CELEX: 21994A0103(59)
Language: en
Date: 1992-05-02 00:00:00
Title: Agreement on the European Economic Area - Annex IX - Financial services - List provided for in Article 36 (2)

Avis juridique important

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21994A0103(59)

Agreement on the European Economic Area - Annex IX - Financial services - List provided for in Article 36 (2)  

Official Journal L 001 , 03/01/1994 P. 0403 - 0416

ANNEX IXFINANCIAL SERVICES List provided for in Article 36(2)INTRODUCTIONWhen the acts referred to in this Annex contain notions or refer to procedures which are specific to the Community legal order, such as:- preambles;- the addressees of the Community acts;- references to territories or languages of the EC;- references to rights and obligations of EC Member States, their public entities, undertakings or individuals in relation to each other; and- references to information and notification procedures;Protocol 1 on horizontal adaptations shall apply, unless otherwise provided for in this Annex.SECTORAL ADAPTATIONSRegarding exchange of information between the competent authorities of EC Member States envisaged in the acts included in this Annex, paragraph 7 of Protocol 1 shall apply for the purposes of this Agreement.ACTS REFERRED TOI. Insurance(i) Non-life insurance1. 364 L 0225: Council Directive 64/225/EEC of 25 February 1964 on the abolition of restrictions on freedom of establishment and freedom to provide services in respect of reinsurance and retrocession (OJ No 56, 4.4.1964, p. 878/64).The provisions of the Directive shall, for the purposes of the present Agreement, be read with the following adaptation:Article 3 shall not apply.2. 373 L 0239: First Council Directive 73/239/EEC of 24 July 1973 on the coordination of laws, regulations and administrative provisions relating to the taking-up and pursuit of the business of direct insurance other than life assurance (OJ No L 228, 16.8.1973, p. 3), as amended by:- 376 L 0580: Council Directive 76/580/EEC of 29 June 1976 (OJ No L 189, 13.7.1976, p. 13),- 384 L 0641: Council Directive 84/641/EEC of 10 December 1984 amending, particularly as regards tourist assistance, the first Directive (73/239/EEC) on the coordination of laws, regulations and administrative provisions relating to the taking-up and pursuit of the business of direct insurance other than life assurance (OJ No L 339, 27.12.1984, p. 21),- 387 L 0343: Council Directive 87/343/EEC of 22 June 1987 amending, as regards credit assurance and suretyship assurance, the first Directive (73/239/EEC) (OJ No L 185, 4.7.1987, p. 72),- 387 L 0344: Council Directive 87/344/EEC of 22 June 1987 on the coordination of laws, regulations and administrative provisions relating to legal expenses' insurance (OJ No L 185, 4.7.1987, p. 77),- 388 L 0357: Second Council Directive 88/357/EEC of 22 June 1988 on the coordination of laws, regulations and administrative provisions relating to direct insurance other than life assurance and laying down provisions to facilitate the effective exercise of freedom to provide services and amending Directive 73/239/EEC (OJ No L 172, 4.7.1988, p. 1),- 390 L 0618: Council Directive 90/618/EEC of 8 November 1990 amending, particularly as regards motor vehicle liability insurance, Directive 73/239/EEC and Directive 88/357/EEC which concern the coordination of laws, regulations and administrative provisions relating to direct insurance other than life assurance (OJ No L 330, 29.11.1990, p. 44).The provisions of the Directive shall, for the purposes of the present Agreement, be read with the following adaptations:(a) The following shall be added to Article 4:' (f) in Iceland- Húsatryggingar Reykjavíkurborgar;- Vi slagatrygging Islands.(g) in Switzerland- Aargau: Aargauisches Versicherungsamt, Aarau;- Appenzell Ausser-Rhoden: Brand- und Elementarschadenversicherung Appenzell AR, Herisau;- Basel-Land: Basellandschaftliche Gebäudeversicherung, Liestal;- Basel-Stadt: Gebäudeversicherung des Kantons Basel-Stadt, Basel;- Bern/Berne: Gebäudeversicherung des Kantons Bern, Bern /Assurance immobilière du canton de Berne, Berne;- Fribourg/Freiburg: Etablissement cantonal d'assurance des bâtiments du canton de Fribourg, Fribourg/Kantonale Gebäudeversicherungsanstalt Freiburg, Freiburg;- Glarus: Kantonale Sachversicherung Glarus, Glarus;- Graubünden/Grigioni/Grischun: Gebäudeversicherungsanstalt des Kantons Graubünden, Chur/Istituto d'assicurazione fabbricati del cantone dei Grigioni, Coira/ Institut dil cantun Grischun per assicuranzas da baghetgs, Cuera;- Jura: Assurance immobilière de la République et canton du Jura, Saignelégier;- Luzern: Gebäudeversicherung des Kantons Luzern, Luzern;- Neuchâtel: Etablissement cantonal d'assurance immobilière contre l'incendie, Neuchâtel;- Nidwalden: Nidwaldner Sachversicherung, Stans;- Schaffhausen: Gebäudeversicherung des Kantons Schaffhausen, Schaffhausen;- Solothurn: Solothurnische Gebäudeversicherung, Solothurn;- St. Gallen: Gebäudeversicherungsanstalt des Kantons St. Gallen, St. Gallen;- Thurgau: Gebäudeversicherung des Kantons Thurgau, Frauenfeld;- Vaud: Etablissement d'assurance contre l'incendie et les éléments naturels du canton de Vaud, Lausanne;- Zug: Gebäudeversicherung des Kantons Zug, Zug;- Zürich: Gebäudeversicherung des Kantons Zürich, Zürich.