COM(2010)371 - Amendment of Directive 97/9/EC on investor-compensation schemes

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This page contains a limited version of this dossier in the EU Monitor.

This Directive197 is drafted by the Directorate-General Internal Market and Services (MARKT)198 en the Directorate-General Financial Stability, financial services and capital markets union (FISMA)199 of the European Commission and submitted to the Council of the European Union on July 12, 2010 and for codecision200 to the European Parliament.

Contents

  1. Key information
  2. Key dates
  3. Related information
  4. Full version
  5. EU Monitor

1.

Key information

official title

Proposal for a Directive of the European Parliament and of the Council amending Directive 97/9/EC of the European Parliament and of the Council on investor-compensation schemes
 
Legal instrument Directive
Decision making procedure ordinary legislative procedure (COD)
reference by COM-number201 COM(2010)371 EN
Additional COM-numbers SEC(2010)845; SEC(2010)846
procedure number203 2010/0199(COD)
CELEX number204 52010PC0371

2.

Key dates

Document 12-07-2010
Online publication 15-07-2010

3.

Related information

 

4.

Full version

This page is also available in a full version containing the latest state of affairs, the summary of the European Parliament Legislative Observatory, the legal context, other dossiers related to the dossier at hand, the stakeholders involved (e.g. European Commission directorates-general, European Parliament committees, Council configurations and even individual EU Commissioners and Members of the European Parliament) and finally documents of the European Parliament, the Council of Ministers and the European Commission.

The full version is available for registered users of the EU Monitor by ANP and PDC Informatie Architectuur.

5.

EU Monitor

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  • 1. 
    Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes (OJ L 84, 26.3.1997, p. 22).

     
  • 2. 
    Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field (OJ L 141, 11.6.1993, p.
     
  • 3. 
    Directive 2004/39/EC (OJ L 145, 30.4.2004, p.
     
  • 4. 
    Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit guarantee schemes (OJ L 135, 31.5.1994, p. 5).

     
  • 5. 
    Commission Communication for the Spring European Council 'Driving European recovery' - COM(2009) 114, 4.3.2009.

     
  • 6. 
    The Commission services received 70 contributions. The non-confidential contributions can be consulted in the Commission website:ec.europa.eu/internal_market/consultations/2009

     
  • 7. 
    Two questionnaires relating to the operations of the national investor compensation schemes were sent in June 2009 and November 2009.

     
  • 8. 
    ESME was an advisory body to the Commission, composed of securities markets practitioners and experts. It was established by the Commission in April 2006 and operated until end 2009 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).

     
  • 9. 
    The European Securities Committee (ESC) set up by Commission Decision 2001/528/EC (OJ L 191, 13.7.2001, p. 45) fulfils both comitology (Comitology Council Decision 1999/468/EC of 28 June 1999 (OJ L 184, 17.7.1999, p. 23) laying down the procedures for the exercise of implementing powers conferred on the Commission as amended by Decision 2006/51/EC (OJ L 200, 22.7.2006, p. 11) and policy advisor functions in the securities field. It is composed of high level representatives from the Member States and is chaired by a representative of the Commission. Discussions were held at meetings of the ESC on 14 November 2008, 11 February 2009 and 15 July 2009.

     
  • 10. 
    The study is available at ec.europa.eu/dgs/internal_market/docs/evaluation .

     
  • 11. 
    Commission Staff Working Document accompanying the Proposal for a Directive of the European Parliament and of the Council amending Directive 1997/9/EC on investor-compensation schemes - SEC (2010) 845.

     
  • 12. 
    Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes (OJ L 84, 26.3.1997, p. 22).

     
  • 13. 
    OJ L 135, 31.5.1994, p. 5-14.

     
  • 14. 
    Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field (OJ L 141, 11.6.1993, p.
     
  • 15. 
    Article 1, n. 2 refers to investment services as defined in Article 1(1) of Directive 93/22/EEC (ISD) and the service referred to in point 1 of Section C of the Annex to that Directive.

     
  • 16. 
    See for example the reference to small investors in recital 4 of the ICSD.

     
  • 17. 
    A list of such investors is set out in Annex 1 of the ICSD.

     
  • 18. 
    Article 4(2) and Annex 1 of the ICSD.

     
  • 19. 
    MiFID - Annex II.

