CELEX: 51989PC0190
Language: en
Date: 1989-05-29
Title: AMENDED 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

COMMISSION OF THE EUROPEAN COMMUNITIES
                                                      COM C89) 190  final  SYN 120
                                                       Brussels, 29 May 1989
••6JJ&!
                 AMENDED 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
                (presented by the Commission pursuant to the
                 third paragraph of Article 149 of the EEC Treaty)
 ---pagebreak---                                                                                GoV« tfo
                               AMENDED PROPOSAL FOR A
                      SECOND BANKING COORDINATION DIRECTIVE
1. Explanatory memorandum
1. On the 23th of February 1988 the Commission submitted to the Council a
    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<1>.
2. The Economic and Social Committee delivered its opinion* 2 ) at its 258th
    session   held   in  Brussels    on   29   September   1988   and   the   European
    Parliament delivered its opinion at its session of 15 March 1989 ( 3 ) .
3. An amended proposal has been drawn up in order to take into account the
    opinion   delivered    by    these   two    institutions.   Both    the   European
    Parliament and the Economic and Social Committee have endorsed the need
    for   a  Second   Banking     Coordination    Directive   which    together   with
    Directive on own funds of credit         institutions and the proposal for a
    solvency   ratio   for  credit     institutions   are  the   key   components   of
    harmonisation necessary for the achievement of mutual recognition.
4. The Commission was able to accept most of the amendments proposed by the
    European   Parliament     which    clarify    and  strengthen     the   provisions
    regarding prudential supervision.
TT5     OJ No L 322, 17.12.1977, p. 30
(2)     OJ NO C 318, 12.12.1988, p. 42
(3)
 ---pagebreak---                                        - 2 -
Recital 14
The amendment regarding the mutual recognition of financial techniques in
the field of mortgage credit was asked by the European Parliament; it
clarifies the purpose of this recital.
Article 4
This amendment    reinforces the provision relating to the supervision of
major   shareholders.     Thus   it  ensures    that the   banking  supervisory
authorities are bound to refuse the granting of a banking license if they
consider that shareholders or members are not suitable persons, and could
endanger the sound and prudent management of the credit institution.
Article 7
The proposed amendment to Article 7 will simplify its application and will
clarify   the  reciprocity    provisions governing   the establishment    in the
Community of subsidiaries of banks from non-Community countries. The main
elements of the revised reciprocity provisions in the banking sector are as
fol lows:
        requests for authorisation by non-EC banks have to be notified to
   the Commission by Member States, but no automatic suspension is provided
   for during the Commission enquiries on the situation of Member countries
   banks in the relevant countries;
-   the Commission will examine how Community banks are treated         in third
   countries periodically with a first report before the Directive comes
    into effect;
-  where the Commission finds that a third country          is not granting the
   Community's     credit    institutions    market   access   and  competitive
   opportunities comparable to those granted by the Community to non-EEC
   banks, then the Commission may submit suitable proposals to the Council
   for negotiations with the third country in question.
 ---pagebreak---                                      - 3 -
-  where it seems to the Commission that the Community's banks do not enjoy
   "national treatment" and the same competitive opportunities as the third
   countries' own credit institutions, and that the condition of effective
   market access has not been secured, the Commission may "limit or suspend
   new authorisations and acquisitions by a parent undertaking governed by
   the third country in question".
The new article makes clear that "national treatment" must really work in
practice, ensuring effective market access in the third country. There may
be situations where on the face of it the Community        institution is given
the same rights of establishment as a domestic bank, but is excluded from
the market by other means. In these circumstances the Commission would be
able  to act. But    any  country  providing  genuine   national   treatment  to
Community banks would be under no threat.
Article 16 § 1
First paragraph
This amendment states clearly what was already mentioned in recital 14 of
the Directive regarding    the mutual   recognition of financial     techniques.
Host  Member  States   could,  however,  prohibit   the  provision   of  certain
banking services or products, if they can prove that the provision of such
services or products would violate the general good as it is defined in the
European Court's jurisprudence.
