1993/0468(COD) | [ParlTrack]

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1993/0468(COD) Prudential supervision of credit institutions, life assurance and non-life insurance, UCITS: review of directives

Progress: Procedure completed

Role	Committee	Rapporteur	Shadows
Former Responsible Committee	JURI	JANSSEN VAN RAAY James L. ( PPE)

Lead committee dossier:

CODE/4/06233

Legal Basis:

EC before Amsterdam E 057-p2

Subjects

Events

1995/07/18

Final act published in Official Journal

Details

PURPOSE: to modify the Framework Directives for the financial services sector, which comprises banks (Second Banking Directive), insurance (third-generation insurance Directives) and movable property (Investment Services Directive), with the objective of strengthening the powers of the supervisory authorities to make them better able to prevent fraud and other irregularities. LEGISLATIVE ACT : Directive 95/26/EC of the European Parliament and of the Council

amending Directives 77/780/EEC and 89/646/EEC in the field of credit institutions, Directives 73/239/EEC and 92/49/EEC in the field of non-life insurance, Directives 79/267/EEC and 92/96/EEC in the field of life assurance, Directive 93/22/EEC in the field of investment firms and Directive 85/611/EEC in the field of undertakings for collective investment in transferable securities (Ucits), with a view to reinforcing prudential supervision.

CONTENT : The Directive makes the following provisions:

-when a financial undertaking forms part of a group, the structure of the group must be sufficiently transparent to allow adequate monitoring of that financial undertaking. To that end, sufficient information must be disclosed to the competent authorities at the time of initial authorisation;

-the Directive used the term "close links" instead of "grouping";

-the Directive clarifies and extends the definition of the term "close links" with a view to facilitating surveillance of a group by including natural persons, subsidiary undertakings of a subsidiary undertaking and sister companies permanently linked to one and the same person by a control relationship; -the head offices of credit institutions and insurance undertakings should be situated in the same Member State as their registered offices. The situation of certain undertakings that did not have company status was taken into consideration;

- there are additions to the list of bodies with which the competent authorities could exchange confidential information concerning surveillance, by including authorities responsible for overseeing the bodies involved in the liquidation of financial undertakings and persons charged with carrying out the statutory audits of accounts;

-exchanges of information between, on the one hand, the competent authorities and, on the other, central banks and other bodies with a similar function in their capacity as monetary authorities and, where appropriate, other public authorities responsible for supervising payment systems are also authorized;

-the same obligation of professional secrecy on the authorities responsible for authorizing and supervising Ucits and the undertakings that take part in those activities and the same possibilities for exchanging information as those granted to the authorities responsible for authorizing and supervising credit institutions, investment firms and insurance undertakings, are included in Directive 85/611/EEC;

- an auditor has a duty to report promptly to the competent authorities, wherever, as provided for by this Directive, he becomes aware, while carrying out his tasks, of certain facts which are liable to have a serious effect on the financial situation or the administrative and accounting organization of a financial undertaking;

-the specific situation of monetary authorities and the authorities responsible for supervising payment systems is given special consideration.

DATE OF TRANSPOSITION : 18 July 1996

Documents

Directive 1995/26
OJ L 168 18.07.1995, p. 0007

1995/06/29

CSL - Final act signed

1995/06/29

EP - End of procedure in Parliament

1995/06/19

CSL - Decision by Council, 3rd reading

Details

The Council adopted, insofar as it was concerned, a Directive amending Directives 77/780/EEC and 89/646/EEC in the field of credit institutions, Directives 73/239/EEC and 92/49/EEC in the field of non-life insurance, Directives 79/267/EEC and 92/96/EEC in the field of life assurance, Directive 93/22/EEC in the field of investment firms and Directive 85/611/EEC in the field of undertakings for collective investment in transferable securities (UCITS), with a view to reinforcing prudential supervision. This is the outcome of the conciliation procedure with the European Parliament (Article 189b of the EC Treaty), which led to the establishment of a joint text at the meeting on 30 March 1995 (see Joint Press Release 6125/95, Presse 104). The joint text was approved by the European Parliament on 18 May 1995.

1995/06/19

CSL - Council Meeting

1995/05/18

EP - Text adopted by Parliament, 3rd reading

Documents

OJ C 151 19.06.1995, p. 0166-0184
T4-0203/1995

1995/05/18

EP - Decision by Parliament, 3rd reading

Documents

T4-0203/1995

1995/05/11

CSL/EP - Joint text approved by Conciliation Committee co-chairs

Documents

03608/2/1995

1995/05/11

EP - Report tabled for plenary by Parliament delegation to Conciliation Committee, 3rd reading

Documents

A4-0106/1995
OJ C 151 19.06.1995, p. 0002

1995/05/10

EP/CSL - Joint text approved by Conciliation Committee co-chairs

Documents

03608/2/1995

1995/05/10

EP - Report tabled for plenary, 3rd reading

Documents

A4-0106/1995

1995/03/30

EP/CSL - Formal meeting of Conciliation Committee

1995/03/30

EP/CSL - Final decision by Conciliation Committee

Details

In light of the amendments tabled by the EP, the Conciliation Committee agreed to clarify in Article 5(2) of the common position that, within the meaning of the Directive, the disclosure in good faith of certain information on the financial condition of a banking institution by auditors did not constitute a breach of any restriction on disclosure of information imposed by contract or by any legislative, regulatory or administrative provision and did not involve such persons in liability of any kind. The joint text thus included this stipulation. Therefore, auditors who believed that they had information that demonstrated that a financial institution was in danger of bankruptcy should not fear any legal consequences as a result of disclosing this information to the competent authorities. Thus auditors enjoyed the necessary legal protection demanded by the sector for cooperation in the implementation of the Directive. As regards Amendment No 1 to Article 3, Parliament welcomed the clarification introduced by the Council and accepted the argument that any attempts to clarify the text further could lead to complications in the transposition of the Directive into national law. As a consequence, the EP delegation no longer felt that it needed to insist upon this first amendment.

