CELEX: 51980PC0332
Language: en
Date: 1980-06-18
Title: Amended proposal for a COUNCIL DIRECTIVE on information to be published on a regular basis by companies whose shares are admitted to official stock exchange listing (submitted to the Council by the Commission, pursuant to the second paragraph of article 149 of the EEC Treaty)

ARCHIVES HISTORIQUES
DE LA COMMISSION
COLLECTION RELIEE DES
DOCUMENTS "COM"
COM (80) 332
Vol. 1980/0120
 ---pagebreak--- Disclaimer
Conformément au règlement (CEE, Euratom) n° 354/83 du Conseil du 1er février 1983
concernant l'ouverture au public des archives historiques de la Communauté économique
européenne et de la Communauté européenne de l'énergie atomique (JO L 43 du 15.2.1983,
p. 1), tel que modifié par le règlement (CE, Euratom) n° 1700/2003 du 22 septembre 2003
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In accordance with Council Regulation (EEC, Euratom) No 354/83 of 1 February 1983
concerning the opening to the public of the historical archives of the European Economic
Community and the European Atomic Energy Community (OJ L 43, 15.2.1983, p. 1), as
amended by Regulation (EC, Euratom) No 1700/2003 of 22 September 2003 (OJ L 243,
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file have been declassified in conformity with Article 5 of the aforementioned regulation.
In Übereinstimmung mit der Verordnung (EWG, Euratom) Nr. 354/83 des Rates vom 1.
Februar 1983 über die Freigabe der historischen Archive der Europäischen
Wirtschaftsgemeinschaft und der Europäischen Atomgemeinschaft (ABI. L 43 vom 15.2.1983,
S. 1), geändert durch die Verordnung (EG, Euratom) Nr. 1700/2003 vom 22. September 2003
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 ---pagebreak--- COMMISSION OF THE EUROPEAN COMMUNITIES
                                                         COM(80)332 final
                                                         Brussels , 18 June 1980
                          Amended proposal for a
                              COUNCIL DIRECTIVE
            on information to be published on a regular
           basis by companies whose shares        are admitted
                 to official stock exchange listing
            ( submitted to the Council by the ] Commission^
         pursuant to the second paragraph of article 149
                             of the EEC Treaty )            "
                                       •  >.n
                             1S .
                        ? S -06" \ \
                        Sor« a«SetiÇVMl' * .3
                             f.,onéfsl      , -5V
  COM ( 80 ) 332 final
                      ■ Λ
 ---pagebreak---  0Hq1nal_Progesal                  ;        New_\/eps2on
 Proposal for a Council Directive on        Amended proposal for a Council Directive
 information to be published on a regu- on information to be published on a regu­
 lar basis by companies whose transfer- lar basis by companies whose shares are
 able securities are admitted to offi - admitted to official stock exchange list-
 cial stock exchange listing                ing
 The Council of the European Communi -      unchanged
 ties ,
Having regard to the Treaty establish-      unchanged
 ing the European Economic Community ,
 and in particular Article 54(3)(g )
 thereof .
 Having regard to the proposal from the unchanged                                          -
 Commi ssion ,
 Having regard to the opinion of the         unchanged                      ;•
 European Parliament , ( 1 )
 Having regard to the opinf'on of the        unchanged
 Economic and Social Committee , ( 2 )
        /
 Whereas the Sixth Council Directive         Whereas      Council Directive 80 / 390 / EEC
 . ...          af           concerning the of 17 March 1980 coordinating the require-
 content , checking and distribution of      ments for the drawing up , scrutiny and
 the prospectus to be published when         distribution of the listing particulars
 securities issued by companies within       to be published for the admission of secu-
 the meaning of the second paragraph         rities to official stock exchange listing(3 )
 of Article 58 of the Treaty are ad-         seeks to ensure improved protection of in-
 mitted to official stock exchange          vestors and a greater degree of equivalence
  listing ( 3 ) seeks to ensure improved     from country to country in the protection
 protection of investors and a greater      provided , by coordinating requirements as
 degree of equivalence from country to      to the information to be published at the
 country in the protection provided ,       time of admission ;
                                                                                  \
 by coordinating requirements as to the
 information to be published at the
 time of admission ;
  ( 1 ) 0J N° C     of
  ( 2 ). 0J N° C 53 of 3 March 1980/ p.