`;(b) the following shall be added to Article 8:' - in the case of Austria:Aktiengesellschaft, Versicherungsverein auf Gegenseitigkeit.- in the case of Finland:Keskinäinen Vakuutusyhtiö/Ömsesidigt Försäkringsbolag, Vakuutusosakeyhtiö/Fösäkringsaktiebolag, Vakuutusyhdistys/Försäkringsförening.- in the case of Iceland:Hlutafélag, Gagnkvæmt félag.- in the case of Liechtenstein:Aktiengesellschaft, Genossenschaft.- in the case of Norway:Aksjeselskaper, Gjensidige selskaper.- in the case of Sweden:Försäkringsaktiebolag, Ömsesidiga försäkringsbolag,Understödsföreningar.- in the case of Switzerland:Aktiengesellschaft, Société anonyme, Società anonima, Genossenschaft, Société coopérative, Società cooperativa.`;(c) Article 29 shall not apply; the following provision shall be applicable:Each Contracting Party may, by means of agreements concluded with one or more third countries, agree to the application of provisions different from those provided for in Articles 23 to 28 of the Directive on the condition that its insured persons are given adequate and equivalent protection. The Contracting Parties shall inform and consult each other prior to concluding such agreements. The Contracting Parties shall not apply to branches of insurance undertakings having their head office outside the territory of the Contracting Parties provisions which result in more favourable treatment than that accorded to branches of insurance undertakings having their head office within the territory of the Contracting Parties;(d) Articles 30, 31, 32 and 34 shall not apply; the following provision shall be applicable:The non-life insurance undertakings to be identified separately by Finland, Iceland and Norway shall be exempt from Articles 16 and 17. The competent supervisory authority shall require such undertakings to meet the requirements of these Articles by 1 January 1995. Prior to that date the EEA Joint Committee shall examine the financial situation of the undertakings still not meeting the requirements and make appropriate recommendations. As long as an insurance undertaking fails to meet the requirements of Articles 16 and 17 it shall not establish a branch or provide services in the territory of another Contracting Party. Undertakings desiring to extend their operations within the meaning of Article 8(2) or Article 10 may not do so unless they comply immediately with the rules of the Directive;(e) as regards relations with third-country insurance undertakings described in Article 29b (see Article 4 of Council Directive 90/618/EEC) the following shall apply:1. With a view to achieving a maximum degree of convergence in the application of a third-country regime for insurance undertakings, the Contracting Parties shall exchange information as described in Articles 29b(1) and 29b(5) and consultations shall be held regarding matters referred to in Articles 29b(2), 29b(3) and 29b(4), within the framework of the EEA Joint Committee and according to specific procedures to be agreed by the Contracting Parties.2. Authorizations granted by the competent authorities of a Contracting Party to insurance undertakings being direct or indirect subsidiaries of parent undertakings governed by the laws of a third country shall have validity in accordance with the provisions of the Directive throughout the territory of all Contracting Parties. However,(a) when a third country imposes quantitative restrictions on the establishment of insurance undertakings of an EFTA State or imposes restrictions on such insurance undertakings that it does not impose on Community insurance undertakings, authorizations granted by competent authorities within the Community to insurance undertakings being direct or indirect subsidiaries of parent undertakings governed by the laws of that third country shall have validity only in the Community, except where an EFTA State decides otherwise for its own jurisdiction;(b) where the Community has decided that decisions regarding authorizations of insurance undertakings being direct or indirect subsidiaries of parent undertakings governed by the laws of a third country shall be limited or suspended, any