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Στις 4 Μαρτίου 2010 , κατόπιν αιτήματος του Προέδρου του Ευρωπαϊκού Συμßουλίου , το Διοικητικό Συμßούλιο εξέδωσε την εν λόγω γνώμη ( CON / 2010/19 ) .
On 4 March 2010 the Governing Council adopted this Opinion at the request of the President of the European Council ( CON / 2010/19 ) . Chairmanship of the Statistics Committee ( STC )
Στις 4 Μαρτίου 2010 το Διοικητικό Συμßούλιο διόρισε τον κ . Aurel Schubert , ο οποίος επί του παρόντος είναι επικεφαλής της Διεύθυνσης Στατιστικής της Oesterreichische Nationalbank και πρόκειται να αναλάßει τη θέση του Γενικού Διευθυντή Στατιστικής της ΕΚΤ την 1η Ιουνίου 2010 , ως πρόεδρο της Επιτροπής Στατιστικής .
On 4 March 2010 the Governing Council appointed Mr Aurel Schubert , currently Director of the Statistics Department at the Oesterreichische Nationalbank and who will become the ECB 's Director General Statistics on 1 June 2010 , as Chairman of the STC , with immediate effect .
Schubert θα λήξει στις 31 Αυγούστου 2010 , ώστε να συμπίπτει με τη λήξη της θητείας όλων των προέδρων των Επιτροπών του Ευρωσυστήματος / ΕΣΚΤ , οι οποίοι διορίστηκαν ( ή επαναδιορίστηκαν ) από το Διοικητικό Συμßούλιο στις 19 Ιουλίου 2007 για τριετή περίοδο .
His term as STC Chairman will expire on 31 August 2010 , so as to coincide with the expiry of the terms of office of all Eurosystem / ESCB committee chairpersons , who were ( re ) appointed by the Governing Council on 19 July 2007 for a three-year period . European Central Bank
http://www.ecb.europa.eu/press/govcdec/otherdec/2010/html/gc100319.el.html
http://www.ecb.europa.eu/press/govcdec/otherdec/2010/html/gc100319.en.html
Statement by the ECB 's Governing Council on the additional measures of the Greek government
Statement by the ECB 's Governing Council on the additional measures of the Greek government
ECB announces details of refinancing operations with settlement up to 12 October 2010 Monthly Report on the Eurosystem 's covered bond purchase programme Guideline of the ECB of 4 March 2010 amending Guideline ECB / 2000/7 on monetary policy instruments and procedures of the Eurosystem ( ECB / 2010/1 )
ECB announces details of refinancing operations with settlement up to 12 October 2010 Monthly Report on the Eurosystem 's covered bond purchase programme Guideline of the ECB of 4 March 2010 amending Guideline ECB / 2000/7 on monetary policy instruments and procedures of the Eurosystem ( ECB / 2010/1 )
CON / 2010/16 CON / 2010/17 CON / 2010/20 CON / 2010/21 CON / 2010/22
CON / 2010/16 CON / 2010/17 CON / 2010/20 CON / 2010/21 CON / 2010/22
CON / 2010/19 ECB 's Executive Board appoints Director General Statistics
CON / 2010/19 ECB 's Executive Board appoints Director General Statistics
Navigation Path : Home &gt; The European Central Bank &gt; Νομικό πλαίσιο &gt; Όλες οι γνώμες της ΕΚΤ &gt; CON / 2009/33
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ˇØ ôæïðïðïØÞóåØò ÆıôÝò Ææ ÷ ßæïıí íÆ Øó ÷ ýïıí Æöïý åðØŒıæøŁïýí Æðü üº Æ ôÆ ŒæÜôç ìÝº ç óýìöøíÆ ìå ôïıò ÆíôßóôïØ ÷ ïıò óıíôÆª ìÆôØŒïýò ŒÆíüíåò ôïıò .
These amendments shall enter into force after having been ratified by all the Member States in accordance with their respective constitutional requirements .
˚ÜŁå óýóôÆóç ôçò ¯ ˚Ô äıíÜìåØ ôçò ðÆæïýóÆò ðÆæÆª æÜöïı ÆðÆØôåß ïìüöøíç ÆðüöÆóç ôïı ˜ØïØŒçôØŒïý Óıìâïıº ßïı .»
A recommendation made by the ECB under this paragraph shall require a decision by the Governing Council acting unanimously . 
Navigation Path : Home &gt; Press &gt; Press releases &gt; By date &gt; 2006 &gt; 1 Ιουνίου 2006
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1 Ιουνίου 2006 - Καταμερισμός αρμοδιοτήτων μεταξύ των μελών της Εκτελεστικής Επιτροπής της ΕΚΤ
1 June 2006 - Distribution of responsibilities among the members of the Executive Board of the ECB
Στο πλαίσιο της συλλογικής του ευθύνης για τη συνολική λειτουργία των υπηρεσιακών μονάδων της Ευρωπαϊκής Κεντρικής Τράπεζας ( ΕΚΤ ) , η Εκτελεστική Επιτροπή της ΕΚΤ έλαßε σήμερα απόφαση , η οποία έχει άμεση ισχύ , σχετικά με τον καταμερισμό αρμοδιοτήτων μεταξύ των μελών της .