Second paragraph
This provision is considered necessary in order to accomodate the problems
encountered by a number of regional      savings banks    in Germany which   are
confined under the terms of their licences to operating within a limited
geographical area. The German Government wants to retain the right of their
banking authorities to impose such territorial     limits and the saving banks
in question apparently prefer to preserve the existing arrangements. The
 ---pagebreak---                                       - 4 -
derogation provided by new amendment to the general rules of Article 16 §
1, i.e. the right for credit institutions to provide services on the whole
territory of the Community, is proposed subject to the provisions that (a)
the   local   banks   in  question   remain  subject    to   all   the   prudential
requirements imposed by Community legislation, (b) there are no barriers to
competition from banks having their head office in other Member States.
Article 19 § 3
This amendment makes it clear that any duly authorised credit           institution
must be allowed full access to all the normal means of mass-advertising of
its services     and products,   in particular   all   forms of    television   and
newspapers     advertisement.   This   would   be    in    accordance    with   the
jurisprudence of the European Court most recently expressed            in the Bond
Van Adverteerders Judgement and would remove any doubt, which might exist.
It would remain open to Member States to regulate the form and content of
advertisements and also to control such practices as doorstep-selling or
"cold-calling", where such regulations are justified by the general good.
List of banking activities
The amendments regarding some items of the list are considered necessary in
order to clarify the text and to bring it more closely           in line with the
list  of   services   annexed  to  the proposal    for   an   Investment   Services
Directive which are more and more frequently also performed by banks in
most of the Member States.
 ---pagebreak---                    AMENDED 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
THE COUNCIL OF THE EUROPEAN COMMUNITIES,
                        Preamble and recitals 1 to 13 unchanged
Recital 14                                     Recital 14
Whereas, the Member States should ensure       Whereas,    the   Member    States     should
that  there   are  no   obstacles    to  the   ensure that there are no obstacles to
activities    benefiting      from    mutual   the activities benefiting from mutual
recognition being undertaken using the         recognition being undertaken using the
financial techniques of the home Member        financial techniques of the home Member
State, as long as the latter are not in        State, as long as the latter are not In
violation   of    the    legal    provisions   violation    of   the    legal    provisions
governing the public good       In the host    governing the general good in the host
Member State;                                  Member   State.    In  this    respect    the
                                               present   directive   should    be   seen  In
                                               conjunction with the Council Directive
                                               on the freedom of establishment and the
                                               right to provide services In the field
                                               of  mortgage    credit, which      lays down
                                               provisions      regarding      the     mutual
                                               recognition of financial techniques;
                           Remainder of the recitals unchanged
HAS ADOPTED THIS DIRECTIVE:
 ---pagebreak---                                              - 2 -
                                  Articles 1 to 3 unchanged
              Article 4                                                  Article 4
Competent   authorities shall      not  grant     Competent    authorities shall not grant
authorization permitting      the taking-up       authorization permitting the taklng-up
of the business of a credit institution           of the business of a credit institution
before they have been       Informed of the       before they have been Informed of the
Identity   of   shareholders    or   members,      identity   of  shareholders     or   members,
whether   direct    or   Indirect,   be  they     whether    direct   or    indirect,   be  they
physical   or   legal   persons,   holding   a    physical    or  legal    persons, holding a
qualified    participation     and   of    the    qualified     participation     and    of  the
amount   of    such    participations.    The     amount    of   such    participations.     The
competent authorities shall appraise the          competent    authorities shall not grant
suitability     of     the    abovementloned      authorization     If, taking     Into account
shareholders or members.                          the need to assure a sound and prudent
                                                  management of the credit          Institution,
                                                  they   are    not   satisfied     as   to  the
                                                  suitability      of     the    abovementloned
                                                  shareholders or members.
                                 Articles 5 and 6 unchanged
 ---pagebreak---                                          - 3 -
                                       TITLE 2 A
                                      Reciprocity
             Article 7                                              Article 7
1.  Requests   for authorization    of   a    1. The competent       authorities of the
subsidiary whose parent undertaking Is        Member    States      shall            Inform              the
governed by the laws of a third country       Commission    (a) of      any         request               for
or  the acquisition of a participation        authorization    of    a   subsidiary                     whose
therein as provided for in paragraph 3        parent undertaking or undertakings                            Is
shall be subject to the procedure laid        governed by the laws of a third country
down in this Article.                         and of the Identity of the ultimate
                                              parent,   or    (b)     whenever                 such        an
                                              undertaking acquires participation In a
                                              credit Institution of the Community, so
                                              that   the    latter     would           become             Its
                                              subsidiary. The Commission shall Inform
                                              the other Member States.