authorization granted by a competent authority of an EFTA State to such insurance undertakings shall have validity only in its jurisdiction, except where another Contracting Party decides otherwise for its own jurisdiction;(c) the limitations or suspensions referred to in subparagraphs (a) and (b) may not apply to insurance undertakings or their subsidiaries already authorized in the territory of a Contracting Party.3. Whenever the Community negotiates with a third country on the basis of Articles 29b(3) and 29b(4) in order to obtain national treatment and effective market access for its insurance undertakings, it shall endeavour to obtain equal treatment for the insurance undertakings of the EFTA States.3. 373 L 0240: Council Directive 73/240/EEC of 24 July 1973 abolishing restrictions on freedom of establishment in business of direct insurance other than life assurance (OJ No L 228, 16.8.1973, p. 20).The provisions of the Directive shall, for the purposes of the Agreement, be read with the following adaptation:Articles 1, 2 and 5 shall not apply.4. 378 L 0473: Council Directive 78/473/EEC of 30 May 1978 on the coordination of laws, regulations and administrative provisions relating to Community co-insurance (OJ No L 151, 7.6.1978, p. 25).The provisions of the Directive shall, for the purposes of the Agreement, be read with the following adaptation:Article 9 shall not apply.5. 384 L 0641: Council Directive 84/641/EEC of 10 December 1984 amending, particularly as regards tourist assistance, the First Directive (73/239/EEC) on the coordination of laws, regulations and administrative provisions relating to the taking-up and pursuit of the business of direct insurance other than life assurance (OJ No L 339, 27.12.1984, p. 21).6. 387 L 0344: Council Directive 87/344/EEC of 22 June 1987 on the coordination of laws, regulations and administrative provisions relating to legal-expenses' insurance (OJ No L 185, 4.7.1987, p. 77).7. 388 L 0357: Second Council Directive 88/357/EEC of 22 June 1988 on the coordination of laws, regulations and administrative provisions relating to direct insurance other than life assurance and laying down provisions to facilitate the effective exercise of freedom to provide services and amending Directive 73/239/EEC (OJ No L 172, 4.7.1988, p. 1), as amended by:- 390 L 0618: Council Directive 90/618/EEC of 8 November 1990 amending, particularly as regards motor vehicle liability insurance, Directive 73/239/EEC and Directive 88/357/EEC which concern the coordination of laws, regulations and administrative provisions relating to direct insurance other than life assurance (OJ No L 330, 29.11.1990, p. 44).(ii) Motor insurance8. 372 L 0166: Council Directive 72/166/EEC of 24 April 1972 on the approximation of the laws of the Member States relating to insurance against civil liability in respect of the use of motor vehicles, and to the enforcement of the obligation to insure against such liability (OJ No L 103, 2.5.1972, p. 1), as amended by:- 372 L 0430: Council Directive 72/430/EEC of 19 December 1972 (OJ No L 291, 28.12.1972, p. 162),- 384 L 0005: Second Council Directive 84/5/EEC of 30 December 1983 on the approximation of the laws of the Member States relating to insurance against civil liability in respect of the use of motor vehicles (OJ No L 8, 11.1.1984, p. 17),- 390 L 0232: Third Council Directive 90/232/EEC of 14 May 1990 on the approximation of the laws of the Member States relating to insurance against civil liability in respect of the use of motor vehicles (OJ No L 129, 19.5.1990, p. 33),- 391 D 0323: Commission Decision of 30 May 1991 relating to the application of Council Directive 72/166/EEC (OJ No L 177, 5.7.1991, p. 25).9. 384 L 0005: Second Council Directive 84/5/EEC of 30 December 1983 on the approximation of the laws of the Member States relating to insurance against civil liability in respect of the use of motor vehicles (OJ No L 8, 11.1.1984, p. 17), as amended by:- 390 L 0232: Third Council Directive 90/232/EEC of 14 May 1990 on the approximation of the laws of the Member States relating to insurance against civil liability in respect of the use of motor vehicles (OJ No L 129, 19.5.1990, p. 33).10. 390 L 0232: Third Council Directive 90/232/EEC of 14 May 1990 on the approximation of the laws of the Member States relating to insurance against civil liability in respect of the use of motor vehicles (OJ No L 129, 19.5.1990, p. 33).(iii) Life assurance11. 