Text proposed by the Commission

Amendment

3. The Member State referred to in paragraph 2 shall immediately notify other Member States and the European Securities and Markets Authority established by Regulation…/…of the European Parliament and of the Council and shall communicate to the latter all information essential to achieve its tasks.

3. The Member State referred to in paragraph 2 shall immediately notify the European Central Bank, the European Systemic Risk Board, other Member States and the European Securities and Markets Authority established by Regulation (EC) No …/2010 of the European Parliament and of the Council and shall communicate to the latter all information essential to achieve its tasks.

Text proposed by the Commission

Amendment

(2a) The following article is inserted after Article 10:

"Article 10a

The competent authorities shall cooperate with the European Securities and Markets Authority where necessary for the purposes of this Directive."

Text proposed by the Commission

Amendment

(2b) The following article is inserted after Article 10a:

"Article 10b

The competent authorities shall, without delay, provide the European Securities and Markets Authority and other competent authorities with all relevant and necessary information in order to fulfil their duties under this Directive."

Text proposed by the Commission

Amendment

(-1) In point 17 of Article 2, the following point is inserted:

"(aa) the Joint Committee of European Supervisory Authorities (JCESA);"

Text proposed by the Commission

Amendment

3. The Joint Committee shall publish the list of identified financial conglomerates and keep the list up-to-date.

3. The JCESA shall publish on its website the list of identified financial conglomerates and keep the list up-to-date. That information shall be available by hyperlink on each of the European Supervisory Authority's websites.

Text proposed by the Commission

Amendment

(1a) In Article 9(2), the following point is added:

"(ca) the development of a detailed resolution regime, to be updated regularly and reviewed at least annually, comprising a structured early intervention mechanism, prompt corrective actions and a bankruptcy contingency plan."

Text proposed by the Commission

Amendment

(1b) The title of Section III is replaced by the following:

"MEASURES TO FACILITATE SUPPLEMENTARY AND EUROPEAN SUPERVISION"

Text proposed by the Commission

Amendment

(1c) The following article is inserted in Section 3 before Article 10:

"Article -10

1. Financial conglomerates shall be subject to supplementary and European supervision by the JCESA and the national competent authorities.

2. The JCESA shall exercise the European supervision of financial conglomerates, in order to ensure coherent cross-sectoral and cross-border compliance in accordance with European Union legislation.

The JCESA shall act through a coordinator appointed by the national competent authorities for the supplementary supervision, who shall also act on behalf of the JCESA.

3. The coordinators of EU financial conglomerates shall be subject to general and cross-border coordination by the JCESA."

Text proposed by the Commission

Amendment

(1d) Article 10 (1) is replaced by the following:

"1. In order to ensure proper 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, including those of the Member State in which the mixed financial holding company has its head office. The appointment of the coordinator shall be published on the website of the JCESA."

Text proposed by the Commission

Amendment

(1e) In Article 11(1), the second subparagraph is replaced by the following:

"In order to facilitate and establish supplementary and European supervision on a broad legal basis, the coordinator, and the other relevant competent authorities, and where necessary other competent authorities concerned, shall have coordination arrangements in place. The coordination arrangements may entrust additional tasks to the coordinator and may specify the procedures for the decision-making process among the relevant competent authorities as referred to in Articles 3, 4, 5(4), 6, 12(2), 16 and 18, and for cooperation with other competent authorities. The JCESA shall develop guidelines for the coordination arrangements."

Text proposed by the Commission

Amendment

(1f) In Article 12(1), the first subparagraph is replaced by the following:

"1. The competent authorities responsible for the supervision of regulated entities in a financial conglomerate, [...] the competent authority appointed as the coordinator for that financial conglomerate and the JCESA shall cooperate closely with each other. Without prejudice to their respective responsibilities as defined under relevant sectoral rules, these authorities, whether or not established in the same Member State, shall provide one another with any information which is essential or relevant for the exercise of the other authorities' supervisory tasks under the sectoral rules and this Directive. In this regard, the competent authorities, [...] the coordinator and the JCESA shall communicate on request all relevant information and shall communicate on their own initiative all essential information."

Text proposed by the Commission

Amendment

(1g) 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 European System of Central Banks, the European Central Bank and the European Systemic Risk Board."

Text proposed by the Commission

Amendment

(1h) The following article is inserted after Article 12:

"Article 12a

Competent authorities shall cooperate with the JCESA where necessary for the purposes of this Directive."

Text proposed by the Commission

Amendment

(1i) The following article is inserted after Article 12a:

"Article 12b

Competent authorities shall, without any delay, provide the JCESA and other competent authorities with all relevant and necessary information in order to fulfil their duties under this Directive."

Text proposed by the Commission

Amendment

(1j) 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 and European supervision, whether or not a regulated entity, from exchanging amongst themselves and with the JCESA any information which would be relevant for the purposes of supplementary and European supervision."

Text proposed by the Commission

Amendment

(1k) The second paragraph of Article 16 is replaced by the following:

"Without prejudice to Article 17(2), the JCESA and Member States may determine what measures may be taken by the competent authorities with respect to mixed financial holding companies."

