Proposal for a Directive of the European Parliament and of the Council Amending Council Directive 85/611/EEC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS), as regards the implementing powers conferred on the Commission
Date: 2006-12-22
Institutions: European Commission
Subjects: European Commission, comitology, investment company, powers of the institutions (EU), securities

COMMISSION OF THE EUROPEAN COMMUNITIES 

Brussels, 22.12.2006 
COM(2006) 926 final 

2006/0293 (COD) 

Proposal for a  

DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL 

Amending  

Council Directive 85/611/EEC on the coordination of laws, regulations and 
administrative provisions relating to undertakings for collective investment in 
transferable securities (UCITS), as regards the implementing powers conferred on the 
Commission 

(presented by the Commission) 

EN 

   EN 

 
 
 
  
 
2006/0293 (COD) 

Proposal for a  

DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL 

Amending  

Council Directive 85/611/EEC on the coordination of laws, regulations and 
administrative provisions relating to undertakings for collective investment in 
transferable securities (UCITS), 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, 

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

Whereas:  

(1) 

(2) 

Directive 85/611/EEC4 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  to  be  used  for  the  adoption  of  implementing 
measures  of  general  scope  which  seek  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. 

1 
2 
3 
4 

5 

OJ C […], […], p. […]. 
OJ C […], […], p. […]. 
OJ C […], […], p. […]. 
OJ  L  375,  31.12.1985,  p.  3.  Directive  as  last  amended  by  Directive  2005/1/EC  of  the  European 
Parliament and of the Council (OJ L 79, 24.3.2005, p. 9). 
OJ  L  184,  17.7.1999,  p.  23.  Decision  as  amended  by  Decision  2006/512/EC  (OJ  L  200,  22.7.2006, 
p. 11). 

EN 

2 

   EN 

 
 
                                                 
(3) 

(4) 

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 
list  of  instruments  which  should  be  adjusted  as  a  matter  of  urgency,  including 
Directive  2001/107/EC.  To  align  this  Directive,  Directive  85/611/EEC  should  be 
amended.  

In  particular  power  should  be  conferred  on  the  Commission  to  adopt  measures 
necessary  for  the  implementation  of  Directive  85/611/EEC  in  accordance  with 
Decision  1999/468/EC,  in  order  to  adopt  technical  amendments  clarifying  the 
definitions in order to ensure uniform application of Directive 85/611/EEC throughout 
the  Community,  and  align  terminology  and  framing  definitions  in  accordance  with 
subsequent  acts  on  UCITS  and  related  matters.  Since  those  measures  are  of  general 
scope,  and  are  designed  to  amend  non-essential  elements  of  Directive  85/611/EEC, 
they  should  be  adopted  in  accordance  with  the  regulatory  procedure  with  scrutiny 
provided for in Article 5a of Decision 1999/468/EC. 

(5) 

Directive 85/611/EEC should therefore be amended accordingly. 

(6) 

Since  the  amendments  to  be  made  to  Directive  85/611/EEC  are  adjustments  of  a 
technical nature which only concern the committee procedure 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 

Articles 53a and 53b of Directive 85/611/EEC are replaced by the following: 

"Article 53a 

The Commission shall adopt technical amendments to this directive in the following 
areas: 

(a)  clarification  of  the  definitions  in  order  to  ensure  uniform  application  of  this 
Directive throughout the Community; 

(b)  alignment  of  terminology  and  the  framing  of  definitions  in  accordance  with 
subsequent acts on UCITS and related matters. 

Those measures, designed to amend non-essential elements of this Directive shall be 
adopted  in  accordance  with  the  regulatory  procedure  with  scrutiny  referred  to  in 
Article 53b(2). 

6 

OJ C 255, 21.10.2006, p. 1. 

EN 

3 

   EN 

 
                                                 
Article 53b 

1. 
The  Commission  shall  be  assisted  by  the  European  Securities  Committee 
instituted  by  Commission  Decision  2001/528/EC7  (hereinafter  referred  to  as  "the 
Committee") 

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." 

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

Article 2 

Article 3 

This Directive is addressed to the Member States. 

Done at Brussels,  

For the European Parliament 
The President 

For the Council 
The President 

7 

OJ L 191, 13.7.2001, p. 45. 

EN 

4 

   EN