Amended proposal for a EUROPEAN PARLIAMENT AND COUNCIL DIRECTIVE ON CROSS-BORDER CREDIT TRANSFERS
Date: 1996-04-19
Institutions: European Commission
Subjects: banking, competition, consumer protection, credit transfer, intra-EU payment

COMMISSION  OF THE EUROPEAN  COMMUNITIES 

. ** 

* 

-tfr 

Brussels, 19.04 19% 
COM(%)  172 linal-
94/0242 (COD) 

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

proposal  for a 
EUROPEAN  PARLIAMENT  AND COUNCIL  DIRECTIVE 

ON CROSS-BORDER  CREDIT  TRANSFERS 

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

OPINION OF THE COMMISSION 

pursuant to Article  189(b)(2)(d) of the EC Treaty, on the European  Parliament's 
amendments  to the Council's common  position  regarding  the 

proposal  for a 
E U R O P E AN  P A R L I A M E NT  A ND  C O U N C IL  D I R E C T I VE 

ON  C R O S S - B O R D ER  C R E D IT  T R A N S F E RS 

I. 

STAGE REACHED IN THE PROCEDURE 

(a)  On  18  November  1994,  the  Commission  adopted  a  proposal  for  a  European 
Parliament  and  Council  Directive1  on  cross-border  credit  transfers.  This  was  sent 
to  the  Council  by  letter  dated  18  November  1994.  The  Council  subsequently 
forwarded  this  text  to  the  European  Parliament,  to  the  European  Monetary 
Institute  and  the  Economic  and  Social  Committee.  In  January  1995,  it  began  its 
own examination  of the proposal. 

(b) 

The  European  Monetary  Institute  (EMI)  rendered  its opinion  on  the  Commission 
proposal  on 20 March  1995. 

The  Economic  and  Social  Committee  adopted  its  opinion  at  its  sitting  on  1st 
June  19952. 

(c) 

The  European  Parliament  adopted  the  legislative  resolution  embodying 
opinion  on the Commission  proposal  at its sitting on  19 May  19953. 

its 

(d)  On  6  June  1995, the  Commission  adopted  an  amended  proposal4  in  the  light  of 
the  consultations  of  Parliament,  the  European  Monetary  Institute  and 
the 
Economic  and  Social  Committee.  It was sent to Council  by  letter of 7 June  1995. 

(e)  On  4  December  1995  the  Council  adopted  the  common  position5.  It  introduced  a 
number  of  amendments  to  the  Commission's  amended  proposal;  in  particular  it 
rejected  3 out of the  19 amendments  inserted  in the amended  proposal. 

(f) 

In  the  plenary  session  of  14  December  1995,  the  President  of  the  Parliament 
announced  receipt of the Common  Position. 

(g)  On  13  March  1996, 

the  European  Parliament  adopted  unanimously  14 

amendments  to the Common  Position6. 

In  accordance  with  the  procedure  described  in  Article  189g(2)(d) of  the  EC  Treaty,  the 
Commission  has to deliver an opinion  on these  amendments. 

1  OJ No C 360,  17.12.1994, p. 13. 
2  OJ No C 236,  11.09.1995,  p. 1. 
3  OJ No  C  151,  19.06.1995, p.  370. 
4  OJ No  C  199, 03.08.1995,  p.  16. 
5  OJ No  C 353, 30.12.1995,  p.  52. 
6 

Text  not yet  published  in the  Official  Journal. 

A 

II. 

POSITION  TAKEN  BY THE  COMMISSION  REPRESENTATIVE  AT THE  PLENARY  SI TUNC. 

The European  Parliament  proposed  14 amendments  to the  text  of  the Common  Position 
of the Council. The  Commission  representative  accepted  amendments  1, 2, 3, 4,  5, 6,  7, 
8,  9,  11  and  14  practically  as  they  stand.  Furthermore,  the  Commission  accepted 
amendments  10  and  12  partially  or  subject  to  modifications.  The  Commission 
representative  did not accept one amendment,  i.e. amendment n° 13. 

III. 

T HE  COMMISSION  OPINION  ON  AMENDMENT  N°  13  VOTED  BY  THE  EUROPEAN 

PARLIAMENT 

Amendment  n°13,  introducing  a  new  paragraph  2  to  Article  10  of  the  Common 
Position  of the  Council 

The purpose of the amendment  is twofold  : 

• 

• 

to  state  that  access  to  redress  and  complaints  procedures  shall  occur  where  a 
complaint  has  not  been  remedied  or  a  decision  has  not  been  taken  on  it  by  the 
institution concerned  within four  weeks after  the  first  complaint: 

to ensure that a list of addresses be available at all institutions carrying out  cross-
border credit  transfers. 