                                              When   authorization      is granted                      to a
                                              subsidiary the identity of the ultimate
                                              parent undertaking or undertakings must
                                              be specified In the notification which
                                               the competent authorities must address
                                               to the Commission, according to Article
                                               3.  paragraph    7.     of       the            Directive
                                              77/780/EEC.
2.  The competent    authorities  of the       2. The Member States shall                  Inform the
relevant Member State shall    inform the     Commission of any general               difficulties
competent   authorities   of   the   other    encountered       bjr        their                       credit
Member States and the Commission of the        Institutions     In      establishing                       or
request for authorization.                    carrying out banking activities In any
                                               third country.
                                                                          :*-•-. ï à ç - - r - i » w v
 ---pagebreak---                                             _ 4 -
3.  In the same manner, when        Informed,     3. The Commission shall, initially not
according    to the provisions of Article         later    than    six    months     before     the
9, that an undertaking governed by the           Directive enters        Into  force     and  then
laws of a third country       Is considering      periodically,       draw     up      a    report
the acquisition of a participation In a          examining     the   treatment     of    Community
credit   institution such that the latter         credit    Institutions,       in     the   terms
would    become     Its   subsidiary,     the     referred    to   In   paragraphs       4  and   5
competent    authorities of     the  relevant     below, regarding the establishment and
Member state shall     Inform the competent       carrying out of banking activities, and
authorities of the other Member        States     the  acquisition     of   participations       In
and the Commission.                               credit institutions of third countries.
                                                 The    Commission      shall     submit     these
                                                  reports to the Council of Ministers.
4.  The    competent   authorities    of  the     4. Where It appears to the Commission,
Member    State   concerned    must   suspend    either    on    the   basis   of     the   report
their   decision    regarding    requests  as     referred   to   in paragraph      3 or at any
referred to In paragraphs 2 and 3 until          other time, that a third country Is not
the procedure provided for in paragraphs          granting to credit       institutions of the
5 and 6 Is completed.                            Community    effective market        access and
                                                  competitive opportunities comparable to
                                                  those   accorded     by   the   Community      to
                                                  credit    Institutions      of     that    third
                                                  country,    the    Commission      may    submit
                                                  suitable proposals to the Council with
                                                 a   view   to   achieving    such      comparable
                                                 access    anc    competitive     opportunities
                                                  through     negotiations        between       the
                                                 Community     and    the   third    country     In
                                                 question.
 ---pagebreak---                                                - 5 -
5. The Commission shall, within            three    5. Where it appears to the Commission,
months    of    receiving    the    information     either    on   the   basis    of   the   reports
provided     for   In  paragraphs     2  and   3    referred to In paragraph 3 or at any
examine whether all credit        Institutions      other time, that credit Institutions of
of    the    Community     enjoy     reciprocal     the Community       do   not   enjoy    national
treatment, in particular        regarding    the    treatment     and    the    same    competitive
establishment      of  subsidiaries     or   the    opportunities        as     domestic      credit
acquisition of participations In credit              Institutions     In a     third   country    and
 institutions     in the   third    country   in    that the condition of effective market
quest ion.                                          access     has   not     been    secured,     the
                                                    Commission     may     In   addition     to   the
                                                    proposals for negotiations referred to
                                                     In   paragraph      4     decide     that    the
                                                    competent     authorities      of   the    Member
                                                    States    shall    limit    or   suspend    their
                                                    decisions     regarding     requests    for   new
                                                    authorizations and         acquisitions by a
                                                    parent     undertaking      governed     by   the
                                                     third country      In question, using        the
                                                     procedure provided for In Article 20.
                                                     The duration of the measures concerned
                                                    may   not   exceed one year, though           the
                                                    Commission may propose their renewal.
6.    If    the     Commission    finds     that     6. Measures     taken under       this article
reciprocity is not ensured if may extend             shall   be subject      to their     conformity
suspension of the decision referred to               with the Community's obligations under
 In  paragraph     4,   using   the   procedure      any   International      agreements, whether
provided for In Article 20.                          bilateral or multinational, which cover
                                                     the operation of credit Institutions.
 ---pagebreak---                                            - 6 -
7. The Commission shall present suitable
proposals to the Council with a view to
achieving  reciprocity   with   the    third
country In question.
