Opinion of the Commission pursuant to Article 251 (2), third subparagraph, point (c) of the EC Treaty on the European Parliament's amendments to the Council's Common Position regarding the position of the European Parliament adopted in second reading concerning a proposal for a Directive of the European Parliament and of the Council on markets in financial instruments, amending Council Directives 85/611/EEC, Council Directive 93/6/EC and European Parliament and Council Directive 2000/12/EC amending the proposal of the Commission pursuant to Article 250 (2) of the EC Treaty
Date: 2004-04-30
Institutions: European Commission
Subjects: approximation of laws, financial legislation, financial market, freedom to provide services, investment bank, stock exchange

COMMISSION OF THE EUROPEAN COMMUNITIES 

Brussels, 30.04.2004 
COM(2004) 365 final 

2002/0269 (COD)  

OPINION OF THE COMMISSION 

pursuant to Article 251 (2), third subparagraph, point (c) of the EC Treaty 
on the European Parliament's amendments 
to the Council's Common Position regarding the position of the European Parliament 
adopted in second reading concerning a proposal for a  

DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on 
markets in financial instruments, amending Council Directives 85/611/EEC, Council 
Directive 93/6/EC and European Parliament and Council Directive 2000/12/EC. 

AMENDING THE PROPOSAL OF THE COMMISSION 
pursuant to Article 250 (2) of the EC Treaty 

EN 

   EN 

 
 
 
  
 
2002/0269 (COD) 

OPINION OF THE COMMISSION 

pursuant to Article 251 (2), third subparagraph, point (c) of the EC Treaty 
on the European Parliament's amendments 
to the Council's Common Position regarding the position of the European Parliament 
adopted in second reading concerning a proposal for a  

DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on 
markets in financial instruments, amending Council Directives 85/611/EEC, Council 
Directive 93/6/EC and European Parliament and Council Directive 2000/12/EC. 

1. 

Introduction 

Article 251(2), third subparagraph, point (c) of the EC Treaty provides that the Commission is 
to  deliver  an  opinion  on  the  amendments  proposed  by  the  European  Parliament  at  Second 
Reading.  The  Commission  sets  out  its  opinion  below  on  the  29  amendments  proposed  by 
Parliament. 

2. 

Background 

–  Date  of  transmission  of  the  Proposal  to  the  European  Parliament  and  Council  (COM 

(2002) 625 final – 2002/0269 (COD)): 20 November 2002. 

–  Date on which the European Economic and Social Committee adopted its opinion: 18 June 

2003. 

–  Date on  which the  European  Parliament gave its opinion at First Reading:  25 September 

2003. 

–  Date on which the Council adopted the Common Position: 8 December 2003 

–  Date  on  which  the  Commission  communicated  its  view  on  the  Common  Position  (COM 

(2004) 15 final -2002/0269 (COD)): 12 January 2004. 

On 30 March 2004, the European Parliament at its Second Reading adopted 29 amendments, 
based on a compromise package agreed at the meeting of the Coreper on 18 March 2004 by 
all Member States and the Commission. 

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Purpose of the Directive 

The proposal for a Directive on investment services and regulated markets is one of the key 
measures of the Financial Services Action Plan. The proposal aims to strengthen the capacity 
of  the  EU  legislative  framework  to  create  a  single  market  for  investment  services  and 
regulated markets. 

3. 

Opinion of the Commission on the amendments by the European Parliament 

On  30  March  2004,  the  European  Parliament  adopted  29  amendments  out  of  82  that  were 
tabled. The Commission can accept all amendments (n°54 to n°82) adopted as part as a global 
compromise package.  

Conclusion 

Pursuant to Article 250(2) of the EC Treaty, the Commission amends its proposal as set out 
above. 

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