No C 204/10 Official  Journal  of the European  Communities 30. 8. 76 
The wording  of paragraph  (a) is at all events  unclear, 
particularly  the  phrase  'large  movements  in the 
prices  of its shares'.  Paragraph  (c) should  be deleted, 
in view  of the statutory  disclosure  requirements  with 
regard  to certain  holdings. 
2.6.4.  Section  6: Equivalence  of information 
It should  be made  clear  what  is meant  by 'equivalent 
information'.  It must  be pointed  out  that  when 
securities  are  quoted  on several  foreign  exchanges 
considerable  technical  difficulties  can  arise  merely 
because  the  prospectus  or annual  report  has  to be 
published  simultaneously  in several  languages.  In 
many  cases  a certain  time-lag  before  the appearance 
of the foreign  language  versions  is unavoidable. 
2.7. Schedule  D 
Obligations  of issuers  whose  debt  securities  are 
admitted  to official  quotation  on a stock  exchange 
of a Member  State  of the European  Communities 2.7.1.  Debt  securities  issued  by an undertaking 
Section  A.2:  Alteration  of  the  memorandum  or 
articles  of association 
There  does  not  seem  to be any  justification  for the 
rule that  planned  alterations  to the memorandum  or 
articles  must  be disclosed  in the case  of debentures. 
This  should  only  be required  where  the  rights 
attaching  to debentures  may  be affected,  for instance 
in the case  of convertible  debentures  or option  bonds. 
2.7.2.  Section  A.3:  Continuing  information 
It is not  clear  why  debenture  issuers  too  must 
periodically  — at least  half-yearly  — make  available 
sufficient  information  to enable  the public  to evaluate 
their  assets,  financial  position  and  the  general 
progress  of business.  As long  as the issuer  of a loan 
fulfils  his obligations,  there  is no reason  why  he 
should  have  to disclose  such  information.  Moreover, 
companies  which  float  loans  are  generally  public 
limited  companies  whose  shares  are officially  quoted. 
Done  at Brussels,  1 July  1976. 
The Chairman 
of the Economic  and  Social  Committee 
Henri  CANONGE 
Opinion  on the  proposal  for a Council  Directive  on the  approximation  of the  laws, 
regulations  and  administrative  provisions  relating  to the  marketing  of high  nitrogen 
content  ammonium  nitrate  based  fertilizer 
The text  referred  to the Committee  has been  published  in Official  Journal  No C 16 of 
23 January  1976,  page  4. 
A. LEGAL  BASIS  FOR  THE  OPINION 
On 13  January  1976  the  Council  referred  the  abovementioned  proposal  to the 
Economic  and  Social  Committee  in accordance  wiith  Article  100  of the  Treaty 
establishing  the European  Economic  Community. 
30. 8. 76 Official  Journal  of the European  Communities No C 204/11 
B. OPINION  OF  THE  ECONOMIC  AND  SOCIAL  COMMITTEE 
The Economic  and  Social  Committee  prepared  its opinion  on the above  matter  at its 
140th  plenary  session,  held  in Brussels  on 30 June  and  1 July  1976. 
The full  text  of the opinion  is as follows: 
THE  ECONOMIC  AND  SOCIAL  COMMITTEE, 
Having  regard  to  the  Treaty  establishing  the 
European  Economic  Community,  and  in particular 
Article  100  thereof, 
Having  regard  to the  request  for  an opinion  made 
by the  Council  of the  European  Communities  on 
13 January  1976, 
Having  regard  to the decision  taken  by its Chairman 
on 19  January  1976,  instructing  the  Section  for 
Industry,  Commerce,  Crafts  and  Services  to draw 
up an opinion  and  a report  on the matter, 
Having  regard  to the  report  submitted  by  the 
rapporteur,  Mr Wick, 
Having  regard  to the discussions  at its 140th  plenary 
session,  held  on 30 June  and  1 July  1967  (meeting  of 
30 June  1976), 
HAS  UNANIMOUSLY  ADOPTED  THE  FOLLOWING 
OPINION: 
The Committee  approves  the  proposal  for  a 
Directive,  subject  to the comments  set out below. 
1. General  comments 
1.1. Because  high-nitrogen  ammonium  nitrate 
fertilizers  are concentrated,  and  this  makes  it possible 
to save  on  transport,  they  have  become  highly 
important  to agriculture  in some  Member  States. 