                              Articles 8 to 15 unchanged
            Article 16                                                Article 16
1. Member States shall ensure that at           1. Member States shall ensure that (two
least the activities set out on the list        words deleted) the activities set out
In the Annex    may   be  pursued   In any      j_n the list in the Annex may be pursued
Member  State,   in accordance    with   the     In any Member State, in accordance with
provisions of Articles 17 to 19, either         the provisions of Articles 17 to 19,
by the establishment of a branch or by          either by the establishment of a branch
way of the provision of services, by any        or by way of the provision of services,
credit    institution    authorized      and    by   any   credit    Institution    authorized
supervised by the competent authorities         and    supervised       by    the    competent
of the home Member State, In accordance         authorities of the home Member State,
with the provisions of this Directive,           In accordance with        the provisions of
whose authorization permits the pursuit         this    Directive,     provided     that   such
of such activities.                             activities       are     covered      by    the
                                                authorization.       Member     States    shall
                                                permit      these     activities       to    be
                                                undertaken by credit Institutions using
                                                the financial      techniques of      the home
                                                Member State as long as the latter are
                                                not     In    violation      of    the    legal
                                                provisions governing the general good
                                                 In the host Member State.
 ---pagebreak---                                            - 7 -
                                                However. Member    States may    limit  the
                                                scope of the authorization to only a
                                                part of their territory with regard to
                                                public     credit    Institutions     whose
                                                business    Is guaranteed by a regional
                                                government    or  local   authority.   Such
                                                 limitation shall not exempt such credit
                                                 Institutions from provisions     in other
                                                EEC    Directives    related   to    credit
                                                 Institutions.
2. Member States shall also provide that        2. unchanged
at least the activities set out on the
list In the Annex may be pursued In any
Member   State  In  accordance    with   the
provisions of Article 17 to 19, either
by the establishment of a branch or by
way of the provision of services by any
financial Institution being a subsidiary
of   a  credit  Institution,   or   such   a
subsidiary belonging to several      credit
 Institutions,    whose     articles      of
association do not prevent the pursuit
of those activities and which meets each
of the following conditions:
-   the     parent      undertaking       or
    undertakings are authorized as credit
    institutions In the Member State by
    whose law the subsidiary Is governed,
-   the     parent      undertaking       or
    undertakings hold 90% or more of the
    shares in the subsidiary,
 ---pagebreak---                                                  - 8 -
    the      parent         undertaking         or
    undertakings have declared that they
    jointly and severally guarantee the
    committments      entered     into    by   the
    subsidiary,
    the     subsidiary        Is     effectively
    included,      In   particular      for    the
    activities      In    question,      In    the
    consolidated       supervision      of     Its
    parent undertaking, or of each of Its
    parent   undertakings,       In   accordance
    with   Directive     83/350/EEC,      notably
    for the calculation of the solvency
    ratio,    for    the    control    of    large
    exposures     and   for   the   purposes    of
    limiting participations In accordance
    with Article 10 of this Directive.
Conformity with these conditions must be
verified by the competent authority of
the home Member        State and     the    latter
must    supply     the    subsidiary     with    a
certificate     of    compliance     which    must
form part of the notification envisaged
In Articles 17 and 18.
The   competent     authority     of   the    home
Member State must ensure the supervision
of the subsidiary In accordance with the
provisions     of   Articles     8(1), 9,      11,
12(2), 13, 14 and 15 of this Directive,
as well    as   those of Article 7(1) of
Directive 77/780/EEC.
 ---pagebreak---                                              - 9 -
The    provisions     mentioned      In   this
paragraph    shall     be    applicable     to
subsidiaries subject      to the necessary
modifications.     In particular,      "credit
 institution"    should    read    "financial
institution,       conforming       to     the
conditions laid down in Article 16(2)",
and   "authorization"     as   "articles    of
association".    In Article 17(2), point
(c) should read "the amount of own' funds
of the subsidiary financial Institution
and the consolidated solvency ratio of
the   credit   Institution    which     Is the
parent undertaking".
 If     the     financial        Institutions
benefitting from the provisions of this
paragraph should cease to meet any of
the    requisite    conditions,     the   host
Member State may bring an end to the
pursuit, under the provisions of this
Directive, of the activities In question
on its territory.
                                Articles 17 and 18 unchanged
             Article 19                                        Article 19
1. Responsibility for the supervision of          1. unchanged
a     credit      Institution,       Including
supervision    of    activities    undertaken
according to the provisions of Article
16,   shall   rest    with    the   competent
authorities of the home Member State.