Text proposed by the Commission

Amendment

(1l) The third paragraph of Article 16 is replaced by the following:

"The competent authorities involved, including the coordinator and the JCESA shall where appropriate coordinate their supervisory actions."

Text proposed by the Commission

Amendment

Without prejudice to the sectoral rules, in the case referred to in Article 5(3), competent authorities shall verify whether the regulated entities, the parent undertaking of which has its head office outside the Community, are subject to supervision by a third-country competent authority, which is equivalent to that provided for by the provisions of this Directive on the supplementary supervision of regulated entities referred to in Article 5(2). The verification shall be carried out by the competent authority which would be the coordinator if the criteria set out in Article 10(2) were to apply, on the request of the parent undertaking or of any of the regulated entities authorised in the Community or on its own initiative. That competent authority shall consult the other relevant competent authorities, and shall take into account any applicable guidance prepared through the Joint Committee in accordance with Article 21a(2). For this purpose the competent authority shall consult the Joint Committee before taking a decision.

Without prejudice to the sectoral rules, in the case referred to in Article 5(3), competent authorities shall verify whether the regulated entities, the parent undertaking of which has its head office outside the Union, are subject to supervision by a third-country competent authority, which is equivalent to that provided for by the provisions of this Directive on the supplementary supervision of regulated entities referred to in Article 5(2). The verification shall be carried out by the competent authority which would be the coordinator if the criteria set out in Article 10(2) were to apply, on the request of the parent undertaking or of any of the regulated entities authorised in the Union or on its own initiative. That competent authority shall consult the other relevant competent authorities, and shall follow any applicable guidance prepared through the JCESA in accordance with Article 21a(2). For this purpose the competent authority shall consult the JCESA before taking a decision.

Text proposed by the Commission

Amendment

(2a) In Article 18 the following paragraph is inserted:

"1a. Where a competent authority decides that a third-country has equivalent supervision contrary to the opinion of another relevant competent authority, the JCESA may revoke the decision where the decision of the competent authority responsible was based on false assumptions or the standard of supervision in the third country has decreased since the decision was made."

Text proposed by the Commission

Amendment

(2b) 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, the Commission shall, with the assistance of the JCESA, the European Banking Committee, the European Insurance and Occupational Pensions Committee and the Financial Conglomerates Committee, examine the outcome of the negotiations referred to in paragraph 1 and the resulting situation."

Text proposed by the Commission

Amendment

CONFERRED POWERS AND COMMITTEE PROCEDURES

DELEGATED POWERS

Text proposed by the Commission

Amendment

(3a) The first subparagraph of Article 20(1) is replaced by the following:

"1. The Commission shall adopt by means of delegated acts the [...] adaptations to be made to this Directive in the following areas:

(a) a more precise formulation of the definitions referred to in Article 2 in order to take account of developments in financial markets in the application of this Directive;

(b) a more precise formulation of the definitions referred to in Article 2 in order to ensure consistent harmonisation and uniform application of this Directive in the Union;

(c) the alignment of terminology and the framing of definitions in the Directive in accordance with subsequent Union acts on regulated entities and related matters;

(d) a more precise definition of the calculation methods set out in Annex I in order to take account of developments on financial markets and prudential techniques;

(e) coordination of the provisions adopted pursuant to Articles 7 and 8 and Annex II with a view to encouraging consistent harmonisation and uniform application within the Union.

The draft delegated acts shall be drawn up by the JCESA."

Text proposed by the Commission

Amendment

(4) In Article 20(1) the following sentence is added:

deleted

"Those measures shall not include the determination of the conditions of application of the provisions which are the subject matter of the items listed in Article 21a."

Text proposed by the Commission

Amendment

(4a) Article 21(2) is replaced by the following:

"2. The power to adopt delegated acts as referred to in Article 20(1) shall be conferred on the Commission for an indeterminate period of time."

Text proposed by the Commission

Amendment

(4b) In Article 21, the following paragraph is inserted:

"2a. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council."

Text proposed by the Commission

Amendment

(4c) In Article 21, the following paragraph is inserted:

"2b. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in Article 21a and 21b."

Text proposed by the Commission

Amendment

(4d) Article 21(3) is deleted.

Text proposed by the Commission

Amendment

(4e) Article 21(4) is replaced by the following:

"4. The JCESA [...] shall [...] give general guidance 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 regulated entities in a financial conglomerate, the head of which has its head office outside the Union. The JCESA [...] shall keep any such guidance under review and take into account any changes to the supplementary supervision carried out by such competent authorities."

Text proposed by the Commission

Amendment

(5a) The following article is inserted after Article 21:

"Article 21a

Revocation of the delegation

1. The delegation of powers referred to in Article 20(1) may be revoked by the European Parliament or by the Council.

2. The institution which has commenced an internal procedure with a view to deciding whether to revoke the delegation of powers shall endeavour to inform the other institution and the Commission.

3. The revocation decision shall put an end to the delegation of powers specified in that decision. It shall take effect immediately or at such later date as may be specified therein. It shall not affect the validity of the delegated acts already in force. It shall be published in the Official Journal of the European Union."