Within the framework of its collective responsibility for the overall functioning of the business areas of the European Central Bank ( ECB ) , the Executive Board of the ECB agreed today on the following distribution of responsibilities among its members , with immediate effect :
Παπαδήμος , θα είναι αρμόδιος για τις ακόλουθες υπηρεσιακές μονάδες : Χρηματοπιστωτική Σταθερότητα και Εποπτεία , Έρευνα .
In addition to his statutory duties as deputy to the President , the Vice-President , Mr Lucas D. Papademos , will be responsible for the following areas : Financial Stability and Supervision ; Research .
Gertrude Tumpel-Gugerell θα είναι αρμόδια για τις ακόλουθες υπηρεσιακές μονάδες : Ανθρώπινο Δυναμικό , Προϋπολογισμός και Οργάνωση , Συστήματα Πληρωμών και Υποδομές Αγοράς .
Ms Gertrude Tumpel-Gugerell will be responsible for the following areas : Human Resources , Budget and Organisation ; Payment Systems and Market Infrastructure .
José Manuel González-Páramo θα είναι αρμόδιος για τις ακόλουθες υπηρεσιακές μονάδες : Τραπεζογραμμάτια , Δραστηριότητες Αγορών , Στατιστική .
Mr José Manuel González-Páramo will be responsible for the following areas : Banknotes ; Market Operations ;
Ο κ .
Statistics .
Lorenzo Bini Smaghi θα είναι αρμόδιος για τις ακόλουθες υπηρεσιακές μονάδες : Διοίκηση , Διεθνείς και Ευρωπαϊκές Σχέσεις , Νομικές Υπηρεσίες .
Mr Lorenzo Bini Smaghi will be responsible for the following areas : Administration ; International and European Relations ;
Ο κ .
Legal Services .
Jürgen Stark θα είναι αρμόδιος για τις ακόλουθες υπηρεσιακές μονάδες : Οικονομικές Μελέτες , Πληροφοριακά Συστήματα .
Mr Jürgen Stark will be responsible for the following areas : Economics ; Information Systems .
http://www.ecb.europa.eu/press/pr/date/2006/html/pr060601.el.html
http://www.ecb.europa.eu/press/pr/date/2006/html/pr060601.en.html
Åðßóçìç Åöçìåñßäá ôùí Åõñùðáúêþí ÊïéíïôÞôùí ÃÍÙÌÇ ÔÇÓ ÅÕÑÙÐÁÚÊÇÓ ÊÅÍÔÑÉÊÇÓ ÔÑÁÐÅZÁÓ ôçò 16çò Ìáñôßïõ 1999
Official Journal of the European Communities OPINION OF THE EUROPEAN CENTRAL BANK of 16 March 1999
êáôüðéí áéôÞìáôïò ôïõ Óõìâïõëßïõ ôçò ÅõñùðáúêÞò ¸ íùóçò äõíÜìåé ôùí Üñèñùí 109Ë ðáñÜãñáöïò 2 êáé 109ÓÔ ðáñÜãñáöïò 6 ôçò óõíèÞêçò ãéá ôçí ßäñõóç ôçò ÅõñùðáúêÞò Êïéíüôçôáò êáé ôïõ Üñèñïõ 5.3 ´ ´ ´ ´ ´ ôïõ êáôáóôáôéêïõ ôïõ Åõñùðáúêïõ Íïìéóìáôéêïõ Éäñõìáôïò ó ÷ åôéêÜ ìå äõï ðñïôÜóåéò ôçò ÅõñùðáúêÞò ´ ÅðéôñïðÞò ãéá ïäçãßåò ôïõ Åõñùðáúêïõ Êïéíïâïõëßïõ êáé ôïõ Óõìâïõëßïõ ðåñß ôñïðïðïßçóçò ôçò ïäçãßáò 85/611 / ÅÏÊ ãéá ôï óõíôïíéóìü ôùí íïìïèåôéêþí , êáíïíéóôéêþí êáé äéïéêçôéêþí äéáôÜîåùí ´ ´ üóïí áöïñÜ ôïõò ïñãáíéóìïõò óõëëïãéêþí åðåíäõóåùí óå êéíçôÝò áîßåò ( ÏÓÅÊÁ ) , åíä .
at the request of the Council of the European Union under Articles 109l ( 2 ) and 109f ( 6 ) of the Treaty establishing the European Community and Article 5.3 of the Statute of the European Monetary Institute on two European Commission proposals for European Parliament and Council Directives amending Directive 85/611 / EEC on the coordination of laws , regulations and administrative provisions relating to undertakings for collective investment in transferable securities ( UCITS ) , ref .
98/0242  COM ( 1998 ) 451 ôåëéêü êáé åíä .