1994/11/29

EC - Commission opinion on Parliament's position at 2nd reading

Documents

EUR-Lex
COM(1994)0549

1994/11/25

CSL - Parliament's amendments rejected by Council

1994/11/25

CSL - Council Meeting

1994/10/26

EP - Text adopted by Parliament, 2nd reading

Documents

OJ C 323 21.11.1994, p. 0038-0056
T4-0052/1994

1994/10/26

EP - Decision by Parliament, 2nd reading

Documents

T4-0052/1994

1994/10/25

EP - Debate in Parliament

Documents

Debate in Parliament

1994/09/15

EP - Committee recommendation tabled for plenary, 2nd reading

Documents

A4-0007/1994
OJ C 323 21.11.1994, p. 0005

1994/09/15

EP - Vote in committee, 2nd reading

1994/09/14

EP - Committee recommendation tabled for plenary, 2nd reading

Documents

A4-0007/1994

1994/07/26

EP - JANSSEN VAN RAAY James L. (PPE) appointed as rapporteur in JURI

1994/07/22

EP - Committee referral announced in Parliament, 2nd reading

1994/07/17

EC - Commission communication on Council's position

Documents

EUR-Lex
SEC(1994)1174

1994/06/06

CSL - Council position

Documents

06497/1/1994
OJ C 213 03.08.1994, p. 0029

1994/06/06

CSL - Council Meeting

1994/06/05

CSL - Council position published

Documents

06497/1/1994

1994/05/02

EC - Modified legislative proposal

Documents

EUR-Lex
COM(1994)0170

1994/05/01

EC - Modified legislative proposal published

Documents

EUR-Lex
COM(1994)0170

1994/03/09

EP - Text adopted by Parliament, 1st reading/single reading

Documents

OJ C 091 28.03.1994, p. 0037-0061
T3-0125/1994

1994/03/09

EP - Decision by Parliament, 1st reading

Documents

T3-0125/1994

1994/03/08

EP - Debate in Parliament

Documents

Debate in Parliament

1994/02/17

EP - Committee report tabled for plenary, 1st reading/single reading

Documents

OJ C 077 14.03.1994, p. 0002
A3-0085/1994

1994/02/17

EP - Vote in committee, 1st reading

1994/02/16

EP - Committee report tabled for plenary, 1st reading

Documents

A3-0085/1994

1993/12/21

ESC - Economic and Social Committee: opinion, report

Documents

CES1304/1993
OJ C 052 19.02.1994, p. 0015

1993/11/10

EC - Reconsultation

Documents

EUR-Lex
COM(1993)0570

1993/09/13

EP - Committee referral announced in Parliament, 1st reading

1993/07/28

EC - Legislative proposal

Documents

EUR-Lex
OJ C 229 25.08.1993, p. 0010
COM(1993)0363

1993/07/27

EC - Legislative proposal published

Documents

EUR-Lex
COM(1993)0363

Documents

Final act published in Official Journal: Directive 1995/26
Final act published in Official Journal: OJ L 168 18.07.1995, p. 0007
Text adopted by Parliament, 3rd reading: OJ C 151 19.06.1995, p. 0166-0184
Text adopted by Parliament, 3rd reading: T4-0203/1995
Decision by Parliament, 3rd reading: T4-0203/1995
Joint text approved by Conciliation Committee co-chairs: 03608/2/1995
Report tabled for plenary by Parliament delegation to Conciliation Committee, 3rd reading: A4-0106/1995
Report tabled for plenary by Parliament delegation to Conciliation Committee, 3rd reading: OJ C 151 19.06.1995, p. 0002
Joint text approved by Conciliation Committee co-chairs: 03608/2/1995
Report tabled for plenary, 3rd reading: A4-0106/1995
Commission opinion on Parliament's position at 2nd reading: EUR-Lex
Commission opinion on Parliament's position at 2nd reading: COM(1994)0549
Text adopted by Parliament, 2nd reading: OJ C 323 21.11.1994, p. 0038-0056
Text adopted by Parliament, 2nd reading: T4-0052/1994
Decision by Parliament, 2nd reading: T4-0052/1994
Debate in Parliament: Debate in Parliament
Committee recommendation tabled for plenary, 2nd reading: A4-0007/1994
Committee recommendation tabled for plenary, 2nd reading: OJ C 323 21.11.1994, p. 0005
Committee recommendation tabled for plenary, 2nd reading: A4-0007/1994
Commission communication on Council's position: EUR-Lex
Commission communication on Council's position: SEC(1994)1174
Council position: 06497/1/1994
Council position: OJ C 213 03.08.1994, p. 0029
Council position published: 06497/1/1994
Modified legislative proposal: EUR-Lex
Modified legislative proposal: COM(1994)0170
Modified legislative proposal published: EUR-Lex
Modified legislative proposal published: COM(1994)0170
Text adopted by Parliament, 1st reading/single reading: OJ C 091 28.03.1994, p. 0037-0061
Text adopted by Parliament, 1st reading/single reading: T3-0125/1994
Decision by Parliament, 1st reading: T3-0125/1994
Debate in Parliament: Debate in Parliament
Committee report tabled for plenary, 1st reading/single reading: OJ C 077 14.03.1994, p. 0002
Committee report tabled for plenary, 1st reading/single reading: A3-0085/1994
Committee report tabled for plenary, 1st reading: A3-0085/1994
Economic and Social Committee: opinion, report: CES1304/1993
Economic and Social Committee: opinion, report: OJ C 052 19.02.1994, p. 0015