  ( 3 ) 0J N° L 100 of 17 April 1980/ p. 1
 ---pagebreak---  Whereas , in the case of securities ad-    unchanged
 mitted to official stock exchange list­
  ing , the protection of investors re­
 quires that these latter be supplied           r ,   '     ■
 with appropriate regular information
 throughout the entire period during
 which the securities are listed ; whereas
 coordination of this regular information
 has similar objectives to those envisaged    \
for the prospectus , namely to improve
such protection and to make it more
equivalent , to make securities - more
attractive to investors , to facilitate
the quotation of these securities on
more than one stock exchange in the
Community , and in so doing to contri­
bute towards the establishment of a                                   • . .
genuine Community capital market by                 '
permitting a fuller interpenetration
of securities markets ;
Whereas , under Council Directive          Whereas , under Council Directive 79 / 279 / EEC
                                                                                         >
of                coordinating the con-    of 5 March 1979 coordinating the condi-
ditions for the admission of securities    tions for the admission of securities to
to official stock exchange fisting ( 4), official stock exchange listing ( 4),
quoted companies must at the end of the    quoted companies must at the end of
financial year make available to in-       the financial year make available to in­
vestors their annual accounts and re-      vestors their annual accounts and report .
port giving information on the company     giving information on the company for the
for the whole of the financial year ;      whole of the financial year . W hereas the
whereas the Fourth Council Directive       Fourth Council Directive 78/ 660/ EEC of
                                                                            *
( 4 ) OJ N° L 66 of 16 March 1979/ P - 21
 ---pagebreak---                                         - 3 -
                                     t
 78/ 660/ EEC of 25 July 1978 ( 5 ) has       25 July 1978 ( 5 ) has coordinated the laws ,
 coordinated the laws , regulations           regulations and administrative provisions
and administrative provisions of the          of the Member States concerning the annual
Member States concerning the annual           accounts of certain types of companies ;       K
accounts of certain types of compa­
nies ;
Whereas the company should also , at          unchanged                                        _• • •
 least once during the financial year ,
make available to investors a report
on the company 's business ; whereas
the present Directive can , conse­
quently , be confined to' cbordinating
the content and distribution of a
 single report covering the first six
months of the financial year ;
                                \
Whereas , however , in the case of             Whereas , however , in the case of ordinary
ordinary debentures , because of the           debentures , because of the rights they
 rights they confer on the bearer , the        confer on their bearer , the protection of
protection of investors by means of            investors by means of the publication of
the publication of a half-yearly re-           a half-yearly report is not essential ;
port is not essential , whereas con-           whereas , by virtue of Directive
 sequently regular information needs            79 / 279 / FEC , convertible or exchangeable       '
to be coordinated only for companies          debentures and debentures with warrants may
whose shares , convertible debentures ,       be admitted to official listing only if the re-
exchangeable debentures , debentures           lated shares are already listed on the same
with warrants attached or participating stock exchange or orv another regulated , regu-
debentures are admitted to official            larly operating , recognized open market or are
stock exchange listing ;                      so admitted simultaneously ; whereas the Member
                                              States may derogate from this principle only if
                                              their competent authorities are satisfied that
          '                                   holders have at their disposal all the informa-
                                            • tion necessary to form an opinion concerning
                        I : '                 the voluo of the shares to which these debt
( 5 ) OJ N° L 222 , 14.8.1978, p. 11
 ---pagebreak---                                        - L -
                                             securities relate ; whereas consequently
                                             regular information needs to be coordi­
                                             nated only for companies whose shares
                                             are admitted to official stock exchange
                                             listing ;
Whereas the half-yearly report must          unchanged
enable the investors to make an in­
formed appraisal of the general de­
velopment of the company 's activity
during the period covered by the
report ; whereas ,, however , this re­
port need contain 'only the essential
details on the financial position
and general progress of the business
of the company in question ;
Whereas coordination should be              unchanged
achieved by stages and should there­
fore be confined at present to the
establishment of minimum rules ;
Whereas , in order to take account of       unchanged
difficulties resulting from the
current state of legislation in cer­
tain Member States , a longer period
may be provided for companies to
adapt themselves to the provisions
of # the Directive than that provided
for the adaptation of national legis­
lation ;
 ---pagebreak---                                    - 5 -
Whereas , so as to ensure effective pro- Whereas , so as to ensure effective pro­
 tection of investors and the proper     tection of investors and the proper
operation of stock exchanges , the ru-   operation of stock exchanges , the rules
 Les relating to regular information     relating to regular information to be
to be published by companies whose       published by companies whose shares are .
