ARCHIVESHISTORIQUES
DELACOMMISSION
COLLECTION RELIEEDES
DOCUMENTS "COM"
COM(82)4
Vol.1982/0001

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COMMISSION OFTHEEUROPEAN COMMUNITIES
COM(82)4final
Brussels.14January1982
Proposalfora
COUNCILDIRECTIVE
amendingDirective 79/279/EECcoordinating theconditionsforthe
admissionofsecuritiestoofficialstockexchangelistingand
Directive 80/390/EECcoordinating therequirements forthedrawing
up,scrutinyandattribution ofthelistingparticulars tobe
publishedfortheadmissionofsecurities toofficialstockexchange
listing
(submittedtotheCouncilbytheCommission)
&>
V., -o'V/
^<•/r•
C0MC82)4final

Explanatory memorandum
1.-Thepurposeofthisproposal foraDirective istoputbackthedates
bywhichMemberStatesarerequired toimplement Directive 79/279/EEConthe
conditions governing stockexchangelisting <1)andDirective 80/390/EECon
thelistingparticulars tobepsshlished (2).Thenewdeadline is30June
1983/whichisalsothedatefor-implementation ofDirective 81//EECon
information tobepublished onaregularbasisbycompanies whosesharesare
admitted toofficial stockexchangelisting.
2.ThesethreeDirectives areverycloselylinked,theobjectofallof
thembeingtocoordinate certainnational stockexchange rulesandtoestablish
atCommunity levelacoordinated information policyonsecurities whichhave
beenadmitted toofficial stockexchangelistingorwhoseadmission tosuch
officiallistingisrequested ,
3=Accordingly ,MemberStatesshouldbegiventhepossibility ofimplement­
ingthethreeDirectives simultaneously sothattheydonothavetoinitiate
severallegislative orrulemakingprocedures inoneandthesameareawithin
veryshortintervals,aneedwhichmightconstitute anunacceptable extra
burdenfornational parliaments ornational stockexchangeauthorities .
(1)0JN°L66,16.3.1979 .
(2)0JN°L100,17.4.1980 .

ProposalforaCouncilDirective
amendingDirective79/279/EECcoordinating theconditionsfortheadmission
ofsecuritiestoofficialstockexchangelistingandDirective 80/390/EEC
coordinating therequirements forthedrawingup,scrutinyanddistribution
ofthelistingparticulars tobepublishedfortfieadmissionofsecurities
toofficialstockexchangelisting
THECOUNCILOFTHEEUROPEAN COMMUNITIES ,
HavingregardtotheTreatyestablishing theEuropeanEconomicCommunity,
andinparticularArticles54(3)Cg)and100thereof,
HavingregardtotheproposalfromtheCommission,
HavingregardtotheopinionoftheEuropeanParliament,
HavingregardtotheopinionoftheEconomicandSocialCommittee,
WhereasMemberStatesmustcomplywithCounciIDirective79/279/EEC(1)withintwoyears
ofitsnotification ;whereassuchnotification occurredon8March1979;
«
whereastheperiodthereforeexpiredon8March1981;whereas,however,the
periodwasextendedbyoneyearinthecaseofMemberStatessimultaneously
introducing CounciIDirectives 79/279/EECand80/3a:eec(2);whereassuchperiod
WhereasMemberStatesmustcomplywithDirective 80/390/EECwithin30months
ofitsnotification ,whereassuchnotification occurredon19March1980;
whereastheperiodthereforeexpireson19September 1982;whereas,however,
theperiodwillexpireontheearlierdateof8March1982inthecaseof
MemberStatessimultaneously introducing Directives 79/279/EECand80/390/EEC;
WhereasMemberStatesmust^complyby30June1983withCouncilDirective82/
EEConinformation tobepublishedonaregularbasisbycompanieswhose
sharesareadmittedtoofficialstockexchangelisting(3);
(1)0JN°L66,16.3.1979,p.21.
(2)0JN°L100,17.4.1980,p.1.
(3)0JNoL ,p.

WhereasthereisacloselinkbetweenthesethreeDirectives,notonly
becausethepurposeofallthreeistocoordinate anumberofrulesrelating
tosecurities whichhavebeenadmittedtoofficialstockexchangelisting
orwhoseadmissiontosuchofficiallistingisrequested,butaboveall
becausethethreeDirectives aimtoestablishatCommunitylevelacoordinated
information policyonthesecurities inquestion;
WhereasMemberStatesshouldtherefore begiventhepossibility of
>(
implementing thethreeDirectives simultaneously sothattheydonothave
toinitiateseverallegislative orrule-making proceduresinoneandthe
sameareaatveryshortintervals,whichmightconstitute an
unacceptable extraburdenfornationalparliaments ornationalstock
exchangeauthorities ; ,
WhereasDirectives 79/279/EECand80/390/EECshouldtherefore beamended
toallowMemberStatestoimplement themonthesamedateasDirective
82//EEC,namelyby30June1983,
HASADOPTEDTHISDIRECTIVE

Article 1
Thefollowingthirdsubparagraph isherebyaddedtoArticle22(1)of
Directive 79/279/EEC:
"HoweveQ .thisperiodshallbeextendedto30June1983inthecaseofMemberStates
simultaneously introducing thisDirective andDirectives 80/390/EECand
82//EEC".
Article2
Thefollowingsecondsubparagraph isherebyaddedtoArticle27(1)of
Directive 80/390/EEC;
"Thisperiodshallbeextendedto30June1983inthecaseofMemberStates
simultaneously introducing ,thisDirective andDirectives 79/279/EECand
8?//EEC".
Article3
ThisDirectiveisaddressedtotheMemberStates.
DoneatBrussels/ FortheCouncil
ThePresident