     
  • 20. 
    Currently firms which meet at leaset out in Annex 1 of the ICSD.

     
  • 21. 
    Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field (OJ L 141, 11.6.1993, p.
     
  • 22. 
    Article 4(2) and Annex 1 of the ICSD.

     
  • 23. 
    Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field (OJ L 141, 11.6.1993, p.
     
  • 24. 
    MiFID - Annex II.

     
  • 25. 
    Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit guarantee schemes (OJ L 135, 31.5.1994, p. 5).

     
  • 26. 
    Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes (OJ L 84, 26.3.1997, p. 22).

     
  • 27. 
    Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes (OJ L 84, 26.3.1997, p. 22).

     
  • 28. 
    Currently firms which meet at least two of the following criteria are always able to claim compensation under the ICSD: Balance sheet total
     
  • 29. 
    Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit guarantee schemes (OJ L 135, 31.5.1994, p. 5).

     
  • 30. 
    Article 16 and 17 of Directive 2006/73/EC Implementing Directive 2004/39/EC as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive.

     
  • 31. 
    Article 18 of Directive 2006/73/EC.

     
  • 32. 
    Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (OJ L 302, 17.11.2009, p.
     
  • 33. 
    Articles 22 to 26 and 32 to 36 of Directive 2009/65/EC.

     
  • 34. 
    Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes (OJ L 84, 26.3.1997, p. 22).

     
  • 35. 
    Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes (OJ L 84, 26.3.1997, p. 22).

     
  • 36. 
    The relevant legislative proposal, preceded by consultation, should be adopted by Spring 2011.

     
  • 37. 
    Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes (OJ L 84, 26.3.1997, p. 22).

     
  • 38. 
    Directive 2004/39/EC (OJ L 145, 30.4.2004, p.
     
  • 39. 
    Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse) (OJ L 96, 12.4.2003, p.
     
  • 40. 
    Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit guarantee schemes (OJ L 135, 31.5.1994, p. 5).

     
  • 41. 
    Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit guarantee schemes (OJ L 135, 31.5.1994, p. 5).

     
  • 42. 
    Article 7 of Directive 94/19/EC on deposit-guarantee schemes.

     
  • 43. 
    Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit guarantee schemes (OJ L 135, 31.5.1994, p. 5).

     
  • 44. 
    Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field (OJ L 141, 11.6.1993, p.
     
  • 45. 
    Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field (OJ L 141, 11.6.1993, p.
     
  • 46. 
    Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes (OJ L 84, 26.3.1997, p. 22).

     
  • 47. 
    Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes (OJ L 84, 26.3.1997, p. 22).

     
  • 48. 
    Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes (OJ L 84, 26.3.1997, p. 22).

     
  • 49. 
    See Directive 2009/14/EC of the European Parliament and of the Council of 11 March 2009 amending Directive 94/19/EC as regards the coverage level and the payout delay (OJ L 68, 13.3.2009, p.
     
  • 50. 
    In October, 2009 the European Commission has adopted a package of draft legislation to strengthen the supervision of the financial sector in Europe. The legislation will create a new European Systemic Risk Board (ESRB) to detect risks to the financial system as a whole. It will also set up a European System of Financial Supervisors (ESFS), composed of national supervisors and three new European Supervisory Authorities for the banking, securities and insurance and occupational pensions sectors. The ESMA is one of the three European Supervisory Authorities included in the legislative package. The relevant legislative proposal is available at the following link:ec.europa.eu/internal_market/finances/docs

     
  • 51. 
    See recital 13 of the Directive.

     
  • 52. 
    OJ C , , p. .

     
  • 53. 
    OJ C , , p. .

     
  • 54. 
    OJ L 84, 26.3.1997, p.
     
  • 55. 
    OJ L 141, 11.6.1993, p.
     
  • 56. 
    OJ L 145, 30.4.2004, p.
     
  • 57. 
    OJ L 135, 31.5.1994, p.
     
  • 58. 
    OJ L 241, 2.9.2006, p.
     
  • 59. 
    Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field (OJ L 141, 11.6.1993, p.
     
  • 60. 
    Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes (OJ L 84, 26.3.1997, p. 22).

     
  • 61. 
    Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes (OJ L 84, 26.3.1997, p. 22).

     
  • 62. 
    Directive 2004/39/EC (OJ L 145, 30.4.2004, p.
     
  • 63. 
    Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field (OJ L 141, 11.6.1993, p.
     
