What changed, Directive 2010/78/EU

+ ### Article 1 — Amendments to Directive 98/26/EC
+ 
+ Directive 98/26/EC is hereby amended as follows:
+ 
+ (1) Article 6(3) is replaced by the following:
− ### art_1
+ ‘3. The Member State referred to in paragraph 2 shall immediately notify the European Systemic Risk Board, other Member States and the European Supervisory Authority (European Securities and Markets Authority) (hereinafter “ESMA”), established by Regulation (EU) No 1095/2010 of the European Parliame…
− Article 1
+ (2) In Article 10(1) the first subparagraph is replaced by the following:
+ 
+ ‘1. Member States shall specify the systems, and the respective system operators, which are to be included in the scope of this Directive and shall notify them to ESMA and inform it of the authorities chosen in accordance with Article 6(2). ESMA shall publish that information on its website.’.
− Directive 98/26/EC is hereby amended as follows:
+ (3) The following Article is inserted:
− | (1) | Article 6(3) is replaced by the following:‘3. The Member State referred to in paragraph 2 shall immediately notify the European Systemic Risk Board, other Member States and the European Supervisory Authority (European Securities and Markets Authority) (hereinafter “ESMA”), established by Reg…
− | --- | --- |
+ ‘Article 10a
− | (2) | In Article 10(1) the first subparagraph is replaced by the following:‘1. Member States shall specify the systems, and the respective system operators, which are to be included in the scope of this Directive and shall notify them to ESMA and inform it of the authorities chosen in accordance w…
− | --- | --- |
+ 1. The competent authorities shall cooperate with ESMA for the purposes of this Directive, in accordance with Regulation (EU) No 1095/2010.
− | (3) | The following Article is inserted:‘Article 10a1. The competent authorities shall cooperate with ESMA for the purposes of this Directive, in accordance with Regulation (EU) No 1095/2010.2. The competent authorities shall provide, without delay, ESMA with all the information necessary to carry…
− | --- | --- |
+ 2. The competent authorities shall provide, without delay, ESMA with all the information necessary to carry out its duties, in accordance with Article 35 of Regulation (EU) No 1095/2010.’.
− ### art_2
+ ### Article 2 — Amendments to Directive 2002/87/EC
− Article 2
+ 
+ (1) Article 4 is amended as follows:
+ 
+ (a) paragraph 2 is replaced by the following:
+ 
+ ‘2. The coordinator appointed in accordance with Article 10 shall inform the parent undertaking at the head of a group or, in the absence of a parent undertaking, the regulated entity with the largest balance sheet total in the most important financial sector in a group, that the group has been iden…
+ 
+ The coordinator shall also inform the competent authorities which have authorised regulated entities in the group and the competent authorities of the Member State in which the mixed financial holding company has its head office, and the Joint Committee of the European Supervisory Authorities (ESA) …
+ 
+ (b) the following paragraph is added:
+ 
+ ‘3. The Joint Committee shall publish on its website and keep up-to-date the list of identified financial conglomerates. That information shall be available by hyperlink on each of the European Supervisory Authority's websites.’.
+ 
+ (2) In Article 9(2), the following point is added:
+ 
+ ‘(d) arrangements in place to contribute to and develop, if required, adequate recovery and resolution arrangements and plans. Such arrangements shall be updated regularly.’.
+ 
+ (3) The title of Section 3 is replaced by the following:
+ 
+ ‘MEASURES TO FACILITATE SUPPLEMENTARY SUPERVISION AND POWERS OF THE JOINT COMMITTEE’.
+ 
+ (4) The following Article is inserted in Section 3:
+ 
+ ‘Article 9a
+ 
+ Role of the Joint Committee
+ 
+ The Joint Committee shall, in accordance with Article 56 of Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010 and of Regulation (EU) No 1095/2010 respectively, ensure coherent cross-sectoral and cross-border supervision and compliance with Union legislation.’.
+ 
+ (5) Article 10(1) is replaced by the following:
+ 
+ ‘1. In order to ensure adequate supplementary supervision of the regulated entities in a financial conglomerate, a single coordinator, responsible for coordination and exercise of supplementary supervision, shall be appointed from among the competent authorities of the Member States concerned, inclu…
+ 
+ (6) In Article 11(1), the second subparagraph is replaced by the following:
+ 
+ ‘In order to facilitate and establish supplementary supervision on a broad legal basis, the coordinator, and the other relevant competent authorities, and, where necessary, the other competent authorities concerned, shall have coordination arrangements in place. The coordination arrangements may ent…
+ 
+ In accordance with Article 8 and the procedure set out in Article 56 of Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010 and of Regulation (EU) No 1095/2010 respectively, the ESA, through the Joint Committee, shall develop guidelines aimed at the convergence of supervisory practices wit…
+ 
+ (7) In Article 12(1), the third subparagraph is replaced by the following:
+ 
+ ‘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 Europ…
+ 
+ (8) The following Article is inserted:
+ 
+ ‘Article 12a
+ 
+ Cooperation and exchange of information with the Joint Committee
+ 
+ 1. The competent authorities shall cooperate with the Joint Committee for the purposes of this Directive, in accordance with Regulation (EU) No 1093/2010, Regulation (EU) No 1094/2010, and Regulation (EU) No 1095/2010.
+ 
+ 2. The competent authorities shall without delay provide the Joint Committee with all information necessary to carry out its duties in accordance with Article 35 of Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010, and of Regulation (EU) No 1095/2010 respectively.’.
