2004/8/EC: Commission Decision of 5 November 2003 amending Decision 2001/528/EC establishing the European Securities Committee (Text with EEA relevance)
Date: 2003-11-05
Institutions: European Commission
Subjects: committee (EU), securities

7.1.2004

EN

Official Journal of the European Union

L 3/33

COMMISSION DECISION

of 5 November 2003

amending Decision 2001/528/EC establishing the European Securities Committee

(Text with EEA relevance)

(2004/8/EC)

THE COMMISSION OF THE EUROPEAN COMMUNITIES,

Having regard to the Treaty establishing the European
Community,

Whereas:

(1)

(2)

(3)

(4)

In June 2001, the Commission adopted Decisions 2001/
527/EC (1)
2001/528/EC (2),
the
Committee of European Securities Regulators and the
European Securities Committee respectively.

setting

and

up

Decision 2001/528/EC established the European Securi-
ties Committee in its advisory capacity. Pursuant
to
Directive 2003/6/EC of the European Parliament and of
the Council of 28 January 2003 on insider dealing and
market manipulation (market abuse) (3), the European
Securities Committee may act as regulatory committee
within the meaning of Council Decision 1999/468/EC of
28 June 1999 laying down the procedures for the exer-
cise of implementing powers conferred on the Commis-
sion (4).

In its Resolutions of 5 February 2002 and 21 November
2002, the European Parliament endorsed the four-level
regulatory framework advocated in the Final Report of
the Committee of Wise Men on the regulation of Euro-
pean securities markets and called for certain aspects of
that approach to be extended to the banking and insur-
ance sectors, subject to a clear Council commitment to
guarantee a proper institutional balance.

collective

investment

On 3 December 2002, the Council invited the Commis-
sion to take steps in order to transfer to the structures
already established in the securities field the present
functions and powers held by the UCITS (undertakings
for
securities)
Contact Committee, set up by Council Directive 85/611/
EEC of 20 December 1985 on the coordination of laws,
regulations and administrative provisions relating to
undertakings for collective investment
in transferable
securities (UCITS) (5), as last amended by Directive 2001/
108/EC of
the
the European Parliament
Council (6).

in transferable

and of

(5)

(6)

The Commission has proposed a directive of the Council
and the European Parliament, amending, inter alia, Direc-
tive 85/611/EEC to delete the functions of the UCITS
Contact Committee under Article 53 of that Directive
and to transfer those laid down under Article 53a of the
same Directive to the European Securities Committee.

Such an amendment will require a corresponding and
the
simultaneous amendment of
European Securities Committee, as defined in Article 2
of Decision 2001/528/EC,

the competences of

HAS DECIDED AS FOLLOWS:

Article 1

Decision 2001/528/EC is amended as follows:

Article 2 is replaced by the following:

‘Article 2

The role of the Committee shall be to advise the Commis-
sion on policy issues as well as on draft proposals the
securities,
Commission might
including on undertakings for collective investment
in
transferable securities (UCITS).’

field of

in the

adopt

Article 2

This Decision shall enter into force on the same day as the
entry into force of any directive amending the functions of the
UCITS Contact Committee to transfer them to the European
Securities Committee.

Done at Brussels, 5 November 2003.

For the Commission

Frederik BOLKESTEIN

Member of the Commission

(1) OJ L 191, 13.7.2001, p. 43.
(2) OJ L 191, 13.7.2001, p. 45.
(3) OJ L 96, 12.4.2003, p. 16.
(4) OJ L 184, 17.7.1999, p. 23.
(5) OJ L 375, 31.12.1985, p. 3.
(6) OJ L 41, 13.2.2002, p. 35.