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The information here reflects the current status of the procedure
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Identification
Identification procedure
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Reference
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COD/2002/0269
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Title
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Investment services and regulated markets (amend. direct. 85/611/EEC, 93/6/EEC and 2000/12/EC)
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Legal Basis
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EC 047-p2 |
| Dossier of the committee |
ECON/5/20196 |
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Subject(s)
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2.50.03 securities and financial markets, stock exchange, CIUTS, investments
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Stage reached
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Procedure ended
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Stages
Stages procedure
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Stages
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Documents: references
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Dates
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Source reference
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Equivalent references
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Votes and amendments
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Joint resolution
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of document
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of publication in Official Journal
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Commission/Council: initial legislative document
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EC
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COM(2002)0625
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C5-0586/2002
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19/11/2002
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C 071 25.03.2003, p. 0062-0125 E
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EP: draft report by the committee responsible
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EP
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PE323.137
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03/06/2003
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Document annexed to the procedure
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ECB
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BCE(2003)0009
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12/06/2003
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C 144 20.06.2003, p. 0006-0012
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Economic and Social Committee: opinion, report
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ESC
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CES0741/2003
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18/06/2003
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C 220 16.09.2003, p. 0001-0004
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EP: decision of the committee responsible, 1st reading/single reading
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02/09/2003
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EP: tabled legislative report, 1st reading or single reading
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EP
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A5-0287/2003
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02/09/2003
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EP: position, 1st reading or single reading
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EP
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T5-0410/2003
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25/09/2003
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C 077 26.03.2004, p. 0264-0329 E
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Council: statement on common position
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CSL
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15277/2003
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27/11/2003
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Council: common position
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CSL
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13421/3/2003
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C5-0015/2004
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08/12/2003
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C 060 09.03.2004, p. 0001-0056 E
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Commission: communication on the common position
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EC
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COM(2004)0015
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12/01/2004
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EP: draft report by the committee responsible
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EP
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PE333.090
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24/02/2004
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EP: decision of the committee responsible, 2nd reading
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24/02/2004
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EP: tabled legislative report, 2nd reading
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EP
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A5-0114/2004
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24/02/2004
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EP: position, 2nd reading
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EP
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T5-0212/2004
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30/03/2004
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C 102 29.04.2004, p. 0033-0163 E
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Final legislative act
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EU
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32004L0039
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21/04/2004
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L 145 30.04.2004, p. 0001-0044
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Follow-up documents
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Agents
Agents procedure
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European Parliament
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Committee
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Political group
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Appointed
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Economic and Monetary Affairs (responsible)
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Villiers Theresa
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PPE-DE
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11/09/2001
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European Commission and Council of the Union
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| European Commission DG |
Internal Market and Services |
Transmission date: 20/11/2002 |
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General Affairs and External Relations
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meeting: 2552
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of: 08/12/2003
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Links to other sources
Links to other sources procedure
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National parliaments
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IPEX
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European Commission
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PreLex
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21/04/2004 - Final legislative act
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PURPOSE : to strengthen the capacity of the EU legislative framework to create a single market for investment services and regulated markets.
LEGISLATIVE ACT : Directive 2004/39/EC of the European Parliament and of the Council on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC.
CONTENT : This Directive is a key element in the implementation of the Financial Services Action Plan. The main objectives of this Directive are:
- the protection of investors and market integrity by establishing harmonised requirements governing the activities of authorised intermediaries; and
- the promotion of fair, transparent, efficient and integrated financial markets: this will be furthered by the development of ground-rules governing the negotiation and execution of transactions in financial instruments on organised trading systems and marketplaces, and by investment firms. The directive establishes common regulatory requirements relating to investment firms wherever they are authorised in the Community and governing the functioning of regulated markets and other trading systems.
The Directive will increase harmonisation of national rules and give investment firms an effective "single passport", which will allow them to operate throughout the European Union on the basis of authorisation in their home Member State. It will also ensure that investors enjoy a high level of protection when making use of investment firms, wherever they are located in the European Union. It seeks to establish, for the first time, a comprehensive regulatory framework governing the organised execution of investor transactions by exchanges, other multilateral trading systems and investment firms.
The proposed directive will replace the previous investment services Directive, Directive 93/22/EEC, which laid down a regulatory framework which no longer provides an adequate response to pressing regulatory issues caused by evolving market structures and business and supervisory practices.
The Directive introduces definitions of regulated market and MTF. These are closely aligned with each other to reflect the fact that they represent the same organised trading functionality. The definitions exclude bilateral systems where an investment firm enters into every trade on own account and not as a riskless counterparty interposed between the buyer and seller.
The Directive covers undertakings the regular occupation or business of which is to provide investment services and/or perform investment activities on a professional basis. Its scope does not cover any person with a different professional activity. The Directive gives definitions of persons excluded from its scope. It should be noted that central banks and other bodies performing similar functions as well as public bodies charged with the management of the public debt are excluded.
Member States' competent authorities must not grant authorisation where factors such as the content of programmes of operations, the geographical distribution or the activities actually carried on indicate clearly that an investment firm has opted for the legal system of one Member State for the purpose of evading the stricter standards in force in another Member State within theterritory of which it intends to carry on or does carry on the greater part of its activities.
Finally, the Directive imposes an effective "best execution" obligation to ensure that investment firms execute client orders on terms that are most favourable to the client.
ENTRY INTO FORCE : 30/04/04.
DATE OF TRANSPOSITION : 30/04/06.
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List of summaries
List of summaries
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11/04/2007
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Commission/Council: follow-up document
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10/08/2006
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Implementing legislative act
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10/08/2006
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Implementing legislative act
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30/04/2004
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Commission: opinion on the EP position at second reading
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21/04/2004
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Final legislative act
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30/03/2004
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EP: position, 2nd reading
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24/02/2004
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EP: decision of the committee responsible, 2nd reading
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12/01/2004
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Commission: communication on the common position
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08/12/2003
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Council: common position
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25/09/2003
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EP: position, 1st reading or single reading
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02/09/2003
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EP: decision of the committee responsible, 1st reading/single reading
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12/06/2003
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Document annexed to the procedure
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19/11/2002
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Commission/Council: initial legislative document
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