+ (9) Article 14(1) is replaced by the following:
+ 
+ ‘1. Member States shall ensure that there are no legal impediments within their jurisdiction preventing the natural and legal persons included within the scope of supplementary supervision, whether or not a regulated entity, from exchanging with each other any information which would be relevant for…
+ 
+ (10) The second paragraph of Article 16 is replaced by the following:
+ 
+ ‘Without prejudice to Article 17(2), Member States may determine what measures may be taken by the competent authorities with respect to mixed financial holding companies. In accordance with Articles 16 and 56 of Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010 and of Regulation (EU) No…
+ 
+ (11) Article 18 is amended as follows:
+ 
+ (a) paragraph 1 is replaced by the following:
+ 
+ ‘1. Without prejudice to the sectoral rules, where Article 5(3) applies, the competent authorities shall verify whether the regulated entities, the parent undertaking of which has its head office in a third country are subject to supervision by that third country's competent authority, which is equi…
+ 
+ That competent authority shall consult the other relevant competent authorities, and shall make every effort to comply with any applicable guidelines prepared through the Joint Committee in accordance with Articles 16 and 56 of Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010 and of Reg…
+ 
+ (b) the following paragraph is inserted:
+ 
+ ‘1a. Where a competent authority disagrees with the decision taken by another relevant competent authority under paragraph 1, Article 19 of Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010 and of Regulation (EU) No 1095/2010 respectively shall apply.’.
+ 
+ (12) Article 19(2) is replaced by the following:
+ 
+ ‘2. Without prejudice to Article 218(1) and (2) of the Treaty on the Functioning of the European Union (TFEU), the Commission shall, with the assistance of the Joint Committee, the European Banking Committee, the European Insurance and Occupational Pensions Committee and the Financial Conglomerates …
+ 
+ (13) In Article 20(1), the following subparagraph is added:
+ 
+ ‘Those measures shall not include the subject matter of the power delegated and conferred on the Commission with regard to the items listed in Article 21a.’.
+ 
+ (14) Article 21 is amended as follows:
+ 
+ (a) paragraph 4 is replaced by the following:
− | (1) | Article 4 is amended as follows:(a)paragraph 2 is replaced by the following:‘2. The coordinator appointed in accordance with Article 10 shall inform the parent undertaking at the head of a group or, in the absence of a parent undertaking, the regulated entity with the largest balance sheet t…
− | --- | --- |
− | (a) | paragraph 2 is replaced by the following:‘2. The coordinator appointed in accordance with Article 10 shall inform the parent undertaking at the head of a group or, in the absence of a parent undertaking, the regulated entity with the largest balance sheet total in the most important financia…
− | (b) | the following paragraph is added:‘3. The Joint Committee shall publish on its website and keep up-to-date the list of identified financial conglomerates. That information shall be available by hyperlink on each of the European Supervisory Authority's websites.’. |
+ ‘4. The ESA, through the Joint Committee, may provide general guidelines as to whether the supplementary supervision arrangements of competent authorities in third countries are likely to achieve the objectives of the supplementary supervision as defined in this Directive, in relation to the regulat…
− | (2) | In Article 9(2), the following point is added:‘(d)arrangements in place to contribute to and develop, if required, adequate recovery and resolution arrangements and plans. Such arrangements shall be updated regularly.’. |
− | --- | --- |
− | ‘(d) | arrangements in place to contribute to and develop, if required, adequate recovery and resolution arrangements and plans. Such arrangements shall be updated regularly.’. |
+ (b) paragraph 5 is replaced by the following:
− | (3) | The title of Section 3 is replaced by the following: ‘MEASURES TO FACILITATE SUPPLEMENTARY SUPERVISION AND POWERS OF THE JOINT COMMITTEE’. |
− | --- | --- |
+ ‘5. By 1 December 2011 the Commission shall review Article 20 and present any appropriate legislative proposals in order to allow the full application of delegated acts under Article 290 TFEU and implementing acts under Article 291 TFEU in respect of this Directive. Without prejudice to implementing…
− | (4) | The following Article is inserted in Section 3:‘Article 9aRole of the Joint CommitteeThe Joint Committee shall, in accordance with Article 56 of Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010 and of Regulation (EU) No 1095/2010 respectively, ensure coherent cross-sectoral and …
− | --- | --- |
+ (15) The following Article is inserted:
− | (5) | Article 10(1) is replaced by the following:‘1. In order to ensure adequate supplementary supervision of the regulated entities in a financial conglomerate, a single coordinator, responsible for coordination and exercise of supplementary supervision, shall be appointed from among the competen…
− | --- | --- |
+ ‘Article 21a
− | (6) | In Article 11(1), the second subparagraph is replaced by the following: ‘In order to facilitate and establish supplementary supervision on a broad legal basis, the coordinator, and the other relevant competent authorities, and, where necessary, the other competent authorities concerned, shal…
− | --- | --- |
+ Technical standards
− | (7) | In Article 12(1), the third subparagraph is replaced by the following: ‘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 lin…
− | --- | --- |
+ 1. In order to ensure consistent harmonisation of this Directive, the ESA, in accordance with Article 56 of Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010, and of Regulation (EU) No 1095/2010 respectively may develop draft regulatory technical standards with regard to:
− | (8) | The following Article is inserted:‘Article 12aCooperation and exchange of information with the Joint Committee1. The competent authorities shall cooperate with the Joint Committee for the purposes of this Directive, in accordance with Regulation (EU) No 1093/2010, Regulation (EU) No 1094/201…
− | --- | --- |
+ (a) Article 2(11) in order to specify the application of Article 17 of Council Directive 78/660/EEC in the context of this Directive;
− | (9) | Article 14(1) is replaced by the following:‘1. Member States shall ensure that there are no legal impediments within their jurisdiction preventing the natural and legal persons included within the scope of supplementary supervision, whether or not a regulated entity, from exchanging with eac…
− | --- | --- |
+ (b) Article 2(17) in order to establish procedures or specify criteria for the determination of “relevant competent authorities”;
− | (10) | The second paragraph of Article 16 is replaced by the following: ‘Without prejudice to Article 17(2), Member States may determine what measures may be taken by the competent authorities with respect to mixed financial holding companies. In accordance with Articles 16 and 56 of Regulation (E…
− | --- | --- |
+ (c) Article 3(5) in order to specify the alternative parameters for the identification of a financial conglomerate.
