Legal provisions of COM(2006)913 - Amendment of Directive 2003/6/EC on insider dealing and market manipulation (market abuse), as regards the implementing powers conferred on the Commission

Please note

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

dossier COM(2006)913 - Amendment of Directive 2003/6/EC on insider dealing and market manipulation (market abuse), as regards the implementing ...
document COM(2006)913 EN
date March 11, 2008

Contents

Article 1 - Amendments

Directive 2003/6/EC is hereby amended as follows:

1.Article 1 shall be amended as follows:

(a)in the first paragraph, point 5 shall be replaced by the following:

‘5.“Accepted market practices” shall mean practices that are reasonably expected in one or more financial markets and are accepted by the competent authority in accordance with guidelines adopted by the Commission in accordance with the regulatory procedure with scrutiny laid down in Article 17(2a).’;

(b)the second paragraph shall be amended as follows:

(i)the words ‘acting in accordance with the procedure laid down in Article 17(2),’ shall be deleted;

(ii)the following sentence shall be added:

‘Those measures, designed to amend non-essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 17(2a).’;

2.Article 6(10) shall be amended as follows:

(a)the words ‘in accordance with the procedure referred to in Article 17(2),’ shall be deleted;

(b)the following subparagraph shall be added:

‘Those measures, designed to amend non-essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 17(2a).’;

3.Article 8 shall be amended as follows:

(a)the words ‘adopted in accordance with the procedure laid down in Article 17(2)’ shall be deleted;

(b)the following sentence shall be added:

‘Those measures, designed to amend non-essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 17(2a).’;

4.Article 16(5) shall be replaced by the following:

‘5.   In accordance with the regulatory procedure laid down in Article 17(2), the Commission shall adopt implementing measures on the working procedures for exchange of information and cross-border inspections as referred to in this Article.’;

5.Article 17 shall be amended as follows:

(a)the following paragraph shall be inserted:

‘2a.   Where reference is made to this paragraph, Article 5a(1) to (4) and Article 7 of Decision 1999/468/EC shall apply, having regard to the provisions of Article 8 thereof.’;

(b)paragraphs 3 and 4 shall be replaced by the following:

‘3.   By 31 December 2010, and, thereafter, at least every three years, the Commission shall review the provisions concerning its implementing powers and present a report to the European Parliament and to the Council on the functioning of those powers. The report shall examine, in particular, the need for the Commission to propose amendments to this Directive in order to ensure the appropriate scope of the implementing powers conferred on the Commission. The conclusion as to whether or not amendment is necessary shall be accompanied by a detailed statement of reasons. If necessary, the report shall be accompanied by a legislative proposal to amend the provisions conferring implementing powers on the Commission’.

Article 2 - Entry into force

This Directive shall enter into force on the day following its publication in the Official Journal of the European Union.

Article 3 - Addressees

This Directive is addressed to the Member States.