98/0242  COM ( 1998 ) 451 final and ref .
98/0243  COM ( 1998 ) 449 ôåëéêü ( CON / 98/54 )
98/0243  COM ( 1998 ) 449 final ( CON / 98/54 )
Óôéò 16 êáé 26 Ïêôùâñßïõ 1998 ç ÅõñùðáúêÞ ÊåíôñéêÞ ÔñÜ ´ ´ ðåæá ( åöåîÞò êáëïõìåíç « ÅÊÔ » ) Ýëáâå áéôÞìáôá áðü ôï Óõìâïõ ´ ´ ëéï ôçò ÅõñùðáúêÞò ¸ íùóçò ( åöåîÞò êáëïõìåíï « Óõìâïõëéï » ) íá åêöÝñåé ôç ãíþìç ôçò ó ÷ åôéêÜ ìå ó ÷ Ýäéá íïìïèåôéêþí ðñï ´ ôÜóåùí ãéá ïäçãßåò ôïõ Åõñùðáúêïõ Êïéíïâïõëßïõ êáé ôïõ ´ Óõìâïõëßïõ ( åöåîÞò êáëïõìåíá « ó ÷ Ýäéá ïäçãßáò » ) ðåñß ôñïðïðïßçóçò ôçò ïäçãßáò 85/611 / ÅÏÊ ãéá ôï óõíôïíéóìü ôùí íïìïèåôéêþí , êáíïíéóôéêþí êáé äéïéêçôéêþí äéáôÜîåùí üóïí áöïñÜ ´ ´ ôïõò ïñãáíéóìïõò óõëëïãéêþí åðåíäõóåùí óå êéíçôÝò áîßåò ´ ( ÏÓÅÊÁ ) ( åöåîÞò êáëïõìåíçò « ïäçãßá ðåñß ÏÓÅÊÁ » ) .
The European Central Bank ( hereinafter referred to as the  ECB ) received requests from the Council of the European Union ( hereinafter referred to as the  Council ) , dated 16 and 26 October 1998 , for an ECB opinion on draft legislative proposals for European Parliament and Council Directives ( hereinafter referred to as the  draft Directives ) amending Directive 85/611 / EEC on the coordination of laws , regulations and administrative provisions relating to undertakings for collective investment in transferable securities ( UCITS ) ( hereinafter referred to as the  UCITS Directive ) .
Óõìöùíá ìå ôï Üñèñï 109Ë ðáñÜãñáöïò 2 ôçò óõíèÞêçò ãéá ´ ôçí ßäñõóç ôçò ÅõñùðáúêÞò Êïéíüôçôáò ( åöåîÞò êáëïõìåíçò « óõíèÞêç » ) , ç ÅÊÔ Ý ÷ åé áíáëÜâåé ôéò óõìâïõëåõôéêÝò ëåéôïõñãßåò ´ ´ ´ ôïõ Åõñùðáúêïõ Íïìéóìáôéêïõ Éäñõìáôïò ( ÅÍÉ ) , ôï ïðïßï ôÝèçêå õðü åêêáèÜñéóç ìå ôçí ßäñõóç ôçò ÅÊÔ , ôçí 1ç Éïõíßïõ 1998 .
In accordance with Article 109l ( 2 ) of the Treaty establishing the European Community ( hereinafter referred to as the  Treaty ) , the ECB has taken over the advisory functions of the European Monetary Institute ( EMI ) , which went into liquidation upon the establishment of the ECB on 1 June 1998 .
Ôá áéôÞìáôá ôïõ Óõìâïõëßïõ âáóßóôçêáí óôá Üñèñá 109Ë ðáñÜãñáöïò 2 êáé 109ÓÔ ðáñÜãñáöïò 6 ôçò óõíèÞêçò .
The requests from the Council were based on Articles 109l ( 2 ) and 109f ( 6 ) of the Treaty .
Ç áñìïäéüôçôá ôçò ÅÊÔ íá äéáôõðþíåé ôç ãíþìç ôçò ãéá ôï èÝìá áõôü âáóßæåôáé óÞìåñá óôï Üñèñï 105 ðáñÜãñáöïò 4 ôçò ´ óõíèÞêçò êáé óôï Üñèñï 4 óôïé ÷ åßï á ) ôïõ êáôáóôáôéêïõ ôïõ ´ åõñùðáúêïõ óõóôÞìáôïò êåíôñéêþí ôñáðåæþí êáé ôçò Åõñùðáú ´ êÞò ÊåíôñéêÞò ÔñÜðåæáò , ôá ïðïßá ôÝèçêáí óå éó ÷ õ ôçí 1ç ´ Éáíïõáñßïõ 1999 .
The ECB 's competence to deliver an opinion is now based on Article 105 ( 4 ) of the Treaty and Article 4 ( a ) of the Statute of the European System of Central Banks and of the European Central Bank , both of which entered into force on 1 January 1999 .