As to the first,  the  Commission  considers that a harmonised  maximum  deadline  would 
not suit customers' needs for rapid  redress under the different  articles and  might  also  be 
in  conflict  with  similar  deadlines  contained  in  other  provisions  of  the  Directive,  e.g. 
that in Article  8. As to the second, it is already  satisfied  by a similar requirement  under 
the penultimate indent of Article 3. 

For the reasons outlined* the Commission cannot accept this  amendment 

Common  Position  of the Council 

Amendment  by  Parliament 

(Amendment  13) 
Article  10(2) (new) 

2* 

If a complaint  has  not  been  remedied 
or a decision  has  not  been  taken  on  it 
the  first 
within  four  weeks  after 
complaint. 
may 
approach  one  of  the  complaint  and 
redress  offices  to  be  set  up  for  this 
purpose, 
existing 
use 
procedures where available. 

complainants 

or  may 

A  list  of  addresses  of  such  offices 
shall  be  available  at  all  institutions 
carrying  out 
credit 
cross-border 
transfers  under this Directive. 

Amended proposal for a 

EUROPEAN  PARLIAMENT  AND COUNCIL  DIRECTIVE 

ON  CROSS-BORDER  CREDIT  TRANSFERS 

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

Amended  proposal  for a 

EUROPEAN  P A R L I A M E NT  AND  C O U N C IL  DIKKCTIVI 

ON  C R O S S - B O R D ER  C R E D IT  T R A N S F E RS 

Amendment  n°l  concerning Recital n°2 of the Common  Position 

The  amendment  aims  to  insert  a  spécifie  reference  to  the  definitive  Commission 
Notice on the application  of the  HC competition  rules to cross-border  credit  transfer 
systems7,  a  draft  of  which  had  been  issued  alongside  the  Commission's  initial 
proposal  for  a  European  Parliament  and  Council  Directive  on  cross-border  credit 
transfers. 

The  insertion  aims  to  highlight  the  fact  that,  in  conformity  with  the  Commission's 
Notice,  greater  competition  in  the  market  for  cross-border  credit  transfers  should 
lead  to  improved  services  and  reduced  prices.  Therefore,  the  Commission  accepts 
this  amendment. 

Common  Position  of the  Council 

Amendment  by  Parliament 

(Amendment  1) 
Recital 2 

(2)  Whereas 

it 

is 

of 

for 

individuals 
small 

paramount 
importance 
and 
and 
businesses,  especially 
medium-sized  enterprises,  to  be  able 
to  make  credit 
rapidly, 
reliably  and  cheaply  from  one  part  of 
the  Community  to  another;  whereas 
greater  competition  in the  market  for 
cross-border  credit  transfers  should 
and 
to 
lead 
reduced  prices; 

improved 

transfers 

services 

transfers 

(2)  Whereas it is essential  for  individuals 
and  businesses,  especially  small  and 
medium-sized  enterprises,  to  be  able 
to  make  credit 
rapidly, 
reliably  and  cheaply  from  one  part  of 
the  Community  to  another;  whereas, 
in  conformity  with  the  Commission 
Notice  on  the  application  of  the  EC 
competition 
to  cross-border 
credit  transfers,  greater  competition 
in  the  market  for  cross-border  credit 
transfers  should  lead  to 
improved 
services and reduced  prices; 

rules 

OJ No C 251, 27.09.1995, p. 3. 

S 

2.  Amendment  n°2 to Recital n° 7 of the Common  Position of the Council 

Recital  n°7  relates  to  the  scope  of  application  of  the  Directive.  Therefore,  this 
amendment needs to be considered  in conjunction  with amendment n°5 to Article 1 
of the Common  Position. 

As such, it points to an enlargement  of the Directive's  application,  by  establishing 
that transfers  of an amount  less than ECU  50.000 are covered. This amendment  is 
in keeping with the Commission's  fundamental  conviction that as high a threshold 
would better serve the objective  of creating a fully  functioning  Internal  Market  for 
cross-border  credit  transfer  services.  Therefore,  the  Commission  accepts  this 
amendment. 

