Proposal for a Directive of the European Parliament and of the Council amending Directive 2002/87/EC relating to the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate as regards the implementing powers conferred on the Commission
Date: 2006-12-22
Institutions: European Commission
Subjects: EU law, company law, conglomerate, credit institution, financial control, financial solvency, group of companies, insurance company, investment company, operation of the Institutions

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COMMISSION OF THE EUROPEAN COMMUNITIES 

Brussels, 22.12.206 
COM(2006) 916 final 

2006/0300 (COD) 

Proposal for a 

DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL  

amending 

Directive 2002/87/EC relating to the supplementary supervision of credit institutions, 
insurance undertakings and investment firms in a financial conglomerate as regards the 
implementing powers conferred on the Commission 

(presented by the Commission) 

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2006/0300(COD) 

Proposal for a 

DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL  

amending 

Directive 2002/87/EC relating to the supplementary supervision of credit institutions, 
insurance undertakings and investment firms in a financial conglomerate 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 from 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 Treaty, 

Whereas: 

(1) 

(2) 

Directive 2002/87/EC of the European Parliament and of the Council of 16 December 
2002  on  the  supplementary  supervision  of  credit  institutions,  insurance  undertakings 
and  investment  firms  in  a  financial  conglomerate  and  amending  Council  directives 
73/239/EEC,  79/267/EEC,  92/49/EEC,  92/96/EEC  and  93/22/EEC,  and  Directives 
98/78/EC  and  2000/12/EC  of  the  European  Parliament  and  of  the  Council3  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 Commission4. 

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. 

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OJ C , , p. . 
OJ C , , p. . 
OJ L 35, 11.2.2003, p.1. Directive as amended by Directive 2005/1/EC (OJ L 79, 24. 3. 2005, p.9). 
OJ L184, 17.7.1999, p.23. Decision as amended by Decision 2006/512/EC (OJ L 200 , 22.7.2006, p.11). 

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(3) 

(4) 

(5) 

In accordance with the joint statement of the European Parliament, the Council and the 
Commission5 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 2002/87/EC. 

In particular power should be conferred on the Commission to adopt measures in order 
to  clarify  the  technical  aspects  of  some  of  the  definitions  provided  for  in  Directive 
2002/87/EC,  notably  in  order  to  allow  the  taking  into  account  of  developments  in 
financial  market  and  on  prudential  techniques  and  to  ensure  uniform  application  of 
that Directive within the Community. Since those measures are of general scope and 
are designed to supplement Directive 2002/87/EC 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  2002/87/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 2002/87/EC should be deleted.  

(6) 

Directive 2002/87/EC should therefore be amended accordingly. 

(7) 

Since  the  amendments  to  be  made  to  Directive  2002/87/EC  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 

Directive 2002/87/EC is hereby amended as follows: 

(1)Article 20(1) is amended as follows: 

(a) 

the  terms  "in  accordance  with  the  procedure  referred  to  in  Article  21(2)"  are 
deleted; 

(b) 

the following subparagraph is added: 

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OJ C255, 21.10.2006, p. 1. 

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"Those  measures,  designed  to  amend  non-essential  elements  of  this  Directive, 
including  by  supplementing  it,  shall  be  adopted  in  accordance  with  the  regulatory 
procedure with scrutiny referred to in Article 21(2)." 

(2)Article 21 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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