securities are admitted to official      admitted to official stock exchange
stock exchange listing within the        listing within the Community should
Community should apply not only to       apply not only to companies from Member
companies from Member States referred    States , but also to companies from
to in the second paragraph of Arti -     third countries ;
cle 58 of the Treaty , but also to
companies from third countries ;
HAS ADOPTED THIS DIRECTIVE :             unchanged
 ---pagebreak---                        Section I : General provisions and field of application
 Article 1                      ,                        Article 1
• 1.           This Directive shall apply          ,     1.          This Directive shall apply to
    to companies whose shares , convertible -            companies whose shares are admitted to
    debentures , exchangeable debentures ,,/             official listing on a stock exchange
   debentures 'carrying warrants or parti-' . situated or operat ing within the terri-
   cipating debentures are admitted to                   tory of a Member State , whether the
   official listing , on a" stock exchange               admission is of the shares, themselves
    situated or operating within the           \       „ or certificates representing them ? and
   territory of a Member State , whether                 whether such admission precedes or
  •such securities themselves or certi -                 follows the - date when this Directive
   .ficates. representing them are admitted              enters - into force ,                .    ■
   and whether such admission precedes ■                                            -  •
  or follows the date . when this Direct
   tive enters     into force .
   2.      ■ . This Directive shall , however ,          2.          This Directive shall not apply /
   not apply to investment companies -■                  to investment companies -other than the
   other than of' the closed-end type .                  closed-end type ., .
                                             '            '.V
               For . the purposes of this        ■              - For purposes of        this
    Directive , " investment companies .other            Directive , " investment companies
    than of the closed-end type " shall              -   other than the closed-end type " shall ,
    mean investment : companies :                  '     mean i/ivestment companies :
   - whose object is the collective                      - the object of which is the collective
       investment of capital provided by                      investment of capital provided by the
       the public , and which operate on                      public , and which operate on the
       the principle of risk spreading ;                      principle of risk spreading ; and
     - and                                               - the units of which are , at the ■'
                                                              holders' request , repurchased or
 - whose units are , at the request of                             ,      ,  ..                      •
                         '    . .   M                         redeemed , directly or indirectly ,
      holders , repurchased or redeemed ,               ' -      .     ,          .   , ...     „     . „
                                                              out of the assets of these companies .
      directly . or indirectly , as a charge
      on the assets of these companies .
 ---pagebreak---                                        - 7 -
           Action taken by a company to            Action taken by such companies to
 ensure that the stock exchange value of      ensure that the stock exchange value of
 its units does not significantly vary        their units does not significantly vary
 from tire net asset value shall be re-       from their net asset value shall be re­
garded as equivalent to such repurchase garded as equivalent to such repurchase
or redemption .                               or redemption .
Article 2                                     Article 2
           The companies referred to in      The Member States shall ensure that the
Article 1 shall publish , each financial companies referred to in Article 1 shall
year , a half-yearly report relating to      publish , each financial year / a half-yearly
their activity during the first six          report relating to their activity during the
months of their financial year .             first six months of their financial year .
Article 3                                     Article 3
           The Member States may make         unchanged
companies to which this Directive
applies subject to more rigorous obli­
gations than those contained in this
Directive , or to additional obliga­
tions , provided that they are of ge­
neral application for all companies
or for individual classes of company .
           Section II :   Publication and contents of half-yearly report
Article 4                                    Article 4
           The half-yearly report shall      unchanged
be published within three months of
the end of the relevant six-month      ,
period .
Article 5                                    Article 5
             /
1.         The half-yearly report shall      unchanged
consist of figures and an' explanatory
statement relating to the company's'
business during the relevant six-
month period .          ' V
 ---pagebreak---   2.         The figures , presented in      unehangea
  table form , shall show at least the
  following :
 - net turnover ;
 - other operating income ;
 - opérât mg charges ;
 - gross operating result ;
 - interim dividends ( if any ) paid
    or proposed .
