What changed, Directive 2002/87/EC

+ This Directive lays down rules for supplementary supervision of regulated entities which have obtained an authorisation in accordance with Article 6 of Directive 73/239/EEC, Article 4 of Directive 2002/83/EC (1), Article 5 of Directive 2004/39/EC (2), Article 3 of Directive 2005/68/EC (3), Article 6…
− This Directive lays down rules for supplementary supervision of regulated entities which have obtained an authorisation in accordance with Article 6 of Directive 73/239/EEC, Article 4 of Directive 2002/83/EC (14), Article 5 of Directive 2004/39/EC (15), Article 3 of Directive 2005/68/EC (16), Articl…
+ (3) ‘investment firm’ means an investment firm within the meaning of point 1 of Article 4(1) of Directive 2004/39/EC, including the undertakings referred to in Article 3(1)(d) of Directive 2006/49/EC of the European Parliament and of the Council of 14 June 2006 on the capital adequacy of investment …
− (3) ‘investment firm’ means an investment firm within the meaning of point 1 of Article 4(1) of Directive 2004/39/EC, including the undertakings referred to in Article 3(1)(d) of Directive 2006/49/EC of the European Parliament and of the Council of 14 June 2006 on the capital adequacy of investment …
+ (9) ‘parent undertaking’ means a parent undertaking as defined in Article 1 of Seventh Council Directive 83/349/EEC of 13 June 1983 on consolidated accounts (9) or any undertaking which, in the opinion of the competent authorities, effectively exercises a dominant influence over another undertaking;
− (9) ‘parent undertaking’ means a parent undertaking as defined in Article 1 of Seventh Council Directive 83/349/EEC of 13 June 1983 on consolidated accounts (22) or any undertaking which, in the opinion of the competent authorities, effectively exercises a dominant influence over another undertaking…
+ (11) ‘participation’ means a participation within the meaning of the first sentence of Article 17 of Fourth Council Directive 78/660/EEC of 25 July 1978 on the annual accounts of certain types of companies (10), or the direct or indirect ownership of 20 % or more of the voting rights or capital of a…
− (11) ‘participation’ means a participation within the meaning of the first sentence of Article 17 of Fourth Council Directive 78/660/EEC of 25 July 1978 on the annual accounts of certain types of companies (23), or the direct or indirect ownership of 20 % or more of the voting rights or capital of a…
+ 8. The European Supervisory Authority (European Banking Authority) established by Regulation (EU) No 1093/2010 of the European Parliament and of the Council (11) (EBA), the European Supervisory Authority (European Insurance and Occupational Pensions Authority) established by Regulation (EU) No 1094/…
− 8. The European Supervisory Authority (European Banking Authority) established by Regulation (EU) No 1093/2010 of the European Parliament and of the Council (24) (EBA), the European Supervisory Authority (European Insurance and Occupational Pensions Authority) established by Regulation (EU) No 1094/…
+ 2. For the purpose of Union-wide stress tests the ESA may, through the Joint Committee and in cooperation with the European Systemic Risk Board, established by Regulation (EU) No 1092/2010 of the European Parliament and of the Council of 24 November 2010 on the European Union macro-prudential oversi…
− 2. For the purpose of Union-wide stress tests the ESA may, through the Joint Committee and in cooperation with the European Systemic Risk Board, established by Regulation (EU) No 1092/2010 of the European Parliament and of the Council of 24 November 2010 on the European Union macro-prudential oversi…
+ The competent authorities may also exchange with the following authorities such information as may be needed for the performance of their respective tasks, regarding regulated entities in a financial conglomerate, in line with the provisions laid down in the sectoral rules: central banks, the Europe…
− The competent authorities may also exchange with the following authorities such information as may be needed for the performance of their respective tasks, regarding regulated entities in a financial conglomerate, in line with the provisions laid down in the sectoral rules: central banks, the Europe…
− 
− ### Article 22 — Amendments to Directive 73/239/EEC
− 
− Directive 73/239/EEC is amended as follows:
− 
− 1. the following Article shall be inserted:
− 
− ‘Article 12a
− 
− 1. The competent authorities of the other Member State involved shall be consulted prior to the granting of an authorisation to an insurance undertaking, which is:
− 
− (a) a subsidiary of an insurance undertaking authorised in another Member State; or
− 
− (b) a subsidiary of the parent undertaking of an insurance undertaking authorised in another Member State; or
− 
− (c) controlled by the same person, whether natural or legal, who controls an insurance undertaking authorised in another Member State.