− | (11) | Article 18 is amended as follows:(a)paragraph 1 is replaced by the following:‘1. Without prejudice to the sectoral rules, where Article 5(3) applies, the competent authorities shall verify whether the regulated entities, the parent undertaking of which has its head office in a third country…
− | --- | --- |
− | (a) | paragraph 1 is replaced by the following:‘1. Without prejudice to the sectoral rules, where Article 5(3) applies, the competent authorities shall verify whether the regulated entities, the parent undertaking of which has its head office in a third country are subject to supervision by that t…
− | (b) | the following paragraph is inserted:‘1a. Where a competent authority disagrees with the decision taken by another relevant competent authority under paragraph 1, Article 19 of Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010 and of Regulation (EU) No 1095/2010 respectively shall…
+ Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010, and of Regulation (EU) No 1095/2010 respectively.
− | (12) | Article 19(2) is replaced by the following:‘2. Without prejudice to Article 218(1) and (2) of the Treaty on the Functioning of the European Union (TFEU), the Commission shall, with the assistance of the Joint Committee, the European Banking Committee, the European Insurance and Occupational…
− | --- | --- |
+ 2. In order to ensure uniform conditions of application of this Directive, the ESA, in accordance with Articles 56 of Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010, and of Regulation (EU) No 1095/2010 respectively may develop draft implementing technical standards with regard to:
− | (13) | In Article 20(1), the following subparagraph is added: ‘Those measures shall not include the subject matter of the power delegated and conferred on the Commission with regard to the items listed in Article 21a.’. |
− | --- | --- |
+ (a) Article 6(2) in order to ensure uniform conditions of application of the calculation methods listed in Annex I part II, but without prejudice to Article 6(4);
+ 
+ (b) Article 7(2) in order to ensure uniform conditions of application of the procedures for including the items within the scope of the definition of “risk concentrations” in the supervisory overview referred to in the second subparagraph of Article 7(2);
− | (14) | Article 21 is amended as follows:(a)paragraph 4 is replaced by the following:‘4. The ESA, through the Joint Committee, may provide general guidelines as to whether the supplementary supervision arrangements of competent authorities in third countries are likely to achieve the objectives of …
− | --- | --- |
− | (a) | paragraph 4 is replaced by the following:‘4. The ESA, through the Joint Committee, may provide general guidelines as to whether the supplementary supervision arrangements of competent authorities in third countries are likely to achieve the objectives of the supplementary supervision as defi…
− | (b) | paragraph 5 is replaced by the following:‘5. By 1 December 2011 the Commission shall review Article 20 and present any appropriate legislative proposals in order to allow the full application of delegated acts under Article 290 TFEU and implementing acts under Article 291 TFEU in respect of …
+ (c) Article 8(2) in order to ensure uniform conditions of application of the procedures for including the items within the scope of the definition of “intra group transactions” in the supervisory overview referred to in the third subparagraph of Article 8(2).
− | (15) | The following Article is inserted:‘Article 21aTechnical standards1. In order to ensure consistent harmonisation of this Directive, the ESA, in accordance with Article 56 of Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010, and of Regulation (EU) No 1095/2010 respectively may de…
− | --- | --- |
− | (a) | Article 2(11) in order to specify the application of Article 17 of Council Directive 78/660/EEC in the context of this Directive; |
− | (b) | Article 2(17) in order to establish procedures or specify criteria for the determination of “relevant competent authorities”; |
− | (c) | Article 3(5) in order to specify the alternative parameters for the identification of a financial conglomerate. |
− | (a) | Article 6(2) in order to ensure uniform conditions of application of the calculation methods listed in Annex I part II, but without prejudice to Article 6(4); |
− | (b) | Article 7(2) in order to ensure uniform conditions of application of the procedures for including the items within the scope of the definition of “risk concentrations” in the supervisory overview referred to in the second subparagraph of Article 7(2); |
− | (c) | Article 8(2) in order to ensure uniform conditions of application of the procedures for including the items within the scope of the definition of “intra group transactions” in the supervisory overview referred to in the third subparagraph of Article 8(2). |
+ Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010, and of Regulation (EU) No 1095/2010 respectively.’.
− ### art_3
+ ### Article 3 — Amendments to Directive 2003/6/EC
− Article 3
+ 
+ (1) In Article 1(5) the following subparagraphs are added:
+ 
+ ‘The European Supervisory Authority (European Securities and Markets Authority) (hereinafter “ESMA”), established by Regulation (EU) No 1095/2010 of the European Parliament and of the Council (24) may develop draft implementing technical standards to ensure uniform conditions of application of the a…
+ 
+ Power is conferred on the Commission to adopt the implementing technical standards referred to in the second subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.
+ 
+ (2) In Article 6, the following paragraph is added:
+ 
+ ‘11. ESMA may develop draft implementing technical standards to ensure uniform conditions of application of the acts adopted by the Commission in accordance with the sixth indent of the first subparagraph of paragraph 10.
+ 
+ Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.’.
+ 
+ (3) Article 8 is amended as follows:
+ 
+ (a) the existing text is numbered as paragraph 1.