The Committee  considers  that  this  justifies 
eliminating  the  barriers  to trade  in such  fertilizers. 
At the  same  time,  high-nitrogen  ammonium  nitrate 
fertilizers  can  be used  for  more  or less  the  same 
purposes  as calcium  ammonium  nitrate  varieties,  and should  be fully  covered  by the  approximation  of 
legislation  on fertilizers. 
1.2. The  Committee  considers  that  the  proposal 
for a Directive  can  only  achieve  the  Commission's 
goal if a number  of its provisions  are  amended  or 
amplified. 
1.3. The  Committee  regrets  that  the Commission's 
proposal  does  not  align  the  various  national 
regulations  governing  the  storage  and  marketing  of 
high-nitrogen  ammonium  nitrate  fertilizers.  This 
comment  also  applies  to the  differing  national  and 
international  safety  requirements.  These  disparities 
lead to distortions  of trade  in such  fertilizers  between 
Member  States.  In this  connection  the  Committee 
observes  that  ammonium  nitrate  is not  covered  by 
Council  Directive  548/67/EEC  of 27 June  1967  on 
dangerous  substances  I1), as it stands  at present.  It 
should  not  be overlooked  that  ammonium  nitrate  is 
liable  to become  dangerous  in storage,  transport  and 
use when  mixed  with  organic  substances.  This  is why 
individual  Member  States  have  issued  special  storage 
and marketing  regulations.  The  Committee  therefore 
considers  that,  on safety  grounds,  these  differing 
national  regulations  ought  to be aligned  within  the 
Community. 
1.4. Furthermore,  stipulations  on  ammonium 
nitrate  are  also  to be found  in (a)  international 
conventions  on the shipment  of dangerous  substances 
by road,  rail,  on the  Rhine  and  by sea,  and  (b) in 
Council  of Europe  recommendations  on the labelling 
of dangerous  substances.  The  Committee  therefore 
considers  that  the  proposal  for  a Directive  should 
be aligned  with  such  international  requirements. 
1.5. The  Committee  considers  that  in order  to 
take account  of such  matters  as worker  protection 
and safety  of the  public,  the  Commission  should 
propose  'total  harmonization'  and  not  'optional 
harmonization'  as at present. 
(') OJ  No 196,  16. 8. 1967,  p. 1. 
No C 204/12 Official  Journal  of the European  Communities 30. 8. 76 
2. Specific  comments 
2.1. Article  1(1) 
In the interests  of having  a clearly  circumscribed  tield 
of application,  the  words  'a base'  in the  French 
version  and  'based'  in the English  version  should  be 
deleted.  The  German  formulation  'Diese  Richtlinie 
gilt fur  Ammoniumnitrat-Einnahrstoffdungemittel'  is 
unequivocal.  Articles  1 (2),  2, 4 and  7 should  be 
amended  accordingly. 
2.2. Article  1 (2) 
In order  to make  it clear  that  only  pure  ammonium 
nitrate,  and  not  other  nitrogen-bearing  substances, 
is covered  by this  definition,  it is proposed  that 
Article  1 (2) should  be amended  to read: 
'For the purposes  of this  Directive,  fertilizer  means 
"straight  high  nitrogen  content  ammonium  nitrate 
fertilizer",  which  is a chemically  obtained  product 
containing  not less  than  28%  by weight  of nitrogen 
in the form  of ammonium  nitrate  and  which  may 
contain  inorganic  additives  of fillers,  such  as 
ground  limestone,  calcium  sulphate,  ground 
dolomite,  magnesium  sulphate  and  kieserite.' 
2.3. Article  1 (3) 
For the sake  of clarity,  it is proposed  that  Article  1 (3) 
should  read: 
'Inorganic  additives  or fillers  used  in the manufac-
ture of  the  fertilizer  must  not  increase  its 
sensitivity  to heat  or detonation.' 
2.4. Article  2 (2) 
The Committee  suggests  that  the  certificate  should 
be forwarded  within  30 days.  This  should  largely 
eliminate  economic  difficulties  prior  to marketing. 
