2004/7/EC: Commission Decision of 5 November 2003 amending Decision 2001/527/EC establishing the Committee of European Securities Regulators (Text with EEA relevance)
Date: 2003-11-05
Institutions: European Commission
Subjects: committee (EU), market stabilisation, securities

L 3/32

EN

Official Journal of the European Union

7.1.2004

amending Decision 2001/527/EC establishing the Committee of European Securities Regulators

COMMISSION DECISION

of 5 November 2003

(Text with EEA relevance)

(2004/7/EC)

THE COMMISSION OF THE EUROPEAN COMMUNITIES,

(6)

Having regard to the Treaty establishing the European
Community,

Such an amendment will require a corresponding and
simultaneous amendment of
the
Committee of European Securities Regulators, as defined
in Article 2 of Decision 2001/527/EC,

the competences of

Whereas:

(1)

(2)

(3)

(4)

(5)

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

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
reform to guarantee a proper institutional balance.

securities

(UCITS) (3), as

in transferable

Council Directive 85/611/EEC of 20 December 1985 on
the coordination of laws, regulations and administrative
provisions relating to undertakings for collective invest-
ments
last
amended by Directive 2001/108/EC of the European
the Council (4), set up the UCITS
Parliament and of
Contact Committee in order to facilitate the harmonised
implementation of that Directive through regular consul-
tations on any practical problems arising from its appli-
cation and on which exchanges of views are deemed
useful, to facilitate consultation between Member States
and to advise the Commission, if necessary, on amend-
ments to be made to that Directive.

On 3 December 2002, the Council invited the Commis-
sion to take steps in order to transfer those functions
and powers to the structures already established in the
securities field.

The Commission has proposed a Directive amending,
inter alia, Directive 85/611/EEC to delete the functions of
the UCITS Contact Committee provided for by Article
53 of this Directive, and to transfer those laid down
under Article 53a of the same Directive to the European
Securities Committee established by Decision 2001/528/
EC.

HAS DECIDED AS FOLLOWS:

Article 1

Decision 2001/527/EC is amended as follows:

1. Article 2 is replaced by the following:

‘Article 2

The role of the Committee shall be to advise the Commis-
sion, either at the Commission's request, within a time limit
which the Commission may lay down according to the
urgency of the matter, or on the Committee's own initiative,
in particular for the preparation of draft
implementing
measures in the field of securities, including those relating
to undertakings for collective investment
in transferable
securities (UCITS).’

2. In Article 3, the first sentence of the first paragraph is

replaced by the following:
‘The Committee shall be composed of high-level representa-
tives from the national public authorities competent in the
field of securities, including UCITS.’

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 375, 31.12.1985, p. 3.
(4) OJ L 41, 13.2.2002, p. 35.