379 L 0267: First Council Directive 79/267/EEC of 5 March 1979 on the coordination of laws, regulations and administrative provisions relating to the taking-up and pursuit of the business of direct life assurance (OJ No L 63, 13.3.1979, p. 1), as amended by:- 390 L 0619: Council Directive 90/619/EEC of 8 November 1990 on the coordination of laws, regulations and administrative provisions relating to direct life assurance, laying down provisions to facilitate the effective exercise of freedom to provide services and amending Directive 79/267/EEC (OJ No L 330, 29.11.1990, p. 50).The provisions of the Directive shall, for the purposes of the Agreement, be read with the following adaptations:(a) the following shall be added to Article 4:'This Directive shall not concern the pension activities of pension insurance undertakings prescribed in the Employees' Pensions Act (TEL) and other related Finnish legislation. However, the Finnish authorities shall allow in a non-discriminatory manner all nationals and companies of Contracting Parties to perform according to Finnish legislation the activities specified in Article 1 related to this exemption whether by means of:- ownership or participation in an existing insurance company or group;- creation or participation of new insurance companies or groups, including pension insurance companies.`;(b) the following shall be added to Article 8(1)(a):' - in the case of Austria:Aktiengesellschaft, Versicherungsverein auf Gegenseitigkeit.- in the case of Finland:Keskinäinen Vakuutusyhtiö / Ömsesidigt Försäkringsbolag, Vakuutusosakeyhtiö /Försäkringsaktiebolag, Vakuutusyhdistys / Försäkringsförening.- in the case of Iceland:Hlutafélag, Gagnkvæmt félag.- in the case of Liechtenstein:Aktiengesellschaft, Genossenschaft, Stiftung.- in the case of Norway:Aksjeselskaper, Gjensidige selskaper.- in the case of Sweden:Försäkringsaktiebolag, Ömsesidiga försäkringsbolag, Understödsföreningar.- in the case of Switzerland:Aktiengesellschaft/ Société anonyme/ Società anonima, Genossenschaft/ Société coopérative/Società cooperativa, Stiftung/ Fondation/ Fondazione.`;(c) Articles 13(5), 33, 34, 35 and 36 shall not apply; the following provision shall be applicable:the life assurance undertakings to be identified separately by Iceland shall be exempt from Articles 18, 19 and 20. The competent supervisory authority shall require such undertakings to meet the requirements of these Articles by 1 January 1995. Prior to that date the EEA Joint Committee shall examine the financial situation of the undertakings still not meeting the requirements and make appropriate recommendations. As long as an insurance undertaking fails to meet the requirements of Articles 18, 19 and 20 it shall not establish a branch or provide services in the territory of another Contracting Party.Undertakings desiring to extend their operations within the meaning of Article 8(2) or Article 10 may not do so unless they comply immediately with the rules of the Directive;(d) Article 32 shall not apply; the following provision shall be applicable:Each Contracting Party may, by means of agreements concluded with one or more third countries, agree to the application of provisions different from those provided for in Articles 27 to 31 of the Directive on the condition that its insured persons are given adequate and equivalent protection.The Contracting Parties shall inform and consult each other prior to concluding such agreements.The Contracting Parties shall not apply to branches of insurance undertakings having their head office outside the territory of the Contracting Parties provisions which result in more favourable treatment than that accorded to branches of insurance undertakings having their head office within the territory of the Contracting Parties;(e) as regards relations with third-country insurance undertakings described in Article 32b (see Article 9 of Council Directive 90/619/EEC) the following shall apply:1. With a view to achieving a maximum degree of convergence in the application of a third-country regime for insurance undertakings, the Contracting Parties shall exchange information as described in Articles 32b(1) and 32b(5) and consultations shall be held regarding matters referred to in Articles 32b(2), 32b(3) and 32b(4), within the framework of the EEA Joint Committee and according to specific procedures to be agreed by the Contracting Parties.2. Authorizations granted by the competent authorities of a Contracting Party to insurance undertakings being direct or indirect subsidiaries of parent undertakings governed by the laws of a third country shall have validity in accordance with the provisions of the Directive throughout the territory of all Contracting Parties. However,(a) when a third country imposes quantitative restrictions on the establishment of insurance undertakings of an EFTA State, or imposes restrictions on such insurance undertakings that it does not impose on Community insurance undertakings, authorizations granted