  • 64. 
    Directive 2004/39/EC (OJ L 145, 30.4.2004, p.
     
  • 65. 
    Directive 2004/39/EC (OJ L 145, 30.4.2004, p.
     
  • 66. 
    Directive 2004/39/EC (OJ L 145, 30.4.2004, p.
     
  • 67. 
    Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field (OJ L 141, 11.6.1993, p.
     
  • 68. 
    Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field (OJ L 141, 11.6.1993, p.
     
  • 69. 
    Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field (OJ L 141, 11.6.1993, p.
     
  • 70. 
    Directive 2004/39/EC (OJ L 145, 30.4.2004, p.
     
  • 71. 
    Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit guarantee schemes (OJ L 135, 31.5.1994, p. 5).

     
  • 72. 
    Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field (OJ L 141, 11.6.1993, p.
     
  • 73. 
    ESME was an advisory body to the Commission, composed of securities markets practitioners and experts. It was established by the Commission in April 2006 and operated until end 2009 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).

     
  • 74. 
    Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes (OJ L 84, 26.3.1997, p. 22).

     
  • 75. 
    Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes (OJ L 84, 26.3.1997, p. 22).

     
  • 76. 
    Directive 2004/39/EC (OJ L 145, 30.4.2004, p.
     
  • 77. 
    Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes (OJ L 84, 26.3.1997, p. 22).

     
  • 78. 
    Directive 2004/39/EC (OJ L 145, 30.4.2004, p.
     
  • 79. 
    Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes (OJ L 84, 26.3.1997, p. 22).

     
  • 80. 
    Directive 2004/39/EC (OJ L 145, 30.4.2004, p.
     
  • 81. 
    Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field (OJ L 141, 11.6.1993, p.
     
  • 82. 
    Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes (OJ L 84, 26.3.1997, p. 22).

     
  • 83. 
    Directive 2004/39/EC (OJ L 145, 30.4.2004, p.
     
  • 84. 
    Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field (OJ L 141, 11.6.1993, p.
     
  • 85. 
    Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field (OJ L 141, 11.6.1993, p.
     
  • 86. 
    Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field (OJ L 141, 11.6.1993, p.
     
  • 87. 
    Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes (OJ L 84, 26.3.1997, p. 22).

     
  • 88. 
    Directive 2004/39/EC (OJ L 145, 30.4.2004, p.
     
  • 89. 
    Directive 2004/39/EC (OJ L 145, 30.4.2004, p.
     
  • 90. 
    Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field (OJ L 141, 11.6.1993, p.
     
  • 91. 
    Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field (OJ L 141, 11.6.1993, p.
     
  • 92. 
    ESME was an advisory body to the Commission, composed of securities markets practitioners and experts. It was established by the Commission in April 2006 and operated until end 2009 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).

     
  • 93. 
    The European Securities Committee (ESC) set up by Commission Decision 2001/528/EC (OJ L 191, 13.7.2001, p. 45) fulfils both comitology (Comitology Council Decision 1999/468/EC of 28 June 1999 (OJ L 184, 17.7.1999, p. 23) laying down the procedures for the exercise of implementing powers conferred on the Commission as amended by Decision 2006/51/EC (OJ L 200, 22.7.2006, p. 11) and policy advisor functions in the securities field. It is composed of high level representatives from the Member States and is chaired by a representative of the Commission. Discussions were held at meetings of the ESC on 14 November 2008, 11 February 2009 and 15 July 2009.

     
  • 94. 
    Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field (OJ L 141, 11.6.1993, p.
     
  • 95. 
    Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field (OJ L 141, 11.6.1993, p.
     
  • 96. 
    ESME was an advisory body to the Commission, composed of securities markets practitioners and experts. It was established by the Commission in April 2006 and operated until end 2009 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).

     
  • 97. 
    The European Securities Committee (ESC) set up by Commission Decision 2001/528/EC (OJ L 191, 13.7.2001, p. 45) fulfils both comitology (Comitology Council Decision 1999/468/EC of 28 June 1999 (OJ L 184, 17.7.1999, p. 23) laying down the procedures for the exercise of implementing powers conferred on the Commission as amended by Decision 2006/51/EC (OJ L 200, 22.7.2006, p. 11) and policy advisor functions in the securities field. It is composed of high level representatives from the Member States and is chaired by a representative of the Commission. Discussions were held at meetings of the ESC on 14 November 2008, 11 February 2009 and 15 July 2009.