 3.         Against each of the above        unchanged
 figures , the figure for the correspond­
 ing period in the preceding financial                     "
 year shall also be shown .                      "                  -
.4.         The explanatory statement shall  4.      The explanatory statement shall
 enable investors to make an informed        enable investors to make an informed
 appraisal of the company 's business        assessment of the development of the
 during the relevant period and to make      company 's business during the relevant
 a comparison with the corresponding         period and to make a comparison with
 period of the previous financial year .     the corresponding period of the previous
 The explanatory statement shall relate .    financial year . The explanatory statement
 to the figures referred to in para-         shall relate to the figures referred to in
 graph 2 and to at least the following       paragraph 2 and , to at least the following
 items , giving supporting figures when-    items to the extent that, they are si'gnifi-
 ever appropriate :                         cant giving supporting figures whenever
                                            appropriate :
 - the number of persons employed ;          - the number bf perspns . employed ;
 - investment carried out and deci -      ~  - investments carried out and firm commit - ,
     sions taken as to future investment ;      ments made by the company 's management
 - state of the order book ;            '       bodies concerning principal future invest­
 - the general situation regarding stocks   • ments , with the exception of interests to
    of finished products ;                      be acquired in other undertakings ;
 - the degree of capacity utilization ;      - state of the order book ;
 - any new products or activities which      - the general situation regarding stocks of
     have had a significant effect on           finished products ;
                                                           Φ
    turnover .                     1         - the degree of capacity utilization ;
 ---pagebreak---                                             - any new products or activities which
                                               have had a significant effect on turn­
                                               over ;
                                            - the company 's prospects for the current
                                               financial year .
Article 6                                   Article 6
1.        For the purposes of this          1.        For the purposes of this Directive :
Directive :
- net turnover shall cpmprise the           - net turnover shall comprise the amounts
   amounts derived from the' sale of           derived from the sale of products and the
   products and the provision of ser­          provision of services falling within the
   vices falling within the company 's         company 's ordinary activities , after de­
   ordinary activities , after deduction       duction of sales rebates and of value added
   of sales rebates and of value , added       tax and    other taxes directly linked to the
   tax and other taxes directly linked         turnover ;
   to the turnover . Where the half-           ( second sentence deleted )
   yearly report is drawn up on a con­
   solidated basis , net turnover , shall '
   not comprise the sale of products
   and provision of services between
   companies forming part of the group ;
 - other operating income shall com­
   prise items 2 , 3 and 4 in Article 23
   and their equivalents in Article 24 ,
   and item 6 of Article 25 and its
   equivalent in Article 26 of the
   Fourth Council Directive of 25 July         Fourth Council Directive 78 / 660 / EEC on
   1978 on the annual accounts of cer­         the annual accounts of certain types
   tain types of companies ;                   of companies ;
 ---pagebreak---                                           - 10 -
.«• operating charges shall comprise Items         unchanged
      5 , 6, 7 and 8 In Article 23 and their
      equivalents in Articles 24 and items s
      2, 4 and 5 of Article 25 and their
      equivalents in Article 26 of the Fourth
      Directive referred to above ;    »
   - gross operating result is the differ-         unchanged
      ence between ( a ) the net turnover
      together with other operating income
      and ( b ) operating charges .
   2.            In respect of companies whose     unchanged
   annual accounts do not have to be drawn
  up in accordance with the Fourth Direc­
  tive referred to above, the information
  defined in the second and third indents
  of paragraph 1 above shall be established
  in an equivalent manner .
  Article 7                                       Article 7
                Net turnover shall be broken      deleted
  down by categories of activity and into
  geographical markets , in so far as ,
  taking account of the manner in which
  the sale of products and the provision
  of services falling within the company 's
  ordinary activities are organized,these
  categories and markets differ substan­
  tially from one another .
  Article 8                                       Article 8
  1.            If the company prepares consoli - unchanged
  dated annual accounts only, the half-
  yearly report shall, be drawn up in con­
  solidated form.                                            '
                                   /
                                  4
 ---pagebreak---                                      - 11 -
 2.         If the company prepares both un-     2 . If the company prepares both uncon-
 consolidated accounts and consolidated          solidated annual accounts and consoli-
 accounts , the half-yearly report shall be      dated annual accounts , the half-yearly
                          I               -                -»
drawn up in both forms .    In that event ,      report shall be drawn up in both forms ,
however , the competent authority may            However , the competent authorities may
authorize the company to draw up the half- authorize the company to draw up the
yearly report either in unconsolidated           half-yearly report either in unconsolida-
or in consolidated form     provided that        ted form or in consolidated form , on - con-
the other form does not convey any signi -       dition that the other form does : no t .pro-
ficant supplementary information .               vide any significant additional information .