+ 
+ (b) the following paragraph is added:
+ 
+ ‘2. ESMA may develop draft implementing technical standards to ensure uniform conditions of application of acts adopted by the Commission in accordance with paragraph 1.
+ 
+ Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.’.
+ 
+ (4) In Article 14 the following paragraph is added:
+ 
+ ‘5. Member States shall provide ESMA annually with aggregated information regarding all administrative measures and sanctions imposed in accordance with paragraphs 1 and 2.
+ 
+ Where the competent authority has disclosed an administrative measure or a sanction to the public, it shall contemporaneously report that fact to ESMA.
+ 
+ Where a published sanction relates to an investment firm authorised in accordance with Directive 2004/39/EC, ESMA shall add a reference to the published sanction in the register of investment firms established under Article 5(3) of Directive 2004/39/EC.’.
+ 
+ (5) The following Article is inserted:
+ 
+ ‘Article 15a
+ 
+ 1. The competent authorities shall cooperate with ESMA for the purposes of this Directive, in accordance with Regulation (EU) No 1095/2010.
+ 2. The competent authorities shall, without delay, provide ESMA with all information necessary to carry out its duties, in accordance with Article 35 of Regulation (EU) No 1095/2010.’.
+ 
+ (6) Article 16 is amended as follows:
+ 
+ (a) in paragraph 2, the fourth subparagraph is replaced by the following:
+ 
+ ‘Without prejudice to Article 258 of the Treaty on the Functioning of the European Union (TFEU), a competent authority whose request for information is not acted upon within a reasonable time or whose request for information is rejected may refer that rejection or absence of action within a reasonab…
+ 
+ (b) in paragraph 4, the fifth subparagraph is replaced by the following:
− | (1) | In Article 1(5) the following subparagraphs are added: ‘The European Supervisory Authority (European Securities and Markets Authority) (hereinafter “ESMA”), established by Regulation (EU) No 1095/2010 of the European Parliament and of the Council(*6) may develop draft implementing technical …
− | --- | --- |
+ ‘Without prejudice to Article 258 TFEU, a competent authority whose application to open an inquiry or whose request for authorisation for its officials to accompany those of the other Member State's competent authority is not acted upon within a reasonable time or is rejected may refer that rejectio…
− | (2) | In Article 6, the following paragraph is added:‘11. ESMA may develop draft implementing technical standards to ensure uniform conditions of application of the acts adopted by the Commission in accordance with the sixth indent of the first subparagraph of paragraph 10.Power is conferred on th…
− | --- | --- |
+ (c) paragraph 5 is replaced by the following:
− | (3) | Article 8 is amended as follows:(a)the existing text is numbered as paragraph 1.(b)the following paragraph is added:‘2. ESMA may develop draft implementing technical standards to ensure uniform conditions of application of acts adopted by the Commission in accordance with paragraph 1.Power i…
− | --- | --- |
− | (a) | the existing text is numbered as paragraph 1. |
− | (b) | the following paragraph is added:‘2. ESMA may develop draft implementing technical standards to ensure uniform conditions of application of acts adopted by the Commission in accordance with paragraph 1.Power is conferred on the Commission to adopt the implementing technical standards referre…
+ ‘5. In order to ensure uniform conditions of application of paragraphs 2 and 4, ESMA may develop draft implementing technical standards on the procedures and forms for exchange of information and for cross-border inspections as referred to in this Article.
− | (4) | In Article 14 the following paragraph is added:‘5. Member States shall provide ESMA annually with aggregated information regarding all administrative measures and sanctions imposed in accordance with paragraphs 1 and 2.Where the competent authority has disclosed an administrative measure or …
− | --- | --- |
+ Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.’.
− | (5) | The following Article is inserted:‘Article 15a1. The competent authorities shall cooperate with ESMA for the purposes of this Directive, in accordance with Regulation (EU) No 1095/2010.2. The competent authorities shall, without delay, provide ESMA with all information necessary to carry out…
− | --- | --- |
+ (7) The following Article is inserted:
− | (6) | Article 16 is amended as follows:(a)in paragraph 2, the fourth subparagraph is replaced by the following: ‘Without prejudice to Article 258 of the Treaty on the Functioning of the European Union (TFEU), a competent authority whose request for information is not acted upon within a reasonable…
− | --- | --- |
− | (a) | in paragraph 2, the fourth subparagraph is replaced by the following: ‘Without prejudice to Article 258 of the Treaty on the Functioning of the European Union (TFEU), a competent authority whose request for information is not acted upon within a reasonable time or whose request for informati…
− | (b) | in paragraph 4, the fifth subparagraph is replaced by the following: ‘Without prejudice to Article 258 TFEU, a competent authority whose application to open an inquiry or whose request for authorisation for its officials to accompany those of the other Member State's competent authority is n…
− | (c) | paragraph 5 is replaced by the following:‘5. In order to ensure uniform conditions of application of paragraphs 2 and 4, ESMA may develop draft implementing technical standards on the procedures and forms for exchange of information and for cross-border inspections as referred to in this Art…
+ ‘Article 17a
− | (7) | The following Article is inserted:‘Article 17aBy 1 December 2011 the Commission shall review Articles 1, 6, 8, 14, and 16 and present any appropriate legislative proposals in order to allow the full application of the delegated acts under Article 290 TFEU and implementing acts under Article …
− | --- | --- |
+ By 1 December 2011 the Commission shall review Articles 1, 6, 8, 14, and 16 and present any appropriate legislative proposals in order to allow the full application of the delegated acts under Article 290 TFEU and implementing acts under Article 291 TFEU in respect of this Directive. Without prejudi…
− ### art_4
+ ### Article 4 — Amendments to Directive 2003/41/EC
− Article 4
+ 
+ (1) Article 9 is amended as follows:
+ 
+ (a) in paragraph 1, point (a) is replaced by the following:
+ 
+ ‘(a) the institution is registered in a national register by the competent authority or authorised; in the case of cross-border activities referred to in Article 20, the register shall also indicate the Member States in which the institution is operating; that information shall be communicated to th…
+ 
+ (b) paragraph 5 is replaced by the following:
+ 
+ ‘5. In the case of cross-border activity as referred to in Article 20, the conditions of operation of the institution shall be subject to a prior authorisation by the competent authorities of the home Member State. When giving such authorisation, Member States shall immediately inform EIOPA.’.