Text proposed by the Commission

Amendment

(5b) The following Article is inserted after Article 21a:

"Article 21b

Objections to delegated acts

1. The European Parliament or the Council may object to a delegated act within a period of four months from the date of notification. At the initiative of the European Parliament or the Council this period shall be extended by two months.

2. If, on the expiry of that period neither the European Parliament nor the Council has objected to the delegated act, it shall enter into force on the date stated therein. If the European Parliament or the Council objects to a delegated act, it shall not enter into force.

3. In order to expedite the adoption of delegated acts where appropriate, the European Parliament and the Council, pursuant to a procedure of early non-objection and in duly justified cases, may decide to shorten the four-month period referred to in the first subparagraph, following a request of the Commission."

Text proposed by the Commission

Amendment

1. In order to ensure uniform application of this Directive, the European Supervisory Authorities, in accordance with Articles 42 of Regulation …/… [EBA], Regulation …/… [EIOPA], and Regulation …/… [ESMA] may develop draft technical standards, with regard to:

1. In order to ensure consistent harmonisation and uniform application of this Directive, the European Supervisory Authorities, in accordance with Articles 42 of Regulation (EC) No …/2010 [EBA], Regulation (EC) No …/2010 [EIOPA], and Regulation (EC) No …/2010 [ESMA] shall develop draft technical standards, with regard to:

Text proposed by the Commission

Amendment

2. The Joint Committee may provide general guidance as to whether the supplementary supervision arrangements of competent authorities in third countries are likely to achieve the objectives of the supplementary supervision as provided for in this Directive, in relation to the regulated entities in a financial conglomerate, the head of which has its head office outside the Community.

2. The JCESA shall provide general guidance as to whether the supplementary supervision arrangements of competent authorities in third countries are likely to achieve the objectives of the supplementary supervision as provided for in this Directive, in relation to the regulated entities in a financial conglomerate, the head of which has its head office outside the Union.

Text proposed by the Commission

Amendment

(-1) In Article 1, point 5 is replaced by the following:

"5. ‘Accepted market practices’ shall mean practices that are reasonably expected in one or more financial markets and are accepted by the competent authority in accordance with standards adopted by the Commission in accordance with the delegated acts procedure [...] laid down in Articles 17, 17 a and 17b."

Text proposed by the Commission

Amendment

(-1a) In Article 1, the second paragraph, is replaced by the following:

"In order to take account of developments on financial markets and to ensure consistent harmonisation and uniform application of this Directive in the Union, the Commission shall lay down, by means of delegated acts, measures concerning points 1, 2 and 3 of this Article. Those measures [...] shall be adopted in accordance with the delegated acts procedure referred to in Articles 17, 17a and 17b.

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Text proposed by the Commission

Amendment

(-1b) In Article 6(10), the second subparagraph is replaced by the following:

"Those measures [...] shall be adopted in accordance with the delegated acts procedure referred to in Articles 17, 17a and 17b.

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Text proposed by the Commission

Amendment

(-1c) Article 8 is replaced by the following:

"The prohibitions provided for in this Directive shall not apply to trading in own shares in ‘buy-back’ programmes or to the stabilisation of a financial instrument provided such trading is carried out in accordance with delegated acts. Those measures [...] shall be adopted in accordance with the delegated acts procedure referred to in Articles 17, 17a and 17b.

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Text proposed by the Commission

Amendment

(-1d) In Article 12(2) the following points are added:

(ha) forbid the financial instrument concerned;

(hb) limit the size of a commitment to buy or sell a given amount of financial asset;

(hc) request the holding of underlying assets as a precondition for trading; and

(hd) set qualitative limits.

Text proposed by the Commission

Amendment

(-1e) Article 14(2) is replaced by the following:

"2. In accordance with the procedure laid down in Articles 17, 17a and 17b, the Commission shall, for information, draw up a list of the administrative measures and sanctions referred to in paragraph 1. The European Securities and Markets Authority shall produce guidelines to enable the Commission to draw up the list.

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Text proposed by the Commission

Amendment

(-1f) Article 14(4) is replaced by the following:

"4. Member States shall provide that the competent authority disclose to the public every measure or sanction that will be imposed for infringement of the provisions adopted in the implementation of this Directive, unless such disclosure would seriously jeopardise the financial markets or cause disproportionate damage to the parties involved. The competent authorities shall report all measures or sanctions to the European Securities and Market Authority at the same time. The European Securities and Market Authority shall attach that information to the respective data records in the relevant European databases of registered market participants."

Text proposed by the Commission

Amendment

(-1g) Article 16(1) is replaced by the following:

"1. Competent authorities shall cooperate with each other and with the European Securities and Markets Authority whenever necessary for the purpose of carrying out their duties, making use of their powers whether set out in this Directive or in national law. Competent authorities shall render assistance to competent authorities of other Member States and to the European Securities and Markets Authority. In particular, they shall exchange information and cooperate in investigation activities."

Text proposed by the Commission

Amendment

Without prejudice to Article 226 of the Treaty, a competent authority whose request for information is not acted upon within a reasonable time or whose request for information is rejected may bring that non-compliance to the attention of the European Securities and Markets Authority established by Regulation…/…of the European Parliament and of the Council, which may act in accordance with the powers conferred on it by that Regulation.

