Directive 1979/279 - Council Directive 79/279/EEC coordinating the conditions for the admission of securities to official stock exchange listing - Main contents

official title

 

Legal instrument	Directive
Number legal act	Directive 1979/279
Original proposal	COM(1975)686
CELEX number i	31979L0279

Avis juridique important

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Council Directive 79/279/EEC of 5 March 1979 coordinating the conditions for the admission of securities to official stock exchange listing

Official Journal L 066 , 16/03/1979 P. 0021 - 0032

Finnish special edition: Chapter 6 Volume 2 P. 0034

Greek special edition: Chapter 17 Volume 1 P. 0041

Swedish special edition: Chapter 6 Volume 2 P. 0034

Spanish special edition: Chapter 06 Volume 2 P. 0077

Portuguese special edition Chapter 06 Volume 2 P. 0077

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( 1 ) OJ NO C 56 , 10 . 3 . 1976 , P . 3 .

( 2 ) OJ NO C 238 , 11 . 10 . 1976 , P . 38 .

( 3 ) OJ NO C 204 , 30 . 8 . 1976 , P . 5 .

( 1 ) OJ NO L 356 , 31 . 12 . 1977 , P . 1 .

COUNCIL DIRECTIVE

OF 5 MARCH 1979

COORDINATING THE CONDITIONS FOR THE ADMISSION OF SECURITIES TO OFFICIAL STOCK EXCHANGE LISTING

( 79/279/EEC )

THE COUNCIL OF THE EUROPEAN

COMMUNITIES ,

HAVING REGARD TO THE TREATY ESTABLISHING THE EUROPEAN ECONOMIC COMMUNITY , AND IN PARTICULAR ARTICLES 54 ( 3 ) ( G ) AND 100 THEREOF ,

HAVING REGARD TO THE PROPOSAL FROM THE COMMISSION ( 1 ),

HAVING REGARD TO THE OPINION OF THE EUROPEAN PARLIAMENT ( 2 ),

HAVING REGARD TO THE OPINION OF THE ECONOMIC AND SOCIAL COMMITTEE ( 3 ),

WHEREAS THE COORDINATION OF THE CONDITIONS FOR THE ADMISSION OF SECURITIES TO OFFICIAL LISTING ON STOCK EXCHANGES SITUATED OR OPERATING IN THE MEMBER STATES IS LIKELY TO PROVIDE EQUIVALENT PROTECTION FOR INVESTORS AT COMMUNITY LEVEL , BECAUSE OF THE MORE UNIFORM GUARANTEES OFFERED TO INVESTORS IN THE VARIOUS MEMBER STATES ; WHEREAS IT WILL FACILITATE BOTH THE ADMISSION TO OFFICIAL STOCK EXCHANGE LISTING , IN EACH SUCH STATE , OF SECURITIES FROM OTHER MEMBER STATES AND THE LISTING OF ANY GIVEN SECURITY ON A NUMBER OF STOCK EXCHANGES IN THE COMMUNITY ; WHEREAS IT WILL ACCORDINGLY MAKE FOR GREATER INTERPENETRATION OF NATIONAL SECURITIES MARKETS AND THEREFORE CONTRIBUTE TO THE PROSPECT OF ESTABLISHING A EUROPEAN CAPITAL MARKET ;

WHEREAS SUCH COORDINATION MUST THEREFORE APPLY TO SECURITIES , INDEPENDENTLY OF THE LEGAL STATUS OF THEIR ISSUERS , AND MUST THEREFORE ALSO APPLY TO SECURITIES ISSUED BY NON-MEMBER STATES OR THEIR REGIONAL OR LOCAL AUTHORITIES OR INTERNATIONAL PUBLIC BODIES ; WHEREAS THIS DIRECTIVE THEREFORE COVERS ENTITIES NOT COVERED BY THE SECOND PARAGRAPH OF ARTICLE 58 OF THE TREATY AND GOES BEYOND THE SCOPE OF ARTICLE 54 ( 3 ) ( G ) WHILE DIRECTLY AFFECTING THE ESTABLISHMENT AND FUNCTIONING OF THE COMMON MARKET WITHIN THE MEANING OF ARTICLE 100 ;

WHEREAS THERE SHOULD BE THE POSSIBILITY OF A RIGHT TO APPLY TO THE COURTS AGAINST DECISIONS BY THE COMPETENT NATIONAL AUTHORITIES IN RESPECT OF THE APPLICATION OF THIS DIRECTIVE , ALTHOUGH SUCH RIGHT TO APPLY MUST NOT BE ALLOWED TO RESTRICT THE DISCRETION OF THESE AUTHORITIES ;

WHEREAS , INITIALLY , THIS COORDINATION SHOULD BE SUFFICIENTLY FLEXIBLE TO ENABLE ACCOUNT TO BE TAKEN OF PRESENT DIFFERENCES IN THE STRUCTURES OF SECURITIES MARKETS IN THE MEMBER STATES AND TO ENABLE THE MEMBER STATES TO TAKE ACCOUNT OF ANY SPECIFIC SITUATIONS WITH WHICH THEY MAY BE CONFRONTED ;

WHEREAS , FOR THIS REASON , COORDINATION SHOULD FIRST BE LIMITED TO THE ESTABLISHMENT OF MINIMUM CONDITIONS FOR THE ADMISSION OF SECURITIES TO OFFICIAL LISTING ON STOCK EXCHANGES SITUATED OR OPERATING IN THE MEMBER STATES , WITHOUT HOWEVER GIVING ISSUERS ANY RIGHT TO LISTING ;

WHEREAS , THIS PARTIAL COORDINATION OF THE CONDITIONS FOR ADMISSION TO OFFICIAL LISTING CONSTITUTES A FIRST STEP TOWARDS SUBSEQUENT CLOSER ALIGNMENT OF THE RULES OF MEMBER STATES IN THIS FIELD ,

HAS ADOPTED THIS DIRECTIVE :

SECTION I

GENERAL PROVISIONS

ARTICLE 1

1 . THIS DIRECTIVE CONCERNS SECURITIES WHICH ARE ADMITTED TO OFFICIAL LISTING OR ARE THE SUBJECT OF AN APPLICATION FOR ADMISSION TO OFFICIAL LISTING ON A STOCK EXCHANGE SITUATED OR OPERATING WITHIN A MEMBER STATE .

2 . MEMBER STATES MAY DECIDE NOT TO APPLY THIS DIRECTIVE TO :

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  UNITS ISSUED BY COLLECTIVE INVESTMENT UNDERTAKINGS OTHER THAN THE...

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