+ 
+ (2) Article 13 is amended as follows:
+ 
+ (a) the existing text is numbered as paragraph 1;
+ 
+ (b) the following paragraph is added:
+ 
+ ‘2. EIOPA may develop draft implementing technical standards on the forms and formats for the documents listed in paragraph 1(c)(i) to (vi).
+ 
+ Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1094/2010.’.
+ 
+ (3) In Article 14(4), the second subparagraph is replaced by the following:
+ ‘Any decision to prohibit the activities of an institution shall contain detailed reasons and be notified to the institution in question. It shall also be notified to EIOPA.’.
+ 
+ (4) In Article 15(6), the first subparagraph is replaced by the following:
+ 
+ ‘6. With a view to further harmonisation of the rules regarding the calculation of technical provisions which may be justified – in particular the interest rates and other assumptions influencing the level of technical provisions – the Commission, drawing on advice from EIOPA, shall, every 2 years o…
+ 
+ (5) In Article 20, the following paragraph is added:
+ 
+ ‘11. Member States shall report to EIOPA their national provisions of prudential nature relevant to the field of occupational pension schemes, which are not covered by the reference to national social and labour law in paragraph 1.
+ 
+ Member States shall update that information on a regular basis and at least every 2 years and EIOPA shall make that information available on its website.
+ 
+ In order to ensure uniform conditions of application of this paragraph, EIOPA shall develop draft implementing technical standards on the procedures to be followed and formats and templates to be used by the competent authorities when transmitting and updating the relevant information to EIOPA. EIOP…
+ 
+ Power is conferred on the Commission to adopt the implementing technical standards referred to in the third subparagraph in accordance with Article 15 of Regulation (EU) No 1094/2010.’.
+ 
+ (6) Article 21 is amended as follows:
+ 
+ (a) the title is replaced by the following:
+ 
+ ‘Cooperation between Member States, EIOPA and the Commission’;
− | (1) | Article 9 is amended as follows:(a)in paragraph 1, point (a) is replaced by the following:‘(a)the institution is registered in a national register by the competent authority or authorised; in the case of cross-border activities referred to in Article 20, the register shall also indicate the …
− | --- | --- |
− | (a) | in paragraph 1, point (a) is replaced by the following:‘(a)the institution is registered in a national register by the competent authority or authorised; in the case of cross-border activities referred to in Article 20, the register shall also indicate the Member States in which the institut…
− | ‘(a) | the institution is registered in a national register by the competent authority or authorised; in the case of cross-border activities referred to in Article 20, the register shall also indicate the Member States in which the institution is operating; that information shall be communicated t…
− | (b) | paragraph 5 is replaced by the following:‘5. In the case of cross-border activity as referred to in Article 20, the conditions of operation of the institution shall be subject to a prior authorisation by the competent authorities of the home Member State. When giving such authorisation, Memb…
+ (b) the following paragraph is inserted:
− | (2) | Article 13 is amended as follows:(a)the existing text is numbered as paragraph 1;(b)the following paragraph is added:‘2. EIOPA may develop draft implementing technical standards on the forms and formats for the documents listed in paragraph 1(c)(i) to (vi).Power is conferred on the Commissio…
− | --- | --- |
− | (a) | the existing text is numbered as paragraph 1; |
− | (b) | the following paragraph is added:‘2. EIOPA may develop draft implementing technical standards on the forms and formats for the documents listed in paragraph 1(c)(i) to (vi).Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagrap…
+ ‘2a. The competent authorities shall cooperate with EIOPA for the purposes of this Directive, in accordance with Regulation (EU) No 1094/2010.
− | (3) | In Article 14(4), the second subparagraph is replaced by the following: ‘Any decision to prohibit the activities of an institution shall contain detailed reasons and be notified to the institution in question. It shall also be notified to EIOPA.’. |
− | --- | --- |
+ The competent authorities shall without delay provide EIOPA with all information necessary to carry out its duties under this Directive and under Regulation (EU) No 1094/2010, in accordance with Article 35 of that Regulation.’;
− | (4) | In Article 15(6), the first subparagraph is replaced by the following:‘6. With a view to further harmonisation of the rules regarding the calculation of technical provisions which may be justified – in particular the interest rates and other assumptions influencing the level of technical pro…
− | --- | --- |
+ (c) paragraph 3 is replaced by the following:
− | (5) | In Article 20, the following paragraph is added:‘11. Member States shall report to EIOPA their national provisions of prudential nature relevant to the field of occupational pension schemes, which are not covered by the reference to national social and labour law in paragraph 1.Member States…
− | --- | --- |
+ ‘3. Each Member State shall inform the Commission and EIOPA of any major difficulties to which the application of this Directive gives rise.