Common Position of the Council 

Amendment  by  Parliament 

(Amendment 2) 
Recital 7 

(7)  Whereas,  in  line  with  the  objectives 
set  out  in  the  second  recital,  this 
Directive  should  apply  to  any  credit 
transfer  of  an  amount 
less  than 
ECU 25.000:  whereas  that  amount 
should  be  increased  to  ECU 30.000 
two 
after 
implementation 
Directive; 

the 
for 

years 

dale. 

final 
this 

(7)  Whereas,  in  line  with  the  objectives 
set  out  in  recital  2,  this  Directive 
should apply to any credit transfer  of 
an amount  of  less than  ECU 50.000: 
whereas  institutions  should  be  under 
an obligation to refund  in the case of 
a non-completed  transfer; 

é 

Amendment  n °3  concerning  Recital  n°  11  of  the  Common  Position  of  the 
Council 

This  recital  relates  to  Article  8  of  the  Common  Position  on  the  refund  of  non-
completed  cross-border  credit  transfers  and  must  therefore  be  read  in  conjunction 
therewith  (and  amendments  n" 8 and  9 thereto). 

It  aims  to  increase  the  minimum  level  of the refund  to  the  amount  of  ECU  20.000, 
thus  improving  the  customer's  situation;  the  increase  is  however  deemed  not  to 
have  a  prejudicial  effect  on  solvency  requirements.  Therefore  the  Commission 
accepts this  amendment. 

Common  Position  of the Council 

Amendment  by  Parliament 

(Amendment  3) 
Recital  11 

(11)  Whereas 

be 

there 

refund 

should 

whereas 

an 
obligation  upon  institutions  to  refund 
in  the  event  of  non-execution  of  a 
transfer; 
credit 
the 
imposes  a 
to 
obligation 
contingent 
institutions 
liability  on 
which  might,  in  the  absence  of  a 
limit,  have  a prejudicial  effect  on  the 
solvency  requirement;  whereas  that 
obligation  to  refund  should  therefore 
be applicable to ECU  10.000: 

(11)  Whereas 

be 

there 

should 

failure 
a 

the  event  of 

an 
obligation  upon  institutions  to  refund 
a 
to 
in 
successfully 
credit 
complete 
transfer;  whereas  the  obligation  to 
refund  imposes  a  contingent  liability 
on  institutions  which  might,  in  the 
a 
absence  of  any 
solvency 
prejudicial 
effect 
that 
requirements; 
obligation  to  refund  should  therefore 
be applicable to ECU  20.000; 

on 
whereas 

limit,  have 

? 

4.  Amendment  n° 4 concerning  Recital  n° 14a (new) of the Common  Position  of 

the Council 

This  new  recital  relates  to  Article  10  on  the  settlement  of  disputes  and,  being 
intended  as  a match  to  the  proposed  amendment  n° 12 to  that  Article,  should  be 
read in conjunction  therewith. 

It aims to clarify  in more detail the scope of Member States' responsibility to ensure 
that  adequate  and  appropriate  procedures  exist to deal  with  customer's  complaints 
relating to areas covered  by the  Directive. Therefore,  the Commission  accepts  this 
amendment. 

Common Position of the Council 

Amendment by Parliament 

(Amendment 4) 
Recital  14a (new) 

(Ha)  Whereas  adequate  and  appropriate 
complaints  and  redress  procedures 
relating  to  the  areas  covered  by 
this  Directive  should  be  available 
the  customer  better 
to  afford 
protection. 
existing 
procedures where available. 

using 

5. 

Amendment  n° 5 to Article  1 of the Common  Position  of the  Council 

Amendment  n° 5 relates to the  scope  of application  of the  Directive.  It points  to  an 
enlargement  of  the  Directive's  application,  by  establishing  that  transfers  of  an 
amount  less than  ECU  50.000 are covered. 

This  amendment  is  in  keeping  with  the  Commission's  fundamental  conviction  that 
as  high  a threshold  would  better  serve  the  objective  of creating  a  fully  functioning 
the 
Internal  Market 
Commission  accepts this  amendment. 

for  cross-border  credit 

services.  Therefore, 

transfer 

Common  Position  of the  Council 

Amendment  by  Parliament 

(Amendment  5) 
Article 1 

1.  The provisions  of this  Directive  shall 
apply  to  cross-border  credit  transfers 
ordered  by  persons  other  than  those 
covered  by  Article  2(a),  (b)  and  (c) 
and  executed  by  credit  institutions 
and  other  institutions. 

