhichitmakes
availabletothemarketsofthenon-
memberStateorStatesinquestion.

-45-
miEKIV
SCHEDULE D
OBLIGATIONS OFISSUERSWHOSEDEBTSECURITIES AREAHMED
TOOFFICIALQUOTATION OFASTOCKEXOTAH}EOPA
m03ERSTATEOFTHEEUROPEA2T COICTUWITIES
A.DebtsecuritiesIssued "byan
unclertaking
1.Treatmentofholders
(a)Theundertakingmustensure uncha :
thatallholdersof
securitiesrelatingtothe
saneloanissuearegiven
equaltreatmentinrespect
ofalltherightsattaching
tothesesecurities,
(b)Theundertakingmustensureunchanged
thatoneachstockexchange
inaMemberStateonwhich
itsdebtsecuritiesare"
officiallyquoted,allthe
necessaryinformation and
facilities areavailable
withoutanycosttoholders,
toenablethesetoexercise
theirrights.Inparticular,
itmust:
-publishnoticesconcerning –
theholdingofmeetingsof
theholdersofdebt
securities ,thepaymentof
interest,theexerciseof
anyconversion ,subscrip- J
tionorrenunciation
rights,andredemption ;A.Debtsecuritiesissuedbyan
undertaking
1*Treatnentofholders
unchanged
-publishnoticesconcerning
theholdingofmeetingsof
theholdersofdebt
securities ,thepaymentof
interest,theexerciseof
anyconversion,exchange,
subscription orrenunciation
rights,andredemption;
./•

-designate asitsagent a unchanged
financial institution atwhich
the holders ofdebt securities
mayexercise their financial
rights .
2...Alteration ofthe -memorandum or unchanged
articles ofassociation
(a)Anundertaking from aMember
State planning toalter it3
memorandum orarticles of
association must communicate
theplans ofsuch alterations
tothecompetent authorities of
this Member State ifits debt
securities arequoted there or,
otherwise ,tothose ofthe
Member State inwhich themajor
proportion ofitsdebt
securities areofficially traded .
Anundertaking from anon-
χ
member country planning such
alterations must communicate the
plans tothe conpetent
authorities oftheMember State
inwhich themajor proportion of
its debt securities are
officially traded .
(b)These plans must becommunicated
tothecompetent authorities at
thelatest when thegeneral
meeting which istodecide on
theproposed alterations ofthe
memorandum orarticles of
association iscalled .

/_V
3.Continuing information
Theundertaking must periodically ,
andlialx-yearly atleast ,make
available tothe public sufficient
information toenable thepublic to
evaluate the assets and financial
position oftheundertaking andthe
general progress ofitsbusiness ,
without prejudice tothepublication
ofthe annual accounts and annual
report ,andconsolidated accounts
andannual report ofthegroup ,as
required bynational law .
4.Additional information
(a)Theundertaking must inform the
public without delay ofmajor
newdevelopments inits sphere of
activity which arenot public
knowledge andwhich may ,by
virtue oftheir effect onits
assets andfinancial position or
onthegeneral progress ofits
business ,lead tolarge movements
intheprices ofitsdebt
securities ,.Asregards index -
linked debt securities and those
whose interest rate depends ona
given parameter ,theundertaking
must also publish information
about theapplication ofthe
index-linked criteria and ofthe
parameter fordetermining the
interest rate .3.Continuing information
Theundertaking must periodically ,
andhalf-yearly atleast ,naka
available tothepublic sufficient
information toenable thepublic to
evaluate the financial position of
theundertaking andthegeneral pro­
gress ofitsbusiness ,without
prejudice tothepublication ofthe
annual accounts andannual report ,
and consolidated accounts and annual
report ofthegroup ,asrequired by
national law-
4.Additional information
(a)Theundertaking must inform the
public assoon aspossible of
major newdevelopments inits
sphere ofactivity which are
notpublic knowledge andwhich
may ,byvirtue oftheir effect
onits assets and financial
position oronthegeneral pro­
gress ofitsbusiness ,lead to
large movements intheprices of
its debt securities .
The competent authorities may ,
however ,exempt theundertaking
fron this requirement ,ifthe
disclosure ofparticular
information would beofsuch a
nature astopre.iudioe the
legitimate interests ofthe
undertaking .

