A4-0093/97

Decision on the common position adopted by the Council with a view to the adoption of a European Parliament and Council Directive amending Council Directive 93/6/EEC on the capital adequacy of investment firms and credit institutions and Council Directive 93/22/EEC on investment services in the securities field (C4-0005/97 - 95/0188(COD))

(Codecision procedure: second reading)

The European Parliament,

- having regard to the common position of the Council, C4-0005/97 - 95/0188(COD),

- having regard to its opinion at first reading ((OJ C 152, 27.5.1996, p. 18.)) on the Commission proposal to Parliament and the Council, COM(95)0360 ((OJ C 253, 29.9.1995, p. 19.)),

- having regard to the amended Commission proposal, COM(96)0292 ((OJ C 221, 30.7.1996, p. 31.)),

- having regard to Article 189b(2) of the EC Treaty,

- having regard to Rule 72 of its Rules of Procedure,

- having regard to the recommendation for second reading of the Committee on Legal Affairs and Citizens' Rights (A4-0093/97),

1. Amends the common position as follows;

2. Calls on the Commission to support Parliament's amendments in the opinion it is required to deliver pursuant to Article 189b(2)(d) of the EC Treaty;

3. Calls on the Council to approve all Parliament's amendments, amend its common position accordingly and definitively adopt the act;

4. Instructs its President to forward this decision to the Council and Commission.

(Amendment 1)

Recital 5

>Original text>

Whereas it is necessary for this purpose to establish a Securities Committee to assist the Commission in these areas; whereas that Committee should also have an advisory role as regards both the application of Directives already adopted and the preparation of new proposals in the area;

>Text following EP vote>

Whereas it is necessary for this purpose to establish a Securities Committee to assist the Commission in these areas;

(Amendment 2)

Recital 6

>Original text>

Whereas it is appropriate that implementing measures be taken in accordance with the procedure laid down in Article 2, procedure III, variant (b), of Council Decision 87/373/EEC of 13 July 1987 laying down the procedures for the exercise of implementing powers conferred on the Commission;

>Text following EP vote>

Whereas it is appropriate that implementing measures be taken in accordance with the procedure laid down in Article 2, procedure II, variant (b), of Council Decision 87/373/EEC of 13 July 1987 laying down the procedures for the exercise of implementing powers conferred on the Commission;

(Amendment 3)

Recital 6a (new)

>Text following EP vote>

Whereas a modus vivendi was agreed on 20 December 1994 between the European Parliament, the Council and the Commission concerning the implementing measures for acts adopted in accordance with the procedure laid down in Article 189b of the EC Treaty(1);

(1) OJ C 102, 4.4.1996, p. 1.

(Amendment 4)

Recital 10

>Original text>

Whereas some of the questions submitted to the Securities Committee concern undertakings or sectors that are of interest to other committees set up by the Council, in particular the Banking Advisory Committee set up by Directive 77/780/EEC and the Insurance Committee set up by Directive 91/675/EEC and whereas the converse may also arise; whereas in such cases close cooperation should take place between the Securities Committee and those other committees,

>Text following EP vote>

Deleted

(Amendment 5)

ARTICLE 1(1) to (5)

>Original text>

1) in Article 2(12), fifth paragraph, the words 'the Council and¨ shall be deleted, and after the words 'the Commission¨ the following words shall be inserted: ", and the Commission shall inform the Securities Committee referred to in Article 10a accordingly,";

>Text following EP vote>

1) in Article 2(12), fifth paragraph, the words 'the Council and¨ shall be deleted;

>Original text>

2) in Article 7(3), seventh indent, the words 'the Council and the Commission¨ shall be replaced by 'the Securities Committee¨;

>Text following EP vote>

2) in Article 7(3), seventh indent, the words 'the Council and the Commission¨ shall be replaced by 'the Securities Committee¨;

>Original text>

3) in Article 7(9), third sentence, the words 'the Council¨ shall be replaced by 'the Securities Committee¨;

>Text following EP vote>

Deleted

>Original text>

4) in Annex III(9), the words 'Council and¨ shall be deleted, and after the words 'the Commission¨ the following words shall be inserted: ", and the Commission shall inform the Securities Committee accordingly,";

>Text following EP vote>

4) in Annex III(9), the words 'Council and¨ shall be deleted;

>Original text>

5) in Annex VI(9), the words ", of which they shall notify the Council and the Commission," shall be deleted, and after the words 'The competent authorities shall establish procedures¨ the following words shall be added: " (which they shall notify to the Commission and the Commission shall in turn notify to the Securities Committee)".