1.  The provisions  of this Directive  shall 
apply  to  cross-border  credit  transfers 
in  the  currencies  of  the  Member 
the 
States  and 
equivalent of  ECU  50.000 ordered  by 
persons  other  than  those  referred  to 
in  Article  2(a),  (b)  and  (c)  and 
executed  by  credit  institutions  and 
other  institutions. 

the  ECU  up 

to 

Until  two  years  after  the  date  of  Deleted. 
implementation  of this Directive, this 
Directive  shall  apply  to  cross-border 
credit  transfers  in  the  currencies  of 
the  Member  States  and  in  ECUs  of 
amounts  less than  ECU 25.000.  After 
that date, this Directive  shall apply  to 
cross-border  credit  transfers  in  the 
currencies  of  the  Member  States  and 
in  ECUs  of  amounts 
than 
ECU  30.000. 

less 

5 

6. 

Amendment n° 6 to Article 3 of the Common  Position  of the  Council 

This  amendment  relates  to  Article  3  on  prior  information  on  conditions  for  cross-
border credit  transfers. 

While  most  articles  of  the  Directive  refer  to  obligations  falling  directly  on 
institutions, Article 3 lays down  obligations  on Member  States. Coherently  with  the 
Commission's  initial  and amended  proposals, the amendment  aims to streamline  the 
text  of  the  Common  Position,  by  setting  out  that  the  transparency  requirements  of 
Article  3  fall  directly  on  institutions.  Therefore,  the  Commission  accepts  this 
amendment. 

Common  Position  of the  Council 

Amendment  by  Parliament 

(Amendment 6) 
Article 3, introduction 

Member  States  shall  ensure  that 
institutions  make  available  to  their 
actual  and  prospective  customers  in 
writing,  including  where  appropriate 
by  electronic  means,  and in a readily 
comprehensible  form,  information  on 
for  cross-border  credit 
conditions 
transfers.  This 
shall 
information 
include at least : 

The  institution  shall  make  available 
their  actual  and  prospective 
to 
including 
in  writing, 
customers 
electronic 
where  appropriate  by 
means, 
readily 
and 
comprehensible  form,  information  on 
for  cross-border  credit 
conditions 
transfers.  This 
shall 
information 
include at least : 

in 

a 

s* 

7. 

Amendment  n° 7 to Article 4 of the Common  Position  of the  Council 

This  amendment  relates  to  Article  4  on  information  subsequent  to  a  cross-border 
credit  transfer 

While  most  articles  of  the  Directive  refer  to  obligations  falling  directly  on 
institutions, Article 4 lays down  obligations on  Member  States. Coherently  with  the 
Commission's  initial  and amended  proposals, the amendment  aims to streamline  the 
text  of  the  Common  Position,  by  setting  out  that  the  transparency  requirements  of 
Article  4  fall  directly  on  institutions.  Therefore,  the  Commission  accepts  this 
amendment. 

Common  Position  of the  Council 

Amendment  by  Parliament 

(Amendment  7) 
Article 4,  introduction 

Member  States  shall  ensure 
that 
institutions  supply  their  customers, 
unless  the  latter  expressly  forgo  this, 
subsequent  to the execution  or  receipt 
of  a cross-border  credit  transfer,  with 
in  writing, 
clear 
including  where 
by 
electronic  means,  and  in  a  readily 
comprehensive 
This 
information  shall include at least : 

information 

appropriate 

form. 

The 
their 
institution  shall  supply 
customers,  unless  the  latter  expressly 
forgo  this, subsequent  to the  execution 
or  receipt  of  a  cross-border  credit 
transfer,  with  clear 
in 
writing,  including  where  appropriate 
by  electronic  means,  and  in  a  readily 
comprehensive 
This 
information  shall include at least : 

information 

form. 

S* 

8.  Amendment n° 8 to Article 8(1), first  sub-paragraph  of the Common  Position 

of the Council 

Amendment  n° 8 relates to Article  8(1) of the Common  Position  on the refund  of 
non-completed cross-border credit transfers. 

It aims to increase the minimum level of the refund  to the amount of ECU 20.000, 
thus  improving  the  customer's  situation;  the  increase  is  however  deemed  not  to 
have  a  prejudicial  effect  on  solvency  requirements.  Therefore  the  Commission 
accepts this amendment. 