Reconsultation: EUR-Lex
Reconsultation: COM(1993)0570
Legislative proposal: EUR-Lex
Legislative proposal: OJ C 229 25.08.1993, p. 0010
Legislative proposal: COM(1993)0363
Legislative proposal published: EUR-Lex
Legislative proposal published: COM(1993)0363
Legislative proposal: EUR-Lex OJ C 229 25.08.1993, p. 0010 COM(1993)0363
Reconsultation: EUR-Lex COM(1993)0570
Economic and Social Committee: opinion, report: CES1304/1993 OJ C 052 19.02.1994, p. 0015
Committee report tabled for plenary, 1st reading/single reading: OJ C 077 14.03.1994, p. 0002 A3-0085/1994
Text adopted by Parliament, 1st reading/single reading: OJ C 091 28.03.1994, p. 0037-0061 T3-0125/1994
Modified legislative proposal: EUR-Lex COM(1994)0170
Council position: 06497/1/1994 OJ C 213 03.08.1994, p. 0029
Commission communication on Council's position: EUR-Lex SEC(1994)1174
Committee recommendation tabled for plenary, 2nd reading: A4-0007/1994 OJ C 323 21.11.1994, p. 0005
Text adopted by Parliament, 2nd reading: OJ C 323 21.11.1994, p. 0038-0056 T4-0052/1994
Commission opinion on Parliament's position at 2nd reading: EUR-Lex COM(1994)0549
Joint text approved by Conciliation Committee co-chairs: 03608/2/1995
Report tabled for plenary by Parliament delegation to Conciliation Committee, 3rd reading: A4-0106/1995 OJ C 151 19.06.1995, p. 0002
Text adopted by Parliament, 3rd reading: OJ C 151 19.06.1995, p. 0166-0184 T4-0203/1995

History

(these mark the time of scraping, not the official date of the change)

2023-08-03Show (20) Changes | Timetravel

docs/2	date 1993-11-19T00:00:00 docs title: PE206.239 type Committee draft report body EP
docs/3	date 1993-12-20T00:00:00 docs title: PE207.393/DEF committee ECON type Committee opinion body EP
docs/5	date 1994-05-02T00:00:00 docs url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=1994&nu_doc=170 title: EUR-Lex title: COM(1994)0170 summary type Modified legislative proposal body EC
docs/8	date 1994-09-15T00:00:00 docs url: https://www.europarl.europa.eu/doceo/document/A-4-1994-0007_EN.html title: A4-0007/1994 url: https://eur-lex.europa.eu/JOHtml.do?uri=OJ:C:1994:323:SOM:EN:HTML title: OJ C 323 21.11.1994, p. 0005 type Committee recommendation tabled for plenary, 2nd reading body EP
docs/9	date 1994-09-15T00:00:00 docs url: https://eur-lex.europa.eu/JOHtml.do?uri=OJ:C:1994:323:SOM:EN:HTML title: OJ C 323 21.11.1994, p. 0005 title: A4-0007/1994 type Committee recommendation tabled for plenary, 2nd reading body EP
docs/10	date 1994-09-22T00:00:00 docs title: PE209.338 type Committee draft report body EP
docs/12	date 1995-05-11T00:00:00 docs url: https://www.europarl.europa.eu/doceo/document/A-4-1995-0106_EN.html title: A4-0106/1995 url: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:C:1995:151:TOC title: OJ C 151 19.06.1995, p. 0002 type Report tabled for plenary by Parliament delegation to Conciliation Committee, 3rd reading body EP
docs/13	date 1995-05-18T00:00:00 docs url: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:C:1995:151:TOC title: OJ C 151 19.06.1995, p. 0166-0184 title: T4-0203/1995 summary type Text adopted by Parliament, 3rd reading body EP
docs/13/docs/0/url	Old https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:C:1995:151:TOC New https://eur-lex.europa.eu/JOHtml.do?uri=OJ:C:1995:151:SOM:EN:HTML
docs/14	date 1995-05-11T00:00:00 docs url: https://eur-lex.europa.eu/JOHtml.do?uri=OJ:C:1995:151:SOM:EN:HTML title: OJ C 151 19.06.1995, p. 0002 title: A4-0106/1995 type Report tabled for plenary by Parliament delegation to Conciliation Committee, 3rd reading body EP
docs/15	date 1995-05-18T00:00:00 docs url: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:C:1995:151:TOC title: OJ C 151 19.06.1995, p. 0166-0184 title: T4-0203/1995 summary type Text adopted by Parliament, 3rd reading body EP
events/0/date	Old 1993-07-28T00:00:00 New 1993-07-27T00:00:00
events/3/date	Old 1994-02-17T00:00:00 New 1994-02-16T00:00:00
events/6/date	Old 1994-05-02T00:00:00 New 1994-05-01T00:00:00
events/7/date	Old 1994-06-06T00:00:00 New 1994-06-05T00:00:00
events/10	date 1994-09-14T00:00:00 type Committee recommendation tabled for plenary, 2nd reading body EP docs url: https://www.europarl.europa.eu/doceo/document/A-4-1994-0007_EN.html title: A4-0007/1994
events/10	date 1994-09-15T00:00:00 type Committee recommendation tabled for plenary, 2nd reading body EP docs title: A4-0007/1994
events/16/date	Old 1995-05-11T00:00:00 New 1995-05-10T00:00:00
events/17	date 1995-05-10T00:00:00 type Report tabled for plenary, 3rd reading body EP docs url: https://www.europarl.europa.eu/doceo/document/A-4-1995-0106_EN.html title: A4-0106/1995
events/17	date 1995-05-11T00:00:00 type Report tabled for plenary, 3rd reading body EP docs title: A4-0106/1995