Óõìöùíá ìå ôï Üñèñï 17.5 ðñþôç ðñüôáóç , ´ ´ ´ ôïõ åóùôåñéêïõ êáíïíéóìïõ ôçò ÅÊÔ , ç ðáñïõóá ãíþìç ôçò ´ ÅÊÔ åêäüèçêå áðü ôï äéïéêçôéêü óõìâïõëéï ôçò ÅÊÔ .
In accordance with Article 17.5 , first sentence , of the Rules of Procedure of the ECB , this ECB opinion has been adopted by the Governing Council of the ECB .
Ç ÅÊÔ óçìåéþíåé üôé ôá ó ÷ Ýäéá ïäçãßáò ðáñïõóéÜæïõí ìéá íÝá ´ ´ ëõóç óå æçôÞìáôá ðïõ åß ÷ áí åîåôáóèåß , åí ìÝñåé , óå ðñïçãïõìåíç ðñüôáóç ïäçãßáò ãéá ôçí ôñïðïðïßçóç ôçò ïäçãßáò ðåñß ÏÓÅÊÁ [ COM ( 1993 ) 37 ôåëéêü , üðùò ôñïðïðïéÞèçêå ìå ôï COM ( 1994 ) 329 ôåëéêü ] ãéá ôçí ïðïßá ôï ÅÍÉ åß ÷ å åêäþóåé ãíþìç óôéò 27 Éïõëßïõ 1995 ( CON / 94/8 ) .
The ECB notes that the draft Directives present a new solution to issues dealt with , in part , in an earlier proposal for a Directive amending the UCITS Directive ( COM ( 93 ) 37 final , modified by COM ( 94 ) 329 final ) on which the EMI delivered an opinion on 27 July 1995 ( CON / 94/8 ) .
Ç ÅÊÔ áðïöÜóéóå íá åêäþóåé ìßá ãíþìç ç ïðïßá áöïñÜ êáé ôá ´ ´ ´ äõï áéôÞìáôá äéáâïõëåõóçò , êáèþò êáé ôá äõï ó ÷ Ýäéá ïäçãßáò áðïâëÝðïõí óôçí ôñïðïðïßçóç ôçò ïäçãßáò 85/611 / ÅÏÊ .
The ECB has decided to deliver one opinion dealing with both consultations as the two draft Directives both aim at amending Directive 85/611 / ECC .
Ç ÅÊÔ êáôáíïåß üôé ç ÅðéôñïðÞ ôùí Åõñùðáúêþí ÊïéíïôÞôùí Ý ÷ åé åêðïíÞóåé ìéá äÝóìç ìÝôñùí ìÝóù ÷ ùñéóôþí ðñïôÜóåùí : ç ðñþôç [ COM ( 1998 ) 449 ôåëéêü ] åðéêåíôñþíåôáé ïõóéáóôéêÜ ´ ´ óôïõò ôõðïõò åðåíäõôéêþí êåöáëáßùí , åíþ ç äåõôåñç [ COM ( 1998 ) 451 ôåëéêü ] åðéêåíôñþíåôáé ïõóéáóôéêÜ óôïí ðñïìçèåõôÞ ôùí õðçñåóéþí ( ôçí åôáéñåßá äéá ÷ åßñéóçò ) êáé óôçí õðï ÷ ñÝùóç ôùí ÏÓÅÊÁ íá êáôáñôßæïõí åíçìåñùôéêÜ äåëôßá .
The ECB understands that the Commission of the European Communities has prepared a package of measures distributed through separate proposals : the first ( COM ( 1998 ) 449 final ) focuses essentially on the types of investment funds , whereas the second ( COM ( 1998 ) 451 final ) focuses essentially on the service provider ( the management company ) and on the prospectus requirements for UCITS .
Ç ÅÊÔ óçìåéþíåé üôé êÜèå ôñïðïðïßçóç ôçò ïäçãßáò 85/611 / ÅÏÊ ìðïñåß íá Ý ÷ åé åðéðôþóåéò óôï íïìéêü ïñéóìü ´ ôùí áìïéâáßùí êåöáëáßùí ôçò ÷ ñçìáôáãïñÜò ãéá óôáôéóôéêïõò ´ óêïðïõò , ôïí ïðïßï äßíåé ç ßäéá ç ÅÊÔ óôï ðáñÜñôçìá 1 ìÝñïò É ´ ôìÞìá É ðáñÜãñáöïé 5 êáé 6 ôïõ êáíïíéóìïõ ôçò ÅÊÔ ó ÷ åôéêÜ ìå ôïí åíïðïéçìÝíï éóïëïãéóìü ôïõ ôïìÝá ôùí íïìéóìáôéêþí ÷ ñçìáôïäïôéêþí éäñõìÜôùí ( ÅÊÔ / 1998/16 ) , üðùò åãêñßèçêå ´ áðü ôï äéïéêçôéêü óõìâïõëéï ôçò ÅÊÔ ôçí 1ç Äåêåìâñßïõ 1998 ( ÅÅ L 356 ôçò 30Þò Äåêåìâñßïõ 1998 , ó . 7 ) .
