Proposal for a Directive of the European Parliament and of the Council Amending Directive 2006/49/EC on the capital adequacy of investment firms and credit institutions, as regards the implementing powers conferred on the Commission
Date: 2006-12-22
Institutions: European Commission
Subjects: EU law, credit guarantee, credit institution, financial instrument, financial solvency, investment company, management audit, operation of the Institutions

COMMISSION OF THE EUROPEAN COMMUNITIES 

Brussels, 22.12.2006 
COM(2006) 901 final 

2006/0283 (COD) 

Proposal for a 

DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL 

Amending 

Directive 2006/49/EC on the capital adequacy of investment firms and credit 
institutions, as regards the implementing powers conferred on the Commission 

(presented by the Commission) 

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2006/0283 (COD) 

Proposal for a 

DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL 

Amending 

Directive 2006/49/EC on the capital adequacy of investment firms and credit 
institutions, as regards the implementing powers conferred on the Commission 

THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION, 

Having regard to the Treaty establishing the European Community, and in particular 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) 

1 
2 
3 
4 
5 

6 

Directive  2006/49/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 L 177, 30.6.2006, p. 201. 
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 C255, 21.10.2006, p. 1. 

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(4) 

(5) 

list  of  instruments  which  should  be  adjusted  as  a  matter  of  urgency,  including 
Directive 2006/49/EC. 

In  particular  power  should  be  conferred  on  the  Commission  to  adopt  the  measures 
necessary  for  the  implementation  of  Directive  2006/49/EC  in  order  to  take  account, 
inter  alia,  of  technical  developments  of  financial  markets  and  to  ensure  uniform 
application of that Directive. More particularly, those measures are designed to clarify 
definitions,  to  adjust  the  provisions  of  the  Directive  through  technical  adaptations 
related to the determination of own funds, the organisation, calculation and evaluation 
of risks and exposures, and to the categories of investment firms which are subject to 
the  Directive.  Since  those  measures  are  of  general  scope  and  are  designed  to  amend 
non-essential elements of Directive 2006/49/EC, they should be adopted in accordance 
with  the  regulatory  procedure  with  scrutiny  provided  for  in  Article  5a  of  Decision 
1999/468/EC. 

Directive  2006/49/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 2006/49/EC should be deleted. 

(6) 

Directive 2006/49/EC should therefore be amended accordingly. 

(7) 

Since  the  amendments  to  be  made  to  Directive  2006/49/EC  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 2006/49/EC is amended as follows: 

(1) 

Article 41 is amended as follows: 

(a) 

In  paragraph  1  the  terms  "in  accordance  with  the  procedure  referred  to  in 
article 42(2)" are deleted 

(b) 

Paragraph 2 is replaced by the following:  

"The measures referred to in paragraph 1, designed to amend non-essential elements 
of this Directive, shall be adopted in accordance with the regulatory procedure with 
scrutiny referred to in Article 42(2)." 

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(2) 

Article 42 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) 

Paragraphs 3 and 4 are 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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