2021-12-18Show (11) Changes | Timetravel

docs/4/docs/0/url	Old https://dm.eesc.europa.eu/EESCDocumentSearch/Pages/redresults.aspx?k=(documenttype:AC)(documentnumber:1304)(documentyear:1993)(documentlanguage:EN) New https://dmsearch.eesc.europa.eu/search/public?k=(documenttype:AC)(documentnumber:1304)(documentyear:1993)(documentlanguage:EN)
docs/11/docs/0/url	Old https://eur-lex.europa.eu/JOHtml.do?uri=OJ:C:1994:323:SOM:EN:HTML New https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:C:1994:323:TOC
docs/14/docs/0/url	Old https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:C:1995:151:TOC New https://eur-lex.europa.eu/JOHtml.do?uri=OJ:C:1995:151:SOM:EN:HTML
docs/15/docs/0/url	Old https://eur-lex.europa.eu/JOHtml.do?uri=OJ:C:1995:151:SOM:EN:HTML New https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:C:1995:151:TOC
events/1/type	Old Committee referral announced in Parliament, 1st reading/single reading New Committee referral announced in Parliament, 1st reading
events/2/type	Old Vote in committee, 1st reading/single reading New Vote in committee, 1st reading
events/3/type	Old Committee report tabled for plenary, 1st reading/single reading New Committee report tabled for plenary, 1st reading
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events/5/type	Old Decision by Parliament, 1st reading/single reading New Decision by Parliament, 1st reading
events/11/docs/0/url	Old http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=19941025&type=CRE New https://www.europarl.europa.eu/doceo/document/EN&reference=19941025&type=CRE
events/22/docs/1/url	Old https://eur-lex.europa.eu/JOHtml.do?uri=OJ:L:1995:168:SOM:EN:HTML New https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L:1995:168:TOC

2020-01-19Show (2) Changes | Timetravel

committees/0	type Former Responsible Committee body EP associated False committee_full Legal Affairs, Citizens' Rights committee JURI rapporteur name: JANSSEN VAN RAAY James L. date: 1994-07-26T00:00:00 group: European People's Party (Christian Democrats) abbr: PPE
committees/0	type Former Responsible Committee body EP associated False committee_full Legal Affairs, Citizens' Rights committee JURI date 1994-07-26T00:00:00 rapporteur name: JANSSEN VAN RAAY James L. group: European People's Party (Christian Democrats) abbr: PPE