Without prejudice to Article 258 of the Treaty on the Functioning of the European Union, a competent authority whose request for information is not acted upon within a reasonable time or whose request for information is rejected shall bring that non-compliance to the attention of the European Securities and Markets Authority established by Regulation (EC) No …/2010 of the European Parliament and of the Council, which shall act in accordance with the powers conferred on it by that Regulation.

Text proposed by the Commission

Amendment

(1a) In Article 16, the following paragraph is inserted:

"2a. The European Securities and Markets Authority established by Regulation (EC) No .../2010 of the European Parliament and the Council may request, on its own initiative, any information required for the purpose referred to in paragraph 1."

Text proposed by the Commission

Amendment

Without prejudice to the provisions of Article 226 of the Treaty, 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 bring that non-compliance to the attention of the European Securities and Markets Authority, which may act in accordance with the powers conferred on it by Regulation .../... [ESMA].

Without prejudice to the provisions of Article 258 of the Treaty on the Functioning of the European Union, 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 shall bring that non-compliance to the attention of the European Securities and Markets Authority, which shall act in accordance with the powers conferred on it by Regulation (EC) No .../2010 [ESMA].

Text proposed by the Commission

Amendment

5. In order to ensure uniform application of paragraphs 2 and 4, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application regarding the conduct of requests for exchange of information and cross border inspections.

5. In order to ensure consistent harmonisation and uniform application of paragraphs 2 and 4, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application regarding the conduct of requests for exchange of information and cross border inspections.

Text proposed by the Commission

Amendment

(3a) Article 17(2a) is replaced by the following:

"2a. The power to adopt delegated acts referred to in Articles 1, Article 6(10), Article 8, Article 14(2) and Article 16(5) shall be conferred on the Commission for an indeterminate period of time."

Text proposed by the Commission

Amendment

(3b) In Article 17, the following paragraph is inserted:

"2aa. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council."

Text proposed by the Commission

Amendment

(3c) In Article 17, the following paragraph is inserted:

"2ab. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in Articles 17a and 17b."

Text proposed by the Commission

Amendment

(3d) Article 17(3) is deleted.

Text proposed by the Commission

Amendment

(3e) The following article is inserted after Article 17:

"Article 17a

Revocation of the delegation

1. The delegation of powers referred to in Article 1, Article 6(10), Article 8, Article 14(2) and Article 16(5) may be revoked by the European Parliament or by the Council.

2. The institution which has commenced an internal procedure with a view to deciding whether to revoke the delegation of powers shall endeavour to inform the other institution and the Commission.

3. The revocation decision shall put an end to the delegation of powers specified in that decision. It shall take effect immediately or at such later date as may be specified therein. It shall not affect the validity of the delegated acts already in force. It shall be published in the Official Journal of the European Union."

Text proposed by the Commission

Amendment

(3f) The following Article is inserted after Article 17a:

"Article 17b

Objections to delegated acts

1. The European Parliament or the Council may object to a delegated act within a period of four months from the date of notification. On the initiative of the European Parliament or the Council this period shall be extended by two months.

2. If, on expiry of that period neither the European Parliament nor the Council has objected to the delegated act, it shall enter into force on the date stated therein. If the European Parliament or the Council objects to a delegated act, it shall not enter into force.

3. In order to expedite the adoption of delegated acts where appropriate, the European Parliament and the Council, pursuant to a procedure of early non-objection and in duly justified cases, may decide to shorten the four-month period referred to in the first subparagraph, following a request of the Commission."

Text proposed by the Commission

Amendment

(-1) In Article 9(1), point (a) is replaced by the following:

"(a) the institution is registered in a national register by the competent supervisory 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 the European Insurance and Occupational Pension Authority, which shall publish it on its website;"

Text proposed by the Commission

Amendment

(-1a) Article 9(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 the European Insurance and Occupational Pension Authority."

Text proposed by the Commission

Amendment

2. In order to ensure uniform application of the directive, the European Insurance and Occupational Pension Authority established by Regulation…/…of the European Parliament and of the Council shall develop draft technical standards concerning information provided to the competent authorities. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

2. In order to ensure consistent harmonisation and uniform application of the directive, the European Insurance and Occupational Pension Authority established by Regulation…/…of the European Parliament and of the Council shall develop draft technical standards concerning information provided to the competent authorities. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

Text proposed by the Commission

Amendment

(1a) In Article 14(4), the second subparagraph is replaced by the following:

"Any decision to prohibit the activities of an institution shall be supported by precise reasons and notified to the institution in question. It shall also be notified to the European Insurance and Occupational Pensions Authority."

Text proposed by the Commission

Amendment

(1b) 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 European Insurance and Occupational Pensions Authority shall, every two years or at the request of the Commission or a Member State, issue a report on the situation concerning the development in cross-border activities."

