COM(2009)491 - Amendment of directives 2003/71/EC on the prospectus to be published when securities are offered to the public or admitted to trading and 2004/109/EC on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market
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Contents
official title
Proposal for a Directive of the European Parliament and of the Council amending directives 2003/71/EC on the prospectus to be published when securities are offered to the public or admitted to trading and 2004/109/EC on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market (text with EEA relevance)| Legal instrument | Directive |
|---|---|
| Decision making procedure | ordinary legislative procedure (COD) |
| reference by COM-number97 | COM(2009)491  |
| Additional COM-numbers | SEC(2009)1223; SEC(2009)1222; COM(2009)665 |
| procedure number99 | 2009/0132(COD) |
| CELEX number100 | 52009PC0491 |
| Document | 23-09-2009 |
|---|---|
| Online publication | 29-09-2009 |
| Decision | 31-12-2010; Richtlijn 2010/73 |
| Publication in Official Journal101 | 11-12-2010; Special edition in Croatian: Chapter 06 Volume 004,OJ L 327, 11.12.2010 |
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- 2.Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC. OJ L 345, 31.12.2003, p. 64.
- 3.The exercise of the review of the Prospectus Directive is not a duplication of the work to be undertaken under the Commission's Communication on Packaged Retail Investment Products because this will cover different types of retail investment products (such as unit-linked life insurance, investment funds, certain structured notes and certificates) which are outside the scope of the Prospectus Directive and do not benefit from the level of investor protection now granted by the Prospectus Directive.
- 4.COM (2009) 114 final of March 4, 2009.
- 5.CESR is an independent advisory group to the European Commission composed by the national supervisors of the EU securities markets. See the European Commission's Decision of 23 January 2009 establishing the Committee of European Securities Regulators 2009/77/CE. OJ L 25, 23.10.2009, p. 18). The role of CESR is to improve co-ordination among securities regulators, act as an advisory group to assist the EU Commission and to ensure more consistent and timely day-to-day implementation of community legislation in the Member States.
- 6.ESME is an advisory body to the Commission, composed of securities markets practitioners and experts. It was established by the Commission in April 2006 and operates on the basis of the Commission Decision 2006/288/EC of 30 March 2006 setting up a European Securities Markets Expert Group to provide legal and economic advice on the application of the EU securities Directives. OJ L 106, 19.4.2006, p. 14-17.
- 7.CSES is a private consultancy firm that carried out the study in response to a request for services in the context of the Framework Contract for Evaluation and Impact Assessment of Internal Market Directorate General activities.
- 8.The Commission received 121 contributions. With the exception of those declared confidential by the respondents, all responses are available under: ec.europa.eu/internal_market/consultations/2009
- 9.The impact assessment report is accessible on the following website: AAA
- 10.Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC. OJ L 145, 30.4.2004, p. 1-44.
- 11.COM (2009) 114 final of March 4, 2009.
- 13.The exercise of the review of the Prospectus Directive is not a duplication of the work to be undertaken under the Commission's Communication on Packaged Retail Investment Products because this will cover different types of retail investment products (such as unit-linked life insurance, investment funds, certain structured notes and certificates) which are outside the scope of the Prospectus Directive and do not benefit from the level of investor protection now granted by the Prospectus Directive.
- 14.Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC. OJ L 345, 31.12.2003, p. 64.
- 15.Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC. OJ L 345, 31.12.2003, p. 64.
- 16.OJ C , , p. .
- 17.Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC. OJ L 345, 31.12.2003, p. 64.
- 18.Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC. OJ L 345, 31.12.2003, p. 64.
- 19.The exercise of the review of the Prospectus Directive is not a duplication of the work to be undertaken under the Commission's Communication on Packaged Retail Investment Products because this will cover different types of retail investment products (such as unit-linked life insurance, investment funds, certain structured notes and certificates) which are outside the scope of the Prospectus Directive and do not benefit from the level of investor protection now granted by the Prospectus Directive.
- 20.The exercise of the review of the Prospectus Directive is not a duplication of the work to be undertaken under the Commission's Communication on Packaged Retail Investment Products because this will cover different types of retail investment products (such as unit-linked life insurance, investment funds, certain structured notes and certificates) which are outside the scope of the Prospectus Directive and do not benefit from the level of investor protection now granted by the Prospectus Directive.