− 
− 2. The competent authority of a Member State involved responsible for the supervision of credit institutions or investment firms shall be consulted prior to the granting of an authorisation to an insurance undertaking which is:
− 
− (a) a subsidiary of a credit institution or investment firm authorised in the Community; or
− 
− (b) a subsidiary of the parent undertaking of a credit institution or investment firm authorised in the Community; or
− 
− (c) controlled by the same person, whether natural or legal, who controls a credit institution or investment firm authorised in the Community.
− 
− 3. The relevant competent authorities referred to in paragraphs 1 and 2 shall in particular consult each other when assessing the suitability of the shareholders and the reputation and experience of directors involved in the management of another entity of the same group. They shall inform each othe…
− 
− 2. the following subparagraphs shall be added to Article 16(2):
− 
− ‘The available solvency margin shall also be reduced by the following items:
− 
− (a) participations which the insurance undertaking holds in
− — insurance undertakings within the meaning of Article 6 of this Directive, Article 6 of First Directive 79/267/EEC of 5 March 1979 on the coordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of direct life assurance (29), or Article 1…
− 
− — reinsurance undertakings within the meaning of Article 1(c) of Directive 98/78/EC,
− 
− — insurance holding companies within the meaning of Article 1(i) of Directive 98/78/EC,
− 
− — credit institutions and financial institutions within the meaning of Article 1(1) and (5) of Directive 2000/12/EC of the European Parliament and of the Council (31),
− 
− — investment firms and financial institutions within the meaning of Article 1(2) of Directive 93/22/EEC (32) and of Article 2(4) and (7) of Directive 93/6/EEC (33);
− 
− (b) each of the following items which the insurance undertaking holds in respect of the entities defined in (a) in which it holds a participation:
− 
− — instruments referred to in paragraph 3,
− 
− — instruments referred to in Article 18(3) of Directive 79/267/EEC,
− 
− — subordinated claims and instruments referred to in Article 35 and Article 36(3) of Directive 2000/12/EC.
− 
− Where shares in another credit institution, investment firm, financial institution, insurance or reinsurance undertaking or insurance holding company are held temporarily for the purposes of a financial assistance operation designed to reorganise and save that entity, the competent authority may wai…
− 
− As an alternative to the deduction of the items referred to in (a) and (b) of the fourth subparagraph which the insurance undertaking holds in credit institutions, investment firms and financial institutions, Member States may allow their insurance undertakings to apply *mutatis mutandis* methods 1,…
− 
− Member States may provide that, for the calculation of the solvency margin as provided for by this Directive, insurance undertakings subject to supplementary supervision in accordance with Directive 98/78/EC or to supplementary supervision in accordance with Directive 2002/87/EC, need not deduct the…
− 
− For the purposes of the deduction of participations referred to in this paragraph, participation shall mean a participation within the meaning of Article 1(f) of Directive 98/78/EC.