>Text following EP vote>

5) in Annex VI(9), the words 'the Council and¨ shall be deleted;

(Amendment 6)

ARTICLE 1(6)

Article 10a (2) and (3) (Directive 93/6/EEC)

>Original text>

2. The Committee shall adopt its own rules of procedure.

>Text following EP vote>

Deleted

>Original text>

3. The representative of the Commission shall submit to the Committee a draft of the measures to be taken. The Committee shall deliver its opinion on the draft within a time limit which the Chairman may lay down according to the urgency of the matter. The opinion shall be delivered by the majority laid down in Article 148(2) of the Treaty in case of decisions which the Council is required to adopt on a proposal from the Commission. The votes of the representatives of the Member States in the Committee shall be weighted as laid down in that Article. The Chairman shall not vote.

>Text following EP vote>

3. The representative of the Commission shall submit to the Committee a draft of the measures to be taken. The Committee shall deliver its opinion on the draft within a time limit which the Chairman may lay down according to the urgency of the matter. The opinion shall be delivered by the majority laid down in Article 148(2) of the Treaty in case of decisions which the Council is required to adopt on a proposal from the Commission. The votes of the representatives of the Member States in the Committee shall be weighted as laid down in that Article. The Chairman shall not vote.

>Original text>

The Commission shall adopt the measures envisaged if they are in accordance with the opinion of the Committee.

If the measures envisaged are not in accordance with the opinion of the Committee or if no opinion is delivered, the Commission shall, without delay, submit to the Council a proposal relating to the measures to be taken. The Council shall act by a qualified majority.

>Text following EP vote>

The Commission shall adopt the measures which shall apply immediately. However, if these measures are not in accordance with the opinion of the Committee, they shall be communicated by the Commission to the Council forthwith. In that event:

the Commission shall defer application of the measures it has decided for a period of three months from the date of such communication.

>Original text>

If, on the expiry of a period of three months from the date of referral to it, the Council has not acted, the proposed measures shall be adopted by the Commission save where the council has decided against those measures by a simple majority.

>Text following EP vote>

The Council, acting by a qualified majority, may take a different decision within the time-limit referred to in the preceding subparagraph.

(Amendment 7)

ARTICLE 1(6)

Article 10b(1), 2nd subparagraph (Directive 93/6/EEC)

>Original text>

The Commission may also consult the Committee on new proposals it intends to submit to the Council as regards further coordination in the sphere of securities, securities markets and securities intermediaries.

>Text following EP vote>

Deleted

(Amendment 8)

ARTICLE 2(1)

Article 7(1) (Directive 93/22/EEC)

>Original text>

1) Article 7(1) shall be replaced by the following:

"1. The competent authorities of the Member States shall inform the Commission:

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Deleted

>Original text>

(a) of the authorization of any firm which is the direct or indirect subsidiary of one or more parent undertakings governed by the law of a third country. The Commission shall inform the Securities Committee established in Article 10a of Directive 93/6/EEC (*) accordingly;

>Original text>

(b) whenever such a parent undertaking acquires a holding in a Community investment firm such that the latter would become its subsidiary. The Commission shall inform the Securities Committee accordingly.

>Original text>

When authorization is granted to any firm which is the direct or indirect subsidiary of one or more parent undertakings governed by the law of a third country, the competent authorities shall specify the structure of the group in the notification which they address to the Commission.¨

(*) OJ No L 141, 11.6.1993, p. 1. Directive as amended by Directive 96/ /EC of the European Parliament and the Council.¨

(Amendment 9)

ARTICLE 2(2)

Article 29a(2), 2nd, 3rd and 4th subparagraphs (Directive 93/22/EEC)

>Original text>

The Commission shall adopt the measures envisaged if they are in accordance with the opinion of the Committee.

If the measures envisaged are not in accordance with the opinion of the Committee or if no opinion is delivered, the Commission shall, without delay, submit to the Council a proposal relating to the measures to be taken. The Council shall act by a qualified majority.

>Text following EP vote>

The Commission shall adopt the measures which shall apply immediately. However, if these measures are not in accordance with the opinion of the Committee, they shall be communicated by the Commission to the Council forthwith. In that event:

the Commission shall defer application of the measures which it has decided for a period of three months from the date of such communication.

>Original text>

If, on the expiry of a period of three months from the date of referral to it, the Council has not acted, the proposed measures shall be adopted by the Commission, save where the Council has decided against those measures by a simple majority.

>Text following EP vote>

The Council, acting by qualified majority, may take a different decision within the time-limit referred to in the previous subparagraph.

(Amendment 10)

ARTICLE 2(2)

Article 29b(1), 2nd subparagraph (Directive 93/22/EEC)

>Original text>

The Commission may also consult the Committee on new proposals it intends to submit to the Council as regards further coordination in the sphere of securities, securities markets and securities intermediaries.

>Text following EP vote>

Deleted