- 21.COM (2009) 114 final of March 4, 2009.
- 25.Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC. OJ L 345, 31.12.2003, p. 64.
- 26.Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC. OJ L 345, 31.12.2003, p. 64.
- 28.Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC. OJ L 345, 31.12.2003, p. 64.
- 29.Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC. OJ L 345, 31.12.2003, p. 64.
- 30.OJ L 390, 31.12.2004, p. 38.
- 31.OJ C , , p. .
- 32.OJ C , , p. .
- 33.OJ C , , p. .
- 34.OJ C , , p. .
- 35.OJ L 345, 31.12.2003, p. 64.
- 36.OJ L 145, 30.4.2004, p. 1.
- 37.OJ L 390, 31.12.2004, p. 38.
- 38.Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC. OJ L 345, 31.12.2003, p. 64.
- 41.Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC. OJ L 345, 31.12.2003, p. 64.
- 42.Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC. OJ L 345, 31.12.2003, p. 64.
- 43.Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC. OJ L 345, 31.12.2003, p. 64.
- 44.The exercise of the review of the Prospectus Directive is not a duplication of the work to be undertaken under the Commission's Communication on Packaged Retail Investment Products because this will cover different types of retail investment products (such as unit-linked life insurance, investment funds, certain structured notes and certificates) which are outside the scope of the Prospectus Directive and do not benefit from the level of investor protection now granted by the Prospectus Directive.
- 46.Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC. OJ L 345, 31.12.2003, p. 64.
- 47.COM (2009) 114 final of March 4, 2009.
- 50.Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC. OJ L 345, 31.12.2003, p. 64.
- 51.The exercise of the review of the Prospectus Directive is not a duplication of the work to be undertaken under the Commission's Communication on Packaged Retail Investment Products because this will cover different types of retail investment products (such as unit-linked life insurance, investment funds, certain structured notes and certificates) which are outside the scope of the Prospectus Directive and do not benefit from the level of investor protection now granted by the Prospectus Directive.
- 52.COM (2009) 114 final of March 4, 2009.
- 53.CESR is an independent advisory group to the European Commission composed by the national supervisors of the EU securities markets. See the European Commission's Decision of 23 January 2009 establishing the Committee of European Securities Regulators 2009/77/CE. OJ L 25, 23.10.2009, p. 18). The role of CESR is to improve co-ordination among securities regulators, act as an advisory group to assist the EU Commission and to ensure more consistent and timely day-to-day implementation of community legislation in the Member States.
- 54.ESME is an advisory body to the Commission, composed of securities markets practitioners and experts. It was established by the Commission in April 2006 and operates on the basis of the Commission Decision 2006/288/EC of 30 March 2006 setting up a European Securities Markets Expert Group to provide legal and economic advice on the application of the EU securities Directives. OJ L 106, 19.4.2006, p. 14-17.
- 55.CSES is a private consultancy firm that carried out the study in response to a request for services in the context of the Framework Contract for Evaluation and Impact Assessment of Internal Market Directorate General activities.
- 56.The Commission received 121 contributions. With the exception of those declared confidential by the respondents, all responses are available under: ec.europa.eu/internal_market/consultations/2009
- 57.The impact assessment report is accessible on the following website: AAA
- 58.Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC. OJ L 145, 30.4.2004, p. 1-44.
- 59.COM (2009) 114 final of March 4, 2009.
- 61.The exercise of the review of the Prospectus Directive is not a duplication of the work to be undertaken under the Commission's Communication on Packaged Retail Investment Products because this will cover different types of retail investment products (such as unit-linked life insurance, investment funds, certain structured notes and certificates) which are outside the scope of the Prospectus Directive and do not benefit from the level of investor protection now granted by the Prospectus Directive.
- 62.Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC. OJ L 345, 31.12.2003, p. 64.
- 63.Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC. OJ L 345, 31.12.2003, p. 64.
- 64.OJ C , , p. .
- 65.Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC. OJ L 345, 31.12.2003, p. 64.
- 66.Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC. OJ L 345, 31.12.2003, p. 64.
