Proposal for a Directive of the European Parliament and of the Council Amending Directive 2006/48/EC relating to the taking up and pursuit of the business of credit institutions, as regards the implementing powers conferred to the Commission
Date: 2006-12-22
Institutions: European Commission
Subjects: banking, credit institution, financial legislation, right of establishment

COMMISSION OF THE EUROPEAN COMMUNITIES 

Brussels, 22.12.2006 
COM(2006) 902 final 

2006/0284 (COD) 

Proposal for a  

DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL 

Amending 

Directive 2006/48/EC relating to the taking up and pursuit of the business of credit 
institutions, as regards the implementing powers conferred to the Commission 

(presented by the Commission) 

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2006/0284 (COD) 

Proposal for a  

DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL 

Amending 

Directive 2006/48/EC relating to the taking up and pursuit of the business of credit 
institutions, as regards the implementing powers conferred to the Commission 

(Text with EEA relevance) 

THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION, 

Having regard to the Treaty establishing the European Community, and in particular the first 
and third sentences of Article 47 (2) thereof, 
Having regard to the proposal of the Commission1, 

Having regard to the opinion of the European Economic and Social Committee2, 

Having regard to the opinion of the European Central Bank, 

Acting in accordance with the procedure laid down in Article 251 of the Treaty3, 

Whereas: 

(1) 

(2) 

(3) 

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2 
3 
4 
5 

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Directive 2006/48/ EC of the European Parliament and of the Council4 provides that 
certain measures are to be adopted in accordance with Council Decision 1999/468/EC 
of 28 June 1999 laying down the procedures for the exercise of implementing powers 
conferred on the Commission5. 

Decision 1999/468/EC has been amended by Decision 2006/512/EC, which introduced 
a regulatory procedure with scrutiny for measures of general scope designed to amend 
non-essential elements of a basic instrument adopted in accordance with the procedure 
referred to in Article 251 of the Treaty, including by deleting some of those elements 
or by supplementing the instrument by the addition of new non-essential elements. 

In accordance with the joint statement of the European Parliament, the Council and the 
Commission6 on Decision 2006/512/EC, instruments which are already in force must 
be  adjusted  in  accordance  with  the  applicable  procedures.  That  statement  indicates  a 

OJ C , , p. . 
OJ C , , p. . 
OJ C , , p. . 
OJ C , , p. . 
OJ L 184, 17.7.1999, p. 23. Decision as amended by Decision 2006/512/EC (OJ L 200, 22.7.2006, p. 
11). 
OJ C 255, 21.10.2006, p. 1. 

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(4) 

(5) 

list of instruments that should be adjusted as a matter of urgency, including Directive 
2006/48/EC. 

In  particular  power  should  be  conferred  on  the  Commission  to  adopt  technical 
adjustments  and  implementing  measures  to  take  account,  inter  alia,  of  technical 
developments  of  financial  markets  and  to  ensure  uniform  application  of  Directive 
2006/48/EC. More particularly, those measures are designed to specify definitions, to 
modify  the  scope  of  exemptions,  to  elaborate  or  supplement  the  provisions  of  the 
Directive through technical adaptations related to the determination of own funds, to 
the organisation, calculation and evaluation of risks and exposures, and to add detailed 
specifications  on  the  disclosure  obligations  imposed  on  competent  authorities.  Since 
those measures are of general scope and are designed to amend non-essential elements 
of  Directive  2006/48/EC  and  to  supplement  it  by  the  addition  of  new  non-essential 
elements,  they  should  be  adopted  in  accordance  with  the  regulatory  procedure  with 
scrutiny provided for in Article 5a of Decision 1999/468/EC. 

Directive  2006/48/EC  provided  for  a  time  restriction  concerning  the  implementing 
powers  conferred  to  the  Commission.  In  their  joint  statement  on  Decision 
2006/512/EC, the European Parliament, the Council and the Commission have stated 
that  Decision  2006/512/EC  provides  a  horizontal  and  satisfactory  solution  to  the 
European  Parliament's  wish  to  scrutinise  the  implementation  of  instruments  adopted 
under the co-decision procedure and that, accordingly, implementing powers should be 
conferred  on  the  Commission  without  time-limit.  The  European  Parliament  and 
Council also declared that they would make sure that the proposals aimed at repealing 
the  provisions  in  the  instruments  that  provide  for  a  time-limit  on  the  delegation  of 
implementing powers to the Commission are adopted as rapidly as possible. Following 
the  introduction  of  the  regulatory  procedure with  scrutiny,  the  provision  establishing 
that time restriction in Directive 2006/48/EC should be deleted.  

(6) 

Directive 2006/48/EC should therefore be amended accordingly. 

(7) 

Since  the  amendments  to  be  made  to  Directive  2006/48/EC  by  this  Directive  are 
adjustments of a technical nature which only concern the committee procedures, they 
do not need to be transposed by the Member States. It is therefore not necessary to lay 
down provisions to that effect, 

HAVE ADOPTED THIS DIRECTIVE: 

Article 1 

Directive 2006/48/EC is amended as follows: 

(1) 

Article 150 is amended as follows: 

(a) 

In paragraph 1, the introductory phrase is replaced by the following: 

"Without prejudice, regarding own funds, to the proposal that the Commission is to 
submit  pursuant  to  Article  62,  the  technical  adjustments  designed  to  amend  non-
essential  elements  of  this  Directive  in  the  following  areas,  shall  be  adopted  in 
accordance with the regulatory procedure with scrutiny referred to in article 151(2)." 

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(b) 

In paragraph 2 the introductory phrase is replaced by the following: 

"The  Commission  may,  in  accordance  with  the  regulatory  procedure  with  scrutiny 
referred to in Article 151(2), adopt the following measures designed to amend non-
essential elements of this Directive by supplementing it:" 

(c) 

Paragraph 3 and 4 are deleted; 

(2) 

Article 151 is amended as follows: 

(a) 

 Paragraph 2 is replaced by the following: 

'2. Where reference is made to this paragraph, Article 5a(1) to (4), and Article 7 of 
Decision  1999/468/EC  shall  apply,  having  regard  to  the  provisions  of  Article  8 
thereof.' 

(b) 

Paragraph 3 is deleted; 

Article 2 

This  Directive  shall  enter  into  force  on  the  [..]  day  following  that  of  its  publication  in  the 
Official Journal of the European Union. 

Article 3 

This Directive is addressed to the Member States. 

Done at Brussels,  

For the European Parliament 
The President 

For the Council 
The President 

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