 ---pagebreak---                                             - 10 -
2. Host Member States may require, for           2. Host Member States may require, for
statistical purposes, that all credit            statistical purposes, that all credit
 institutions having branches       In their      Institutions having branches In their
territories shall      report quarterly on       territories shall report regularly on
their   operations    In   the  host   Member    their operations      in the host Member
State to the competent authority of that         State to the competent        authority of
host Member State.                               that host Member State.
In    order     to    conform     with    the
responsibilities     laid down    In Article
12(2) and (3), host Member States may
require     that    branches     of    credit
institutions from other Member States
provide   the same     Information as they
require    from    their   national    credit
Institutions for that purpose.
3. If the competent authority of the             3. If the competent authority of the
host Member     State ascertains that an         host Member State ascertains that an
institution having a branch or providing          Institution    having     a    branch     or
services     In   Its   territory    Is   not    providing services in Its territory Is
complying with the legal provisions In           not complying with the legal provisions
force   In that Member State which are            In force In that Member State which are
justified on the grounds of the public           Justified    by   the   general   good,    or
good, or pursuant to the provisions of           pursuant   to   the   provisions    of   this
this Directive, on the powers of the             Directive, on the powers of the host
host Member State, that authority shall          Member   State,    that   authority     shall
request the Institution concerned to put         request   the   institution concerned      to
an end to the Irregular situation.               put an end to the Irregular situation.
                                                 Nothing In this paragraph shall prevent
                                                 credit   Institutions having their head
                                                 office   in another Member       State from
                                                 advertising their services through all
                                                 available means of communication In the
                                                 host Member State, subject to any rules
                                                 governing the form and the content of
                                                 such   advertising     Justified     by   the
                                                 general good.
 ---pagebreak---                                              - 11 -
4. If the Institution concerned falls to          4. unchanged
take the necessary steps, the competent
authority of the host Member State shall
Inform     the      home      Member      State
accordingly. The authority of the home
Member state shall take, In the shortest
time possible, all appropriate measures
to ensure that the Institution concerned
puts an end to the irregular situation.
The nature of those measures shall be
communicated to the competent authority
of the host Member State.
5. If, despite the measures taken by the          5. unchanged
home Member State pursuant to paragraph
4,   or   because    such    measures     prove
inadequate   or    are   not   taken   by   the
Member     State      In     question,      the
Institution persists       In violating     the
legal rules referred to In paragraph 3
In force In the host Member State, the
latter State may, after         Informing   the
competent authority of the home Member
State,   take    appropriate     measures    to
prevent        further         Irregularities
including, insofar, as Is necessary, the
prevention of the initiation of further
transactions by that institution within
its territory. The Member States shall
ensure that within their territory It Is
possible to serve the        legal   documents
necessary for these measures on credit
Institutions.
 ---pagebreak---                                                - 12 -
6.-  Any   measure     adopted    pursuant    to    6. unchanged
paragraphs     3,    4    and    5    involving
penalties     or    restrictions       on    the
provision of services must be properly
 Justified    and   communicated       to    the
 institution     concerned.      Every      such
measure shall be subject to a right of
appeal to the courts In the Member State
whose authorities adopted It.
7. Before following the procedure set               7. unchanged
out   In   paragraphs     3,  4   and   5,   the
competent authorities of the host Member
State,        may,         In      exceptional
circumstances, take measures necessary
to protect the interests of depositors,
investors and others to whom services
are provided.     The    Commission    and   the
other Member States shall be Informed of
such measures In the shortest possible
time. In this event the Commission may,
after    consulting      the   Member     States
concerned, decide that the Member State
In question shall amend or abolish the
measures.
8.   In   the   event     of   withdrawal     of    8. unchanged
authorization the competent authority of
the host Member State shall be Informed
and shall take appropriate measures to
prevent the institution concerned from
undertaking further transactions In its
terrItory.
 ---pagebreak---                                              - 13 -
9.   Member   States     shall     inform   the   9. unchanged
Commission of     the number     and   type of
cases   in each    Member   State     In which
there has been a refusal          pursuant   to
Article   17 or    in which measures       have
been   taken    In   accordance      with   the
provisions    of    paragraph     5   of   this
Article. Every two years, the Commission
shall submit a report summarizing such
cases to the Advisory Committee set up
under     Article      11    of       Directive
77/780/EEC.