− | (6) | Article 21 is amended as follows:(a)the title is replaced by the following: ‘Cooperation between Member States, EIOPA and the Commission’;(b)the following paragraph is inserted:‘2a. The competent authorities shall cooperate with EIOPA for the purposes of this Directive, in accordance with Re…
− | --- | --- |
− | (a) | the title is replaced by the following: ‘Cooperation between Member States, EIOPA and the Commission’; |
− | (b) | the following paragraph is inserted:‘2a. The competent authorities shall cooperate with EIOPA for the purposes of this Directive, in accordance with Regulation (EU) No 1094/2010.The competent authorities shall without delay provide EIOPA with all information necessary to carry out its duties…
− | (c) | paragraph 3 is replaced by the following:‘3. Each Member State shall inform the Commission and EIOPA of any major difficulties to which the application of this Directive gives rise.The Commission, EIOPA and the competent authorities of the Member States concerned shall examine such difficult…
+ The Commission, EIOPA and the competent authorities of the Member States concerned shall examine such difficulties as quickly as possible in order to find an appropriate solution.’.
− ### art_5
+ ### Article 5 — Amendments to Directive 2003/71/EC
− Article 5
+ 
+ (1) In Article 4, paragraph 3 is replaced by the following:
+ 
+ ‘3. In order to ensure consistent harmonisation of this Directive, the European Supervisory Authority (European Securities and Markets Authority) (hereinafter “ESMA”) established by Regulation (EU) No 1095/2010 of the European Parliament and of the Council (26) may develop draft regulatory technical…
+ 
+ Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1095/2010.
+ 
+ (2) In Article 5(2), the following subparagraphs are added:
+ 
+ ‘In order to ensure uniform conditions of application of this Directive and of the delegated acts adopted by the Commission in accordance with paragraph 5, ESMA shall develop draft implementing technical standards in order to ensure uniform conditions of application of the delegated acts adopted by …
+ 
+ Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.’.
+ 
+ (3) In Article 7, the following paragraph is added:
+ 
+ ‘4. ESMA may develop draft implementing technical standards in order to ensure uniform conditions of application of the delegated acts adopted by the Commission in accordance with paragraph 1.
+ 
+ Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.’.
+ 
+ (4) In Article 8, the following paragraph is added:
+ 
+ ‘5. ESMA may develop draft implementing technical standards to ensure uniform conditions of application of the delegated acts adopted by the Commission in accordance with paragraph 4.
+ 
+ Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.’.
+ 
+ (5) Article 13 is amended as follows:
+ 
+ (a) in paragraph 2, the following subparagraph is added:
+ 
+ ‘The competent authority shall notify ESMA of the approval of the prospectus and any supplement thereto at the same time as that approval is notified to the issuer, the offeror or the person asking for admission to trading on a regulated market, as the case may be. The competent authorities shall at…
+ 
+ (b) paragraph 5 is replaced by the following:
+ 
+ ‘5. The competent authority of the home Member State may transfer the approval of a prospectus to the competent authority of another Member State, subject to prior notification to ESMA and the agreement of the competent authority. Such a transfer shall be notified to the issuer, the offeror or the p…
+ 
+ In order to ensure uniform conditions of application of this Directive and to facilitate communication between the competent authorities and between the competent authorities and ESMA, ESMA may develop draft implementing technical standards to establish standard forms, templates and procedures for t…
+ 
+ Power is conferred on the Commission to adopt the implementing technical standards referred to in the second subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.’.
+ 
+ (6) Article 14 is amended as follows:
+ 
+ (a) paragraph 1 is replaced by the following:
+ 
+ ‘1. Once approved, the prospectus shall be filed with the competent authority of the home Member State, shall be accessible to ESMA through the competent authority and shall be made available to the public by the issuer, the offeror or the person asking for admission to trading on a regulated market…
+ 
+ (b) the following paragraph is inserted:
+ 
+ ‘4a. ESMA shall publish on its website the list of prospectuses approved in accordance with Article 13, including, if applicable, a hyperlink to the prospectus published on the website of the competent authority of the home Member State, or on the website of the issuer, or on the website of the regu…
+ 
+ (7) In Article 16, the following paragraph is added:
+ 
+ ‘3. In order to ensure consistent harmonisation, to specify the requirements laid down in this Article and to take account of technical developments on financial markets, ESMA shall develop draft regulatory technical standards to specify situations where a significant new factor, material mistake or…
+ 
+ Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1095/2010.’.
+ 
+ (8) Article 17 is amended as follows:
+ 
+ (a) paragraph 1 is replaced by the following:
+ 
+ ‘1. Without prejudice to Article 23, where an offer to the public or admission to trading on a regulated market is provided for in one or more Member States, or in a Member State other than the home Member State, the prospectus approved by the home Member State and any supplements thereto shall be v…
+ 
+ (b) paragraph 2 is replaced by the following:
+ 
+ ‘2. If significant new factors, material mistakes or inaccuracies come to light after approval of the prospectus, as referred to in Article 16, the competent authority of the home Member State shall require the publication of a supplement to be approved in accordance with Article 13(1). ESMA and the…
+ 
+ (9) In Article 18, the following paragraphs are added:
+ ‘3. The competent authority of the home Member State shall notify ESMA of the certificate of approval of the prospectus at the same time as it is notified to the competent authority of the host Member State.
+ 
+ ESMA and the competent authority of the host Member State shall publish on their websites the list of certificates of approval of prospectuses and any supplements thereto, which are notified in accordance with this Article, including, if applicable, a hyperlink to those documents published on the we…
+ 
+ 4. In order to ensure uniform conditions of application of this Directive and to take account of technical developments on financial markets, ESMA may develop draft implementing technical standards to establish standard forms, templates and procedures for the notification of the certificate of appro…
+ 
+ Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.’.
+ 
+ (10) Article 21 is amended as follows:
+ 
+ (a) the following paragraphs are inserted:
+ 
+ ‘1a. The competent authorities shall cooperate with ESMA for the purposes of this Directive, in accordance with Regulation (EU) No 1095/2010.