Text proposed by the Commission

Amendment

(1c) In Article 15, the following paragraph is added:

"6a. In order to ensure consistent harmonisation and uniform application of this Article, the European Insurance and Occupational Pensions Authority shall develop draft technical standards concerning the calculation of technical provisions. The Authority shall submit those draft technical standards and reports to the Commission by 1 June 2011.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation (EC) No .../2010 [EIOPA]."

Text proposed by the Commission

Amendment

(1d) In Article 20, the following paragraph is added:

"10a. In order to ensure consistent harmonisation and uniform application of this Article, the European Insurance and Occupational Pensions Authority shall develop draft technical standards concerning authorisation and notification procedures, methods for calculating technical provisions and information and disclosure procedures.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation (EC) No .../2010 [EIOPA]."

Text proposed by the Commission

Amendment

11. In order to ensure uniform application of this Directive, the European Insurance and Occupational Pension Authority shall develop draft technical standards listing for each Member State 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. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

11. In order to ensure consistent harmonisation and uniform application of this Directive, the European Insurance and Occupational Pension Authority shall develop draft technical standards regarding the methods for calculating technical provisions and shall prepare reports listing for each Member State other 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. The Authority shall submit those draft technical standards by 1 January 2014 and those reports by 1 June 2011 to the Commission.

Text proposed by the Commission

Amendment

(2a) The title of Article 21 is replaced by the following:

"Cooperation between Member States, the European Insurance and Occupational Pensions Authority and the Commission"

Text proposed by the Commission

Amendment

(2b) Article 21(1) is replaced by the following:

"Member States, in cooperation with the European Insurance and Occupational Pensions Authority, shall ensure, in an appropriate manner, the consistent harmonisation and the uniform application of this Directive through the application of common technical standards concerning authorisation, notification, rules regarding the calculation of technical provisions, information and disclosure procedures, regular exchanges of information and experience [...] and closer cooperation, and by so doing, preventing distortions of competition and creating the conditions required for unproblematic cross-border membership and the portability of annuity claims."

Text proposed by the Commission

Amendment

(2c) Article 21(2) is replaced by the following:

"2. The European Insurance and Occupational Pensions Authority and the competent authorities of the Member States shall collaborate closely with a view to facilitating supervision of the operations of institutions for occupational retirement provision and where necessary for the purposes of this Directive.

Competent authorities shall, without any delay, provide the European Insurance and Occupational Pensions Authority and other competent authorities with all relevant and necessary information in order to fulfil their duties under this Directive."

Text proposed by the Commission

Amendment

(2d) Article 21(3) is replaced by the following:

"3. Each Member State shall inform the Commission and the European Insurance and Occupational Pensions Authority of any major difficulties to which the application of this Directive gives rise.

The Commission, the European Insurance and Occupational Pensions Authority and the competent authorities of the Member States concerned shall examine such difficulties as quickly as possible in order to find an appropriate solution."

Text proposed by the Commission

Amendment

(2e) Article 22(2) is replaced by the following:

"2. Member States shall communicate to the Commission and the European Insurance and Occupational Pensions Authority the text of the main provisions of national law which they adopt in the field governed by this Directive."

Text proposed by the Commission

Amendment

(-1) In Article 1, the following paragraph is added:

"3a. In order to take account of technical developments on financial markets and to ensure consistent harmonisation and uniform application of this Directive, the Commission shall lay down, by means of delegated acts in accordance with Articles 24, 24a and 24b, measures concerning the adjustment of the limits referred to in points (h) and (j) of Article 1(2).

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Text proposed by the Commission

Amendment

(-1a) Article 2(4) is replaced by the following:

"4. In order to take account of technical developments on financial markets and to ensure consistent harmonisation and uniform application of this Directive, the Commission shall lay down, by means of delegated acts in accordance with Articles 24, 24a and 24b, the definitions referred to in paragraph 1, including adjustment of the figures used for the definition of SMEs, taking into account Union legislation and recommendations as well as economic developments.

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Text proposed by the Commission

Amendment

(-1b) Article 4(3) is replaced by the following:

"3. In order to take account of technical developments on financial markets and to ensure consistent harmonisation and uniform application of this Directive, the Commission shall lay down, by means of delegated acts in accordance with Articles 24, 24a and 24b, measures concerning paragraphs 1(b), 1(c), 2(c) and 2(d), notably in relation to the meaning of equivalence.

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Text proposed by the Commission

Amendment

(-1c) In Article 4, the following paragraph is added:

"3a. In order to ensure consistent harmonisation and uniform application of this Directive, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the exemptions concerning the paragraphs 1(a), 1(d), 1(e), 2(a), 2(b), 2(e), 2(f), 2(g), 2(h), notably in relation to the meaning of equivalence.

The Commission may adopt the draft technical standards referred to in this paragraph in accordance with the procedure laid down in Article 7 of Regulation (EC) No ../2010 [ESMA].”

Text proposed by the Commission

Amendment

(-1d) Article 5(5) is replaced by the following:

"5. In order to take account of technical developments on financial markets and to ensure consistent harmonisation and uniform application of this Directive, the Commission shall lay down, by means of delegated acts in accordance with Articles 24, 24a and 24b, measures concerning the format of the prospectus or base prospectus and supplements.