The ECB notes that any amendment to Directive 85/611 / EEC might have an impact on the legal definition of money market funds for statistical purposes , as defined by the ECB itself in Annex 1 , Part I , Section I , paragraphs 5 and 6 of the ECB Regulation concerning the consolidated balance sheet of the Monetary Financial Institutions sector ( ECB / 1998/16 ) , as adopted by the Governing Council of the ECB on 1 December 1998 ( OJ L 356 , 30 December 1998 , p. 7 ) .
I. COM ( 1998 ) 449 ôåëéêü ´ ´ 1 .
I. COM ( 1998 ) 449 final 1 .
´ ´ ÅõñùðáúêÞ ¸ íùóç óå ïñãáíéóìïõò óõëëïãéêþí åðåíäõóåùí ´ ðïõ åðåíäõïõí óå Üëëá ÷ ñçìáôïïéêïíïìéêÜ óôïé ÷ åßá åíåñãçôé ´ êïõ åêôüò ôùí êéíçôþí áîéþí , üðùò ìåñßäéá Üëëùí ïñãáíéóìþí ´ óõëëïãéêþí åðåíäõóåùí , ôßôëïé ôçò ÷ ñçìáôáãïñÜò , ôñáðåæéêÝò êáôáèÝóåéò , ôõðïðïéçìÝíåò óõìâÜóåéò ðñïáéñåôéêþí äéêáéùìÜôùí êáé ðñïèåóìéáêÝò óõìâÜóåéò , â ) ôçò áíáèåþñçóçò ïñéóìÝíùí äéáôÜîåùí , ðñïêåéìÝíïõ íá åíçìåñùèåß ç ïäçãßá ðåñß ÏÓÅÊÁ õðü ôï öùò ôùí íÝùí ôå ÷ íéêþí äéá ÷ åßñéóçò ÷ áñôïöõëáêßïõ , ïé ïðïßåò Ý ÷ ïõí áíáðôõ ÷ èåß áðü ôï 1985 êáé ã ) ôçò Üñóçò ôùí áâåâáéïôÞôùí óå ó ÷ Ýóç ìå ôçí åñìçíåßá ïñéóìÝíùí äéáôÜîåùí ïé ïðïßåò ðåñéëáìâÜíïíôáé óôçí ïäçãßá ðåñß ÏÓÅÊÁ êáé ïé ïðïßåò åìðïäßæïõí ôçí ïìïéüìïñöç åöáñìïãÞ ôçò ïäçãßáò áõôÞò .
to collective investment undertakings investing in financial assets other than transferable securities , such as units of other collective investment undertakings , money market instruments , bank deposits , standardised options and futures contracts , ( b ) the revision of some provisions in order to update the UCITS Directive in the light of new portfolio management techniques which have been developed since 1985 and ( c ) the removal of uncertainties relating to the interpretation of a number of provisions contained in the UCITS Directive which impede uniform application of the Directive .
Ç ÅÊÔ óçìåéþíåé üôé óôï Üñèñï 1 ðáñÜãñáöïò 7 ôïõ ó ÷ åäßïõ ïäçãßáò ðñïôåßíåôáé íÝï Üñèñï 22á ôçò ïäçãßáò ðåñß ÏÓÅÊÁ ´ ôï ïðïßï äéåõêïëõíåé ôçí ßäñõóç ÏÓÅÊÁ ôùí ïðïßùí ç åðåíäõôéêÞ ðïëéôéêÞ óõíßóôáôáé óôçí « áíáðáñáãùãÞ » äåäïìÝíïõ ´ ´ ´ ÷ ñçìáôéóôçñéáêïõ äåßêôç .
The ECB notes that the scope of the definition of UCITS ( Article 1 ( 1 ) of the draft Directive , amending Article 1 , paragraph 2 , first indent of the UCITS Directive ) has also been extended to cover money market funds and is consistent with the ECB 's legal definition of money market funds .
Ç ÅÊÔ áíáãíùñßæåé üôé õðÜñ ÷ åé ´ óõìöÝñïí óôçí ßäñõóç ôÝôïéïõ ôõðïõ ÏÓÅÊÁ . Ùóôüóï , ç ´ ÅÊÔ óõíéóôÜ ôçí ðéï áíáëõôéêÞ äéáôõðùóç ôùí äéáôÜîåùí ôïõ Üñèñïõ 22á ðáñÜãñáöïò 2 ( ïñéóìüò ôùí áíáðáñáãüìåíùí ÷ ñçìáôéóôçñéáêþí äåéêôþí ) , ðñïêåéìÝíïõ íá åîáóöáëéóôåß üôé ´ äåí èá ðñïêõøïõí óôñåâëþóåéò ëüãù ôïõ üôé ïñéóìÝíïé áðü ´ ôïõò éó ÷ õïíôåò äåßêôåò äåí ðåñéëáìâÜíïíôáé óôçí êáôÜóôáóç ´ ðïõ Ý ÷ åé äçìïóéåõóåé ç ÅõñùðáúêÞ ÅðéôñïðÞ , áíáãíùñßæïíôáò ùóôüóï ôéò ôå ÷ íéêÝò äõóêïëßåò ðïõ ðáñïõóéÜæåé ç êáèéÝñùóç áíáëõôéêüôåñùí åííïéþí .