+ 
+ 1b. The competent authorities shall without delay provide ESMA with all information necessary to carry out its duties, in accordance with Article 35 of Regulation (EU) No 1095/2010.’;
+ 
+ (b) in paragraph 2, the third subparagraph is replaced by the following:
+ 
+ ‘The Member States shall inform the Commission, ESMA and the competent authorities of other Member States of any arrangements entered into with regard to delegation of tasks, including the precise conditions regulating such delegation.’;
+ 
+ (c) in paragraph 4, the following subparagraph is added:
+ 
+ ‘In accordance with Article 21 of Regulation (EU) No 1095/2010, ESMA shall be entitled to participate in on-site inspections referred to in point (d) where they are carried out jointly by two or more competent authorities.’.
+ 
+ (11) Article 22 is amended as follows:
+ 
+ (a) in paragraph 2, the following subparagraph is added:
+ 
+ ‘The competent authorities may refer to ESMA situations where a request for cooperation, in particular to exchange information, has been rejected or has not been acted upon within a reasonable time. Without prejudice to Article 258 of the Treaty on the Functioning of the European Union (TFEU), ESMA …
− | (1) | In Article 4, paragraph 3 is replaced by the following:‘3. In order to ensure consistent harmonisation of this Directive, the European Supervisory Authority (European Securities and Markets Authority) (hereinafter “ESMA”) established by Regulation (EU) No 1095/2010 of the European Parliament…
− | --- | --- |
+ (b) paragraph 3 is replaced by the following:
− | (2) | In Article 5(2), the following subparagraphs are added: ‘In order to ensure uniform conditions of application of this Directive and of the delegated acts adopted by the Commission in accordance with paragraph 5, ESMA shall develop draft implementing technical standards in order to ensure uni…
− | --- | --- |
+ ‘3. Paragraph 1 shall not prevent the competent authorities from exchanging confidential information or from transmitting confidential information to ESMA or the European Systemic Risk Board (hereinafter the “ESRB”), subject to constraints relating to firm-specific information and effects on third c…
− | (3) | In Article 7, the following paragraph is added:‘4. ESMA may develop draft implementing technical standards in order to ensure uniform conditions of application of the delegated acts adopted by the Commission in accordance with paragraph 1.Power is conferred on the Commission to adopt the imp…
− | --- | --- |
+ (c) The following paragraph is added:
− | (4) | In Article 8, the following paragraph is added:‘5. ESMA may develop draft implementing technical standards to ensure uniform conditions of application of the delegated acts adopted by the Commission in accordance with paragraph 4.Power is conferred on the Commission to adopt the implementing…
− | --- | --- |
+ ‘4. In order to ensure consistent harmonisation of this Article and to take account of technical developments on financial markets, ESMA shall develop draft regulatory technical standards to specify the information required in paragraph 2.
− | (5) | Article 13 is amended as follows:(a)in paragraph 2, the following subparagraph is added: ‘The competent authority shall notify ESMA of the approval of the prospectus and any supplement thereto at the same time as that approval is notified to the issuer, the offeror or the person asking for a…
− | --- | --- |
− | (a) | in paragraph 2, the following subparagraph is added: ‘The competent authority shall notify ESMA of the approval of the prospectus and any supplement thereto at the same time as that approval is notified to the issuer, the offeror or the person asking for admission to trading on a regulated m…
− | (b) | paragraph 5 is replaced by the following:‘5. The competent authority of the home Member State may transfer the approval of a prospectus to the competent authority of another Member State, subject to prior notification to ESMA and the agreement of the competent authority. Such a transfer shal…
+ Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
− | (6) | Article 14 is amended as follows:(a)paragraph 1 is replaced by the following:‘1. Once approved, the prospectus shall be filed with the competent authority of the home Member State, shall be accessible to ESMA through the competent authority and shall be made available to the public by the is…
− | --- | --- |
− | (a) | paragraph 1 is replaced by the following:‘1. Once approved, the prospectus shall be filed with the competent authority of the home Member State, shall be accessible to ESMA through the competent authority and shall be made available to the public by the issuer, the offeror or the person aski…
− | (b) | the following paragraph is inserted:‘4a. ESMA shall publish on its website the list of prospectuses approved in accordance with Article 13, including, if applicable, a hyperlink to the prospectus published on the website of the competent authority of the home Member State, or on the website …
+ In order to ensure uniform conditions of application of paragraph 2, and to take account of technical developments on financial markets, ESMA may develop draft implementing technical standards to establish standard forms, templates and procedures for the cooperation and exchange of information betwe…
− | (7) | In Article 16, the following paragraph is added:‘3. In order to ensure consistent harmonisation, to specify the requirements laid down in this Article and to take account of technical developments on financial markets, ESMA shall develop draft regulatory technical standards to specify situat…
− | --- | --- |
+ Power is conferred on the Commission to adopt the implementing technical standards referred to in the third subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.’.
