Directive 2008/25/EC of the European Parliament and of the Council of 11 March 2008 amending Directive 2002/87/EC on 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: 2008-03-11
Institutions: Council of the European Union, European Parliament
Subjects: European Commission, company law, conglomerate, credit institution, financial control, financial solvency, group of companies, insurance company, investment company, powers of the institutions (EU)

L 81/40

EN

Official Journal of the European Union

20.3.2008

DIRECTIVE 2008/25/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL

of 11 March 2008

amending Directive 2002/87/EC on 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,

(3)

Having regard to the Treaty
Community, and in particular Article 47(2) thereof,

establishing the European

Having regard to the proposal from the Commission,

Having regard to the opinion of the European Economic and
Social Committee (1),

Having regard to the opinion of the European Central Bank (2),

Acting in accordance with the procedure
Article 251 of the Treaty (3),

laid down in

Whereas:

(1)

(2)

Directive 2002/87/EC of the European Parliament and of
the Council (4) provides that certain measures are to be
Council Decision
adopted
1999/468/EC of 28 June 1999 laying down the
procedures for
implementing powers
the exercise of
conferred on the Commission (5).

accordance with

in

the

introduced

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

(1) OJ C 161, 13.7.2007, p. 45.
(2) OJ C 39, 23.2.2007, p. 1.
(3) Opinion of the European Parliament of 14 November 2007 (not yet
published in the Official Journal) and Council Decision of 3 March
2008.

(4) OJ L 35, 11.2.2003, p. 1. Directive as amended by Directive

2005/1/EC (OJ L 79, 24.3.2005, p. 9).

(5) OJ L 184, 17.7.1999, p. 23. Decision as amended by Decision

2006/512/EC (OJ L 200, 22.7.2006, p. 11).

and

the Council

In accordance with the statement by the European
the Commission (6)
Parliament,
concerning Decision 2006/512/EC,
for the regulatory
procedure with scrutiny to be applicable to instruments
adopted in accordance with the procedure referred to in
Article 251 of the Treaty which are already in force,
those instruments must be adjusted in accordance with
the applicable procedures.

(4)

(5)

(6)

The Commission should be empowered to adopt the
measures necessary for the implementation of Directive
2002/87/EC in order to clarify the technical aspects of
some of the definitions provided for in that Directive,
notably to take into account developments in financial
techniques and to ensure the
markets and prudential
uniform application of
that Directive within the
Community. Since those measures are of general scope
and are designed to amend non-essential elements of
inter alia, by supplementing it
Directive 2002/87/EC,
with new non-essential elements, they must be adopted
regulatory procedure with
in accordance with the
scrutiny provided for
in Article 5a of Decision
1999/468/EC.

instruments adopted under

Directive 2002/87/EC provides for a time restriction
concerning the implementing powers conferred on the
In their
statement concerning Decision
Commission.
2006/512/EC,
the Council
the European Parliament,
and the Commission stated that Decision 2006/512/EC
provides a horizontal and satisfactory solution to the
European Parliament’s wish to scrutinise the implemen-
the co-decision
tation of
procedure and that, accordingly,
implementing powers
should be conferred on the Commission without time
limit. The European Parliament and the 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
imple-
menting powers to the Commission are adopted as
rapidly as possible. Following the introduction of the
regulatory procedure with scrutiny, the provision estab-
lishing that
time restriction in Directive 2002/87/EC
should be deleted.

The Commission should, at regular intervals, evaluate the
functioning of
the provisions concerning the imple-
menting powers conferred on it in order to allow the
European Parliament and the Council
to determine
whether the extent of those powers and the procedural
requirements imposed on the Commission are appro-
priate
and democratic
accountability.

and ensure both efficiency

(6) OJ C 255, 21.10.2006, p. 1.

20.3.2008

EN

Official Journal of the European Union

L 81/41

(7)

(8)

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

Since the amendments made to Directive 2002/87/EC by
in nature and concern
this Directive are technical
they do not need to be
committee procedure only,
transposed by the Member States.
is therefore not
necessary to lay down provisions to that effect,

It

HAVE ADOPTED THIS DIRECTIVE:

Article 1

Amendments

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

1. Article 20(1) shall be amended as follows:

(a)

the words ‘, in accordance with the procedure referred to
in Article 21(2),’ shall be deleted;

(b) the following subparagraph shall be added:

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

2. Article 21 shall be amended as follows:

(b) paragraphs 3 and 4 shall be replaced by the following:

‘3.
By 31 December 2010, and, thereafter, at least
every three years,
review the
the Commission shall
implementing powers and
provisions concerning its
present a report to the European Parliament and to the
Council on the functioning of those powers. The report
shall examine, in particular, the need for the Commission
to propose amendments to this Directive in order to
the implementing
ensure the appropriate scope of
powers conferred on the Commission. The conclusion
as to whether or not amendment is necessary shall be
accompanied by a detailed statement of
If
necessary, the report shall be accompanied by a legis-
lative proposal
to amend the provisions conferring
implementing powers on the Commission.’

reasons.

Article 2

Entry into force

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

Article 3

Addressees

This Directive is addressed to the Member States.

(a) paragraph 2 shall be replaced by the following:

Done at Strasbourg, 11 March 2008.

reference
to (4)

‘2. Where
Article 5a(1)
1999/468/EC shall
provisions of Article 8 thereof.’;

is made
to this paragraph,
and Article 7 of Decision
to the

apply, having

regard

For the European Parliament
The President

H.-G. PÖTTERING

For the Council
The President

J. LENARČIČ