2019-07-06Show (10) Changes | Timetravel

activities	date: 1993-07-28T00:00:00 docs: url: http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=1993&nu_doc=363 title: COM(1993)0363 type: Legislative proposal published celexid: CELEX:51993PC0363:EN body: EC commission: type: Legislative proposal published date: 1993-09-13T00:00:00 body: EP type: Committee referral announced in Parliament, 1st reading/single reading committees: body: EP responsible: True committee: JURI date: 1994-07-26T00:00:00 committee_full: Legal Affairs, Citizens' Rights rapporteur: group: PPE name: JANSSEN VAN RAAY James L. body: EP committees: body: EP responsible: True committee: JURI date: 1994-07-26T00:00:00 committee_full: Legal Affairs, Citizens' Rights rapporteur: group: PPE name: JANSSEN VAN RAAY James L. docs: type: Committee report tabled for plenary, 1st reading/single reading title: A3-0085/1994 date: 1994-02-17T00:00:00 type: Vote in committee, 1st reading/single reading date: 1994-03-08T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=19940308&type=CRE type: Debate in Parliament title: Debate in Parliament body: EP type: Debate in Parliament date: 1994-03-09T00:00:00 docs: type: Decision by Parliament, 1st reading/single reading title: T3-0125/1994 body: EP type: Decision by Parliament, 1st reading/single reading date: 1994-05-02T00:00:00 docs: url: http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=1994&nu_doc=170 title: COM(1994)0170 type: Modified legislative proposal published celexid: CELEX:51994PC0170:EN body: EC commission: type: Modified legislative proposal published body: CSL meeting_id: 1764 docs: url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=ADV&RESULTSET=1&DOC_ID=6497%2F94&DOC_LANCD=EN&ROWSPP=25&NRROWS=500&ORDERBY=DOC_DATE+DESC type: Council position published title: 06497/1/1994 council: Economic and Financial Affairs ECOFIN date: 1994-06-06T00:00:00 type: Council Meeting date: 1994-07-22T00:00:00 body: EP type: Committee referral announced in Parliament, 2nd reading committees: body: EP responsible: True committee: JURI date: 1994-07-26T00:00:00 committee_full: Legal Affairs, Citizens' Rights rapporteur: group: PPE name: JANSSEN VAN RAAY James L. body: EP committees: body: EP responsible: True committee: JURI date: 1994-07-26T00:00:00 committee_full: Legal Affairs, Citizens' Rights rapporteur: group: PPE name: JANSSEN VAN RAAY James L. docs: type: Committee recommendation tabled for plenary, 2nd reading title: A4-0007/1994 date: 1994-09-15T00:00:00 type: Vote in committee, 2nd reading date: 1994-10-25T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=19941025&type=CRE type: Debate in Parliament title: Debate in Parliament body: EP type: Debate in Parliament date: 1994-10-26T00:00:00 docs: type: Decision by Parliament, 2nd reading title: T4-0052/1994 body: EP type: Decision by Parliament, 2nd reading date: 1994-11-25T00:00:00 body: CSL type: Council Meeting council: Development meeting_id: 1805 date: 1995-03-30T00:00:00 body: EP/CSL type: Formal meeting of Conciliation Committee date: 1995-05-11T00:00:00 docs: type: Report tabled for plenary, 3rd reading title: A4-0106/1995 body: EP type: Report tabled for plenary, 3rd reading date: 1995-05-11T00:00:00 docs: type: Joint text approved by Conciliation Committee co-chairs title: 03608/2/1995 body: EP/CSL type: Joint text approved by Conciliation Committee co-chairs date: 1995-05-18T00:00:00 docs: type: Decision by Parliament, 3rd reading title: T4-0203/1995 body: EP type: Decision by Parliament, 3rd reading body: CSL meeting_id: 1856 council: Economic and Financial Affairs ECOFIN date: 1995-06-19T00:00:00 type: Council Meeting date: 1995-06-29T00:00:00 body: CSL type: Final act signed date: 1995-06-29T00:00:00 body: EP type: End of procedure in Parliament date: 1995-07-18T00:00:00 type: Final act published in Official Journal docs: url: http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=31995L0026 title: Directive 1995/26 url: http://eur-lex.europa.eu/JOHtml.do?uri=OJ:L:1995:168:SOM:EN:HTML title: OJ L 168 18.07.1995, p. 0007
committees/0	type Former Responsible Committee body EP associated False committee_full Legal Affairs, Citizens' Rights committee JURI date 1994-07-26T00:00:00 rapporteur name: JANSSEN VAN RAAY James L. group: European People's Party (Christian Democrats) abbr: PPE
committees/0	body EP responsible True committee JURI date 1994-07-26T00:00:00 committee_full Legal Affairs, Citizens' Rights rapporteur group: PPE name: JANSSEN VAN RAAY James L.
council	body: CSL type: Council Meeting council: Economic and Financial Affairs ECOFIN meeting_id: 1856 url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=SMPL&ROWSPP=25&RESULTSET=1&NRROWS=500&DOC_LANCD=EN&ORDERBY=DOC_DATE+DESC&CONTENTS=1856&MEET_DATE=19/06/1995 date: 1995-06-19T00:00:00 body: CSL type: Council Meeting council: Development meeting_id: 1805 url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=SMPL&ROWSPP=25&RESULTSET=1&NRROWS=500&DOC_LANCD=EN&ORDERBY=DOC_DATE+DESC&CONTENTS=1805&MEET_DATE=25/11/1994 date: 1994-11-25T00:00:00 body: CSL type: Council Meeting council: Economic and Financial Affairs ECOFIN meeting_id: 1764 url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=SMPL&ROWSPP=25&RESULTSET=1&NRROWS=500&DOC_LANCD=EN&ORDERBY=DOC_DATE+DESC&CONTENTS=1764*&MEET_DATE=06/06/1994 date: 1994-06-06T00:00:00