− | (8) | Article 17 is amended as follows:(a)paragraph 1 is replaced by the following:‘1. Without prejudice to Article 23, where an offer to the public or admission to trading on a regulated market is provided for in one or more Member States, or in a Member State other than the home Member State, th…
− | --- | --- |
− | (a) | paragraph 1 is replaced by the following:‘1. Without prejudice to Article 23, where an offer to the public or admission to trading on a regulated market is provided for in one or more Member States, or in a Member State other than the home Member State, the prospectus approved by the home Me…
− | (b) | paragraph 2 is replaced by the following:‘2. If significant new factors, material mistakes or inaccuracies come to light after approval of the prospectus, as referred to in Article 16, the competent authority of the home Member State shall require the publication of a supplement to be approv…
+ (12) Article 23 is replaced by the following:
− | (9) | In Article 18, the following paragraphs are added:‘3. The competent authority of the home Member State shall notify ESMA of the certificate of approval of the prospectus at the same time as it is notified to the competent authority of the host Member State.ESMA and the competent authority of…
− | --- | --- |
+ ‘Article 23
− | (10) | Article 21 is amended as follows:(a)the following paragraphs are inserted:‘1a. The competent authorities shall cooperate with ESMA for the purposes of this Directive, in accordance with Regulation (EU) No 1095/2010.1b. The competent authorities shall without delay provide ESMA with all info…
− | --- | --- |
− | (a) | the following paragraphs are inserted:‘1a. The competent authorities shall cooperate with ESMA for the purposes of this Directive, in accordance with Regulation (EU) No 1095/2010.1b. The competent authorities shall without delay provide ESMA with all information necessary to carry out its du…
− | (b) | in paragraph 2, the third subparagraph is replaced by the following: ‘The Member States shall inform the Commission, ESMA and the competent authorities of other Member States of any arrangements entered into with regard to delegation of tasks, including the precise conditions regulating such…
− | (c) | in paragraph 4, the following subparagraph is added: ‘In accordance with Article 21 of Regulation (EU) No 1095/2010, ESMA shall be entitled to participate in on-site inspections referred to in point (d) where they are carried out jointly by two or more competent authorities.’. |
+ Precautionary measures
− | (11) | Article 22 is amended as follows:(a)in paragraph 2, the following subparagraph is added: ‘The competent authorities may refer to ESMA situations where a request for cooperation, in particular to exchange information, has been rejected or has not been acted upon within a reasonable time. Wit…
− | --- | --- |
− | (a) | in paragraph 2, the following subparagraph is added: ‘The competent authorities may refer to ESMA situations where a request for cooperation, in particular to exchange information, has been rejected or has not been acted upon within a reasonable time. Without prejudice to Article 258 of the …
− | (b) | paragraph 3 is replaced by the following:‘3. Paragraph 1 shall not prevent the competent authorities from exchanging confidential information or from transmitting confidential information to ESMA or the European Systemic Risk Board (hereinafter the “ESRB”), subject to constraints relating to…
− | (c) | The following paragraph is added:‘4. In order to ensure consistent harmonisation of this Article and to take account of technical developments on financial markets, ESMA shall develop draft regulatory technical standards to specify the information required in paragraph 2.Power is delegated t…
+ 1. Where the competent authority of the host Member State finds that irregularities have been committed by the issuer or by the financial institutions in charge of the public offer or that the issuer has breached its obligations by reason of the fact that securities are admitted to trading on a regu…
− | (12) | Article 23 is replaced by the following:‘Article 23Precautionary measures1. Where the competent authority of the host Member State finds that irregularities have been committed by the issuer or by the financial institutions in charge of the public offer or that the issuer has breached its o…
− | --- | --- |
+ 2. If, despite the measures taken by the competent authority of the home Member State or because such measures prove inadequate, the issuer or the financial institution in charge of the public offer persists in breaching the relevant legal or regulatory provisions, the competent authority of the hos…
− ### art_6
+ ### Article 6 — Amendments to Directive 2004/39/EC
− Article 6
+ 
+ (1) Article 5(3) is replaced by the following:
+ 
+ ‘3. Member States shall register all investment firms. The register shall be publicly accessible and shall contain information on the services or activities for which the investment firm is authorised. It shall be updated on a regular basis. Every authorisation shall be notified to the European Supe…
+ 
+ ESMA shall establish a list of all investment firms in the Union. The list shall contain information on the services or activities for which the investment firm is authorised and it shall be updated on a regular basis. ESMA shall publish and keep up-to-date that list on its website.
+ 
+ Where a competent authority has withdrawn an authorisation in accordance with Article 8(b) to (d), that withdrawal shall be published on the list for a period of 5 years.
+ 
+ (2) In Article 7, the following paragraph is added:
+ 
+ ‘4. In order to ensure consistent harmonisation of this Article and of Article 9(2) to (4), Article 10(1) and (2), ESMA may develop draft regulatory technical standards to specify:
+ 
+ (a) the information to be provided to the competent authorities under Article 7(2) including the programme of operations;
+ (b) the requirements applicable to the management of investment firms under Article 9(4) and the information for the notifications under Article 9(2);
+ 
+ (c) the requirements applicable to shareholders and members with qualifying holdings, as well as obstacles which may prevent effective exercise of the supervisory functions of the competent authority, under Article 10(1) and (2).
+ 
+ Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
+ 
+ In order to ensure uniform conditions of application of Article 7(2) and Article 9(2), ESMA may develop draft implementing technical standards to determine standard forms, templates and procedures for the notification or provision of information provided for in those Articles.
+ 
+ Power is conferred on the Commission to adopt the implementing technical standards referred to in the third subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.’.
+ 
+ (3) In Article 8 the following paragraph is added:
+ 
+ ‘Every withdrawal of authorisation shall be notified to ESMA.’.
+ 
+ (4) In Article 10a, the following paragraph is added:
+ 
+ ‘8. In order to ensure consistent harmonisation of this Article, ESMA shall develop draft regulatory technical standards to establish an exhaustive list of information, referred to in Article 10b (4) to be included by proposed acquirers in their notification, without prejudice to paragraph 2.
+ 
+ ESMA shall submit those draft regulatory technical standards to the Commission by 1 January 2014.
+ 
+ Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
+ 
+ In order to ensure uniform conditions of application of Articles 10, 10a and 10b, ESMA shall develop draft implementing technical standards to determine standard forms, templates and procedures for the modalities of the consultation process between the relevant competent authorities as referred to i…
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