Directive 2005/1 - Amendment of Council Directives 73/239/EEC, 85/611/EEC, 91/675/EEC, 92/49/EEC and 93/6/EEC and Directives 94/19/EC, 98/78/EC, 2000/12/EC, 2001/34/EC, 2002/83/EC and 2002/87/EC in order to establish a new organisational structure for financial services committees - Main contents
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Directive 2005/1/EC of the European Parliament and of the Council of 9 March 2005 amending Council Directives 73/239/EEC, 85/611/EEC, 91/675/EEC, 92/49/EEC and 93/6/EEC and Directives 94/19/EC, 98/78/EC, 2000/12/EC, 2001/34/EC, 2002/83/EC and 2002/87/EC in order to establish a new organisational structure for financial services committees| Legal instrument | Directive |
|---|---|
| Number legal act | Directive 2005/1 |
| Original proposal | COM(2003)659  |
| CELEX number i | 32005L0001 |
| Document | 09-03-2005 |
|---|---|
| Publication in Official Journal | 24-03-2005; Special edition in Bulgarian: Chapter 06 Volume 007,Special edition in Romanian: Chapter 06 Volume 007,OJ L 79, 24.3.2005,Special edition in Croatian: Chapter 06 Volume 009 |
| Effect | 13-04-2005; Entry into force Date pub. + 20 See Art 14 |
| End of validity | 19-07-2006; Partial end of validity Art. 1 Implicitly repealed by 32006L0049 19-07-2006; Partial end of validity Art. 3 Implicitly repealed by 32006L0048 01-07-2011; Partial end of validity Art. 9 Implicitly repealed by 32009L0065 31-12-2015; Partial end of validity Art. 4 Linked to 31973L0239 And 31992L0049 And 31998L0078 And 32002L0083 03-07-2019; Partial end of validity Art. 2 Implicitly repealed by 32014L0049 31-12-9999 |
| Transposition | 13-05-2005; At the latest See Art 13 |
24.3.2005 |
EN |
Official Journal of the European Union |
L 79/9 |
DIRECTIVE 2005/1/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 9 March 2005
amending Council Directives 73/239/EEC, 85/611/EEC, 91/675/EEC, 92/49/EEC and 93/6/EEC and Directives 94/19/EC, 98/78/EC, 2000/12/EC, 2001/34/EC, 2002/83/EC and 2002/87/EC in order to establish a new organisational structure for financial services committees
(Text with EEA relevance)
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty establishing the European Community, and in particular Article 47(2) thereof,
Having regard to the proposal from the Commission,
Having regard to the opinion of the European Economic and Social Committee (1),
Having consulted the Committee of the Regions,
Having regard to the opinion of the European Central Bank (2),
Acting in accordance with the procedure laid down in Article 251 of the Treaty (3),
Whereas:
(1) |
The Commission Communication of 11 May 1999 entitled ‘Implementing the framework for financial markets: action plan’ identifies a series of actions that are required in order to complete the single market for financial services. |
(2) |
At its meeting in Lisbon of 23 and 24 March 2000, the European Council called for the implementation of this Action Plan by 2005. |
(3) |
On 17 July 2000, the Council set up the Committee of Wise Men on the Regulation of European Securities Markets. In its final report, the Committee of Wise Men called for the establishment of a four-level regulatory framework in order to make the regulatory process for Community securities legislation more flexible, effective and transparent. |
(4) |
In its Resolution on more effective securities market regulation in the European Union, the Stockholm European Council of 23 and 24 March 2001 welcomed the report of the Committee of Wise Men and called for the four-level approach to be implemented. |
(5) |
In the light of those developments, the Commission adopted on 6 June 2001 Decisions 2001/527/EC (4) and 2001/528/EC (5) setting up, respectively, the Committee of European Securities Regulators (CESR) and the European Securities Committee (ESC). |
(6) |
Democratic accountability and transparency must be inherent in the Lamfalussy process and its extension, which can only be sufficiently guaranteed by respecting the interinstitutional balance with regard to implementing measures. |
(7) |
This Directive amends Council Directives 73/239/EEC of 24 July 1973 on the coordination of laws, regulations and administrative provisions relating to the taking-up and pursuit of the business of direct insurance other than life assurance (6), 85/611/EEC of 20 December 1985 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (7), 91/675/EEC of 19 December 1991 setting up an insurance committee (8), 92/49/EEC of 18 June 1992 on the coordination of laws, regulations and administrative provisions relating to direct insurance other than life assurance (third non-life insurance Directive) (9) and 93/6/EEC of 15 March 1993 on the capital adequacy of investment firms and credit institutions (10) and Directives of the European Parliament and of the Council 94/19/EC of 30 May 1994 on deposit-guarantee schemes (11), 98/78/EC of 27 October 1998 on the supplementary supervision of insurance undertakings in an insurance group (12), 2000/12/EC of 20 March 2000 relating to the taking up and pursuit of the business of credit institutions (13), 2001/34/EC of 28 May 2001 on the admission of securities to official stock exchange listing and on information to be published on those securities (14), 2002/83/EC of 5 November 2002 concerning life assurance (15) and 2002/87/EC of 16 December... |
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