Common Position of the Council 

Amendment by Parliament 

(Amendment 8) 
Article 8(1), first subparagraph, introduction 

1. 

of 

If,  after  a cross-border  credit transfer  1 
order  has  been  accepted  by  the 
originator's  institution,  the  relevant 
to  the 
amounts  are  not  credited 
account 
beneficiary's 
the 
institution,  without  prejudice  to  any 
other claim which may be made, the 
originator's institution shall credit the 
originator  up  to  ECU  10.000.  with 
the amount of the cross-border credit 
transfer plus : 

If,  after  a cross-border  credit  transfer 
order  has  been  accepted  by  the 
originator's  institution,  the  relevant 
amounts  are  not,  for  any  reason, 
the  account  of 
credited 
the 
to 
beneficiary's 
institution,  without 
prejudice  to  any  other  claim  which 
the  originator's 
may  be  made, 
institution  shall  credit  the  originator 
up to  ECU 20.000. with  the  amount 
of  the  cross-border  credit  transfer 
plus : 

> * *-

9.  Amendment n° 9 to Article 8(2) of the Common Position of the Council 

Amendment  n° 9 relates to Article  8(2) of the Common  Position  on the  refund  of 
non-completed  cross-border  credit  transfers  because  of  non-execution  by  an 
intermediary  institution chosen by the beneficiary's  institution. 

In  coherence  with  amendment  n° 8,  its  aim  is  to  set  the  minimum  level  of  the 
refund  at  ECU  20.000. In the absence  of this amendment,  Article  8(2) would  not 
contemplate  any  explicit  limitation  on  the  level  of  the  refund.  Therefore,  the 
Commission accepts this amendment. 

Common Position of the Council 

Amendment by Parliament 

(Amendment 9) 
Article 8(2) 

2.  By  way  of 

if 

derogation 
from 
paragraph  1, 
the  cross-border 
credit  transfer  was  not  completed 
because  of  its  non-execution  by  an 
intermediary  institution  chosen  by 
the beneficiary's  institution, the latter 
institution  shall  be  obliged  to  make 
the 
the 
amount  of  the  transfer  available  to 
the beneficiary. 

funds  corresponding 

to 

2.  By  way  of 

if 

derogation 
from 
paragraph  1, 
the  cross-border 
credit  transfer  was  not  completed 
because  of  its  non-execution  by  an 
intermediary  institution  chosen  by 
the beneficiary's  institution, the latter 
institution  shall  be  obliged  to  make 
available to the beneficiary  the  funds 
up to ECU 20.000. 

15 

10.  Amendment  n°  10  to  Article  8(3),  second  sub-paragraph  of  the  Common 

Position  of the  Council 

Amendment  n°  10  relates  to  Article  8(3)  which  deals  with  situations  where  the 
inability  to  successfully  execute  a  transfer  is  attributable  to  defective  customer 
information  or  to  a  mistake  by  an  intermediary  institution  chosen  explicitly  by  (he 
originator. 

The amendment  aims to specify  that when the institution  succeeds  in recovering  the 
funds  and thereby  in refunding  the originator,  it is not obliged  to refund  the  charges 
and  interest  accruing  and may  deduct the costs arising  from  the recovery  if  proved. 
Save  for  the  terms  "if proved",  the  amendment  is  in  line  with  both  the  text  of  the 
Common  Position  and  the  Commission's  thinking,  according 
the 
originator's  institution  should  not  be  held  responsible  for  its  customers'  mistakes. 
On the other hand,  the terms  "if proved"  would  require the institution  concerned  to 
justify  deducting  costs for the recovery of  funds. 

to  which 

Therefore,  except  for  and  subject  to  the  elimination  of  the  terms  "if  proved". 
the Commission  accepts this  amendment. 

Common Position of the Council 

Amendment  by  Parliament 

(Amendment  10) 
Article  8(3), second  subparagraph 

by 

the 

amount 
the 

has 
been 
Where 
recovered 
originator's 
institution,  it  shall  credit  it  to  the 
originator  subject  to any  deduction  of 
costs arising from  the  recovery. 

by 

the 

amount 
the 

has 
been 
Where 
recovered 
originator's 
institution,  it  shall  credit  it  to  the 
originator.  The  institutions  are  not 
obliged  in  this  ease  to  refund 
the 
charges  and  interests  accruing,  and 
can  deduct  the  costs  arising  from  the 
recovery  if proved. 

