CELEX: 52000PC0126
Language: en
Date: 2000-07-20
Title: Proposal for a Directive of the European Parliament and of the Council on the admission of securities to official stock exchange listing and on information to be published on those securities - (codified version)

Avis juridique important

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52000PC0126

Proposal for a Directive of the European Parliament and of the Council on the admission of securities to official stock exchange listing and on information to be published on those securities - (codified version)  /* COM/2000/0126 final - COD 2000/0174 */  

Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on the admission of securities to official stock exchange listing and on information to be published on those securities - (codified version)(presented by the Commission)EXPLANATORY MEMORANDUM1. In the context of a people's Europe, the Commission attaches great importance to simplifying and clarifying Community law so as to make it clearer and more accessible to the ordinary citizen, thus giving him new opportunities and the chance to make use of the specific rights it gives him.This aim cannot be achieved so long as numerous provisions that have been amended several times, often quite substantially, remain scattered, so that they must be sought partly in the original instrument and partly in later amending ones. Considerable research work, comparing many different instruments, is thus needed to identify the current rules.For this reason a codification of rules that have frequently been amended is also essential if Community law is to be clear and transparent.2. On 1 April 1987 the Commission therefore decided to instruct its staff that all legislative measures should be codified after no more than ten amendments, stressing that this was a minimum requirement and that departments should endeavour to codify at even shorter intervals the texts for which they were responsible, to ensure that the Community rules were clear and readily understandable.  3. The Conclusions of the Presidency of the Edinburgh European Council (December 1992) confirmed this, stressing the importance of legislative codification as it offers certainty as to the law applicable to a given matter at a given time.It must be undertaken in full compliance with the normal Community legislative procedure.Given that no changes of substance may be made to the instruments affected by legislative codification, the European  Parliament, the Council and the Commission have agreed, by an interinstitutional agreement dated 20 December 1994, that an accelerated procedure may be used for the fast-track adoption of codification instruments.4. The purpose of this proposal [1] for legislative codification of Council Directives 79/279/EEC of 5 March 1979, coordinating the conditions for the admission of securities to official stock exchange listing, 80/390/EEC of 17 March 1980 coordinating the requirements for the drawing up, scrutiny and distribution of the listing particulars to be published for the admission of securities to official stock exchange listing, 82/121/EEC of 15 February 1982 on information to be published on a regular basis by companies the shares of which have been admitted to official stock-exchange listing, and 88/627/EEC of 12 December 1988 on the information to be published when a major holding in a listed company is acquired or disposed of, is to undertake official codification of this type. The new directive will supersede the various directives incorporated in it [2], their content is fully preserved, and they are brought together with only such formal amendments as are required by the codification exercise itself.[1]   Entered in the legislative programme for 1995.[2]   See Annex II, Part A, of this proposal.This legislative codification proposal also reflects the replacement of references to the "ECU" with references to the "euro", as laid down by Council Regulation (EC) No 1103/97 of 19 June 1997 [3].[3]   OJ L 162, 19.6.1997, p. 1.5. This legislative codification proposal was drawn up on the basis of the texts of the acts published in the Official Journal, in all the official languages. Although the articles have been given new numbers, the old numbering has been retained in the margin for ease of reference; the correlation between the old and new numbers is shown in a table set out in Annex III, to the codified Directive.Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on the admission of securities to official stock exchange listing and on information to be published on those securitiesTHE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,Having regard to the Treaty establishing the European Economic Community, and in particular Articles 44 and 95 thereof,Having regard to the proposal from the Commission,Having regard to the opinion of the Economic and Social Committee [4],[4]   OJ CActing in accordance with the procedure laid down in Article 251 of the Treaty [5],[5]   OJ CWhereas:&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;TABLE OF CONTENTSRECITALSTITLE I  DEFINITIONS AND SCOPE OF APPLICATIONChapter I  DefinitionsArticle 1    Chapter II  Scope of applicationArticle 2   Article 3   Article 4   TITLE II  GENERAL PROVISIONS CONCERNING THE OFFICIAL   LISTING OF SECURITIESChapter I  General conditions for admissionArticle 5   Article 6   Article 7   Chapter II  More stringent or additional conditions and obligationsArticle 8   Chapter III  DerogationsArticle 9   Article 10  Chapter IV  Powers of the national competent authoritiesSection 1  Decision of admissionArticle 11  Article 12  Article 13  Article 14  Article 15  Section 2  Information requested by the competent authoritiesArticle 16  Section 3  Actions against an issuer failing to comply to the obligations   resulting from admissionArticle 17  Section 4  Suspension and discontinuanceArticle 18  Section 5  Right to apply to the courts in case of refusal of admission   or discontinuanceArticle 19  TITLE III  PARTICULAR CONDITIONS RELATING TO OFFICIAL LISTING   OF SECURITIESChapter I  Publication of listing particulars for admissionSection 1  General provisionsArticle 20  Article 21  Article 22  Section 2  Partial or complete exemption from the obligation   to publish listing particularsArticle  23  Section 3  Permitted omission from the listing particulars of certain informationArticle 24  Section 4  Contents of the listing of particulars in certain specific casesArticle 25  Article 26  Article 27  Article 28  Article 29  Article 30  Article 31  Article 32  Article 33  Article 34  Section 5  Control and circulation of listing particularsArticle 35  Article 36  Section 6  Determination of the competent authorityArticle 37  Section 7  Mutual recognitionArticle 38  Article 39  Article 40  Section 8  Negotiations with non-member countriesArticle 41  Chapter II  Particular conditions for the admission of sharesSection 1  Conditions relating to companies for the shares of which admission   to official listing is soughtArticle 42  Article 43  Article 44  Section 2  Conditions relating to the shares for which admission is soughtArticle 45  Article 46  Article 47  Article 48  Article 49  Article 50  Article 51  Chapter III  Particular conditions relating to the admission to the official listing   of debt securities issued by an undertakingSection 1  Conditions relating to undertakings for the debt securities of   which admission to official listing is soughtArticle 52  Section 2  Conditions relating to the debt securities for which admission to   official listing is soughtArticle 53  Article 54  Article 55  Article 56  Article 57  Section 3  Other conditionsArticle 58  Article 59  Chapter IV  Particular conditions relating to the admission to official listing of   debt securities issued by a State, its regional or   local authorities or a public international bodyArticle 60  Article 61  Article 62  Article 63  TITLE IV  ONGOING OBLIGATIONS RELATING TO SECURITIES   ADMITTED TO OFFICIAL LISTINGChapter I  Obligations of companies whose shares are admitted to official listingSection 1  Listing of newly issued shares of the same class Article 64  Section 2  Treatment of shareholdersArticle 65  Section 3  Amendment of the instrument of incorporation or the statutesArticle 66  Section 4  Annual accounts and annual reportArticle 67  Section 5  Additional informationArticle 68  Section 6  Equivalence of informationArticle 69  Section 7  Periodical information to be publishedArticle 70  Article 71  Section 8  Publication and contents of the half-yearly reportArticle 72  Article 73  Article 74  Article 75  Article 76  Article 77  Chapter II  Obligation of issuers whose debt securities are admitted   to official listingSection 1  Debt securities issued by an undertakingArticle 78  Article 79  Article 80  Article 81  Article 82  Section 2  Debt securities issued by a State or its regional or local authorities or   by a public international bodyArticle 83  Article 84  Chapter III  Obligations relating to the information to be published when a   major holding in a listed company is acquired or disposed ofSection 1  General provisionsArticle 85  Article 86  Article 87  Article 88  Section 2  Information when a major holding is acquired or disposed ofArticle 89  Article 90  Article 91  Section 3  Determination of the voting rightsArticle 92  Section 4  ExemptionsArticle 93  Article 94  Article 95  Section 5  Competent authoritiesArticle 96  Section 6  SanctionsArticle 97  TITLE V  PUBLICATION AND COMMUNICATION OF THE INFORMATIONChapter I  Publication and communication of listing particulars for the   admission of securities to the official stock exchange listingSection 1  Procedures and