by competent authorities within the Community to insurance undertakings being direct or indirect subsidiaries of parent undertakings governed by the laws of that third country shall have validity only in the Community, except where an EFTA State decides otherwise for its own jurisdiction;(b) where the Community has decided that decisions regarding authorizations of insurance undertakings being direct or indirect subsidiaries of parent undertakings governed by the laws of a third country, shall be limited or suspended, any authorization granted by a competent authority of an EFTA State to such insurance undertakings shall have validity only in its jurisdiction, except where another Contracting Party decides otherwise for its own jurisdiction.(c) the limitations or suspensions referred to in subparagraphs (a) and (b) may not apply to insurance undertakings or their subsidiaries already authorized in the territory of a Contracting Party.3. Whenever the Community negotiates with a third country on the basis of 32b(3) and 32b(4), in order to obtain national treatment and effective market access for its insurance undertakings, it shall endeavour to obtain equal treatment for the insurance undertakings of the EFTA States;(f) in Article 13(3), the words 'at the time of notification of this Directive` shall be replaced by 'at the time of signature of the EEA Agreement`.12. 390 L 0619: Council Directive 90/619/EEC of 8 November 1990 on the coordination of laws, regulations and administrative provisions relating to direct life assurance, laying down provisions to facilitate the effective exercise of freedom to provide services and amending Directive 79/267/EEC (OJ No L 330, 29.11.1990, p. 50).The provisions of the Directive shall, for the purposes of the Agreement, be read with the following adaptation:Article 9: see adaptation (e) to Council Directive 79/267/EEC.(iv) Other issues13. 377 L 0092: Council Directive 77/92/EEC of 13 December 1976 on measures to facilitate the effective exercise of freedom of establishment and freedom to provide services in respect of the activities of insurance agents and brokers (ex. ISIC group 630) and, in particular, transitional measures in respect of those activities (OJ No L 26, 31.1.1977, p. 14).The provisions of the Directive shall, for the purposes of the present Agreement, be read with the following adaptations:(a) the following shall be added to Article 2(2)(a):'in Austria:- Versicherungsmakler- Rückversicherungsmaklerin Finland:- Vakuutuksenvälittäjä/Försäkringsmäklarein Iceland:- Vátryggingami slariin Liechtenstein:- Versicherungsmaklerin Norway:- Forsikringsmeglerin Sweden:- Försäkringsmäklarein Switzerland:- Versicherungsmakler- Courtier en assurances- Mediatore d'assicurazione- Broker`;(b) the following shall be added to Article 2(2)(b):' in Austria:- Versicherungsvertreterin Finland:- Vakuutusasiamies/Försäkringsombudin Iceland:- Vátryggingaumbo ssma surin Liechtenstein:- Versicherungs-Generalagent- Versicherungsagent- Versicherungsinspektorin Norway:- Assurandør- Agentin Sweden:- Försäkringsombudin Switzerland:- Versicherungs-Generalagent- Agent général d'assurance- Agente generale d'assicurazione- Versicherungsagent- Agent d'assurance- Agente d'assicurazione- Versicherungsinspektor- Inspecteur d'assurance- Ispettore d'assicurazione`;(c) the following shall be added to Article 2(2)(c):' in Iceland:- Vátryggingasöluma surin Norway:- Underagent`.II. Banks and other credit institutions(i) Coordination of legislation on establishment and freedom to provide services14. 373 L 0183: Council Directive 73/183/EEC of 28 June 1973 on the abolition of restrictions on freedom of establishment and freedom to provide services in respect of self-employed activities of banks and other financial institutions (OJ No L 194, 16.7.1973, p. 1) as amended by OJ No L 320, 21.11.1973, p. 26 and OJ No L 17, 22.1.1974, p. 22.The provisions of the Directive shall, for the purposes of the Agreement, be read with the following adaptations:(a) Articles 1, 2, 3 and 6 of the Directive shall not apply;(b) in Articles 5(1) and 5(3) of the Directive, the words 'in Article 2` shall be replaced by 'in Annex II, except category 4`.15. 