Text of Parliament's  amendment 
as modified 

by 

the 

amount 
the 

been 
has 
Where 
recovered 
originator's 
institution,  it  shall  credit  it  to  the 
originator.  The  institutions  are  not 
the 
obliged  in  this  case  to  refund 
charges  and  interests  accruing,  and 
can  deduct  the  costs  arising  from  the 
recovery. 

yiH 

11.  Amendment  n° 11, introducing a new Article 8(3a) to the Common  Position of 

the Council 

Amendment n° 11 aims to lay down explicitly  an option  for  Member States and/or 
institutions  to provide  for  a refund  for  amounts  exceeding  the  minimum  level  set 
out in Article 8, paragraphs  1  and 2. 

The Commission is of the opinion that this amendment provides useful  clarification 
as  to  the  extent  of  Member  States'  and  institutions'  rights  under  the  Directive. 
Therefore, the Commission accepts this amendment. 

Common Position of the Council 

Amendment by Parliament 

(Amendment 11) 
Article 8(3 a) (new) 

2&  Without  prejudice  to  paragraphs  1 
and  2,  Member  States  and/or 
institutions  which  participate  in  the 
execution  of  cross-border  transfers 
may provide that refunds  be made of 
a  non-completed  cross-border  credit 
transfer,  where  the  amount  exceeds 
ECU 20.000. 

JÎ 

12.  Amendment n° 12 to Article 10 of the Common Position of the Council 

This amendment  aims to better  qualify  the scope of Member  States' responsibility 
to  ensure  that  adequate  and  appropriate  procedures  exist  to  deal  with  customers' 
complaints  relating  to  the  areas  covered  by  the  Directive.  On the  other  hand,  the 
Commission  is  of  the  opinion  that  drafting  adjustments  to  the  text  of  the 
amendment  may  be  necessary,  to  ensure  consistency  with  the  terminology  of  the 
Common  Position. The amendment may be redrafted  as indicated  below: 

Therefore, subject to such modification, the Commission accepts this amendment. 

Common Position of the Council 

Amendment by Parliament 

(Amendment 12) 
Article 10 

Member  States  shall  ensure  that  there are  L  Member States shall ensure that there 
adequate  and  effective  means  for  the 
appropriate 
are 
settlement of possible disputes between an 
complaints  and  redress  procedures 
originator and his institution or between a 
relating  to  the  areas  covered  by  this 
beneficiary  and his institution. 
Directive  available 
the 
customer  better  protection,  using 
existing procedures where available. 

to  afford 

adequate 

and 

Text of Parliament's amendment 
as modified 

"Member  States  shall  ensure  that 
there  are  adequate  and  effective 
means  for  the  settlement  of  disputes 
ils 
between 
institution,  using  existing  procedures 
where appropriate." 

customer 

and 

a 

yfé 

14.  Amendment  n°  14  relating  to  Article  11,  first  sub-paragraph  of  the  Common 

Position  of the  Council 

Amendment  n°  14 aims  to  reduce  the  deadline  for  implementation  of  the  Directive 
to  18 months alter  the date  the  Directive enters  into  force. 

This amendment  is in keeping  with the Commission's  objective  of ensuring  that  the 
Directive 
the 
Commission  accepts this  amendment. 

implemented  within  a  reasonably  short 

time.  Therefore, 

is 

Common  Position  of the  Council 

Amendment  by  Parliament 

(Amendment  14) 
Article  11(1),  first  subparagraph 

laws, 

regulations 

Member  States  shall  bring  into  force 
and 
the 
administrative  provisions  necessary 
to  comply  with  this  Directive  by  ...* 
at  the  latest.  They  shall  forthwith 
inform  the Commission  thereof. 

laws, 

regulations 

Member  States  shall  bring  into  force 
and 
the 
administrative  provisions  necessary 
to  comply  with  this  Directive  by  ...* 
at  the  latest.  They  shall  forthwith 
inform  the Commission  thereof. 

*  Thirty  months  after  the  date  this 

Directive  enters into  force. 

*  Eighteen  months  after  the  date 
this Directive enters into  force. 

^ 

ISSN 0254-1475 

COM(96) 172  final 

DOCUMENTS 

EN 

09  10 

Catalogue number  : CB-CO-96-182-EN-C 

ISBN 92-78-03010-4 

Office for Official  Publications  of the European Communities 

L-2985  Luxembourg 

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