− 
+ — insurance undertakings within the meaning of Article 6 of this Directive, Article 6 of Directive 73/239/EEC (*1), or Article 1(b) of Directive 98/78/EC of the European Parliament and of the Council (*2),
− — insurance undertakings within the meaning of Article 6 of this Directive, Article 6 of Directive 73/239/EEC (35), or Article 1(b) of Directive 98/78/EC of the European Parliament and of the Council (36),
+ — credit institutions and financial institutions within the meaning of Article 1(1) and (5) of Directive 2000/12/EC of the European Parliament and of the Council (*3),
− — credit institutions and financial institutions within the meaning of Article 1(1) and (5) of Directive 2000/12/EC of the European Parliament and of the Council (37),
+ — investment firms and financial institutions within the meaning of Article 1(2) of Directive 93/22/EEC (*4) and of Articles 2(4) and 2(7) of Directive 93/6/EEC (*5);
− — investment firms and financial institutions within the meaning of Article 1(2) of Directive 93/22/EEC (38) and of Articles 2(4) and 2(7) of Directive 93/6/EEC (39);
+ As an alternative to the deduction of the items referred to in (a) and (b) of the third subparagraph which the insurance undertaking holds in credit institutions, investment firms and financial institutions, Member States may allow their insurance undertakings to apply mutatis mutandis methods 1, 2,…
− As an alternative to the deduction of the items referred to in (a) and (b) of the third subparagraph which the insurance undertaking holds in credit institutions, investment firms and financial institutions, Member States may allow their insurance undertakings to apply mutatis mutandis methods 1, 2,…
− 
− ### Article 24 — Amendments to Directive 92/49/EEC
− 
− Directive 92/49/EEC is amended as follows:
− 
− 1. the following paragraph shall be inserted in Article 15:
− 
− ‘1a. If the acquirer of the holdings referred to in paragraph 1 is an insurance undertaking, a credit institution or an investment firm authorised in another Member State, or the parent undertaking of such an entity, or a natural or legal person controlling such an entity, and if, as a result of tha…
− 
− 2. Article 16(5c) shall be replaced by the following:
− 
− ‘5c. This Article shall not prevent a competent authority from transmitting
− 
− — to central banks and other bodies with a similar function in their capacity as monetary authorities,
− 
− — where appropriate, to other public authorities responsible for overseeing payment systems,
− information intended for the performance of their task, nor shall it prevent such authorities or bodies from communicating to the competent authorities such information as they may need for the purposes of paragraph 4. Information received in this context shall be subject to the conditions of profes…
− 
+ ‘— “financial holding company” shall mean a financial institution, the subsidiary undertakings of which are either exclusively or mainly investment firms or other financial institutions, at least one of which is an investment firm, and which is not a mixed financial holding company within the meanin…
− ‘— “financial holding company” shall mean a financial institution, the subsidiary undertakings of which are either exclusively or mainly investment firms or other financial institutions, at least one of which is an investment firm, and which is not a mixed financial holding company within the meanin…
− 
− ### Article 28 — Amendments to Directive 98/78/EC
− 
− Directive 98/78/EC is amended as follows:
− 
− 1. in Article 1 points (g), (h), (i) and (j) shall be replaced by the following:
− 
− ‘(g) “participating undertaking” shall mean an undertaking which is either a parent undertaking or other undertaking which holds a participation, or an undertaking linked with another undertaking by a relationship within the meaning of Article 12(1) of Directive 83/349/EEC;
− 
− (h) “related undertaking” shall mean either a subsidiary or other undertaking in which a participation is held, or an undertaking linked with another undertaking by a relationship within the meaning of Article 12(1) of Directive 83/349/EEC;
− 
− (i) “insurance holding company” shall mean a parent undertaking, the main business of which is to acquire and hold participations in subsidiary undertakings, where those subsidiary undertakings are exclusively or mainly insurance undertakings, reinsurance undertakings, or non-member-country insuranc…
− 
− (j) “mixed-activity insurance holding company” shall mean a parent undertaking, other than an insurance undertaking, a non-member country insurance undertaking, a reinsurance undertaking, an insurance holding company or a mixed financial holding company within the meaning of Directive 2002/87/EC, wh…
− 2. in Article 6(3) the following sentence shall be added:
− 
− ‘The competent authority which made the request may, if it so wishes, participate in the verification when it does not carry out the verification itself.’
− 
− 3. in Article 8(2) the first subparagraph shall be replaced by the following:
− 
− ‘Member States shall require insurance undertakings to have in place adequate risk management processes and internal control mechanisms, including sound reporting and accounting procedures, in order to identify, measure, monitor and control transactions as provided for in paragraph 1 appropriately. …
− 
− 4. the following Articles shall be inserted:
− 
− ‘Article 10a
− 
− Cooperation with third countries' competent authorities
− 
− 1. The Commission may submit proposals to the Council, either at the request of a Member State or on its own initiative, for the negotiation of agreements with one or more third countries regarding the means of exercising supplementary supervision over:
− 
− (a) insurance undertakings which have, as participating undertakings, undertakings within the meaning of Article 2 which have their head office situated in a third country; and
− 
− (b) non-member country insurance undertakings which have, as participating undertakings, undertakings within the meaning of Article 2 which have their head office in the Community.
