Directive 2008/18/EC of the European Parliament and of the Council of 11 March 2008 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: 2008-03-11
Institutions: Council of the European Union, European Parliament
Subjects: European Commission, approximation of laws, investment company, investment transaction, powers of the institutions (EU), securities

L 76/42

EN

Official Journal of the European Union

19.3.2008

DIRECTIVE 2008/18/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL

of 11 March 2008

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
Community, and in particular Article 47(2) thereof,

establishing the European

Having regard to the proposal of the Commission,

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

Acting in accordance with the procedure
Article 251 of the Treaty (2),

laid down in

Whereas:

Council Directive 85/611/EEC (3) 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
implementing powers
the exercise of
conferred on the Commission (4).

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.

The Commission should be empowered to adopt the
measures necessary for the implementation of Directive
85/611/EEC by adopting technical amendments clarifying
the definitions so as to ensure the uniform application of
that Directive throughout the Community, and aligning
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
of Directive
85/611/EEC, they must be adopted in accordance with
the regulatory procedure with scrutiny provided for in
Article 5a of Decision 1999/468/EC.

non-essential

elements

amend

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

Since the amendments made to Directive 85/611/EEC by
in nature and concern
this Directive are technical
they do not need to be
committee procedure only,
is therefore not
transposed by the Member States.
necessary to lay down provisions to that effect,

It

(4)

(5)

(6)

the

introduced

Decision 1999/468/EC has been amended by Decision
regulatory
2006/512/EC, which
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.

In accordance with the statement by the European
the Commission (5)
Parliament,
concerning Decision 2006/512/EC,
for the regulatory
procedure with scrutiny to be applicable to instruments

the Council

and

HAVE ADOPTED THIS DIRECTIVE:

Article 1

Amendments

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

‘Article 53a

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

(1) OJ C 161, 13.7.2007, p. 45.
(2) Opinion of

the European Parliament of 10 July 2007 (not yet
published in the Official Journal) and Council Decision of 3 March
2008.

(3) 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).

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

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

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

(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.

(1)

(2)

(3)

19.3.2008

EN

Official Journal of the European Union

L 76/43

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

procedure with

scrutiny

referred

to

Article 53b

1.
The Commission shall be assisted by the European
Securities Committee instituted by Commission Decision
2001/528/EC (*).

reference

2. Where
paragraph,
is made
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

to

Article 2

Entry into force

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

Article 3

Addressees

This Directive is addressed to the Member States.

Done at Strasbourg, 11 March 2008.

___________
(*) OJ L 191, 13.7.2001, p. 45. Decision as amended by

Decision 2004/8/EC (OJ L 3, 7.1.2004, p. 33).’

For the European Parliament
The President

H.-G. PÖTTERING

For the Council
The President
J. LENARČIČ