Amended proposal for a EUROPEAN PARLIAMENT AND COUNCIL DIRECTIVE AMENDING DIRECTIVE 89/647/EEC AS REGARDS THE RECOGNITION OF CONTRACTUAL NETTING BY THE COMPETENT AUTHORITIES
Date: 1996-01-29
Institutions: European Commission
Subjects: approximation of laws, credit institution, financial legislation, financial solvency, ratio

COMMISSION  OF THE  EUROPEAN  COMMUNITIES 

Brussels,29.01.l996 
COM(96)  11  final 

94/0099  (COD) 

OPINION  OF THE COMMISSION 
pursuant  to  Article  189 b (2) (d) of the  EC Treaty, 
on  the  European  Parliament's  amendment 
to the Council's common  position  regarding  the 

proposal  for a 
EUROPEAN  PARLIAMENT  AND COUNCIL  DIRECTIVE 

AMENDING  DIRECTIVE 89/647/EEC 

AS REGARDS THE RECOGNITION  OF CONTRACTUAL NETTING 

BY THE COMPETENT AUTHORITIES 

AMENDING  THE  PROPOSAL  OF THE  COMMISSION 
pursuant  to  Article  189 a (2)  of  the  EC  Treaty 

OPINION  OF THE  COMMISSION 

pursuant  to Article  189b(2)(d) of the EC  Treaty 

on the European  Parliament's  amendment 

to the Council  Common  Position  regarding  the 

proposal  for a 

EUROPEAN  PARLIAMENT  AND COUNCIL  DIRECTIVE 

AMENDING  DIRECTIVE  89/647/EEC 

AS  REGARDS  THE  RECOGNITION  OF CONTRACTUAL  NETTING 

BY THE COMPETENT  AUTHORITIES 

I. 

STAGE  REACHED  IN THE  PROCEDURE 

(a)  On  27 April  1994  the Commission  adopted  its original  proposal  for  a  Directive1.  The 

proposal  was sent to the Council  by  letter of the same date. 

The  Council  immediately  sent  copies  of  the  proposal  to  the  Parliament  and  the 

Economic and  Social  Committee. 

(b)  On  14  September  1994  at  its  318th  Plenary  Session  in  Brussels  the  Economic  and 

Social  Committee  unanimously  adopted  an  opinion2  on  the  Commission  proposal.  It 

approved  the Commission  proposal  in principle  but requested  certain  amendments. 

1  OJNrC  231, 20.8.1994, p. 20 

2  OJ NrC  393, 31.12.1994, p. 30 

(c)  By  letter  of  16 January  1995 the  European  Monetary  Institute  submitted  its  opinion 

endorsing the Commission proposal  in principle. 

(d) At its sitting of  16 February  1995 the European  Parliament  unanimously  adopted the 

legislative  resolution  embodying 

its  opinion3  on  the  Commission  proposal. 

Parliament suggested 9 amendments to the proposal. 

(e)  On  10 May  1995 the Commission adopted and transmitted to the Council an amended 

proposal4.  It  took  account  of  the  consultations  of  Parliament,  the  Economic  and 

Social  Committee  and  the  European  Monetary  Institute  and  introduced  at  least  in 

substance the 9 amendments proposed by Parliament. 

(1)  On  5  September  1995  the  Council  adopted  the  common  position5.  It  introduced  a 

number  of  amendments  to  the  Commission's  amended  proposal;  in  particular  it 

rejected  6 out of the 9 Parliament amendments inserted in the amended proposal. 

(g) In  the  plenary  session  of  21  September  1995  the  President  of  the  Parliament 

announced receipt of the Common Position. 

(h) on  14 December  1995 the European Parliament adopted unanimously  one amendment 

to the Common  Position6. 

In  accordance  with  the  procedure  described  in  Article  189b(2)(d) of  the  Treaty,  the 

Commission has to deliver an opinion on this amendment. 

3  OJNrC56,  6.3.1995, p. 79 

4  OJNrC  165, 1.7.1995,  p.  1 

5  OJNrC  288, 30.10.1995, p. 30 

h 

Text  not  yet  published  m the OlYkMl Journal 

2 

2.  POSITION  TAKEN  BY  THE  COMMISSION  REPRESENTATIVE  AT  THE 

PLENARY SITTING 

The European  Parliament  proposed  one amendment  to the text of the Common  Position 

of the Council. The Commission  representative  accepted  this amendment  in the plenary 

session  because  it  is  rather  likely  to  be  approved  by  the  Council  thereby  avoiding  the 

conciliation procedure and promoting expedient adoption of the Directive. 

3.  THE  COMMISSION  OPINION  ON  THE  AMENDMENT  VOTED  BY  THE 

EUROPEAN  PARLIAMENT 

The  amendment  aims  to  render  the  transposition  of  the  Directive  compulsory  for  the 

Member States. The Commission  has reliable  indication that the Council  is also willing 

to accept this amendment. 

The Commission accepts this amendment. 

Amended proposal for a 

EUROPEAN  PARLIAMENT AND COUNCIL DIRECTIVE 

AMENDING  DIRECTIVE 89/647/EEC 

AS REGARDS THE RECOGNITION OF CONTRACTUAL NETTING 

BY THE COMPETENT  AUTHORITIES 

(presented by the Commission pursuant to Article  189a(2) of the EC Treaty) 

EXPLANATORY  STATEMENT 

The  amendment  aims  to  render  the  transposition  of  the  Directive  compulsory  for  the 

Member  States.  This  is  in  line  with  Article  189  of  the  EC  Treaty  stating  that  a  "... 

directive  shall  be  binding,  as  to  the  result  to  be  achieved,  upon  each  Member  State  to 

which it is addressed  ...". 

Therefore, the Commission accepts this amendment. 

Common  Position  of the Council 

Amendments  by  Parliament 

(Amendment  1) 

Article  3(1) 

1. 

Ihosc  Member  States  which  decide  to 

1.  Member  States shall  bring  into  force 

exercise  the option  provided  for  in this 

the  laws, regulations  and  administrative 

Directive  shall  bring  into  force  the  laws, 

provisions  necessary  for  them  to  comply 

regulations  and  administrative  provisions  with  this  Directive  after  its entry  into 

necessary  for them  to comply  with  this 

force  and  no  later than  30 June  1996. 

Directive  after  its entry  into  force.  They 

They  shall  forthwith  inform  the 

shall  forthwith  inform  the Commission 

Commission  thereof, 

thereof. 

ISSN 0254-1475 

COM(96) 27 final 

DOCUMENTS 

EN 

09  10 

Catalogue number  :  CB-CO-96-026-EN-C 

ISBN 92-77-99726-5 

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