− 
− 2. The agreements referred to in paragraph 1 shall in particular seek to ensure both:
− 
− (a) that the competent authorities of the Member States are able to obtain the information necessary for the supplementary supervision of insurance undertakings which have their head office in the Community and which have subsidiaries or hold participations in undertakings outside the Community; and
− 
− (b) that the competent authorities of third countries are able to obtain the information necessary for the supplementary supervision of insurance undertakings which have their head office in their territories and which have subsidiaries or hold participations in undertakings in one or more Member St…
− 
− 3. The Commission and the Insurance Committee shall examine the outcome of the negotiations referred to in paragraph 1 and the resulting situation.
− 
− Article 10b
− 
− Management body of insurance holding companies
− 
− The Member States shall require that persons who effectively direct the business of an insurance holding company are of sufficiently good repute and have sufficient experience to perform these duties.’
− 
− 5. in Annex I.1.B. the following paragraph shall be added:
− 
− ‘Where there are no capital ties between some of the undertakings in an insurance group, the competent authority shall determine which proportional share will have to be taken account of.’
− 
− 6. in Annex I.2. the following point shall be added:
− 
− ‘2.4a. **Related credit institutions, investment firms and financial institutions**
− 
− When calculating the adjusted solvency of an insurance undertaking which is a participating undertaking in a credit institution, investment firm or financial institution, the rules laid down in Article 16(1) of Directive 73/239/EEC and in Article 18 of Directive 79/267/EEC on the deduction of such p…
− 
− 
− 1. Article 1 shall be amended as follows:
− 
− (a) Point (9) shall be replaced by the following:
− 
− ‘9. “participation for the purposes of supervision on a consolidated basis and for the purposes of points 15 and 16 of Article 34(2)” shall mean participation within the meaning of the first sentence of Article 17 of Directive 78/660/EEC, or the ownership, direct or indirect, of 20 % or more of the …
− 
− (b) Points (21) and (22) shall be replaced by the following:
− 
− ‘21. “financial holding company” shall mean a financial institution, the subsidiary undertakings of which are either exclusively or mainly credit institutions or financial institutions, at least one of such subsidiaries being a credit institution, and which is not a mixed financial holding company w…
− 
− 22. “mixed-activity holding company” shall mean a parent undertaking, other than a financial holding company or a credit institution or a mixed financial holding company within the meaning of Directive 2002/87/EC, the subsidiaries of which include at least one credit institution;
− 
− 2. in Article 12 the following paragraphs shall be added:
− 
− ‘The competent authority of a Member State involved, responsible for the supervision of insurance undertakings or investment firms, shall be consulted prior to the granting of an authorisation to a credit institution which is:
− 
− (a) a subsidiary of an insurance undertaking or investment firm authorised in the Community; or
− 
− (b) a subsidiary of the parent undertaking of an insurance undertaking or investment firm authorised in the Community; or
− 
− (c) controlled by the same person, whether natural or legal, who controls an insurance undertaking or investment firm authorised in the Community.