377 L 0780: First Council Directive 77/780/EEC of 12 December 1977 on the coordination of the laws, regulations and administrative provisions relating to the taking-up and pursuit of the business of credit institutions (OJ No L 322, 17.12.1977, p. 30), as amended by:- 386 L 0524: Council Directive 86/524/EEC of 27 October 1986 amending Directive 77/780/EEC in respect of the list of permanent exclusions of certain credit institutions (OJ No L 309, 4.11.1986, p. 15),- 389 L 0646: Second Council Directive 89/646/EEC of 15 December 1989 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 (OJ No L 386, 30.12.1989, p. 1).The provisions of the Directive shall, for the purposes of the Agreement, be read with the following adaptations:(a) Articles 2(5) and 2(6), 3(3)(b) to (d), 9(2), 9(3) and 10 of the Directive shall not apply;(b) the following shall be added to Article 2(2):' - in Austria, enterprises recognized as building associations for the public benefit;- in Iceland "Byggingarsjodir rikisins";- in Liechtenstein, the "Liechtensteinische Landesbank";- in Sweden, the "Svenska skeppshypotekskassan" `;(c) Iceland shall implement the provisions of the Directive by 1 January 1995.16. 389 L 0646: Second Council Directive 89/646/EEC of 15 December 1989 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 (OJ No L 386, 30.12.1989, p. 1).The provisions of the Directive shall, for the purposes of the Agreement, be read with the following adaptations:(a) as regards relations with third-country credit institutions described in Articles 8 and 9 of the Directive, the following shall apply:1. With a view to achieving a maximum degree of convergence in the application of a third-country regime for credit institutions, the Contracting Parties shall exchange information as described in Articles 9(1) and 9(5) and consultations shall be held regarding matters referred to in Articles 9(2), 9(3) and 9(4), within the framework of the EEA Joint Committee and according to specific procedures to be agreed by the Contracting Parties.2. Authorizations granted by the competent authorities of a Contracting Party to credit institutions being direct or indirect subsidiaries of parent undertakings governed by the laws of a third country, shall have validity in accordance with the provisions of this Directive throughout the territory of all Contracting Parties. However,(a) when a third country imposes quantitative restrictions on the establishment of credit institutions of an EFTA State, or imposes restrictions on such credit institutions that it does not impose on Community credit institutions, authorizations granted by competent authorities within the Community to credit institutions being direct or indirect subsidiaries of parent undertakings governed by the laws of that third country shall have validity only in the Community, except where an EFTA State decides otherwise for its own jurisdiction;(b) where the Community has decided that decisions regarding authorizations of credit institutions being direct or indirect subsidiaries of parent undertakings governed by the laws of a third country shall be limited or suspended, authorizations granted by a competent authority of an EFTA State to such credit institutions shall have validity only in its jurisdiction, except where another Contracting Party decides otherwise for its own jurisdiction;(c) the limitations or suspensions referred to in subparagraphs (a) and (b) may not apply to credit institutions or their subsidiaries already authorized in the territory of a Contracting Party.3. Whenever the Community negotiates with a third country on the basis of Articles 9(3) and 9(4), in order to obtain national treatment and effective market access for its credit institutions, it shall endeavour to obtain equal treatment for the credit institutions of the EFTA States;(b) in Article 10(2), the words 'when the Directive is implemented` shall be replaced by 'when the EEA Agreement enters into force`, and the words 'the date of the notification of this Directive` shall be replaced by 'the date of signature of the EEA Agreement`;(c) Iceland shall implement the provisions of the Directive by 1 January 1995. During the transition period it shall recognize, in accordance with the provisions of the Directive, authorizations granted to credit institutions by the competent authorities of the other Contracting Parties. Authorizations granted to credit institutions by the competent Icelandic authorities shall not have EEA-wide validity before the full application of the Directive.(ii) Prudential requirements and regulations17. 389 L 0299: Council Directive 89/299/EEC of 17 April 1989 on the own funds of credit institutions (OJ No L 124, 5.5.1989, p. 16).18. 