period of publication of listing particulars and   their supplementsArticle 98  Article 99  Article 100  Section 2  Prior communication to the competent authorities of   the means of publicationArticle 101  Chapter II  Publication and communication of information after listingArticle 102  Chapter III  LanguagesArticle 103  Article 104  TITLE VI  COMPETENT AUTHORITIES AND COOPERATION   BETWEEN MEMBER STATESArticle 105  Article 106  Article 107  TITLE VII  CONTACT COMMITTEEChapter 1  Composition, working and tasks of the CommitteeArticle 108  Chapter II  Adaptation of the amount of equity market capitalisationArticle 109  TITLE VIII  FINAL PROVISIONSArticle 110  Article 111  Article 112  Article 113  Annex I   Schedule of listing particulars for the admission of securities   to the official stock exchange listingAnnex II  Part A, Repealed Directives and their successive amendmentsAnnex II  Part B, Deadlines for transposition into national lawAnnex III  Correlation table&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;2. The provisions mentioned in paragraph 1 shall not, however, apply to investment undertakings other than those of the closed-end type. //  82/121/EECArticle 1 (2), 1st subparagraph(adapted)3. The Member States may exclude central banks from the scope of the provisions mentioned in paragraph 1.  //  82/121/EECArticle 1 (3)(adapted)&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;The issuers must simultaneously send the information referred to in Articles 67, 68, 80 and 81, to the competent authorities.  //  79/279/EECArticle 17 (1)(adapted)2.   The half-yearly report referred to in Article 70 must be published in the Member State or Member States where the shares are admitted to official listing by insertion in one or more newspapers distributed throughout the State or widely distributed therein or in the national gazette, or shall be made available to the public either in writing in places indicated by announcement to be published in one or more newspapers distributed throughout the State or widely distributed therein, or by other equivalent means approved by the competent authorities. //  82/121/EECArticle 7 (1)(adapted)The company shall send a copy of its half-yearly report simultaneously to the competent authorities of each Member State in which its shares are admitted to official listing. It shall do so not later than the time when the half-yearly report is published for the first time in a Member State.  //  82/121/EECArticle 7 (3)&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;3. Without prejudice to cases covered by criminal law the competent authorities,  in application of Article 106,  receiving information  pursuant to Title III, Chapter I, Title V, Chapter I and Annex I,  may use it only for the performance of their duties or in the context of administrative appeals or legal proceedings in relation to such performance.  //  80/390/EECArticle 25 (3)(as amended by Directive 87/345/EEC - Article 1)(adapted)A competent authority which, pursuant to paragraph 2, receives confidential information under Title IV, Chapter III may use it solely for the performance of its duties.  //  88/627/EECArticle 14(3)(adapted)&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;Done at Brussels,For the European Parliament     For the CouncilThe President       The President&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;Annex IIPart ARepealed Directivesand their successive amendments(referred to in Article 111)Council Directive 79/279/EEC    (OJ L 66, 16.3.1979, p. 21)Council Directive 82/148/EEC    (OJ L 62, 5 3.1982, p. 22)Council Directive 88/627/EEC    (OJ L 348, 17.12.1988, p. 62)Council Directive 80/390/EEC    (OJ L 100, 17.4.1980, p. 1)Council Directive 82/148/EEC    (OJ L 62, 5.3.1982, p. 22)Council Directive 87/345/EEC    (OJ L 185, 4.7.1987, p. 81)Council Directive 90/211/EEC    (OJ L 112, 3.5.1990, p. 24)European Parliament and Council Directive 94/18/EC (OJ L 135, 31.5.1994, p. 1)Council Directive 82/121/EEC    (OJ L 48, 20.2.1982, p. 26)Council Directive 88/627/EEC    (OJ L 348, 17.12.1988, p. 62)Annex IIPart BTime-limits for transposition into national law(referred to in Article 111)Directive //  Time-limit for transposition79/279/EEC   //  8 March 1981 [6]  [7][6]  8. 3.1982 for the Member States which introduce simultaneously Directives 79/279/EEC and 80/390/EEC.[7]  30.6.1983 for the Member States which introduce simultaneously Directives 79/279/EEC, 80/390/EEC and 82/121/EEC.80/390/EEC   // 19 September 19821182/121/EEC  // 30 June 1983 [8][8]  Time-limit for application:30.6.1986.82/148/EEC  // 87/345/EEC  // 1 January 19901 January 1991 for Spain1 January 1992 for Portugal88/627/EEC  // 1 January 199190/211/EEC  // 17 April 199194/18/EC  // ANNEX IIICORRELATION TABLE&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;&gt;TABLE POSITION&gt;