− 
− The relevant competent authorities referred to in the first and second paragraphs shall in particular consult each other when assessing the suitability of the shareholders and the reputation and experience of directors involved in the management of another entity of the same group. They shall inform…
− 
− 4. Article 34(2) shall be amended as follows:
− 
− (a) in the first subparagraph points 12 and 13 shall be replaced by the following:
− 
− ‘12. holdings in other credit and financial institutions amounting to more than 10 % of their capital;
− 
− 13. subordinated claims and instruments referred to in Article 35 and Article 36(3) which a credit institution holds in respect of credit and financial institutions in which it has holdings exceeding 10 % of the capital in each case;
− 
− 14. holdings in other credit and financial institutions of up to 10 % of their capital, the subordinated claims and the instruments referred to in Article 35 and Article 36(3) which a credit institution holds in respect of credit and financial institutions other than those referred to in points 12 a…
− 
− 15. participations within the meaning of Article 1(9) which a credit institution holds in
− 
− — insurance undertakings within the meaning of Article 6 of Directive 73/239/EEC, Article 6 of Directive 79/267/EEC or Article 1(b) of Directive 98/78/EC of the European Parliament and of the Council (44),
− 
− — reinsurance undertakings within the meaning of Article 1(c) of Directive 98/78/EC,
− 
− — insurance holding companies within the meaning of Article 1(i) of Directive 98/78/EC;
− 
− 16. each of the following items which the credit institution holds in respect of the entities defined in point (15) in which it holds a participation:
− 
− — instruments referred to in Article 16(3) of Directive 73/239/EEC,
− 
− — instruments referred to in Article 18(3) of Directive 79/267/EEC;
− 
− (b) the second subparagraph shall be replaced by the following:
− 
− ‘Where shares in another credit institution, financial institution, insurance or reinsurance undertaking or insurance holding company are held temporarily for the purposes of a financial assistance operation designed to reorganise and save that entity, the competent authority may waive the provision…
− 
− As an alternative to the deduction of the items referred to in points 15 and 16, Member States may allow their credit institutions to apply *mutatis mutandis* methods 1, 2, or 3 of Annex I to Directive 2002/87/EC. Method 1 (Accounting consolidation) shall only be applied if the competent authority i…
− 
− Member States may provide that for the calculation of own funds on a stand-alone basis, credit institutions subject to supervision on a consolidated basis in accordance with Chapter 3 or to supplementary supervision in accordance with Directive 2002/87/EC, need not deduct the items referred to in po…
− 
− This provision shall apply to all the prudential rules harmonised by Community acts.’
− 
− 5. Article 51(3) shall be replaced by the following:
− 
− ‘3. The Member States need not apply the limits laid down in paragraphs 1 and 2 to holdings in insurance companies as defined in Directive 73/239/EEC and Directive 79/267/EEC, or in reinsurancecompanies as defined in Directive 98/78/EC.’
− 
− 6. the last sentence in Article 52(2) shall be replaced by the following:
− 
− ‘Without prejudice to Article 54a, the consolidation of the financial situation of the financial holding company shall not in any way imply that the competent authorities are required to play a supervisory role in relation to the financial holding company on a stand-alone basis.’
− 
− 7. Article 54 shall be amended as follows:
− 
− (a) in paragraph 1 the following subparagraph shall be added:
− 
− ‘In the case where undertakings are linked by a relationship within the meaning of Article 12 (1) of Directive 83/349/EEC, the competent authorities shall determine how consolidation is to be carried out.’
− 
− (b) in paragraph 4, first subparagraph, the third indent shall be deleted;
− 
− 8. the following Article shall be inserted:
− 
− ‘Article 54a
− 
− Management body of financial holding companies
− 
− The Member States shall require that persons who effectively direct the business of a financial holding company are of sufficiently good repute and have sufficient experience to perform those duties.’
− 
− 9. the following Article shall be inserted:
− 
− ‘Article 55a
− 
− Intra-group transactions with mixed-activity holding companies
− 
− Without prejudice to the provisions of Title V, Chapter 2, Section 3, of this Directive, Member States shall provide that, where the parent undertaking of one or more credit institutions is a mixed-activity holding company, the competent authorities responsible for the supervision of these credit in…
− 
− Competent authorities shall require credit institutions to have in place adequate risk management processes and internal control mechanisms, including sound reporting and accounting procedures, in order to identify, measure, monitor and control transactions with their parent mixed-activity holding c…
− 
− Where these intra-group transactions are a threat to a credit institution's financial position, the competent authority responsible for the supervision of the institution shall take appropriate measures.’
− 
− 10. in Article 56(7) the following sentence shall be added:
− 
− ‘The competent authority which made the request may, if it so wishes, participate in the verification when it does not carry out the verification itself.’