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Text proposed by the Commission

Amendment

(-1e) In Article 5, the following paragraph is added:

"5a. In order to achieve the objectives of this Directive, the Commission shall also lay down, by means of delegated acts in accordance with the Articles 24, 24a and 24b, measures to establish:

(a) the detailed content and specific form of the key information document referred to in paragraphs 2 and 3;

(b) the detailed content and specific form of the key information document with regard to:

(i) structured securities and base prospectuses;

(ii) shares; and

(iii) bonds.

Those delegated acts shall be adopted by ...*.

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

____________

* OJ please insert date: 18 months after entry into force of this Directive."

Text proposed by the Commission

Amendment

(-1f) In Article 6 the following paragraph is added:

"2a. In order to ensure consistent harmonisation and uniform application of this Directive, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the responsibility attaching to the prospectus.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation (EC) No…/2010 [ESMA].”

Text proposed by the Commission

Amendment

(-1g) Article 7(1) is replaced by the following:

"1. Detailed delegated acts regarding the specific information which must be included in a prospectus, avoiding duplication of information when a prospectus is composed of separate documents, shall be adopted by the Commission in accordance with Articles 24, 24a and 24b. The first set of delegated acts shall be adopted by 1 July 2004.

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Text proposed by the Commission

Amendment

(-1h) Article 7(3) is replaced by the following:

"3. The delegated acts referred to in paragraph 1 shall be based on the standards in the field of financial and non-financial information set out by international securities commission organisations, and in particular by IOSCO and on the indicative Annexes to this Directive."

Text proposed by the Commission

Amendment

(-1i) Article 8(4) is replaced by the following:

"4. In order to take account of technical developments on financial markets and to ensure consistent harmonisation and uniform application of this Directive, the Commission shall lay down, by means of delegated acts in accordance with Articles 24, 24a and 24b, measures concerning paragraph 2.

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Text proposed by the Commission

Amendment

5. In order to ensure uniform application of paragraph 2 and to take account of technical developments on financial markets, the European Securities and Markets Authority established by Regulation…/…of the European Parliament and of the Council shall develop draft technical standards to determine the conditions of application of the implementing measures adopted by the Commission according to paragraph 4. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

5. In order to ensure uniform application of paragraph 2 and to take account of technical developments on financial markets, the European Securities and Markets Authority established by Regulation…/…of the European Parliament and of the Council shall develop draft technical standards to determine the conditions of application of the delegated acts adopted by the Commission according to paragraph 4. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure for implementing acts pursuant to Article 291 of the Treaty on the Functioning of the European Union.

Text proposed by the Commission

Amendment

(-1a) Article 11(3) is replaced by the following:

"3. In order to take account of technical developments on financial markets and to ensure consistent harmonisation and uniform application of this Directive, the Commission shall lay down, by means of delegated acts in accordance with Articles 24, 24a and 24b, measures concerning the information to be incorporated by reference.

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Text proposed by the Commission

Amendment

(ba) Article 13(7) is replaced by the following:

"7. In order to take account of technical developments on financial markets and to ensure consistent harmonisation and uniform application of this Directive, the Commission shall lay down, by means of delegated acts in accordance with Articles 24, 24a and 24b, measures concerning the conditions in accordance with which time limits may be adjusted."

Text proposed by the Commission

Amendment

(2a) Article 14(1) is replaced by the following:

"1. Once approved, the prospectus shall be filed with the competent authority of the home Member State and the European Securities and Market Authority and shall be made available to the public by the issuer, offeror or person asking for admission to trading on a regulated market as soon as practicable and in any case, at a reasonable time in advance of, and at the latest at the beginning of, the offer to the public or the admission to trading of the securities involved. In addition, in the case of an initial public offer of a class of shares not already admitted to trading on a regulated market that is to be admitted to trading for the first time, the prospectus shall be available at least six working days before the end of the offer."

Text proposed by the Commission

Amendment

(3a) Article 14(8) is replaced by the following:

"8. In order to take account of technical developments on financial markets and to ensure consistent harmonisation and uniform application of this Directive, the Commission shall lay down, by means of delegated acts in accordance with Articles 24, 24a and 24b, measures concerning paragraphs 1, 2, 3 and 4. The first set of delegated acts shall be adopted by 1 July 2004.

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Text proposed by the Commission

Amendment

(3b) Article 15(7) is replaced by the following:

"7. In order to take account of technical developments on financial markets and to ensure consistent harmonisation and uniform application of this Directive, the Commission shall lay down, by means of delegated acts in accordance with Articles 24, 24a and 24b, measures concerning the dissemination of advertisements announcing the intention to offer securities to the public or the admission to trading on a regulated market, in particular before the prospectus has been made available to the public or before the opening of the subscription, and concerning paragraph 4. The first set of delegated acts shall be adopted by the Commission by 1 July 2004.

