No C 110/4 Official Journal of the European Communities 24.4.87 
II 
(Preparatory Acts) 
COMMISSION 
Proposal for a Council Directive amending Directive 80/390/EEC coordinating the 
requirements for the drawing-up, scrutiny and distribution of the listing particulars to be 
published for the admission of securities to official stock exchange listing 
COM(87) 129 final 
(Submitted by the Commission to the Council on 25 March 1987) 
(87/C 110/04) 
THE COUNCIL OF THE EUROPEAN COMMUNITIES, 
Having regard to the Treaty establishing the European 
Economic Community and in particular Article 54 
thereof, 
Having regard to the proposal from the Commission, 
Having regard to the opinion of the European Par­
liament, 
Having regard to the opinion of the Economic and 
Social Committee, 
Whereas Article 54 (3) (g) of the EEC Treaty provides 
that the Council shall coordinate to the necessary extent 
the safeguards which, for the protection of the interests 
of members and others, are required by the Member 
States of companies or firms within the meaning of 
Article 58 (2) with a view to making such safeguards 
equivalent throughout the Community; 
Whereas the Council adopted on 17 November 1986 
Directive 86/566/EEC (') amending the First Directive 
of 11 May 1960 for the implementation of Article 67 of 
the Treaty; whereas that Directive abolishes exchange 
control restrictions on, inter alia, the admission of 
securities to official stock exchange listing; whereas as a 
consequence of this the number of cross-border requests 
for admission to listing is likely to increase; 
Whereas Article 24 of Council Directive 80/390/EEC (2) 
provides that, where securities are to be admitted to 
official listing on stock exchanges in several Member 
States, the competent authorities are to cooperate and 
endeavour to agree a single text for listing particulars for 
use in all the countries concerned; 
0) OJ No L 332, 26. 11. 1986, p. 22. 
O OJNoLlOO, 17.4. 1980, p. 1. Whereas that provision does not result in full mutual 
recognition of listing particulars and it is therefore 
appropriate to amend Directive 80/390/EEC so as to 
achieve such recognition; 
Whereas mutual recognition represents a major step 
forward in the creation of the Community's internal 
market, 
HAS ADOPTED THIS DIRECTIVE: 
Article 1 
Directive 80/390/EEC is hereby amended as follows: 
1. Article 24 is amended as follows: 
(a) Replace paragraph 1 with the following: 
'1. Where for the same securities applications 
for admission to official listing on stock 
exchanges situated or operating in several 
Member States are made simultaneously or within 
a period of one month, including the Member 
State in which the issuer's registered office is 
situated, the listing particulars shall be drawn up 
in accordance with the rules laid down in this 
Directive in the Member State where the issuer 
has its registered office and approved by its 
competent authorities; if the issuer's registered 
office is not situated in one of these Member 
States, the issuer shall decide under which of 
those Member States' legislations the listing parti­
culars shall be drawn up and approved. 
2. Once approved in accordance with 
paragraph 1, the listing particulars must be 
recognized by the other Member States in which 
admission to official listing is applied for, without 
further approval from the competent authorities 
of those Member States having to be obtained. 
3. The relevant competent authorities shall, if 
they approve the listing particulars, provide the 
issuer with a certificate indicating whether or not 
a partial exemption from the requirement to 
publish full listing particulars under this Directive 
has been granted. In the case of partial 
exemption, the type of exemption and its justi­
fication shall be indicated. 
24.4. 87 Official Journal of the European Communities No C 110/5 
4. The approved listing particulars must be 
recognized in the other Member States in which 
application for admission to official listing is made 
even if they benefit from a partial exemption 
provided that: 
(a) the exemption in question is of a type that is 
recognized in the legislation of the other 
Member State or States concerned, and 
(b) the same conditions that justify the exemption 
or their equivalent exist as well in the other 
Member State or States concerned. 
5. The approved listing particulars, the certi­
ficate mentioned in paragraph 3 and the version 
of the listing particulars for use in the other 
Member State concerned shall be communicated 
for information by the issuer to the competent 
authorities of each of the other Member States 
where admission to official listing has also been 
applied for. The version referred to above shall be 
the same as the approved listing particulars 
subject to any need for translation and changes of 
a minor, administrative nature.' 
(b) Paragraph 2 becomes paragraph 6. 
(c) The following is added as paragraph 7: 
'7. The competent authorities shall cooperate 
wherever necessary for the purpose of carrying 
out their duties and shall exchange any infor­
mation required for that purpose.' 
Proposal for a Council Regulation concerning certain adjustments to the arrangements applied 
to the Canary Islands 
COM(87) 72 final 
(Submitted by the Commission to the Council on 31 March 1987) 
(87/C 110/05) 
THE COUNCIL OF THE EUROPEAN COMMUNITIES; 
Having regard to the Treaty establishing the European Economic Community, 
Having regard to the Act of Accession of Spain and Portugal, and in particular the last para­
graph of Article 25 (4) thereof and Protocol 2 thereto, 
Having regard to the proposal from the Commission, 
Having regard to the opinion of the European Parliament, 
Whereas it is necessary to ensure that the treatment accorded to certain agricultural products 
imported into the Community and originating in the Canary Islands is similar to that accorded 
for the same products to certain Mediterranean third countries; whereas the arrangements ap­
plied to the Canary Islands under Protocol 2 to the Act of Accession should be adapted accor­
dingly; 2. The following paragraph 3 is added to Article 25: 
'3. Without prejudice to cases covered by criminal 
law, the competent authority receiving such infor­
mation may use it only for the performance of its 
duties or in the context of administrative appeals or 
legal proceedings relating to such performance.' 
3. The following Article 25a is inserted: 
'Article 25a 
The Community may, by means of agreements 
concluded pursuant to the Treaty with one or more 
third countries, agree to the application of provisions 
different from those provided for in this Directive, for 
the purpose of ensuring, under conditions of 
reciprocity, adequate protection for investors in 
Member States.' 
Article 2 
1. Member States shall take the measures necessary 
for them to comply with this Directive by 1 January 1989 
at the latest. They shall forthwith inform the Commis­
sion thereof. 
2. The Member States shall communicate to the 
Commission the texts of the main laws, regulations and 
administrative provisions which they adopt in the field 
covered by this Directive. 
Article 3 
This Directive is addressed to the Member States.