Activites

• 1995/07/18 Final act published in Official Journal
  • Directive 1995/26
  • OJ L 168 18.07.1995, p. 0007
• 1995/06/29 Final act signed
• 1995/06/29 End of procedure in Parliament
• #1856
• 1995/06/19 Council Meeting
• 1995/05/18 Decision by Parliament, 3rd reading
  • T4-0203/1995 summary

    The European Parliament approved the joint text concerning the proposal to amend the Directives aimed at reinforcing prudential supervision. �

• 1995/05/11 Report tabled for plenary, 3rd reading
  • A4-0106/1995
• 1995/05/11 Joint text approved by Conciliation Committee co-chairs
  • 03608/2/1995
• 1995/03/30 Formal meeting of Conciliation Committee
• #1805
• 1994/11/25 Council Meeting
• 1994/10/26 Decision by Parliament, 2nd reading
  • T4-0052/1994 summary

    Parliament amended the Council's common position with the adoption of two amendments aimed at clarifying: - the requirement for financial undertakings to have their head office, in the form of a directorate-general, in the same Member State as their registered office; - that the Member States should ensure that all persons charged with carrying out the statutory audits of accounts of financial undertakings were required to inform the authorities responsible for prudential supervision of any aspect that might have result in serious reservations with regard to the certification of accounts or refusal to certify them, put the company at risk, seriously affect the development of its activities, threaten the protection of the client, or indicate that the principles of sound management had been seriously infringed. �

• 1994/10/25 Debate in Parliament
  • Debate in Parliament
• 1994/09/15 Vote in committee, 2nd reading
  • A4-0007/1994
• 1994/07/22 Committee referral announced in Parliament, 2nd reading
• #1764
• 1994/06/06 Council Meeting
  • 06497/1/1994 summary

    The common position only took over a small part of the Commission's amended proposal, which took account of the amendment adopted by the European Parliament. Furthermore, certain provisions of the text differed formally and in substance from the Commission proposal. The Council's amendments, without wishing to affect the aims of the proposal, were intended to: step up monitoring of financial undertakings by extending the scope of the directive; respect the principle of subsidiarity by giving Member States the flexibility needed to take account of the specific situations that existed in each Member State; facilitate the direct incorporation of new provisions in the framework directives to be amended. More specifically, the Council moved the text of Article 7 of the Commission proposal to Article 1 of the common position. A reference to the Ucits was added in light of the inclusion of Directive 85/611/EEC among the basic directives to be amended. - With regard to transparency in the grouping of undertakings to which a financial company was connected, the common position: introduced the term "close links" instead of "grouping"; clarified and extended the definition of the term "close links" in order to facilitate monitoring 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; extended the powers of the competent authorities and provided them with the ability to assess the information that the undertakings should provide on changes to the structure of the group to which they belonged; - In the context of Article 3 on the location of the head office of a financial undertaking, the situation of certain undertakings that did not have company status was taken into account; - With regard to the extension of the opportunities for the exchange of information between the supervising authorities and certain other qualified authorities (Article 4), solutions already in place in certain Member States, as well as the Ucits and "undertakings that took part in those activities" were expressly included in the scope of the directive; similarly, the specific situation of the monetary authorities and authorities responsible for the supervision of payment systems was given special consideration; Finally, the common position set out the scope of the requirement for account auditors to inform the competent authorities of irregularities detected within financial undertakings. �

• 1994/05/02 Modified legislative proposal published
  • COM(1994)0170 summary

    The Commission's amended proposal took over the European Parliament's amendment aimed at aligning the wording of Article 3 of the proposal, on situating the head office and registered office of a financial company in the same Member State, with Article 58 of the Treaty. Furthermore, the Commission removed recital 15 of its proposal which related to the possibility of charging a single external auditor with organising and coordinating the various statutory audits of a group's accounts. �

• 1994/03/09 Decision by Parliament, 1st reading/single reading
  • T3-0125/1994 summary

    Parliament approved the Commission proposal subject to the change introduced by the only amendment adopted, which aimed to clarify, for the purposes of transparency, the requirement for financial enterprises to have their head offices, in the form of a directorate-general, in the same Member State as their registered office. The Commission accepted Parliament's amendment. �

• 1994/03/08 Debate in Parliament
  • Debate in Parliament
• 1994/02/17 Vote in committee, 1st reading/single reading
  • A3-0085/1994
• 1993/09/13 Committee referral announced in Parliament, 1st reading/single reading
• 1993/07/28 Legislative proposal published
  • COM(1993)0363 summary

    The proposal for a Directive is intended 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). The objective is to strengthen the powers of the supervisory authorities to make them better able to prevent fraud and other irregularities in the financial services sector. The following are therefore proposed: - a provision whereby, 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; - a provision whereby credit institutions and insurance companies must have their headquarters in the same Member State as their registered offices; - additions to the list of bodies with which the competent authorities may exchange confidential information relating to monitoring, including the authorities responsible for monitoring the liquidators of financial undertakings and external auditors; - additions to the list of potential addressees of information to include the bodies responsible for monitoring the application of company law and payment systems; - a requirement that external auditors notify the competent authorities of any irregularities they may encounter when carrying out their instructions. �

Documents

• Legislative proposal published: COM(1993)0363
• Committee report tabled for plenary, 1st reading/single reading: A3-0085/1994
• Debate in Parliament: Debate in Parliament
• Decision by Parliament, 1st reading/single reading: T3-0125/1994
• Modified legislative proposal published: COM(1994)0170
• Council position published: 06497/1/1994
• Committee recommendation tabled for plenary, 2nd reading: A4-0007/1994
• Debate in Parliament: Debate in Parliament
• Decision by Parliament, 2nd reading: T4-0052/1994
• Report tabled for plenary, 3rd reading: A4-0106/1995
• Joint text approved by Conciliation Committee co-chairs: 03608/2/1995
• Decision by Parliament, 3rd reading: T4-0203/1995
• : Directive 1995/26
• : OJ L 168 18.07.1995, p. 0007

History

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