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Text proposed by the Commission

Amendment

3. In order to ensure uniform application of this Article and to take account of technical developments on financial markets, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application of the obligation to provide a supplement to the prospectus in case of a significant new factor, material mistake or inaccuracy relating to the information included in the prospectus. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

3. In order to ensure consistent harmonisation and uniform application of this Article and to take account of technical developments on financial markets, the European Securities and Markets Authority shall determine what constitutes a significant new factor, material mistake or inaccuracy referred to in paragraph 1 and shall develop draft technical standards to determine the conditions of application including the procedures to be followed of the obligation to provide a supplement to the prospectus The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

Text proposed by the Commission

Amendment

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 valid for the public offer or the admission to trading in any number of host Member States, provided that the European Securities and Markets Authority and the competent authority of each host Member State is notified in accordance with Article 18. Competent authorities of host Member States shall not undertake any approval or administrative procedures relating to prospectuses.

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 valid for the public offer or the admission to trading in any number of host Member States, provided that the European Securities and Markets Authority and the competent authority of each host Member State are notified in accordance with Article 18. Competent authorities of host Member States shall not undertake any approval or administrative procedures relating to prospectuses.

Text proposed by the Commission

Amendment

(5a) Article 17(2) is replaced by the following:

"2. If there are significant new factors, material mistakes or inaccuracies, as referred to in Article 16, arising since the approval of the prospectus, the competent authority of the home Member State shall require the publication of a supplement to be approved as provided for in Article 13(1). The Europan Securities and Markets Authority and the competent authority of the host Member State may draw the attention of the competent authority of the home Member State to the need for any new information."

Text proposed by the Commission

Amendment

4. In order to ensure uniform application of this Directive and to take account of technical developments on financial markets, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application relating to the procedures for the notification of the certificate of approval, the copy of the prospectus, the translation of the summary and any supplement to the prospectus.

4. In order to ensure uniform application of this Directive and to take account of technical developments on financial markets, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application relating to the procedures for the notification of the certificate of approval, the copy of the prospectus, the translation of the summary and any supplement to the prospectus.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA]."

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure subparagraph in accordance with the procedure for implementing acts pursuant to Article 291 of the Treaty on the Functioning of the European Union."

Text proposed by the Commission

Amendment

(6a) Article 20(3) is replaced by the following:

"3. In order to ensure consistent harmonisation and uniform application of this Directive, the Commission shall lay down, by means of delegated acts in accordance with Articles 24, 24a and 24b, measures to establish general equivalence criteria, based on the requirements laid down in Articles 5 and 7.

The draft delegated acts shall be drawn up by the European Securities and Markets Authority.

On the basis of such criteria, the Commission may, in accordance with Articles 24, 24a and 24b, declare that a third country ensures the equivalence of prospectus drawn up in that country with this Directive by reason of its national law, or of practices or procedures based on international standards set by international organisations, including the IOSCO disclosure standards."

Text proposed by the Commission

Amendment

(6b) In Article 21, the following paragraph is inserted after paragraph 1:

"1a. The competent authorities shall cooperate with the European Securities and Markets Authority where necessary for the purposes of this Directive."

Text proposed by the Commission

Amendment

(6c) In Article 21, the following paragraph is inserted:

"1b. The competent authorities shall, without any delay, provide the European Securities and Markets Authority and other competent authorities with all relevant and necessary information in order to fulfil their duties under this Directive."

Text proposed by the Commission

Amendment

(7a) In Article 21(4), the following subparagraph is added:

"On-site inspections under point (d) may be carried out in collaboration with the European Securities and Markets Authority."

Text proposed by the Commission

Amendment

3. Paragraph 1 shall not prevent the competent authorities from exchanging confidential information or from transmitting confidential information to the European Securities and Markets Authority or the European Systemic Risk Board. Information exchanged between competent authorities and the European Securities and Markets Authority or the European Systemic Risk Board shall be covered by the obligation of professional secrecy, to which the persons employed or formerly employed by the competent authorities receiving the information are subject.

3. Paragraph 1 shall not prevent the competent authorities from exchanging confidential information or from transmitting confidential information to the European Securities and Markets Authority or the European Systemic Risk Board, subject to constraints relating to firm-specific information and effects on third countries as provided for in Regulation (EC) No .../2010 [ESMA] and Regulation (EC) No .../2010 [ESRB] respectively. Information exchanged between competent authorities and the European Securities and Markets Authority or the European Systemic Risk Board shall be covered by the obligation of professional secrecy, to which the persons employed or formerly employed by the competent authorities receiving the information are subject.

Text proposed by the Commission

Amendment

4. In order to ensure uniform application of paragraph 2 and to take account of technical developments on financial markets, the European Securities and Markets Authority may develop draft technical standards to specify the conditions of cooperation and exchange of information between competent authorities, including the development of standard forms or templates for such cooperation and exchange of information.

4. In order to ensure consistent harmonisation and uniform application of paragraph 2 and to take account of technical developments on financial markets, the European Securities and Markets Authority shall develop draft technical standards to specify the conditions of cooperation and exchange of information between competent authorities, including the development of standard forms or templates for such cooperation and exchange of information.

Text proposed by the Commission

Amendment

(8a) Article 23(2) is replaced by the following:

"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 host Member State, after informing the competent authority of the home Member State, shall take all the appropriate measures in order to protect investors. The Commission and the European Securities and Markets Authority shall be informed of such measures at the earliest opportunity."