In this respect , the ECB should like to draw attention to the EMI opinion ( CON / 94/8 ) . Under the current proposal in the draft Directive , an investor could lose up to 35 % of his / her investment through the failure of a single credit institution .
Åðé ´ ðëÝïí , èá ìðïñïõóå íá åîåôáóèåß åÜí ôï üñéï ôïõ 35 % ðïõ ðñïâëÝðåôáé óôï Üñèñï 22á ðáñÜãñáöïò 1 åßíáé õðåñâïëéêÜ õøçëü .
In this respect , the Council may wish to consider lowering the maximum limit for investment of the UCITS assets in deposits with credit institutions of the same group .
Ôï üñéï ôïõ 35 % ãéá ôçí åðÝíäõóç óôïé ÷ åßùí åíåñ ´ ãçôéêïõ åíüò áìïéâáßïõ êåöáëáßïõ óå ôßôëïõò åíüò åêäüôç ´ ´ äõóêïëá óõìâéâÜæåôáé ìå ôçí áñ ÷ Þ ôçò êáôáíïìÞò ôùí êéíäõ ´ íùí , ç ïðïßá ïñßæåôáé óôï Üñèñï 1 ðáñÜãñáöïò 2 ôçò éó ÷ õïõóáò ïäçãßáò ðåñß ÏÓÅÊÁ ðïõ åöáñìüæåôáé óå üëïõò ôïõò ÏÓÅÊÁ .
In this context it also seems questionable whether the investment of up 35 % of the assets of a fund in instruments of one issuer can be reconciled with the principle of risk-spreading laid down in Article 1 ( 2 ) of the existing UCITS Directive which shall apply to all UCITS .
´ 4 . Ç ÅÊÔ óçìåéþíåé üôé ôï ðåäßï ôïõ ïñéóìïõ ôùí ÏÓÅÊÁ ( Üñèñï 1 ðáñÜãñáöïò 1 ôïõ ó ÷ åäßïõ ïäçãßáò ôï ïðïßï ôñïðïðïéåß ôï Üñèñï 1 ðáñÜãñáöïò 2 ðñþôç ðåñßðôùóç ôçò ïäçãßáò ðåñß ´ ÏÓÅÊÁ ) Ý ÷ åé åðßóçò åðåêôáèåß , þóôå íá êáëõðôåé ôá áìïéâáßá êåöÜëáéá ôçò ÷ ñçìáôáãïñÜò , åíþ åßíáé óõìâáôü ìå ôï íïìéêü ïñéóìü ðïõ äßíåé ç ÅÊÔ ãéá ôá áìïéâáßá êåöÜëáéá ôçò ÷ ñçìáôáãïñÜò .
Moreover , when defining the relevant limits the Council may wish to take into account the fact that a fund may incur exposure to the same credit institution also in relation to instruments and contracts other than  deposits  ( e.g. debt securities , equities or OTC derivative contracts ) . 3 .
Ç ÅÊÔ óçìåéþíåé éäßùò üôé ôï Üñèñï 1 ðáñÜãñáöïò 3 ôïõ ó ÷ åäßïõ ïäçãßáò [ ðñïôåéíüìåíï íÝï Üñèñï 19 ðáñÜãñáöïò 1 óôïé ÷ åßï óô ) ôçò ïäçãßáò ðåñß ÏÓÅÊÁ ] ðñïâëÝðåé ôç äõíá ´ ôüôçôá åðÝíäõóçò óå « êáôáèÝóåéò óå ðéóôùôéêÜ éäñõìáôá » .
The ECB notes that Article 1 ( 7 ) of the draft Directive proposes a new Article 22 ( a ) of the UCITS Directive facilitating the establishment of UCITS , the investment policy of which is to  replicate  a specified stock index .
Óôï ðëáßóéï áõôü , ç ÅÊÔ óçìåéþíåé üôé ôï Üñèñï 1 ðáñÜãñáöïò 9 ôïõ ó ÷ åäßïõ ïäçãßáò åðéôñÝðåé ôçí åðÝíäõóç , ìå áíþôáôï üñéï ´ ôï 35 %, ôùí óôïé ÷ åßùí åíåñãçôéêïõ ôùí ÏÓÅÊÁ óå êáôáèÝóåéò ´ óå ðéóôùôéêÜ éäñõìáôá ôïõ éäßïõ ïìßëïõ .
The Council may wish to consider whether it may be preferable to refer to UCITS , the investment policy of which is to  track  a specified stock index .