− 
− 11. the following Article shall be inserted:
− 
− ‘Article 56a
− 
− Third-country parent undertakings
− 
− Where a credit institution, the parent undertaking of which is a credit institution or a financial holding company, the head office of which is outside the Community, is not subject to consolidated supervision under Article 52, the competent authorities shall verify whether the credit institution is…
− 
− The Banking Advisory Committee may give general guidance as to whether the consolidated supervision arrangements of competent authorities in third countries are likely to achieve the objectives of consolidated supervision as defined in this Chapter, in relation to credit institutions, the parent und…
− 
− The competent authority carrying out the verification specified in the second subparagraph shall take into account any such guidance. For this purpose the competent authority shall consult the Committee before taking a decision.
− 
− In the absence of such equivalent supervision, Member States shall apply the provisions of Article 52 to the credit institution by analogy.
− As an alternative, Member States shall allow their competent authorities to apply other appropriate supervisory techniques which achieve the objectives of the supervision on a consolidated basis of credit institutions. Those methods must be agreed upon by the competent authority which would be respo…
− 
+ (1) Directive 2002/83/EC of the European Parliament and of the Council of 5 November 2002 concerning life insurance (OJ L 345, 19.12.2002, p. 1).
− (1) OJ C 213 E, 31.7.2001, p. 227.
+ (2) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments (OJ L 145, 30.4.2004, p. 1).
− (2) OJ C 36, 8.2.2002, p. 1.
+ (3) Directive 2005/68/EC of the European Parliament and of the Council of 16 November 2005 on reinsurance (OJ L 323, 9.12.2005, p. 1).
− (3) OJ C 271, 26.9.2001, p. 10.
+ (4) Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (OJ L 177, 30.6.2006, p. 1).
− (4) Opinion of the European Parliament of 14 March 2002 (not yet published in the Official Journal), Council Common Position of 12 September 2002 (OJ C 253 E, 22.10.2002, p. 1) and Decision of the European Parliament of 20 November 2002 (not yet published in the Official Journal).
+ (5) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).
− (5) OJ L 184, 17.7.1999, p. 23.
+ (6) Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (OJ L 335, 17.12.2009, p. 1).
− (6) OJ L 228, 16.8.1973, p. 3. Directive as last amended by Directive 2002/13/EC of the European Parliament and of the Council (OJ L 77, 20.3.2002, p. 17).
+ (7) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers (OJ L 174, 1.7.2011, p. 1).
− (7) OJ L 63, 13.3.1979, p. 1. Directive as last amended by Directive 2002/12/EC of the European Parliament and of the Council (OJ L 77, 20.3.2002, p. 11).
+ (8) OJ L 177, 30.6.2006, p. 201.
− (8) OJ L 228, 11.8.1992, p. 1. Directive as last amended by Directive 2000/64/EC of the European Parliament and of the Council (OJ L 290, 17.11.2000, p. 27).
+ (9) OJ L 193, 18.7.1983, p. 1.
− (9) OJ L 360, 9.12.1992, p. 1. Directive as last amended by Directive 2000/64/EC.
+ (10) OJ L 222, 14.8.1978, p. 11.
− (10) OJ L 141, 11.6.1993, p. 1. Directive as last amended by Directive 98/33/EC of the European Parliament and of the Council (OJ L 204, 21.7.1998, p. 29).
+ (11) OJ L 331, 15.12.2010, p. 12.
− (11) OJ L 141, 11.6.1993, p. 27. Directive as last amended by Directive 2000/64/EC.
+ (12) OJ L 331, 15.12.2010, p. 48.
− (12) OJ L 330, 5.12.1998, p. 1.
+ (13) OJ L 331, 15.12.2010, p. 84.
− (13) OJ L 126, 26.5.2000, p. 1. Directive as amended by Directive 2000/28/EC (OJ L 275, 27.10.2000, p. 37).
+ (14) OJ L 331, 15.12.2010, p. 1.
− (14) Directive 2002/83/EC of the European Parliament and of the Council of 5 November 2002 concerning life insurance (OJ L 345, 19.12.2002, p. 1).