- 67.The exercise of the review of the Prospectus Directive is not a duplication of the work to be undertaken under the Commission's Communication on Packaged Retail Investment Products because this will cover different types of retail investment products (such as unit-linked life insurance, investment funds, certain structured notes and certificates) which are outside the scope of the Prospectus Directive and do not benefit from the level of investor protection now granted by the Prospectus Directive.
- 68.The exercise of the review of the Prospectus Directive is not a duplication of the work to be undertaken under the Commission's Communication on Packaged Retail Investment Products because this will cover different types of retail investment products (such as unit-linked life insurance, investment funds, certain structured notes and certificates) which are outside the scope of the Prospectus Directive and do not benefit from the level of investor protection now granted by the Prospectus Directive.
- 69.COM (2009) 114 final of March 4, 2009.
- 73.Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC. OJ L 345, 31.12.2003, p. 64.
- 74.Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC. OJ L 345, 31.12.2003, p. 64.
- 76.Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC. OJ L 345, 31.12.2003, p. 64.
- 77.Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC. OJ L 345, 31.12.2003, p. 64.
- 78.OJ L 390, 31.12.2004, p. 38.
- 79.OJ C , , p. .
- 80.OJ C , , p. .
- 81.OJ C , , p. .
- 82.OJ C , , p. .
- 83.OJ L 345, 31.12.2003, p. 64.
- 84.OJ L 145, 30.4.2004, p. 1.
- 85.OJ L 390, 31.12.2004, p. 38.
- 86.Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC. OJ L 345, 31.12.2003, p. 64.
- 89.Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC. OJ L 345, 31.12.2003, p. 64.
- 90.Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC. OJ L 345, 31.12.2003, p. 64.
- 91.Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC. OJ L 345, 31.12.2003, p. 64.
- 92.The exercise of the review of the Prospectus Directive is not a duplication of the work to be undertaken under the Commission's Communication on Packaged Retail Investment Products because this will cover different types of retail investment products (such as unit-linked life insurance, investment funds, certain structured notes and certificates) which are outside the scope of the Prospectus Directive and do not benefit from the level of investor protection now granted by the Prospectus Directive.
- 94.Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC. OJ L 345, 31.12.2003, p. 64.
- 95.COM (2009) 114 final of March 4, 2009.
- 97.De Europese Commissie kent nummers toe aan officiële documenten van de Europese Unie. De Commissie maakt onderscheid in een aantal typen documenten door middel van het toekennen van verschillende nummerseries. Het onderscheid is gebaseerd op het soort document en/of de instelling van de Unie van wie het document afkomstig is.
- 98.De Raad van de Europese Unie kent aan wetgevingsdossiers een uniek toe. Dit nummer bestaat uit een vijfcijferig volgnummer gevolgd door een schuine streep met de laatste twee cijfers van het jaartal, bijvoorbeeld 12345/00 - een document met nummer 12345 uit het jaar 2000.
- 99.Het interinstitutionele nummer is een nummerreeks die binnen de Europese Unie toegekend wordt aan voorstellen voor regelgeving van de Europese Commissie.
Binnen de Europese Unie worden nog een aantal andere nummerseries gebruikt. Iedere instelling heeft één of meerdere sets documenten met ieder een eigen nummering. Die reeksen komen niet overeen met elkaar of het interinstitutioneel nummer.
- 100.Deze databank van de Europese Unie biedt de mogelijkheid de actuele werkzaamheden (workflow) van de Europese instellingen (Europees Parlement, Raad, ESC, Comité van de Regio's, Europese Centrale Bank, Hof van Justitie enz.) te volgen. EURlex volgt alle voorstellen (zoals wetgevende en begrotingsdossiers) en mededelingen van de Commissie, vanaf het moment dat ze aan de Raad of het Europees Parlement worden voorgelegd.
- 101.Als dag van bekendmaking van een Europees besluit geldt de dag waarop het besluit in het Publicatieblad wordt bekendgemaakt, en daardoor in alle officiële talen van de Europese Unie bij het Publicatiebureau beschikbaar is.
- 102.This legally binding act of the European Union establishes a set of objectives which all member states of the European Union must fulfil. The member states are required to implement directives. The member states are free to choose the manner they see fit to fulfil the required objectives.