Ãéá ôï æÞôçìá áõôü , ç ÅÊÔ èá Þèåëå íá åðéóôÞóåé ôçí ðñïóï ÷ Þ óôçí ðñïáíáöåñ ´ èåßóá ãíþìç ôïõ ÅÍÉ ( CON / 94/8 ) .
In this case the kind of  tracking  would have to be specified in order to ensure uniform application of the respective provisions .
Óôï ðëáßóéï ôçò ðáñïõóáò ´ ðñüôáóçò ôïõ ó ÷ åäßïõ ïäçãßáò , Ýíáò åðåíäõôÞò èá ìðïñïõóå ´ íá áðïëÝóåé Ýùò ôï 35 % ôùí åðåíäõóåþí ôïõ ëüãù ôçò áäõ ´ ´ íáìßáò ëåéôïõñãßáò åíüò ìüíï ðéóôùôéêïõ éäñõìáôïò . Ïé ðñï ´ âëçìáôéóìïß ðïõ áöïñïõí ôçí êáôÜëëçëç ðñïåéäïðïßçóç ôùí ´ ´ åðåíäõôþí éó ÷ õïõí êáé óôï ðëáßóéï ôçò ðáñïõóáò ðñüôáóçò ´ ( âëÝðå ðáñáêÜôù ) .
The ECB recognises that there is an interest in the establishment of such types of UCITS . Nevertheless , the ECB recommends that the provision of Article 22 ( a )( 2 ) ( definition of replicate stock indices ) be spelt out in greater detail so as to ensure that no distortions arise as a result of certain existing indices not being on the list published by the European Commission , recognising however the technical difficulties of establishing more detailed notions .
Áðü áõôÞ ôçí Üðïøç , ôï Óõìâïõëéï èá ´ ìðïñïõóå íá åîåôÜóåé ôç ìåßùóç ôïõ áíþôáôïõ ïñßïõ ãéá ´ ôçí åðÝíäõóç ôùí óôïé ÷ åßùí åíåñãçôéêïõ ôùí ÏÓÅÊÁ óå êáôá ´ èÝóåéò óå ðéóôùôéêÜ éäñõìáôá ôïõ éäßïõ ïìßëïõ . Óôï ðëáßóéï áõôü , õðÜñ ÷ ïõí áìöéâïëßåò ùò ðñïò ôï êáôÜ ðüóï ç åðÝíäõóç , ´ ìå áíþôáôï üñéï ôï 35 %, ôùí óôïé ÷ åßùí åíåñãçôéêïõ åíüò áìïéâáßïõ êåöáëáßïõ óå ôßôëïõò åíüò åêäüôç ìðïñåß íá óõì ´ âáäßæåé ìå ôçí áñ ÷ Þ ôçò êáôáíïìÞò ôùí êéíäõíùí , ç ïðïßá ´ ïñßæåôáé óôï Üñèñï 1 ðáñÜãñáöïò 2 ôçò éó ÷ õïõóáò ïäçãßáò ðåñß ÏÓÅÊÁ ðïõ åöáñìüæåôáé óå üëïõò ôïõò ÏÓÅÊÁ .
In particular , the notions of  having a composition which is sufficiently diversified ,  being easy to replicate  and  representing an adequate benchmark for the equity market to which they refer  are not sufficiently clear , which may result in unwarranted market distortions , if certain indices were to be unduly promoted more than other indices . Furthermore , consideration might be given to whether the limit of 35 % in Article 22 ( a )( 1 ) is too high .
Ç ÅÊÔ ÷ áéñåôßæåé ôï ãåãïíüò üôé ï ïñéóìüò ôùí êéíçôþí áîéþí , üðùò äéáôõðþíåôáé óôï Üñèñï 1 ðáñÜãñáöïò 2 ôïõ ó ÷ åäßïõ ïäçãßáò [ ðñïôåéíüìåíï íÝï Üñèñï 1 ðáñÜãñáöïò 8 , óôïé ÷ åßï ´ á ) ôçò ïäçãßáò ðåñß ÏÓÅÊÁ ] , åßíáé óõìöùíïò ìå ôïí ïñéóìü ´ ôùí äéáðñáãìáôåõóéìùí ÷ ñåïãñÜöùí ðïõ ÷ ñçóéìïðïéåß ç ÅÊÔ ´ ´ ãéá óôáôéóôéêïõò óêïðïõò .
The ECB welcomes the fact that the definition of transferable securities , as determined by Article 1 ( 2 ) of the draft Directive ( proposed new Article 1 , paragraph 8 ( a ) of the UCITS Directive ) , is cosistent with the definition of negotiable instruments used by the ECB for statistical purposes .
