CELEX: 51987PC0246
Language: en
Date: 1987-05-19
Title: Amended Proposal for a COUNCIL DIRECTIVE amending Directive 80/390/EEC 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 (presented 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 (87) 246
Vol. 1987/0155
 ---pagebreak--- Disclaimer
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In accordance with Council Regulation (EEC, Euratom) No 354/83 of 1 February 1983 concerning
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In Übereinstimmung mit der Verordnung (EWG, Euratom) Nr. 354/83 des Rates vom 1. Februar
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der Europäischen Atomgemeinschaft (ABI. L 43 vom 15.2.1983, S. 1), zuletzt geändert durch die
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 ---pagebreak--- COMMISSION OF THE EUROPEAN COMMUNITIES
                                                     COM(87 ) 246 final
                                                    Brussels , 19 May 1987
                                Amended Proposal for a
                                  COUNCIL DIRECTIVE
     amending Directive 80 / 390 / EEC 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
         (( presented
            presented by
                      by the       ^Commission pursuant
                         the C<Commission      pursuant ta
                                                         to the second
                                                                   second paragraph
                                                                          paragraph
                         of Article
                         of Ar    le 149 of                 Treaty)
                                               of the EEC Treaty    )
                                m                          Treaty)
                                                              -J
 C0M(87 ) 246 final
 ---pagebreak---                                EXPLANATORY MEMORANDUM
1.      On 24 March 1987 the Commission submitted to the Council a proposal for
a Directive amending Directive 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
exchange listing .
2.      The European Parliament , in its resolution of 9 April 1987 C1 ) suggested
two amendments .     The first of these clarifies the legal basis ;     the second
extends the period during which the same listing particulars can be used from
one to three months .
3.      The Economic and Social Committee ,   at its plenary session of 14 April
1987 , adopted a similar position concerning the period of validity for mutual
recognition of listing particulars , suggesting also that the one month period
should be extended .
4.      In these circumstances , the Commission indicated that it could accept
the amendments proposed in the European Parliament 's resolution :
        - in the preamble , the legal basis is amended to be article 54 ( 2 ) ;
        - in article 1 , the period of validity for mutual recognition of listing
           particulars is extended to three months .
( 1 ) Doc . E.P. 115.705 p. 14
 ---pagebreak---                        AMENDED PROPOSAL FOR A COUNCIL DIRECTIVE
             amending Directive 80/ 390 / EEC 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
         THE COUNCIL OF THE EUROPEAN COMMUNITIES
         Having regard to the Treaty establishing the European Economic Community
and in particular Article 54 ( 2 ) thereof .
         The rest of the preamble is unchanged .
         The récitals are unchanged .
         Article 1                                             Article 1
Directive 80 / 390 / EEC is hereby            Directive 80 / 390 / EEC is hereby
amended as follows :                          amended as follows :
1 . Article 24 is amended as follows :        1 . Article 24 is amended as follows :
a ) Replace paragraphe 1 with the             a ) Replace paragraphe 1 with the
    following :                                   following :
    " 1 . Where for the same securities           " 1 . Where for the same securities
          applications for admission to                  applications for admission to
          official listing on stock                      official listing on stock
          exchanges situated or operating                exchanges situated or operating
          in several Member States are                  • in several Member States are
          made simultaneously or within                  made simultaneously or within
          a period of on month , including                a period of three months ,
          the Member State in which the                   including the Member States in
          issuer 's registered office is                  which the issurer 's registered
          situated , the listing particu¬                office is situated , the listing
          lars shall be drawn up in                      particulars shall be drawn up in
          accordance with the rules laid                  accordance with the rules laid
          down in this Directive in the                   down in this Directive in the
          Member State where the issuer                   Member State where the issuer
          has its registered office and                   has its registered office and
          approved by its competent                       approved by its competent
          autorities ; if the issuer 's                   autorities ; if the issuer 's
          registered office is not                        registered office is not
          situated in one of these Member                 situated in one of these Member
          States , the issuer shall decide                States , the issuer shall decide
          under which of those Member                    under which of those Member
          States 's legislations the                      States 's legislation the
          listing particulars shall be                    listing partiuclars shall be
          drawn up and approved ."                       drawn up and approved ."
                          The rest of arti le 1 is unchanged
                           The rest of the text is unchanged