389 L 0647: Council Directive 89/647/EEC of 18 December 1989 on a solvency ratio for credit institutions (OJ No L 386, 30.12.1989, p. 14).The provisions of the Directive shall, for the purposes of the Agreement, be read with the following adaptations:(a) loans fully and completely secured by shares in Finnish residential housing companies, operating in accordance with the Finnish Housing Company Act of 1991 or subsequent equivalent legislation, shall be given the same weighting as the one applied to mortgages on residential property in accordance with the rules set out in Article 6(1)(c)(1) of the Directive;(b) Article 11(4) shall also apply to Austria and Iceland;(c) Austria and Finland shall before 1 January 1993 establish a system for identification of those credit institutions that are unable to meet the requirement of Article 10(1) of the Directive. For each of those credit institutions, the competent authority shall take the appropriate measures to ensure that the 8% solvency ratio is met as quickly as possible and no later than 1 January 1995. Until the credit institutions in question reach the 8% solvency ratio, the competent authorities in Austria and Finland will, in relation to Article 19(3) of Council Directive 89/646/EEC, regard the financial situation of such credit institutions as inadequate.19. 391 L 0031: Commission Directive 91/31/EEC of 19 December 1990 adapting the technical definition of 'multilateral development banks` in Council Directive 89/647/EEC of 18 December 1989 on a solvency ratio for credit institutions (OJ No L 17, 23.1.1991, p. 20).(iii) Supervision and accounts20. 383 L 0350: Council Directive 83/350/EEC of 13 June 1983 on the supervision of credit institutions on a consolidated basis (OJ No L 193, 18.7.1983, p. 18).21. 386 L 0635: Council Directive 86/635/EEC of 8 December 1986 on the annual accounts and consolidated accounts of banks and other financial institutions (OJ No L 372, 31.12.1986, p. 1).The provisions of the Directive shall, for the purposes of the Agreement, be read with the following adaptation:Austria, Norway and Sweden shall implement the provisions of the Directive by 1 January 1995, and Liechtenstein and Switzerland by 1 January 1996. During the transition periods, there shall be mutual recognition of the annual accounts published by the credit institutions of the Contracting Parties relative to branches.22. 389 L 0117: Council Directive 89/117/EEC of 13 February 1989 on the obligations of branches established in a Member State of credit institutions and financial institutions having their head offices outside that Member State regarding the publication of annual accounting documents (OJ No L 44, 16.2.1989, p. 40).The provisions of the Directive shall, for the purposes of the Agreement, be read with the following adaptation:Article 3 shall not apply.23. 391 L 0308: Council Directive 91/308/EEC of 10 June 1991 on prevention of the use of the financial system for the purpose of money laundering (OJ No L 166, 28.6.1991, p. 77).Modalities for association of EFTA States in accordance with Article 101 of the Agreement:an expert from each EFTA State may participate in the tasks of the Contact Committee on money laundering which are described in Article 13(1)(a) and 13(1)(b). With regard to the involvement of experts from the EFTA States in the tasks described in Article 13(1)(c) and 13(1)(d), the relevant provisions of the Agreement shall apply.The EC Commission shall, in due time, inform the participants about the date of the meeting of the Committee and transmit the relevant documentation.III. Stock-exchange and securities(i) Stock-exchange listing and transactions24. 379 L 0279: Council Directive 79/279/EEC of 5 March 1979 coordinating the conditions for admission of security to official stock-exchange listing (OJ No L 66, 16.3.1979, p. 21), as amended by:- 388 L 0627: Council Directive 88/627/EEC of 12 December 1988 on the information to be published when a major holding in a listed company is acquired or disposed of (OJ No L 348, 17.12.1988, p. 62).The provisions of the Directive shall, for the purposes of the Agreement, be read with the following adaptation:Iceland and Switzerland shall implement the provisions of the Directive by 1 January 1995. During the transition period, these countries shall provide for exchange of information with the competent authorities of the other Contracting Parties relative to the issues regulated by the Directive.25. 380 L 0390: Council 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 stock-exchange listing (OJ No L 100, 17.4.1980, p. 1), as amended by:- 387 L 0345: Council Directive 87/345/EEC of 22 June 1987 (OJ No L 185, 4.7.1987, p. 81),- 390 L 0211: Council Directive 90/211/EEC of 23 April 1990 amending Directive 80/390/EEC in respect of mutual recognition of public-offer prospectuses as stock-exchange listing particulars (OJ No L 112, 3.5.1990, p. 24).The provisions of the Directive shall, for the purposes of the Agreement, be read with the following adaptations:(a) Article 25a of the Directive, introduced by Directive 87/345/EEC, shall not apply;(b) Iceland and Switzerland shall implement the provisions of the Directive by 1 January 1995. During the transition period, these countries shall provide for exchange of information with the competent authorities of the other Contracting Parties relative to the issues regulated by the Directive.26. 