Ç ÅÊÔ óçìåéþíåé üôé ôï ðåäßï ôïõ ïñéóìïõ ôùí ìÝóùí ÷ ñçìáôáãïñÜò , ðïõ ðñïâëÝðåôáé óôï Üñèñï 1 ðáñÜãñáöïò 2 ôïõ ó ÷ åäßïõ ïäçãßáò [ ðñïôåéíüìåíï íÝï Üñèñï 1 ðáñÜãñáöïò 8 óôïé ÷ åßï â ) ôçò ïäçãßáò ðåñß ÏÓÅÊÁ ] êáé ðñïóäéïñßæåôáé ðåñáéôÝñù óôï Üñèñï 1 ðáñÜãñáöïò 3 ôïõ ó ÷ åäßïõ ïäçãßáò ( ðñïôåéíüìåíï íÝï Üñèñï 19 ðáñÜãñáöïò 1 ðñþôç ðåñßðôùóç ´ ôçò ïäçãßáò ðåñß ÏÓÅÊÁ ) åßíáé åõñõôåñï áðü ôï ðåäßï ôïõ ´ ´ íïìéêïõ ïñéóìïõ ôïí ïðïßï äßíåé ç ÅÊÔ ãéá ôá áìïéâáßá êåöÜëáéá ôçò ÷ ñçìáôáãïñÜò , áëëÜ óõìâáäßæåé åí ãÝíåé ìå ôïí ïñéóìü ôçò ÅÊÔ .
The ECB notes that the definition of money market instruments , which is provided in Article 1 ( 2 ) of the draft Directive ( proposed new Article 1 paragraph 8 ( b ) of the UCITS Directive ) and further specified in Article 1 ( 3 ) of the draft Directive ( proposed new Article 19 , paragraph 1 ( i ) , of the UCITS Directive ) is broader in scope than that contained in the ECB 's legal definition of money market funds but is consistent with the ECB 's definition in general terms .
Áõôü êáèßóôáôáé 7.10.1999
7.10.1999 EN
óáöÝò åÜí åîåôáóèåß ï íïìéêüò ïñéóìüò ôçò ÅÊÔ ãéá ôá áìïéâáßá êåöÜëáéá ôçò ÷ ñçìáôáãïñÜò , ï ïðïßïò ðåñéëáìâÜíåôáé óôï ðáñÜñôçìá 1 ìÝñïò I ôìÞìá I ðáñÜãñáöïò 6 óôïé ÷ åßï ´ iv ) , ôïõ êáíïíéóìïõ ôçò ÅÊÔ ó ÷ åôéêÜ ìå ôïí åíïðïéçìÝíï éóïëïãéóìü ôïõ ôïìÝá ôùí íïìéóìáôéêþí ÷ ñçìáôïäïôéêþí éäñõìÜôùí ( ÅÊÔ / 1998/16 ) êáé óôï ðëáßóéï ôïõ ïðïßïõ ï ÷ áìçëüò êßíäõíïò åðéôïêßïõ ïñßæåôáé « ìå ôçí Ýííïéá üôé ( ïé ôßôëïé áõôïß ) Ý ÷ ïõí åíáðïìÝíïõóá äéÜñêåéá ëÞîçò ìÝ ÷ ñé êáé Ýíá Ýôïò Þ üôé õðüêåéíôáé óå ôáêôéêÝò áíáðñïóáñìïãÝò ôçò áðüäïóçò áíÜëïãá ìå ôéò óõíèÞêåò ôçò ÷ ñçìáôïãïñÜò ôïõëÜ ÷ éóôïí áíÜ äùäåêÜìçíï » .
fulfil all criteria as determined in the ECB 's legal definition of money market funds . This becomes obvious on considering the ECB 's legal definition of money market funds contained in Annex 1 , Part I , Section I , paragraph 6 ( iv ) to the ECB Regulation concerning the consolidated balance sheet of the Monetary Financial Institutions sector ( ECB / 1998/16 ) , which defines low interest rate risk  in the meaning of having a residual maturity of up to and including one year , or regular yield adjustments in line with money market conditions at least every twelve months .
ÅðéðëÝïí , ç ÅÊÔ èåùñåß üôé ç äõíáôüôçôá ôùí ÏÓÅÊÁ , üðùò ðñïâëÝðåôáé óôï Üñèñï 1 ðáñÜãñáöïò 3 ôïõ ó ÷ åäßïõ ïäçãßáò [ ðñïôåéíüìåíï íÝï Üñèñï 19 ðáñÜãñáöïò 1 óôïé ÷ åßï óô ) ôçò ´ ïäçãßáò ðåñß ÏÓÅÊÁ ] , íá åðåíäõïõí êáé óå « êáôáèÝóåéò óå ´ ðéóôùôéêÜ éäñõìáôá » åßíáé óõìâáôÞ ìå ôï íïìéêü ïñéóìü ðïõ äßíåé ç ÅÊÔ ãéá ôá áìïéâáßá êåöÜëáéá ôçò ÷ ñçìáôáãïñÜò .
In addition , the ECB considers that the possibility for UCITS , as laid down in Article 1 ( 3 ) of the draft Directive ( proposed new Article 19 , paragraph 1 ( f ) of the UCITS Directive ) of also investing in  deposits with credit institutions  is consistent with the ECB 's legal definition of money market funds .