     
  • 98. 
    Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field (OJ L 141, 11.6.1993, p.
     
  • 99. 
    Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes (OJ L 84, 26.3.1997, p. 22).

     
  • 100. 
    Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field (OJ L 141, 11.6.1993, p.
     
  • 101. 
    Directive 2004/39/EC (OJ L 145, 30.4.2004, p.
     
  • 102. 
    Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit guarantee schemes (OJ L 135, 31.5.1994, p.

    5).

     
  • 103. 
    Commission Communication for the Spring European Council 'Driving European recovery' - COM(2009) 114, 4.3.2009.

     
  • 104. 
    The Commission services received 70 contributions. The non-confidential contributions can be consulted in the Commission website:ec.europa.eu/internal_market/consultations/2009

     
  • 105. 
    Two questionnaires relating to the operations of the national investor compensation schemes were sent in June 2009 and November 2009.

     
  • 106. 
    ESME was an advisory body to the Commission, composed of securities markets practitioners and experts. It was established by the Commission in April 2006 and operated until end 2009 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).

     
  • 107. 
    The European Securities Committee (ESC) set up by Commission Decision 2001/528/EC (OJ L 191, 13.7.2001, p. 45) fulfils both comitology (Comitology Council Decision 1999/468/EC of 28 June 1999 (OJ L 184, 17.7.1999, p. 23) laying down the procedures for the exercise of implementing powers conferred on the Commission as amended by Decision 2006/51/EC (OJ L 200, 22.7.2006, p. 11) and policy advisor functions in the securities field. It is composed of high level representatives from the Member States and is chaired by a representative of the Commission. Discussions were held at meetings of the ESC on 14 November 2008, 11 February 2009 and 15 July 2009.

     
  • 108. 
    The study is available at ec.europa.eu/dgs/internal_market/docs/evaluation .

     
  • 109. 
    Commission Staff Working Document accompanying the Proposal for a Directive of the European Parliament and of the Council amending Directive 1997/9/EC on investor-compensation schemes - SEC (2010) 845.

     
  • 110. 
    Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes (OJ L 84, 26.3.1997, p. 22).

     
  • 111. 
    OJ L 135, 31.5.1994, p. 5-14.

     
  • 112. 
    Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field (OJ L 141, 11.6.1993, p.
     
  • 113. 
    Article 1, n. 2 refers to investment services as defined in Article 1(1) of Directive 93/22/EEC (ISD) and the service referred to in point 1 of Section C of the Annex to that Directive.

     
  • 114. 
    See for example the reference to small investors in recital 4 of the ICSD.

     
  • 115. 
    A list of such investors is set out in Annex 1 of the ICSD.

     
  • 116. 
    Article 4(2) and Annex 1 of the ICSD.

     
  • 117. 
    MiFID - Annex II.

     
  • 118. 
    Currently firms which meet at leaset out in Annex 1 of the ICSD.

     
  • 119. 
    Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field (OJ L 141, 11.6.1993, p.
     
  • 120. 
    Article 4(2) and Annex 1 of the ICSD.

     
  • 121. 
    Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field (OJ L 141, 11.6.1993, p.
     
  • 122. 
    MiFID - Annex II.

     
  • 123. 
    Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit guarantee schemes (OJ L 135, 31.5.1994, p.

    5).

     
  • 124. 
    Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes (OJ L 84, 26.3.1997, p. 22).

     
  • 125. 
    Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes (OJ L 84, 26.3.1997, p. 22).

     
  • 126. 
    Currently firms which meet at least two of the following criteria are always able to claim compensation under the ICSD: Balance sheet total
     
  • 127. 
    Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit guarantee schemes (OJ L 135, 31.5.1994, p.

    5).

     
  • 128. 
    Article 16 and 17 of Directive 2006/73/EC Implementing Directive 2004/39/EC as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive.

     
  • 129. 
    Article 18 of Directive 2006/73/EC.

     
  • 130. 
    Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (OJ L 302, 17.11.2009, p.
     
  • 131. 
    Articles 22 to 26 and 32 to 36 of Directive 2009/65/EC.

     
  • 132. 
    Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes (OJ L 84, 26.3.1997, p. 22).

     
  • 133. 
    Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes (OJ L 84, 26.3.1997, p. 22).