docs	date: 1993-07-28T00:00:00 docs: url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=1993&nu_doc=363 title: EUR-Lex url: https://eur-lex.europa.eu/JOHtml.do?uri=OJ:C:1993:229:SOM:EN:HTML title: OJ C 229 25.08.1993, p. 0010 title: COM(1993)0363 summary: type: Legislative proposal body: EC date: 1993-11-10T00:00:00 docs: url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=1993&nu_doc=570 title: EUR-Lex title: COM(1993)0570 type: Reconsultation body: EC date: 1993-11-19T00:00:00 docs: title: PE206.239 type: Committee draft report body: EP date: 1993-12-20T00:00:00 docs: title: PE207.393/DEF committee: ECON type: Committee opinion body: EP date: 1993-12-21T00:00:00 docs: url: https://dm.eesc.europa.eu/EESCDocumentSearch/Pages/redresults.aspx?k=(documenttype:AC)(documentnumber:1304)(documentyear:1993)(documentlanguage:EN) title: CES1304/1993 url: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:C:1994:052:TOC title: OJ C 052 19.02.1994, p. 0015 summary: type: Economic and Social Committee: opinion, report body: ESC date: 1994-02-17T00:00:00 docs: url: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:C:1994:077:TOC title: OJ C 077 14.03.1994, p. 0002 title: A3-0085/1994 type: Committee report tabled for plenary, 1st reading/single reading body: EP date: 1994-03-09T00:00:00 docs: url: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:C:1994:091:TOC title: OJ C 091 28.03.1994, p. 0037-0061 title: T3-0125/1994 summary: type: Text adopted by Parliament, 1st reading/single reading body: EP date: 1994-06-06T00:00:00 docs: url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=ADV&RESULTSET=1&DOC_ID=6497%2F94&DOC_LANCD=EN&ROWSPP=25&NRROWS=500&ORDERBY=DOC_DATE+DESC title: 06497/1/1994 url: https://eur-lex.europa.eu/JOHtml.do?uri=OJ:C:1994:213:SOM:EN:HTML title: OJ C 213 03.08.1994, p. 0029 summary: type: Council position body: CSL date: 1994-07-17T00:00:00 docs: url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=SECfinal&an_doc=1994&nu_doc=1174 title: EUR-Lex title: SEC(1994)1174 type: Commission communication on Council's position body: EC date: 1994-09-15T00:00:00 docs: url: https://eur-lex.europa.eu/JOHtml.do?uri=OJ:C:1994:323:SOM:EN:HTML title: OJ C 323 21.11.1994, p. 0005 title: A4-0007/1994 type: Committee recommendation tabled for plenary, 2nd reading body: EP date: 1994-09-22T00:00:00 docs: title: PE209.338 type: Committee draft report body: EP date: 1994-10-26T00:00:00 docs: url: https://eur-lex.europa.eu/JOHtml.do?uri=OJ:C:1994:323:SOM:EN:HTML title: OJ C 323 21.11.1994, p. 0038-0056 title: T4-0052/1994 summary: type: Text adopted by Parliament, 2nd reading body: EP date: 1994-11-29T00:00:00 docs: url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=1994&nu_doc=549 title: EUR-Lex title: COM(1994)0549 type: Commission opinion on Parliament's position at 2nd reading body: EC date: 1995-05-11T00:00:00 docs: url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=ADV&RESULTSET=1&DOC_ID=3608%2F95&DOC_LANCD=EN&ROWSPP=25&NRROWS=500&ORDERBY=DOC_DATE+DESC title: 03608/2/1995 type: Joint text approved by Conciliation Committee co-chairs body: CSL/EP date: 1995-05-11T00:00:00 docs: url: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:C:1995:151:TOC title: OJ C 151 19.06.1995, p. 0002 title: A4-0106/1995 type: Report tabled for plenary by Parliament delegation to Conciliation Committee, 3rd reading body: EP date: 1995-05-18T00:00:00 docs: url: https://eur-lex.europa.eu/JOHtml.do?uri=OJ:C:1995:151:SOM:EN:HTML title: OJ C 151 19.06.1995, p. 0166-0184 title: T4-0203/1995 summary: type: Text adopted by Parliament, 3rd reading body: EP
events	date: 1993-07-28T00:00:00 type: Legislative proposal published body: EC docs: url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=1993&nu_doc=363 title: EUR-Lex title: COM(1993)0363 summary: date: 1993-09-13T00:00:00 type: Committee referral announced in Parliament, 1st reading/single reading body: EP date: 1994-02-17T00:00:00 type: Vote in committee, 1st reading/single reading body: EP summary: date: 1994-02-17T00:00:00 type: Committee report tabled for plenary, 1st reading/single reading body: EP docs: title: A3-0085/1994 date: 1994-03-08T00:00:00 type: Debate in Parliament body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=19940308&type=CRE title: Debate in Parliament date: 1994-03-09T00:00:00 type: Decision by Parliament, 1st reading/single reading body: EP docs: title: T3-0125/1994 summary: date: 1994-05-02T00:00:00 type: Modified legislative proposal published body: EC docs: url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=1994&nu_doc=170 title: EUR-Lex title: COM(1994)0170 summary: date: 1994-06-06T00:00:00 type: Council position published body: CSL docs: url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=ADV&RESULTSET=1&DOC_ID=6497%2F94&DOC_LANCD=EN&ROWSPP=25&NRROWS=500&ORDERBY=DOC_DATE+DESC title: 06497/1/1994 summary: date: 1994-07-22T00:00:00 type: Committee referral announced in Parliament, 2nd reading body: EP date: 1994-09-15T00:00:00 type: Vote in committee, 2nd reading body: EP summary: date: 1994-09-15T00:00:00 type: Committee recommendation tabled for plenary, 2nd reading body: EP docs: title: A4-0007/1994 date: 1994-10-25T00:00:00 type: Debate in Parliament body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=19941025&type=CRE title: Debate in Parliament date: 1994-10-26T00:00:00 type: Decision by Parliament, 2nd reading body: EP docs: title: T4-0052/1994 summary: date: 1994-11-25T00:00:00 type: Parliament's amendments rejected by Council body: CSL date: 1995-03-30T00:00:00 type: Formal meeting of Conciliation Committee body: EP/CSL date: 1995-03-30T00:00:00 type: Final decision by Conciliation Committee body: EP/CSL summary: In light of the amendments tabled by the EP, the Conciliation Committee agreed to clarify in Article 5(2) of the common position that, within the meaning of the Directive, the disclosure in good faith of certain information on the financial condition of a banking institution by auditors did not constitute a breach of any restriction on disclosure of information imposed by contract or by any legislative, regulatory or administrative provision and did not involve such persons in liability of any kind. The joint text thus included this stipulation. Therefore, auditors who believed that they had information that demonstrated that a financial institution was in danger of bankruptcy should not fear any legal consequences as a result of disclosing this information to the competent authorities. Thus auditors enjoyed the necessary legal protection demanded by the sector for cooperation in the implementation of the Directive. As regards Amendment No 1 to Article 3, Parliament welcomed the clarification introduced by the Council and accepted the argument that any attempts to clarify the text