+ (15) OJ L 331, 15.12.2010, p. 1.
− (15) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments (OJ L 145, 30.4.2004, p. 1).
+ (*1) OJ L 228, 16.8.1973, p. 3. Directive as last amended by Directive 2002/13/EC of the European Parliament and of the Council (OJ L 77, 20.3.2002, p. 17).
− (16) Directive 2005/68/EC of the European Parliament and of the Council of 16 November 2005 on reinsurance (OJ L 323, 9.12.2005, p. 1).
+ (*2) OJ L 330, 5.12.1998, p. 1.
− (17) Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (OJ L 177, 30.6.2006, p. 1).
+ (*3) OJ L 126, 26.5.2000, p. 1. Directive as last amended by Directive 2000/28/EC (OJ L 275, 27.10.2000, p. 37).
− (18) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).
+ (*4) OJ L 141, 11.6.1993, p. 27. Directive as last amended by Directive 2000/64/EC of the European Parliament and of the Council (OJ L 290, 17.11.2000, p. 27).
− (19) Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (OJ L 335, 17.12.2009, p. 1).
+ (*5) OJ L 141, 11.6.1993, p. 1. Directive as last amended by Directive 98/33/EC of the European Parliament and of the Council (OJ L 204, 21.7.1998, p. 29).
− (20) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers (OJ L 174, 1.7.2011, p. 1).
+ (*6) OJ L 35, 11.2.2003.’
− (21) OJ L 177, 30.6.2006, p. 201.
+ (*7) OJ L 35, 11.2.2003.’
− (22) OJ L 193, 18.7.1983, p. 1.
− 
− (23) OJ L 222, 14.8.1978, p. 11.
− 
− (24) OJ L 331, 15.12.2010, p. 12.
− 
− (25) OJ L 331, 15.12.2010, p. 48.
− 
− (26) OJ L 331, 15.12.2010, p. 84.
− 
− (27) OJ L 331, 15.12.2010, p. 1.
− 
− (28) OJ L 331, 15.12.2010, p. 1.
− 
− (29) OJ L 63, 13.3.1979, p. 1. Directive as last amended by Directive 2002/12/EC of the European Parliament and of the Council (OJ L 77, 20.3.2002, p. 11).
− 
− (30) OJ L 330, 5.12.1998, p. 1.
− 
− (31) OJ L 126, 26.5.2000, p. 1. Directive as amended by Directive 2000/28/EEC (OJ L 275, 27.10.2000, p. 37).
− 
− (32) OJ L 141, 11.6.1993, p. 27. Directive as last amended by Directive 2000/64/EC of the European Parliament and of the Council (OJ L 290, 17.11.2000, p. 27).
− 
− (33) OJ L 141, 11.6.1993, p. 1. Directive as last amended by Directive 98/33/EC of the European Parliament and of the Council (OJ L 204, 21.7.1998, p. 29).
− 
− (34) OJ L 35, 11.2.2003.’
− 
− (35) OJ L 228, 16.8.1973, p. 3. Directive as last amended by Directive 2002/13/EC of the European Parliament and of the Council (OJ L 77, 20.3.2002, p. 17).
− 
− (36) OJ L 330, 5.12.1998, p. 1.
− 
− (37) OJ L 126, 26.5.2000, p. 1. Directive as last amended by Directive 2000/28/EC (OJ L 275, 27.10.2000, p. 37).
− 
− (38) OJ L 141, 11.6.1993, p. 27. Directive as last amended by Directive 2000/64/EC of the European Parliament and of the Council (OJ L 290, 17.11.2000, p. 27).
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− (39) OJ L 141, 11.6.1993, p. 1. Directive as last amended by Directive 98/33/EC of the European Parliament and of the Council (OJ L 204, 21.7.1998, p. 29).
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− (40) OJ L 35, 11.2.2003.’
− 
− (41) OJ L 35, 11.2.2003.’
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− (42) OJ L 35, 11.2.2003.’
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− (43) OJ L 35, 11.2.2003’.
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− (44) OJ L 330, 5.12.1998, p. 1.’