CELEX: 51988PC0664
Language: en
Date: 1988-11-16
Title: REEXAMINED PROPOSAL FOR A COUNCIL DIRECTIVE ON THE OBLIGATIONS OF BRANCHES ESTABLISHED IN A MEMBER STATE BY CREDIT INSTITUTIONS AND FINANCIAL INSTITUTIONS HAVING THEIR HEAD OFFICES OUTSIDE THAT MEMBER STATE REGARDING THE PUBLICATION OF ANNUAL ACCOUNTING DOCUMENTS (presented by the Commission pursuant to article 149, 2 (d) of the EEC Treaty)

ARCHIVES HISTORIQUES
DE LA COMMISSION
COLLECTION RELIEE DES
DOCUMENTS "COM"
COM (88) 664
Vol. 1988/0221
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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) modifié en dernier
lieu par le règlement (UE) 2015/496 du Conseil du 17 mars 2015 (JO L79 du 25. 3.2015, p. 1), ce
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informations classifiées de l'Union européenne.
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
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Regulation (EU) 2015/496 of 17 March 2015 (OJ L 79, 27.3.2015, p. 1), this file is open to the
public. Where necessary, classified documents in this file have been declassified in conformity
with Article 5 of the aforementioned regulation or are considered declassified in conformity with
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on the security rules for protecting EU classified information.
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), zuletzt geändert durch die
Verordnung (EU) Nr. 2015/496 vom 17. März 2015 (ABI. L 79 vom 25.3.2015, S. 1), ist dieser Akt
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Übereinstimmung mit Artikel 5 der genannten Verordnung freigegeben; beziehungsweise werden
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2015/444 vom      13.   März 2015     über die   Sicherheitsvorschriften für den Schutz von  EU-
Verschlusssachen als herabgestuft angesehen.
 ---pagebreak---   COMMISSION OF THE EUROPEAN COMMUNITIES
                                                       COM(88 ) ^^ final
                                                       Brussels , 16 November 1988
                              REEXAMINED PROPOSAL FOR A
                                 COUNCIL DIRECTIVE
                   ON THE OBLIGATIONS OF BRANCHES ESTABLISHED
                    IN A MEMBER STATE BY CREDIT INSTITUTIONS
                     AND FINANCIAL INSTITUTIONS HAVING THEIR
                      HEAD OFFICES OUTSIDE THAT MEMBER STATE
                        REGARDING THE PUBLICATION OF ANNUAL
                               ACCOUNTING DOCUMENTS
( presented by the Commission pursuant to article 149, 2 ( d ) of the EEC Treaty )
                           H 1 H rx tss
                            V'A V UU Secrô'a'iat
 ---pagebreak---                                                                     ^ΛΑΑ. (ρ (θ Η
                                REEXAMINED PROPOSAL FOR A
                                    COUNCIL DIRECTIVE
      ON THE OBLIGATIONS OF BRANCHES ESTABLISHED IN A MEMBER STATE BY
         CREDIT INSTITUTIONS AND FINANCIAL INSTITUTIONS HAVING THEIR
      HEAD OFFICES OUTSIDE THAT MEMBER STATE REGARDING THE PUBLICATION
                             OF ANNUAL ACCOUNTING DOCUMENTS
I. Explanatory Memorandum
                     *
1.    On 7 August 1986 , the Commission sent the Council a proposal for a
       Directive on " branch accounts'' ^ ) .
2.    The Economic and Social Committee delivered its opinion ^ 2 ) on 24
       September 1987 and the European Parliament delivered its opinion at
       its sitting of 16 November 1987(3 ).
3.    An    amended     proposal   has  been  drawn  up  in order  to   take   into
       account , as far as possible , the opinions delivered by these two
       institutions ^). The Commission was able to accept virtually all
       amendments proposed by the European Parliament . Most of them helped
       to clarify the text or to make the necessary adaptation arising
       from recent developments in Community legislation .
           t
4.     The Council adopted the common position on 7 June 1988(5 ) on which
       the Council has delivered its reason ^ 6 ) and the Commission its
       observât ions ( 7 ) .
