Directive 2008/24/EC of the European Parliament and of the Council of 11 March 2008 amending Directive 2006/48/EC relating to the taking up and pursuit of the business of credit institutions, as regards the implementing powers conferred on the Commission (Text with EEA relevance)
Date: 2008-03-11
Institutions: Council of the European Union, European Parliament
Subjects: European Commission, credit institution, powers of the institutions (EU), provision of services, right of establishment

L 81/38

EN

Official Journal of the European Union

20.3.2008

DIRECTIVES

DIRECTIVE 2008/24/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL

of 11 March 2008

amending Directive 2006/48/EC relating to the taking up and pursuit of the business of credit
institutions, as regards the implementing powers conferred on the Commission

(Text with EEA relevance)

THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE
EUROPEAN UNION,

(3)

Having regard to the Treaty
establishing the European
Community, and in particular the first and third sentences of
Article 47(2) thereof,

Having regard to the proposal of the Commission,

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

(4)

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:

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.

inter alia, of

The Commission should be
empowered to adopt
technical adjustments and implementing measures to
take account,
technical developments in
financial markets and to ensure the uniform application
of Directive 2006/48/EC. Those measures are designed to
specify definitions, modify the scope of exemptions and
elaborate or supplement the provisions of that Directive
through technical adaptations related to the determi-
nation of own funds and the organisation, calculation
and evaluation of
risks and exposures. Since those
measures are of general scope and are designed to
amend non-essential elements of Directive 2006/48/EC,
inter alia, by supplementing it with new non-essential
elements, they must be adopted in accordance with the
regulatory procedure with scrutiny provided for
in
Article 5a of Decision 1999/468/EC.

(1)

(2)

Directive 2006/48/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 177, 30.6.2006, p. 1. Directive as last amended by Directive

2007/64/EC (OJ L 319, 5.12.2007, p. 1).

(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).

(5)

instruments adopted under

Directive 2006/48/EC provides for a time restriction
concerning the implementing powers conferred on the
statement concerning Decision
In their
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
the proposals
they would ensure that
declared that
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 2006/48/EC
should be deleted.

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

20.3.2008

EN

Official Journal of the European Union

L 81/39

(6)

(7)

(8)

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

2. Article 151 shall be amended as follows:

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

reference
to (4)

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

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

apply, having

regard

Directive 2006/48/EC should therefore be amended
accordingly.

(b) the following paragraph shall be inserted:

Since the amendments made to Directive 2006/48/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

‘2a. Where reference is made to this paragraph,
Articles 5 and 7 of Decision 1999/468/EC shall apply,
having regard to the provisions of Article 8 thereof.

The period laid down in Article 5(6) of Decision
1999/468/EC shall be set at three months.’;

HAVE ADOPTED THIS DIRECTIVE:

(c) paragraph 3 shall be replaced by the following:

Article 1

Amendments

Directive 2006/48/EC is hereby amended as follows:

1. Article 150 shall be amended as follows:

(a)

in paragraph 1,
replaced by the following:

the introductory wording shall be

‘1. Without prejudice, as regards own funds, to the
proposal that the Commission is to submit pursuant to
Article 62, the technical adjustments designed to amend
non-essential elements of this Directive in the following
areas shall be adopted in accordance with the regulatory
procedure with scrutiny referred to in Article 151(2):’;

(b) paragraph 2 shall be amended as follows:

‘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. This report
shall examine, in particular, the need for the Commission
to propose amendments to this Directive in order to
ensure the appropriate scope of
the implementing
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

(i) in

the

introductory wording,
accordance with the procedure
Article 151(2)’ shall be deleted;

‘in
the words
referred to in

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

(ii) the following subparagraph shall be added:

‘The measures referred to in points (a), (b), (c) and (f),
designed to amend non-essential elements of
this
Directive by supplementing it, shall be adopted in
accordance with the
regulatory procedure with
scrutiny referred to in Article 151(2). The measures
referred to in points (d) and (e) shall be adopted in
accordance with the regulatory procedure referred to
in Article 151(2a).’;

(c) paragraphs 3 and 4 shall be deleted;

Article 3

Addressees

This Directive is addressed to the Member States.

Done at Strasbourg, 11 March 2008.

For the European Parliament
The President

H.-G. PÖTTERING

For the Council
The President
J. LENARČIČ