Article 9                                        Article 9
1.         The half-yearly report shall          1.      The half-yearly report shall be pub­
                        *                            « ·                        ·*
be published in one or more newspapers           lished in the Member State or Member
distributed throughout the country or            States where the shares are admitted to
distributed widely , or in the national          official listing by insertion in one or
gazette , or shall be made available to          more newspapers distributed throughout
the public either in writing in places           the country or distributed widely , or -in
indicated by announcements to be                 the national gazette , or shall be made
published in one or more newspapers              available to the public either in writing
distributed throughout the country or            in places indicated by announcements to
widely distributed , or by other equi -          be published in one or more newspapers         y
valent means approved by the competent           distributed throughout the country or
authorities .                                    widely distributed , or by other equi­
                                |                valent means approved by the competent
                                                 authorities .
           If the transferable securi -                  If the shares are admitted to official
ties are admitted to official listing            listing in more than one Member State , the
in more than one Member State , the         .    half-yearly report shall be published
half-yearly report shall be published            simultaneously in each such Member State .
simultaneously in each such Member
    ^                                            1a . < In addition , the half-yearly report of
otdie .
                                                 companies referred to in Article 1 of
                                                 Directive 68/ 151 / EEC of 9 March 1968 ( 1 )
                       ; -    !                  must be published in accordance with Arti-
                              ,    ,             cle 3 of that Directive .
                                        -    ' ■ ( 1 ) OJ N° L 65 of 14.3 . 1968
 ---pagebreak---   2.        The half-yearly report shall be unchanged
  published in the official language or
  languages or in one of the official
  languages or in another language , pro­
 vided that , in the State concerned ,
 such official language or languages or
 such other language are customary in the      ,
 sphere of finance and are accepted by
 the competent authorities .                                               .
 3.        The company shall send a copy       3.     The company shall send a copy of the
 of the half-yearly report simultaneously , half-yearly report simultaneously , not later
 not later than tfhe time of its publica-      than the time of its publication, to the com-
 tion , to the competent authorities of       petent authorities of each Member State in
each Member State in which the transfer-      which the shares are admitted to official
able securities are admitted to official       listing .
 listing .      _                                                                •
                                      .       Article 10
                                                      The half-yearly report must state
Article 10
                                              whether the accounting information contained
           The half-yearly report must        therein has or has not been audited by the
                                              \
state whether the financial information       official . auditor of ' the company 's accounts , v
contained therein has or has not been         If such information has been audited , and if
checked by the official auditor of the "': the audit rep0rt has_ been refused -the
company 's accounts. If the auditor has L^cial auditor or if it contains qualifier
made any qualifications , these must          tions , such refusal or such qualifications
also be, stated .               •             shall be reproduced in full and the reasons
                                              given .
             Section III : Powers of the competent authorities           "   -
Article 11 .      -v                          Article 11
1.         The Member States shall de-        1 ."   Member States shall appoint one or more
signate the national authority or             competent authorities and shall notify the
authorities responsible for ensuring          Commission of the appointments of such
that the rules laid down in this        .     authorities , giving details of any division
Directive are applied .    They shall     , . of powers among them .     Member States shall
inform the Commission accordingly,            also be responsible for seeing that Directi ve
indicating , if appropriate/ how duties       is applied .
have been allocated .
 ---pagebreak--- 2.          The Member States shall ensure  2.     Member States shall ensure that
 that the competent authorities are in­     the competent authorities have the powers
 vested with such authority and such        necessary for them to carry out their
                           ι
 powers as may be necessary fo^* carrying   task .
 out their task .
 3.         In cases where particular re-   unchanged
 quirements of this Directive are in­
 appropriate to the company 's sphere of
 activity , the competent authorities shall
 ensure that suitable adaptations are
 made to these requirements .               A.     The competent authorities may
                                            authorize omission from the half-yearly
4.          The competent authorities may   report of certain information provided for
exempt the company from publishing any      by this Directive if they consider that
 information required by this Directive     disclosure of such information would be
 if they are satisfied that :               contrary to the public interest or seriously
                                            detrimental to the company , provided that ,
- such information is of minor impor­
                                            in the latter case , such omission would not
    tance only and is. unlikely to in­
                                            be likely to mislead the public with regard
    fluence assessment of the develop­
                                            to   facts and circumstances , knowledge of
    ment of the company 's business ;
                                            which is essential for the assessment of the
- disclosure of such information would
                                            shares in question .
    be contrary to the public interest
    or seriously detrimental to the com­
    pany , provided that , in the latter
    case , non-publication is not likely
    to mislead the public with regard to
    facts and circumstances essential
    for assessment of the company 's
    transferable securities referred to
    in Article 1 .  '
 ---pagebreak---                                       - 14 -
5.        The provisions of paragraphs 3 unchanged
 and A shall also apply to the more ri -                                            (
 gorous or additional obligations imposed
 pursuant to Article 3 .