382 L 0121: Council Directive 82/121/EEC of 15 February 1982 on information to be published on a regular basis by companies the shares of which have been admitted to official stock-exchange listing (OJ No L 48, 20.2.1982, p. 26).The provisions of the Directive shall, for the purposes of the Agreement, be read with the following adaptation:Iceland and Switzerland shall implement the provisions of the Directive by 1 January 1995. During the transition period, these countries shall provide for exchange of information with the competent authorities of the other Contracting Parties relative to the issues regulated by the Directive.27. 388 L 0627: Council Directive 88/627/EEC of 12 December 1988 on the information to be published when a major holding in a listed company is acquired or disposed of (OJ No L 348, 17.12.1988, p. 62).The provisions of the Directive shall, for the purposes of the Agreement, be read with the following adaptation:Iceland, Switzerland and Liechtenstein shall implement the provisions of the Directive by 1 January 1995. During the transition period, these countries shall provide for exchange of information with the competent authorities of the other Contracting Parties relative to the issues regulated by the Directive.28. 389 L 0298: Council Directive 89/298/EEC of 17 April 1989 coordinating the requirements for the drawing-up, scrutiny and distribution of the prospectus to be published when transferable securities are offered to the public (OJ No L 124, 5.5.1989, p. 8).The provisions of the Directive shall, for the purposes of the Agreement, be read with the following adaptations:(a) the provisions of Article 24 of the Directive shall not apply;(b) Iceland, Switzerland and Liechtenstein shall implement the provisions of the Directive by 1 January 1995. During the transition period, these countries shall provide for exchange of information with the competent authorities of the other Contracting Parties relative to the issues regulated by the Directive.29. 389 L 0592: Council Directive 89/592/EEC of 13 November 1989 coordinating regulations on insider dealing (OJ No L 334, 18.11.1989, p. 30).The provisions of the Directive shall, for the purposes of the Agreement, be read with the following adaptations:(a) Austria, Iceland, Switzerland and Liechtenstein shall implement the provisions of the Directive by 1 January 1995. During the transition period, these countries shall provide for exchange of information with the competent authorities of the other Contracting Parties relative to the issues regulated by the Directive;(b) Article 11 shall not apply.(ii) Undertakings for collective investment in transferable securities (Ucits)30. 385 L 0611: Council Directive 85/611/EEC of 20 December 1985 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (Ucits) (OJ No L 375, 31.12.1985, p. 3), as amended by:- 388 L 0220: Council Directive 88/220/EEC of 22 March 1988 amending, as far as concerns the investment policy of certain Ucits, Directive 85/611/EEC (OJ No L 100, 19.4.1988, p. 31).The provisions of the Directive shall, for the purposes of the Agreement, be read with the following adaptation:in Article 57(2), the words 'on the date of implementation of the Directive` shall be replaced by 'on the date of entry into force of the EEA Agreement`.ACTS OF WHICH THE CONTRACTING PARTIES SHALL TAKE NOTEThe Contracting Parties take note of the contents of the following acts:31. 374 X 0165: Commission Recommendation 74/165/EEC of 6 February 1974 to the Member States concerning the application of the Council Directive of 24 April 1972 (OJ No L 87, 30.3.1974, p. 12).32. 381 X 0076: Commission Recommendation 81/76/EEC of 8 January 1981 on the accelerated settlement of claims under insurance against civil liability in respect of the use of motor vehicles (OJ No L 57, 4.3.1981, p. 27).33. 385 X 0612: Council Recommendation 85/612/EEC of 20 December 1985 concerning the second subparagraph of Article 25(1) of Council Directive 85/611/EEC (OJ No L 375, 31.12.1985, p. 19).34. 387 X 0062: Commission Recommendation 87/62/EEC of 22 December 1986 on monitoring and controlling large exposures of credit institutions (OJ No L 33, 4.2.1987, p.10).35. 387 X 0063: Commission Recommendation 87/63/EEC of 22 December 1986 concerning the introduction of deposit-guarantee schemes in the Community (OJ No L 33, 4.2.1987, p. 16).36. 390 X 0109: Commission Recommendation 90/109/EEC of 14 February 1990 on the transparency of banking conditions relating to cross-border financial transactions in the EEC (OJ No L 67, 15.3.1990, p. 39).