     
  • 134. 
    The relevant legislative proposal, preceded by consultation, should be adopted by Spring 2011.

     
  • 135. 
    Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes (OJ L 84, 26.3.1997, p. 22).

     
  • 136. 
    Directive 2004/39/EC (OJ L 145, 30.4.2004, p.
     
  • 137. 
    Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse) (OJ L 96, 12.4.2003, p.
     
  • 138. 
    Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit guarantee schemes (OJ L 135, 31.5.1994, p.

    5).

     
  • 139. 
    Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit guarantee schemes (OJ L 135, 31.5.1994, p.

    5).

     
  • 140. 
    Article 7 of Directive 94/19/EC on deposit-guarantee schemes.

     
  • 141. 
    Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit guarantee schemes (OJ L 135, 31.5.1994, p.

    5).

     
  • 142. 
    Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field (OJ L 141, 11.6.1993, p.
     
  • 143. 
    Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field (OJ L 141, 11.6.1993, p.
     
  • 144. 
    Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes (OJ L 84, 26.3.1997, p. 22).

     
  • 145. 
    Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes (OJ L 84, 26.3.1997, p. 22).

     
  • 146. 
    Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes (OJ L 84, 26.3.1997, p. 22).

     
  • 147. 
    See Directive 2009/14/EC of the European Parliament and of the Council of 11 March 2009 amending Directive 94/19/EC as regards the coverage level and the payout delay (OJ L 68, 13.3.2009, p.
     
  • 148. 
    In October, 2009 the European Commission has adopted a package of draft legislation to strengthen the supervision of the financial sector in Europe. The legislation will create a new European Systemic Risk Board (ESRB) to detect risks to the financial system as a whole. It will also set up a European System of Financial Supervisors (ESFS), composed of national supervisors and three new European Supervisory Authorities for the banking, securities and insurance and occupational pensions sectors. The ESMA is one of the three European Supervisory Authorities included in the legislative package. The relevant legislative proposal is available at the following link:ec.europa.eu/internal_market/finances/docs

     
  • 149. 
    See recital 13 of the Directive.

     
  • 150. 
    OJ C , , p. .

     
  • 151. 
    OJ C , , p. .

     
  • 152. 
    OJ L 84, 26.3.1997, p.
     
  • 153. 
    OJ L 141, 11.6.1993, p.
     
  • 154. 
    OJ L 145, 30.4.2004, p.
     
  • 155. 
    OJ L 135, 31.5.1994, p.
     
  • 156. 
    OJ L 241, 2.9.2006, p.
     
  • 157. 
    Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field (OJ L 141, 11.6.1993, p.
     
  • 158. 
    Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes (OJ L 84, 26.3.1997, p. 22).

     
  • 159. 
    Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes (OJ L 84, 26.3.1997, p. 22).

     
  • 160. 
    Directive 2004/39/EC (OJ L 145, 30.4.2004, p.
     
  • 161. 
    Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field (OJ L 141, 11.6.1993, p.
     
  • 162. 
    Directive 2004/39/EC (OJ L 145, 30.4.2004, p.
     
  • 163. 
    Directive 2004/39/EC (OJ L 145, 30.4.2004, p.
     
  • 164. 
    Directive 2004/39/EC (OJ L 145, 30.4.2004, p.
     
  • 165. 
    Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field (OJ L 141, 11.6.1993, p.
     
  • 166. 
    Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field (OJ L 141, 11.6.1993, p.
     
  • 167. 
    Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field (OJ L 141, 11.6.1993, p.
     
  • 168. 
    Directive 2004/39/EC (OJ L 145, 30.4.2004, p.
     
  • 169. 
    Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit guarantee schemes (OJ L 135, 31.5.1994, p.

    5).

     
  • 170. 
    Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field (OJ L 141, 11.6.1993, p.
     
  • 171. 
    ESME was an advisory body to the Commission, composed of securities markets practitioners and experts. It was established by the Commission in April 2006 and operated until end 2009 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).

     
  • 172. 
    Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes (OJ L 84, 26.3.1997, p. 22).

     
  • 173. 
    Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes (OJ L 84, 26.3.1997, p. 22).

     
  • 174. 
    Directive 2004/39/EC (OJ L 145, 30.4.2004, p.
     
  • 175. 
    Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes (OJ L 84, 26.3.1997, p. 22).