Asregardsi^idex-linlced debt
securities andthosewhoseinteropi­
ratedependsonagivenparameter,'
theundertaking mustalsopublish
information abouttheapplication of
theindex-linked criteriaandofthe
parameterfordeterminingtheinterest
rate.
(b)Theundertakingmustinformtheunchanged
publicwithoutdelayofnowloan
issuesandinparticularof
guaranteestheymaycarry.
(c)Wherethedebtsecurities
officiallyquotedareconvertible
debentures ordebentures with
warrantsattached,theundertaking
mustinformthepublicwithout
delayofanychangesintherights
attachingtothevariousclasses
ofshares.(c)Wherethedebtsecurities
officiallyquotedareconvertible
debentures ,exchangeable '
debentures ordebentures with
warrantsattached,theundertaking
mustinformthepublicwithout
delayofanychangesintherights
attachingtothevariousclasses
ofshares.
5.Ecruivalence ofinformation
■!!!■iimw■g
(a)Anundertakingwhosedebt
securitiesareofficiallyquoted
on.stockexchanges -indifferent
MemberStatesmustensurethat
equivalentinformationismade
available .toeachofthese ,
markets....5.Equivalence ofinformation
unchanged
■/.

-49-\
(b)Anundertakingwhosedebt
securitiesareofficiallyquoted
onstockexchangesinoneor
moreMemberStatesandinoneor
morenon-memberStates,must
makeavailabletothemarketsof
theMemberStateorStatesin
whichitsdebtsecuritiesare
quoted,thesameinformationas
isavailabletothemarketsof
thenon-member StateorStates
inquestion.
B.Debtsecuritiesissuedbythe
centralgovernment orregional
orlocalauthorities ofaforeign
Stateorbyapublicinter­
nationalorganization
1,Treatmentofholders
(a)Centralgovernments ,
regionalorlocal
authorities andpublic
international organizations
mustensurethatallholders
ofsecuritiesrelatingto
thesameloanissueare
givenequaltreatmentin
respectofalltherights
attachingtothese
securities.(b)Anundertakingwhosedebt
securitiesareofficiallyquoted
onstockexchangesinoneor
moreMemberStatesandinoneor
morenon-memberStates,must
makeavailabletothemarkets
oftheMemberStateorStatesin
whichitsdebtsecuritiesare
quotedequivalentinformation
tothatwhichitmakesavailable
tothemarketsofthenon-member
StateorStatesinquestion.
B.Debtsecuritiesissuedbythe
centralgovernmentofanother
byaregionalorlonal
au+hori+y,orbyapublicinter-
1'– |M11I■■■
nationalorganization
1.Treatmentofholders
(a)UnchangedintheEnglish
translation (intheoriginal
versionoftheFrenchtext
theclausebegan"L'Etat,ses
collectivitds .publiques
territoriales ....."whichin
theamendedversionreads
"LiEtat,lescollectivit^s
publiquesterritoriales...").
/•

-50-
(b)Centralgovernments ,regional UnchangedinEnglishtranslation
orlocalauthoritiesandpublic(asinparagraph(a)above)
_international organizations
mustensurethatoneachstock
exchangeinaMemberStateon
whichtheirdebtsecuritiesare
officiallyquoted,allthe
necessaryinformation and
facilitiesareavailablewithout
anycostto.holders,toenable
thesetoexercisetheirrights.
Inparticular ,theymust:
-publishnoticesconcerning unchanged
theholdingofmeetingsof
theholdersofdebtsecurities,
thepaymentofinterestand
redemption ;
-designateastheiragentaunchanged '
financialinstitution at
whichtheholdersofdebt
securities mayexercise
theirfinancialrights.
2.Equi'valenceofinformation unchangedinEnglishtranslation
(a)Centralgovernments,(asinB1(a)and(b)above),
regionalorlocal
authorities andpublic
international organizations
:whosedebtsecuritiesare
officiallyquotedonstock
exchangesindifferent
MemberStatesmustensure
thatequivalentinformation
ismadeavailabletoeaoh
ofthesemarkets.
/.

-51-
(b)Central governments ,regional ("fc
orlocal authorities andpublic
international organizations
whose debt securities are
officially quoted onstock
exchanges inoneormore Member
States and inone ormore non-
member States ,must make avail­
able tothe markets ofthe
Member State orStates inwhich
their debt securities arequoted ,
the same information asis
available tothe markets ofthe
non-member State orStates in
question .)Central governments ,regional
orlocal authorities andpublic
international organizations
whose debt securities are
officially quoted onstock
exchanges inoneormore Member
States and inone ormore non-
member States ,must make
available tothe markets ofthe
Member State orStates inwhich
their debt securities arequoted
equivalen tinformation tothat
which they make available tothe
markets ofthe non-member State
orStates inquestion .