CELEX: 51989PC0621
Language: en
Date: 1989-12-08
Title: RE-EXAMINED PROPOSAL FOR A SECOND COUNCIL DIRECTIVE ON THE COORDINATION OF LAWS, REGULATIONS AND ADMINISTRATIVE PROVISIONS RELATING TO THE TAKING-UP AND PURSUIT OF THE BUSINESS OF CREDIT INSTITUTIONS AND AMENDING DIRECTIVE 77/780/EEC

No C 318/22                            Official Journal of the European Communities                                        20. 12. 89
               Re-examined proposal for a Second Council Directive on the coordination of laws, regulations
               and administrative provisions relating to the taking-up and pursuit of the business of credit
                                     institutions and amending Directive 77/780/EEC (')
                                                  COM(89) 621 final — SYN 120
               (Submitted by the Commission pursuant to Article 149 (2) (d) of the EEC Treaty on 8 December
                                                                     1989)
                                                                 (89/C 318/09)
               O OJ No C 84, 31. 3. 1988, p. 2.
               COMMON POSITION OF THE COUNCIL                                         REEXAMINED PROPOSAL OF THE COMMISSION
                                                 R e c i t a l s 1 to 22 u n c h a n g e d
 23 rd recital                                                              23 rd recital
Whereas technical modifications to the detailed rules laid                 Whereas technical modifications to the detailed rules laid
down in this Directive may from time to time be neces-                     down in this Directive may from time to time be neces-
sary to take account of new developments in the banking                    sary to take account of new developments in the banking
sector; whereas the Commission shall accordingly make                      sector; whereas the Commission shall accordingly make
such modifications as are necessary, after consulting the                  such modifications as are necessary, after consulting the
Banking Advisory Committee, within the limits of the                       Banking Advisory Committee, within the limits of the
implementing powers conferred on the Commission by                         implementing powers conferred on the Commission by
the Treaty; whereas that Committee shall act as a 'regu-                   the Treaty; whereas that Committee shall act as a 'regu-
latory' committee, according to the rules of procedure                     latory' committee, according to the rules of procedure
laid down in Article 2, procedure III, variant (b) of                      laid down in Article 2, procedure III, variant (a) of
Council Decision 87/373/EEC of 13 July 1987 laying                         Council Decision 87/373/EEC of 13 July 1987 laying
down the procedures for the exercise of implementing                       down the procedures for the exercise of implementing
powers conferred on the Commission ( l );                                  powers conferred on the Commission ( l );
                                                  A r t i c l e s 1 to 9: u n c h a n g e d
                                              A r t i c l e 9 (1) to ( 3 ) : u n c h a n g e d
                         Article 9 (4)                                                             Article 9 (4)
4.    Whenever it appears to the Commission, either on                     4.    Whenever it appears to the Commission, either on
the basis of the reports referred to in paragraph 2 or on                  the basis of the reports referred to in paragraph 2 or on
the basis of other information that Community credit                       the basis of other information that Community credit
institutions in a third country do not receive national                    institutions in a third country do not receive national
treatment offering the same competitive opportunities as                   treatment offering the same competitive opportunities as
are available to domestic credit institutions and that the                 are available to domestic credit institutions and that the
conditions of effective market access are not fulfilled, the               conditions of effective market access are not fulfilled, the
Commission may initiate negotiations in order to remedy                    Commission may initiate negotiations in order to remedy
the situation.                                                             the situation.
(') OJ No L 197, 18. 7. 1987, p. 33.                                       (') OJ No L 197, 18. 7. 1987, p. 33.