     
  • 176. 
    Directive 2004/39/EC (OJ L 145, 30.4.2004, p.
     
  • 177. 
    Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes (OJ L 84, 26.3.1997, p. 22).

     
  • 178. 
    Directive 2004/39/EC (OJ L 145, 30.4.2004, p.
     
  • 179. 
    Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field (OJ L 141, 11.6.1993, p.
     
  • 180. 
    Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes (OJ L 84, 26.3.1997, p. 22).

     
  • 181. 
    Directive 2004/39/EC (OJ L 145, 30.4.2004, p.
     
  • 182. 
    Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field (OJ L 141, 11.6.1993, p.
     
  • 183. 
    Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field (OJ L 141, 11.6.1993, p.
     
  • 184. 
    Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field (OJ L 141, 11.6.1993, p.
     
  • 185. 
    Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes (OJ L 84, 26.3.1997, p. 22).

     
  • 186. 
    Directive 2004/39/EC (OJ L 145, 30.4.2004, p.
     
  • 187. 
    Directive 2004/39/EC (OJ L 145, 30.4.2004, p.
     
  • 188. 
    Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field (OJ L 141, 11.6.1993, p.
     
  • 189. 
    Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field (OJ L 141, 11.6.1993, p.
     
  • 190. 
    ESME was an advisory body to the Commission, composed of securities markets practitioners and experts. It was established by the Commission in April 2006 and operated until end 2009 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).

     
  • 191. 
    The European Securities Committee (ESC) set up by Commission Decision 2001/528/EC (OJ L 191, 13.7.2001, p. 45) fulfils both comitology (Comitology Council Decision 1999/468/EC of 28 June 1999 (OJ L 184, 17.7.1999, p. 23) laying down the procedures for the exercise of implementing powers conferred on the Commission as amended by Decision 2006/51/EC (OJ L 200, 22.7.2006, p. 11) and policy advisor functions in the securities field. It is composed of high level representatives from the Member States and is chaired by a representative of the Commission. Discussions were held at meetings of the ESC on 14 November 2008, 11 February 2009 and 15 July 2009.

     
  • 192. 
    Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field (OJ L 141, 11.6.1993, p.
     
  • 193. 
    Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field (OJ L 141, 11.6.1993, p.
     
  • 194. 
    ESME was an advisory body to the Commission, composed of securities markets practitioners and experts. It was established by the Commission in April 2006 and operated until end 2009 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).

     
  • 195. 
    The European Securities Committee (ESC) set up by Commission Decision 2001/528/EC (OJ L 191, 13.7.2001, p. 45) fulfils both comitology (Comitology Council Decision 1999/468/EC of 28 June 1999 (OJ L 184, 17.7.1999, p. 23) laying down the procedures for the exercise of implementing powers conferred on the Commission as amended by Decision 2006/51/EC (OJ L 200, 22.7.2006, p. 11) and policy advisor functions in the securities field. It is composed of high level representatives from the Member States and is chaired by a representative of the Commission. Discussions were held at meetings of the ESC on 14 November 2008, 11 February 2009 and 15 July 2009.

     
  • 196. 
    Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field (OJ L 141, 11.6.1993, p.
     
  • 197. 
    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.
     
  • 198. 
    This Directorate-General was dissolved and its components integrated into other DG's on November 1st 2014. A large section of the DG was refurbished and integrated into the new Directorate-General for Financial Services. Another fairly large section of DG Internal Market was integrated into DG Industry and Enterprise. Other sections were transferred to DG Justice and DG CONNECT.
     
  • 199. 
    The main task of this Directorate-General is to coordinate the policies of the European Commission regarding stability on the financial markets. The Directorate-General has to ensure that the European Commission remains having an active role in the supervision of the financial markets. The banking sector is an important aspect in this.
     
  • 200. 
    This procedure is the standard decision-making procedure used in the European Union, unless the treaties specifically state one of the special legislative procedures is to be applied to a particular subject. Before the Treaty of Lisbon came into force late 2009 it was referred to as the co-decision procedure. The essential characteristic of this procedure is that both the Council of Ministers as well as the European Parliament have a deciding vote in the legislative process, and both institutions may amend a proposal.
     
  • 201. 
    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.
     
  • 202. 
    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.
     
  • 203. 
    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.
     
  • 204. 
    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.
     
  • 205. 
    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.