                               Remainder of Articles unchanged
 ---pagebreak---                                           ANNEX
              Business which Is integral to banking and shall be Included
                        within the scope of mututai recognition
1. Deposit-taking    and  other   forms of      1. Deposit-taking and other    forms of
    borrowing                                      borrowing
2. Lending*1*                                  2. Lending*1*
3. Financial leasing                           3. Financial leasing
4. Money transmission services                 4. Money transmission services
5. Issuing and administering means of          5. Issuing and administering means of
    payment (credit cards, travellers              payment (credit cards, travellers
   cheques and bankers drafts)                     cheques and bankers drafts)
6. Guarantees and commitments                  6. Guarantees and commitments
7. Trading for own account         or   for    7. Trading for own account or for
    account of the customers in                    account of the customers in foreign
                                                   exchange
    (a) money      market       instruments
        (cheques, bills, CDs, etc.)
    (b) foreign exchange
    (c) financial futures and options
    (d) exchange    and    intereet    rate
        instruments
    (e) securities
8   Participations in securities issues        8. investment     activities2    (trading
    and the provision of services related          for own account or account of the
    to such issues                                 customersT
                                                   (a) Brokerage, i.e. the acceptance
                                                       of investors' orders relating to
                                                       any or all of the instruments"
                                                       "referred to in footnote 2 and/or"
                                                       "the execution of such orders on
                                                       "an exchange or market on an"
(1)  including in particular:                          agency basis against payment of"
  -  consumer credit,                                  commission.
  -  mortgage lending,
  -  factoring and invoice discounting,
  -  trade finance (including forfeiting)
                                             (2) Instruments
                                             - Transferable securities including units
                                                in undertakings for collecting invest-
                                               ment in transferable securities.
                                             - Money market instruments (including
                                               certificates of deposit and Euro-
                                               commercial paper)
                                             - Financial futures and options.
                                             - Exchange rate and Intereet rate
                                                Instruments.
 ---pagebreak---                                        (b) Dealing as principal. I.e. the
                                           purchase and eale of any or all
                                           of the instruments referred to
                                           In footnote 2 for own account
                                           and at own risk with a view to
                                           profiting     from    the    margin
                                           between bid and offer prices.
                                       (c) Market making. I.e. maintenance
                                           of a market In any or all of the
                                           Instruments     referred    to   In
                                           footnote 2 by dealing In such
                                           Instruments,
                                       (d) Portfolio management. I.e. the
                                           management against payment of
                                           portfolios composed of any or
                                           all of the Instruments referred
                                           to In footnote 2 undertaken for
                                           Investors otherwise than on a
                                           collectlve basis.
                                       (e) Arranging        or        offering
                                           underwriting services In respect
                                           of Issues of the Instruments
                                           referred to In footnote 2 and
                                           distribution of such Issues to
                                           the pub Ilc.
                                       (f) Professional Investment advIce
                                           given    to    Investors    on an
                                            Individual basis or on the basis
                                           of    private    subscription     In
                                           connsctlon with any or all of
                                           the instruments referred to In
                                           footnote 2.
                                       (g) Safekeeping and admins Itrat Ion
                                           of    any of     the    Instruments
                                           referred    to    In footnote      2
                                           otherwise than In connection
                                           with    the    management    of    a
                                           clearing system.
9. Money broking                    9. Money broking
10. Portfolio management and advice
11. Safekeeping of securities
12. Credit reference services       10. Credit reference services
13. Safe custody services           11. Safe custody services
 ---pagebreak---  ---pagebreak--- Commission of the European Communities
COM(89) 190 final
Amended 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
(presented by the Commission pursuant to Article 149(3) of the EEC
Treaty)
29.5.1989
Office for Official Publications of the European Communities
L - 2985 Luxembourg
Series: DOCUMENTS
 1989 — 20 pp. — Format: 21.0 * 29.7 cm
EN
ISSN 0254-1475
ISBN 92-77-50542-7
Catalogue number: CB-CO-89-213-EN-C
 ---pagebreak---                                               ISSN 0254-1475
COM(89) 190 final
 DOCUMENTS
Amended 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
(presented by the Commission pursuant to
Article 149(3) of the EEC Treaty)
06      18                                  29.5.1989
Catalogue number: CB-CO-89-213-EN-C
ISBN 92-77-50542-7
€
COMMISSION OF THE EUROPEAN COMMUNITIES