2.5. Article  2 (4) 
Time  limits  should  also  be laid  down  for spot  checks, 
in order  to obviate,  economic  hardship  to the 
economic  interests  affected.  Article  2 (4)  should 
therefore  read: 'If, in a spot  check,  the  oil retention  capacity 
without  artificial  thermal  cycling  laid  down  in 
paragraph  1, Annex  II exceeds  4%  and  is higher 
than the value  on the  certificate  by 1%  or more, 
a Member  State  may  require  that  a consignment 
be resubmitted  to the detonation  test  laid  down  in 
Annex  I. The  consignment  may  be withdrawn 
from  sale  pending  the  results  of  the  test; 
subsequently  disposal  should  be with  the  agree-
ment  of the competent  authority.  The  consignment 
shall  be unloaded  from  a ship  before  the  oil 
retention  tests  are carried  out.' 
2.6. Article  4 
The Committee  points  to the fact  that  the proposed 
requirements  in respect  of packaging,  labelling  and 
accompanying  documents  are  incomplete.  It con-
siders  that,  for safety  reasons,  it should  be laid  down 
that high-nitrogen  ammonium  nitrate  fertilizers  must 
only be marketed  in packaged  form.  In addition,  it 
should  be made  clear  that  the  'manufacturer's 
product  number  for  the  fertilizer'  serves  only  to 
identify  the product. 
2.7. Article  6 
The Committee  suggests  the  following  new 
rendering: 
'Without  prejudice  to the  provisions  of other 
Community  Directives,  the  Member  States  may 
not, on  grounds  of classification,  labelling  or 
packaging,  prohibit,  restrict  or  hinder  the 
marketing  of fertilizers  which  comply  with  the 
provisions  of this  Directive  and  the  Annexes 
thereto.' 
2.8. Article  8 
It is proposed  that,  by reason  of their  fundamental 
importance,  amendments  to Annexes  I and  II to the 
proposal  for  a Directive  should  require  a Council 
Decision.  Methods  of sampling  and  analysis  could, 
as the  Commission  proposes,  be drawn  up  and 
amended  by a majority  vote  of the Committee. 
The Committee  considers  that  this  Committee's 
meetings  should  be attended  not  only  by agricultural 
30. 8. 76 Official  Journal  of the European  Communities No C 204/13 
experts  on fertilizers,  but also  first  and  foremost  by 
experts  on  dangerous  substances.  In addition,  it 
suggests  that  this  Committee  should  also  include 
experts  from  the  interested  economic  groups,  so as 
to involve  fertilizer  manufacturers,  distributors  and 
users  in the adaption  of the Directive. 2.9. Annex  1 
The Committee  suggests  that  the  text  procedure 
should  be described  in fuller  detail.  The  method  to 
be used  for the required  temperature  cycling  should 
also be specified. 
Done  at Brussels,  30 June  1976. 
The Chairman 
of the Economic  and  Social  Committee 
Henri  CANONGE 
Opinion  on the  proposal  for a Second  Council  Directive  on the  coordination  of the 
laws,  regulations  and  administrative  provisions  relating  to direct  insurance  other  than 
life assurance  and  laying  down  provisions  to facilitate  the effective  exercise  of freedom 
to provide  services 
The text  referred  to the Committee  has  been  published  in Official  Journal  No  32 of 
12 February  1976,  page  2. 
A. LEGAL  BASIS  FOR  THE  OPINION 
On 22  January  1976  the  Council  referred  the  abovementioned  proposal  to the 
Economic  and  Social  Committee  in accordance  with  Article  198  of the  Treaty 
establishing  the European  Economic  Community. 
B. OPINION  OF  THE  ECONOMIC  AND  SOCIAL  COMMITTEE 
The Economic  and  Social  Committee  prepared  its opinion  on the  above  matter  at its 
140th  plenary  session,  held  in Brussels  on 30 June  and  1 July  1976. 
The full  text  of the opinion  is as follows: 
THE  ECONOMIC  AND  SOCIAL  COMMITTEE, 
Having  regard  to  the  Treaty  establishing  the 
European  Economic  Community,  and  in particular 
Article  198  thereof, Having  regard  to the  decision  taken  by its Bureau 
on 27  January  1976,  instructing  the  Section  for 
Industry,  Commerce,  Crafts  and  Services  to draw 
up an opinion  and  a report  on the matter, 
Having  regard  to the  request  for  an opinion  made 
by the  Council  of the  European  Communities  on 
22 January  1976, Having  regard  to the opinion  issued  by the  Section 
for Industry,  Commerce,  Crafts  and  Services  at its 
meeting  on 2 June  1976,