further could lead to complications in the transposition of the Directive into national law. As a consequence, the EP delegation no longer felt that it needed to insist upon this first amendment. date: 1995-05-11T00:00:00 type: Joint text approved by Conciliation Committee co-chairs body: EP/CSL docs: url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=ADV&RESULTSET=1&DOC_ID=3608%2F95&DOC_LANCD=EN&ROWSPP=25&NRROWS=500&ORDERBY=DOC_DATE+DESC title: 03608/2/1995 date: 1995-05-11T00:00:00 type: Report tabled for plenary, 3rd reading body: EP docs: title: A4-0106/1995 date: 1995-05-18T00:00:00 type: Decision by Parliament, 3rd reading body: EP docs: title: T4-0203/1995 summary: date: 1995-06-19T00:00:00 type: Decision by Council, 3rd reading body: CSL summary: The Council adopted, insofar as it was concerned, a Directive amending Directives 77/780/EEC and 89/646/EEC in the field of credit institutions, Directives 73/239/EEC and 92/49/EEC in the field of non-life insurance, Directives 79/267/EEC and 92/96/EEC in the field of life assurance, Directive 93/22/EEC in the field of investment firms and Directive 85/611/EEC in the field of undertakings for collective investment in transferable securities (UCITS), with a view to reinforcing prudential supervision. This is the outcome of the conciliation procedure with the European Parliament (Article 189b of the EC Treaty), which led to the establishment of a joint text at the meeting on 30 March 1995 (see Joint Press Release 6125/95, Presse 104). The joint text was approved by the European Parliament on 18 May 1995. date: 1995-06-29T00:00:00 type: Final act signed body: CSL date: 1995-06-29T00:00:00 type: End of procedure in Parliament body: EP date: 1995-07-18T00:00:00 type: Final act published in Official Journal summary: PURPOSE: to modify the Framework Directives for the financial services sector, which comprises banks (Second Banking Directive), insurance (third-generation insurance Directives) and movable property (Investment Services Directive), with the objective of strengthening the powers of the supervisory authorities to make them better able to prevent fraud and other irregularities. LEGISLATIVE ACT : Directive 95/26/EC of the European Parliament and of the Council amending Directives 77/780/EEC and 89/646/EEC in the field of credit institutions, Directives 73/239/EEC and 92/49/EEC in the field of non-life insurance, Directives 79/267/EEC and 92/96/EEC in the field of life assurance, Directive 93/22/EEC in the field of investment firms and Directive 85/611/EEC in the field of undertakings for collective investment in transferable securities (Ucits), with a view to reinforcing prudential supervision. CONTENT : The Directive makes the following provisions: -when a financial undertaking forms part of a group, the structure of the group must be sufficiently transparent to allow adequate monitoring of that financial undertaking. To that end, sufficient information must be disclosed to the competent authorities at the time of initial authorisation; -the Directive used the term "close links" instead of "grouping"; -the Directive clarifies and extends the definition of the term "close links" with a view to facilitating surveillance of a group by including natural persons, subsidiary undertakings of a subsidiary undertaking and sister companies permanently linked to one and the same person by a control relationship; -the head offices of credit institutions and insurance undertakings should be situated in the same Member State as their registered offices. The situation of certain undertakings that did not have company status was taken into consideration; - there are additions to the list of bodies with which the competent authorities could exchange confidential information concerning surveillance, by including authorities responsible for overseeing the bodies involved in the liquidation of financial undertakings and persons charged with carrying out the statutory audits of accounts; -exchanges of information between, on the one hand, the competent authorities and, on the other, central banks and other bodies with a similar function in their capacity as monetary authorities and, where appropriate, other public authorities responsible for supervising payment systems are also authorized; -the same obligation of professional secrecy on the authorities responsible for authorizing and supervising Ucits and the undertakings that take part in those activities and the same possibilities for exchanging information as those granted to the authorities responsible for authorizing and supervising credit institutions, investment firms and insurance undertakings, are included in Directive 85/611/EEC; - an auditor has a duty to report promptly to the competent authorities, wherever, as provided for by this Directive, he becomes aware, while carrying out his tasks, of certain facts which are liable to have a serious effect on the financial situation or the administrative and accounting organization of a financial undertaking; -the specific situation of monetary authorities and the authorities responsible for supervising payment systems is given special consideration. DATE OF TRANSPOSITION : 18 July 1996 docs: title: Directive 1995/26 url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=31995L0026 title: OJ L 168 18.07.1995, p. 0007 url: https://eur-lex.europa.eu/JOHtml.do?uri=OJ:L:1995:168:SOM:EN:HTML
other	body: CSL type: Council Meeting council: Former Council configuration
procedure/dossier_of_the_committee	Old CODE/4/06233 New CODE/4/06233
procedure/final/url	Old http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=31995L0026 New https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=31995L0026
procedure/subject	Old 2.50.03 Securities and financial markets, stock exchange, CIUTS, investments 2.50.04 Banks and credit 2.50.05 Insurance, pension funds 2.50.10 Financial supervision New 2.50.03 Securities and financial markets, stock exchange, CIUTS, investments 2.50.04 Banks and credit 2.50.05 Insurance, pension funds 2.50.10 Financial supervision