 ---pagebreak--- 20. 12. 89                             Official Journal of the European Communities                                   No C 318/23
             COMMON POSITION OF THE COUNCIL                                           REEXAMINED PROPOSAL OF THE COMMISSION
In the circumstances described in the first subparagraph,                 In the circumstances described in the first subparagraph,
it may also be decided at any time, and in addition to                    it may also be decided at any time, and in addition to
initiating negotiations, in accordance with the procedure                 initiating negotiations, in accordance with the procedure
laid down in Article 22 (2), that the competent authori-                  laid down in Article 22 (2), that the competent authori-
ties of the Member States must limit or suspend their                     ties of the Member States must limit or suspend their
decisions regarding requests pending at the moment of                     decisions regarding requests pending at the moment of
the decision of future requests for authorizations and the                the decision of future requests for authorizations and the
acquisition of holdings by direct or indirect parent                      acquisition of holdings by direct or indirect parent
undertakings governed by the laws of the third country                    undertakings governed by the laws of the third country
in question. The duration of the measures referred to                     in question. The duration of the measures referred to
may not exceed three months.                                              may not exceed six months.
Before the end of that three-month period, and in the                     Before the end of that six month period, and in the light
light of the results of the negotiations, the Council may,                of the results of the negotiations, the Council may,
acting on a proposal from the Commission, decide by a                     acting on a proposal from the Commission, decide by a
qualified majority whether the measures shall be conti-                   qualified majority whether the measures shall be conti-
nued;                                                                     nued;
Such limitations or suspension may not apply to the                       Such limitations or suspension my not apply to the
setting up of subsidiaries by credit institutions or their                setting up of subsidiaries by credit institutions or their
subsidiaries duly authorized in the Community, or to the                  subsidiaries duly authorized in the Community, or to the
acquisition of holdings in Community credit institutions                  acquisition of holdings in Community credit institutions
by such institutions or subsidiaries.                                     by such institutions or subsidiaries.
                                             A r t i c l e 9 (5) to 2 1 : u n c h a n g e d
                                                 A r t i c l e 22 ( 1 ) : u n c h a n g e d
                        Article 22 (2)                                                            Article 22 (2)
2.     The Commission shall be assisted by a committee                     2.    The Commission shall be assisted by a committee
composed of representatives of the Member States and                       composed of representatives of the Member States and
chaired by a representative of the Commission.                             chaired by a representative of the Commission.
The Commission representative shall submit to the                         The representative of the Commission shall submit to the
 committee a draft of the measures to be taken. The                        committee a draft of the measures to be taken. The
 committee shall deliver its opinion on the draft within a                 committee shall deliver its opinion on the draft within a
time limit which the chairman may lay down according                       time limit which the chairman may lay down according
 to the urgency of the matter. The opinion shall be deli-                  to the urgency of the matter. The opinion shall be deli-
vered by the majority laid down in Article 148 (2) of the                 vered by the majority laid down in Article 148 (2) of the
Treaty in the case of decisions which the Council is                      Treaty in the case of decisions which the Council is
required to adopt on a proposal from the Commission.                       required to adopt on a proposal from the Commission.
The votes of the representatives of the Member States in                  The votes of the representatives of the Member States in
the committee shall be weighted in the manner set out in                   the committee shall be weighted in the manner set out in
that Article. The chairman shall not vote.                                 that Article. The chairman shall not vote.
The Commission shall adopt the measures envisaged if                       The Commission shall adopt the measures envisaged if
 they are in accordance with the opinion of the                            they are in accordance with the opinion of the
 Committee.                                                                Committee.
 If the measures envisaged are not in accordance with the                  If the measures envisaged are not in accordance with the
 opinion of the committee, or if no opinion is delivered,                  opinion of the committee, or if no opinion is delivered,
 the Commission shall, without delay, submit to the                        the Commission shall, without delay, submit to the
 Council a proposal relating to the measures to be taken.                  Council a proposal relating to the measures to be taken.
The Council shall act by a qualified majority.                             The Council shall act by a qualified majority.
 ---pagebreak--- No C 318/24                          Official Journal of the European Communities                                 20. 12. 89
              COMMON POSITION OF THE COUNCIL                                  REEXAMINED PROPOSAL OF THE COMMISSION
If the Council does not act within three months of the             If on the expiry of three months from the day of referral
referral to it the Commission shall adopt the measures             to the Council, the Council has not acted, the proposed
proposed, unless the Council has decided against those             measures shall be adopted by the Commission.
measures by a simple majority.
                                    A r t i c l e s 23 to 25 a n d A n n e x u n c h a n g e d