                                              6.      If a company which is
                                              governed by the law
                                              of a non-Member State publishes a half-
                                              yearly report in that State , the compe­
                                              tent authorities may authorize it to
                                              publish such report instead of the half-
                                              yearly report drawn up in accordance
                                  .            with Article 5 of this Directive , pro­
                                          ,   vided that such report gives comparable
                                               information to that required by that ■
                                              A rticle . ^
                                    s          '                      '
                             ,  .             6a .    This Directive shall not affect the
            '      •   .     L                competent authorities' liability , which
      1                                       shall continue to be governed solely by
                                              national law .                           *
                Section III a : Cooperation between Member States
                                             Article 11 a                                  . .
                                                     Where a half-yearly report is re­
                                             quired to be published in more than one
                                             Member State , the competent authorities of
                           ,                 the Member States concerned shall exchange
                                             information and use their best endeavours
                                             to achieve maximum co-ordination of their
                                             requirements concerning the half-yearly
                                             report , with a view to avoiding a multiplicity
                                             of formalities and to agreeing to a singl e
                                             text requiring at the most translation , where
                     s                       appropriate, and thg . issue of supplements as
                 .                           necessary to meet the individual requirements
                                             of each Member State concerned .
 ---pagebreak---                                        - 15 -
                               Section IV      Contact Committee
 Article 12                                 Article 12
             The Contact Committee estab-               The Contact Committee _se
                                                                               set up by
 lished by the Council Directive of         Article 20 of Directive 79 /279 / EE
                                                                               EEC
               coordinating the conditions shall also have as its function :
 for the admission of securities to        L_' .
official stock exchange listing shall
also have as its function :
 a ) to facilitate , without prejudice      a ) without prejudice to Articles 169 and
      to the provisions of Articles 169         170 of the Treaty to facilitate the
z     and 170 of the Treaty > harmonized        harmonized implementation of this Direc­
      application of the Directive              tive through regular consultations on any
      through regular consultations on .        practical problems arising from its
      any practical problems arising             application on which exchanges of views
      from its application , on which            are deemed useful ;
      exchanges of opinion are deemed
      useful ;
 br to facilitate the establishment         b ) to facilitate consultation between the
     -of a concerted attitude between           Member States on the more rigorous or addi­
      the Member States on the more             tional obligations which they may lay
      rigorous or additional obliga­            down at national level pursuant to Arti­
      tions which they may lay flown at         cle 3 ;
      purely national level pursuant
      to Article 3 ;
c ) to advise the Commission , if           c ) to advise the Commission , if necessary ,
     necessary , on any supplements or          on any additions or amendments to be made
      amendments to be made to the              to this Directive .
      Directive .
                                Section V :    Final provisions
Article 13                                  Article 13
1.          Member States shall take        1.         Member States shall take the mea­
the measures necessary in order to          sures necessary to comply with this Directive
 comply with this Directive within          within two years of its notification . They
two years of its notification and           shall forthwith inform the Commission thereof .
 shall forthwith inform the Commission
 thereof .
 ---pagebreak---  2.       The Member States may stipulate   unchanged
 that the measures referred to in para­
graph 1 shall not apply until one year
after the end of the period provided
for in that paragraph .
3.        With effect from the notifi­      3.    hs from the notification of this
cation of this Directive , Member States    Directive , Member States shall communi­
shall communicate to the Commission         cate to the Commission the texts of the
the texts of the main laws , regula­        main laws , regulations and administrative
tions and administrative provisions         provisions which they adopt in the field
which they adopt in the field covered       covered by this Directive .
by this Directive ; ' '
Article 14                                  Article 14
          This Directive is addressed
to the Member States .
                                            unchanged
                                 Don? at
                                      For the Council
                                      The President