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activities/19/docs/1/url	Old http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L:1995:168:TOC New http://eur-lex.europa.eu/JOHtml.do?uri=OJ:L:1995:168:SOM:EN:HTML
links/European Commission/title	Old PreLex New EUR-Lex
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http://eur-lex.europa.eu/JOHtml.do?uri=OJ:L:1995:168:SOM:EN:HTML

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activities	date: 1993-07-28T00:00:00 docs: url: http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=1993&nu_doc=363 title: COM(1993)0363 type: Legislative proposal published celexid: CELEX:51993PC0363:EN body: EC type: Legislative proposal published commission: date: 1993-09-13T00:00:00 body: EP type: Committee referral announced in Parliament, 1st reading/single reading committees: body: EP responsible: True committee: JURI date: 1994-07-26T00:00:00 committee_full: Legal Affairs, Citizens' Rights rapporteur: group: PPE name: JANSSEN VAN RAAY James L. body: EP committees: body: EP responsible: True committee: JURI date: 1994-07-26T00:00:00 committee_full: Legal Affairs, Citizens' Rights rapporteur: group: PPE name: JANSSEN VAN RAAY James L. docs: type: Committee report tabled for plenary, 1st reading/single reading title: A3-0085/1994 date: 1994-02-17T00:00:00 type: Vote in committee, 1st reading/single reading date: 1994-03-08T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=19940308&type=CRE type: Debate in Parliament title: Debate in Parliament body: EP type: Debate in Parliament date: 1994-03-09T00:00:00 docs: type: Decision by Parliament, 1st reading/single reading title: T3-0125/1994 body: EP type: Decision by Parliament, 1st reading/single reading date: 1994-05-02T00:00:00 docs: url: http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=1994&nu_doc=170 title: COM(1994)0170 type: Modified legislative proposal published celexid: CELEX:51994PC0170:EN body: EC type: Modified legislative proposal published commission: body: CSL meeting_id: 1764 docs: url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=ADV&RESULTSET=1&DOC_ID=6497%2F94&DOC_LANCD=EN&ROWSPP=25&NRROWS=500&ORDERBY=DOC_DATE+DESC type: Council position published title: 06497/1/1994 council: Economic and Financial Affairs ECOFIN date: 1994-06-06T00:00:00 type: Council Meeting date: 1994-07-22T00:00:00 body: EP type: Committee referral announced in Parliament, 2nd reading committees: body: EP responsible: True committee: JURI date: 1994-07-26T00:00:00 committee_full: Legal Affairs, Citizens' Rights rapporteur: group: PPE name: JANSSEN VAN RAAY James L. body: EP committees: body: EP responsible: True committee: JURI date: 1994-07-26T00:00:00 committee_full: Legal Affairs, Citizens' Rights rapporteur: group: PPE name: JANSSEN VAN RAAY James L. docs: type: Committee recommendation tabled for plenary, 2nd reading title: A4-0007/1994 date: 1994-09-15T00:00:00 type: Vote in committee, 2nd reading date: 1994-10-25T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=19941025&type=CRE type: Debate in Parliament title: Debate in Parliament body: EP type: Debate in Parliament date: 1994-10-26T00:00:00 docs: type: Decision by Parliament, 2nd reading title: T4-0052/1994 body: EP type: Decision by Parliament, 2nd reading date: 1994-11-25T00:00:00 body: CSL type: Council Meeting council: Development meeting_id: 1805 date: 1995-03-30T00:00:00 body: EP/CSL type: Formal meeting of Conciliation Committee date: 1995-05-11T00:00:00 docs: type: Report tabled for plenary, 3rd reading title: A4-0106/1995 body: EP type: Report tabled for plenary, 3rd reading date: 1995-05-11T00:00:00 docs: type: Joint text approved by Conciliation Committee co-chairs title: 03608/2/1995 body: EP/CSL type: Joint text approved by Conciliation Committee co-chairs date: 1995-05-18T00:00:00 docs: type: Decision by Parliament, 3rd reading title: T4-0203/1995 body: EP type: Decision by Parliament, 3rd reading body: CSL meeting_id: 1856 council: Economic and Financial Affairs ECOFIN date: 1995-06-19T00:00:00 type: Council Meeting date: 1995-06-29T00:00:00 body: CSL type: Final act signed date: 1995-06-29T00:00:00 body: EP type: End of procedure in Parliament date: 1995-07-18T00:00:00 type: Final act published in Official Journal docs: url: http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=31995L0026 title: Directive 1995/26 url: http://eur-lex.europa.eu/JOHtml.do?uri=OJ:L:1995:168:SOM:EN:HTML title: OJ L 168 18.07.1995, p. 0007
committees	body: EP responsible: True committee: JURI date: 1994-07-26T00:00:00 committee_full: Legal Affairs, Citizens' Rights rapporteur: group: PPE name: JANSSEN VAN RAAY James L.
links	European Commission url: http://ec.europa.eu/prelex/liste_resultats.cfm?CL=en&ReqId=0&DocType=COD&DocYear=1993&DocNum=0468 title: PreLex
other	body: CSL type: Council Meeting council: Former Council configuration
procedure	dossier_of_the_committee CODE/4/06233 reference 1993/0468(COD) subtype Legislation legal_basis EC before Amsterdam E 057-p2 stage_reached Procedure completed summary Repealed by instrument Directive title Prudential supervision of credit institutions, life assurance and non-life insurance, UCITS: review of directives type COD - Ordinary legislative procedure (ex-codecision procedure) final url: http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=31995L0026 title: Directive 1995/26 subject 2.50.03 Securities and financial markets, stock exchange, CIUTS, investments 2.50.04 Banks and credit 2.50.05 Insurance, pension funds 2.50.10 Financial supervision

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