Legal provisions of COM(2006)916 - Amendment of Directive 2002/87/EC relating to the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate as regards the implementing powers conferred on the Commission

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dossier COM(2006)916 - Amendment of Directive 2002/87/EC relating to the supplementary supervision of credit institutions, insurance undertakings ...
document COM(2006)916 EN
date March 11, 2008

Contents

Article 1 - Amendments

Directive 2002/87/EC is hereby amended as follows:

1.Article 20(1) shall be amended as follows:

(a)the words ‘, in accordance with the procedure referred to in Article 21(2),’ shall be deleted;

(b)the following subparagraph shall be added:

‘Those measures, designed to amend non-essential elements of this Directive, inter alia, by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 21(2).’;

2.Article 21 shall be amended as follows:

(a)paragraph 2 shall be replaced by the following:

‘2.   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.