5.     The European Parliament had its second reading on 12 October 1988
       under     the   cooperation    procedure  and  voted  in  favour   of   four
       amendments ^) .
( 1 ) COM ( 86 ) 396 final , OJ C 230 of 11 September 1986 , p. 4
( 2 ) OJ C 319 of 30.11.87 , p.64
( 3 ) OJ C 345 of 21.12.87 , p. 73
( 4 ) C0M(88 ) 1 18 final , OC C 143 of 1.6.88 , p.9
(5)    The Council doc . 7267/ 88 of 24.6.88
(6)    The Council doc . 7267/88 Add1 of 27.6.88 and Cor . 1 of 28.6.88
(7)    SEC(88)982 - SYN 62 of 21.6.88
(8)     .
 ---pagebreak---                                          2
6. The Comm iss ion was able to accept two of these amendments because
   they contained useful textual clarifications .
   In  relation    to  the   second  recital    it   is underlined       in the  first
   amendment of the European Parliament that the disclosure provisions
   of  the proposed 11th Company Law Directive should apply also to
   banks and financial        institutions . This      is  in conformity with the
   Commissi on *s proposal of the 11th Directive .
   Amendment 4 of the European Parliament clarifies in Article 7 that
   any proposal     from the Commission for          the Council     to examine and
   revise Article 2(4 ) of the Directive should be subject to the co¬
   operation procedure with the Council .
7. The    Commission     rejected    amendment     2    and   3  of     the   European
   Parliament which require that branches should publish annually a
   description of      their    activities showing        the main categories of
   business during the year . The Parliament deleted furthermore the
   requirement     that   this   and   all   other     information    which    may  be
   requested from branches should be checked M on its accuracy and its
   accordance with      the annual    accounts ".   The Comm i ss i on ' s reasons   to
   reject these amendments are that
       >
         they are in contradiction with the principal objective of the
         proposed directive which       is to abolish ultimately the request
         of Member States to publish separate branch accounts ,
         if  additional     information    is  requested      to  be    published   by
         branches , this must be scrutinized in accordance with Community
         rules ( e.g. Bank Accounts Directive 66 / 635/ EEC ), even if it is
         only descriptive as requested under the second amendment .
 ---pagebreak---                                Reexami ned Proposai for a
Council Directive on the obligations of branches established in a Member State by
credit institutions and financial institutions having their head offices outside
that Member State regarding the publication of annual accounting documents
Common position of the Council              Reexamined proposal of the Commission
                                First recital unchanged
Second recital                              Second recital
                     ¥
Whereas , as a part of a further            Whereas , as a part of a further
instrument of co-ordination of the          instrument of co-ordination of the
disclosure requirements in respect of       disclosure requirements in respect of
branches , provision is made for            branches , provision is made for
certain documents and particulars           certain documents and particulars
relating to branches established in a       relating to branches established in a
Member State which certain types of         Member State which certain types of
companies , governed by the law of          companies , including banks and other
another Member State have to publish ;      financial Institutions , governed by
whereas , as regards disclosure of          the law of another Member State have
accounting documents , reference is         to publish ; ( remainder unchanged )
made to specific provisions to be laid
down for banks and other financial
institutions ;
              Remaining récitals , Articles 1 , 2 , 3 , 4 , 5 and 6 unchanged
Article 7                                   Article 7
Five years after the date referred to       Five years after the date referred to
in Article 6(2 ), the Council , acting      in Article 6(2 ), the Council , acting
on a proposal from the Commission ,         on a proposal from the Commission and
shall examine and , if need be , revise     In cooperation with the European
Article 2(4 ), in the light of the          Par I i ament . shall examine ( remainder
experience acquired in applying this        unchanged )
Directive and of the aim of
eliminating the additional information
referred to in Article 2(4 ), taking
account of the progress made in
striving towards the harmonization of
the accounts of banks and other
financial institutions .