Text proposed by the Commission

Amendment

(8b) The title of Chapter VII is replaced by the following:

"DELEGATED POWERS AND IMPLEMENTING MEASURES"

Text proposed by the Commission

Amendment

(8c) The title of Article 24 is replaced by the following:

"Delegation of powers and committee procedure"

Text proposed by the Commission

Amendment

(8d) Article 24(2a) is replaced by the following:

"2a. The power to adopt the delegated acts referred to in Article 1(3a), Article 2(4), Article 4(3), Article 5(5), Article 5(5a), Article 7(1), Article 7(3), Article 8(4), Article 11(3), Article 13(7), Article 14(8), Article 15(7) and Article 20(3) shall be conferred on the Commission for an indeterminate period of time."

Text proposed by the Commission

Amendment

(8e) In Article 24, the following paragraph is inserted:

"2aa. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council."

Text proposed by the Commission

Amendment

(8f) In Article 24, the following paragraph is inserted:

"2ab. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in Articles 24a and 24b."

Text proposed by the Commission

Amendment

(8g) Article 24(3) is deleted.

Text proposed by the Commission

Amendment

(8h) The following article is inserted after Article 24:

"Article 24a

Revocation of the delegation

1. The delegation of powers referred to in Article 1(3a), Article 2(4), Article 4(3), Article 5(5), 5 Article (5a), Article 7(1), Article 7(3), Article 8(4), Article 11(3), Article 13(7), Article 14(8), Article 15(7) and Article 20(3) may be revoked by the European Parliament or by the Council.

2. The institution which has commenced an internal procedure with a view to deciding whether to revoke the delegation of powers shall endeavour to inform the other institution and the Commisssion.

3. The revocation decision shall put an end to the delegation of the powers specified in that decision. It shall take effect immediately or at such later date as may be specified therein. It shall not affect the validity of the delegated acts already in force. It shall be published in the Official Journal of the European Union."

Text proposed by the Commission

Amendment

(8i) The following Article is inserted after Article 24a:

"Article 24b

Objections to delegated acts

1. The European Parliament or the Council may object to a delegated act within a period of four months from the date of notification. At the initiative of the European Parliament or the Council this period shall be extended by two months.

2. If, on the expiry of that period neither the European Parliament nor the Council has objected to the delegated act, it shall enter into force on the date stated therein. If the European Parliament or the Council objects to a delegated act, it shall not enter into force.

3. In order to expedite the adoption of delegated acts where appropriate, the European Parliament and the Council, pursuant to a procedure of early non-objection and in duly justified cases, may decide to shorten the four-month period referred to in the first subparagraph, following a request of the Commission."

Text proposed by the Commission

Amendment

(-1) Article 2(3) is replaced by the following:

"3. In order to take account of developments on financial markets and to ensure consistent harmonisation and uniform application of this Directive, the Commission shall, by means of delegated acts in accordance with Articles 64, 64a and 64b, in respect of exemptions (c) (i), and (k) define the criteria for determining when an activity is to be considered as ancillary to the main business on a group level as well as for determining when an activity is provided in an incidental manner.

[...]

Draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Text proposed by the Commission

Amendment

(-1a) In Article 4(1), the introductory wording of the second subparagraph of point 2 is replaced by the following:

"The European Securities and Markets Authority shall determine:"

Text proposed by the Commission

Amendment

(-1b) Article 4(2) is replaced by the following:

"2. In order to take account of developments on financial markets, and to ensure consistent harmonisation and the uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application regarding the different elements of the definitions laid down in paragraph 1 of this Article as well as the different elements of the definitions laid down in Article 2 of Commission Regulation (EC) No 1287/2006 of 10 August 2006 implementing Directive 2004/39/EC of the European Parliament and of the Council as regards record-keeping obligations for investment firms, transaction reporting, market transparency, admission of financial instruments to trading, and defined terms for the purposes of that Directive1 and Article 2 of Commission Directive 2006/73/EC of 10 August 2006 implementing Directive 2004/39/EC of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive2. The Authority shall submit those draft technical standards to the Commission by 1 January 2015..

The Commission shall adopt those draft technical standards by means of delegated acts in accordance with Articles 64, 64a, 64b."

Text proposed by the Commission

Amendment

3. Member States shall establish a register of 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.

3. Member States shall register all investment firms which provide services or carry out activities within their sphere of authority. 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 Securities and Markets Authority.

The European Securities and Markets Authority established by Regulation …/… of the European Parliament and of the Council shall establish a register of all investment firms in the Community. The European Securities and Markets Authority shall publish that list and shall keep it up to date.

The European Securities and Markets Authority shall establish a register of all investment firms in the Union. The register shall contain information on the services or activities for which the investment firm is authorised and it shall be updated on a regular basis. The European Securities and Markets Authority shall be publicly accessible and the register shall be published on its website.

Where a competent Authority has withdrawn an authorisation in accordance with Article 8(b) to (d), the withdrawal shall be published in the register for a period of five years.

Text proposed by the Commission

Amendment

4. In order to ensure uniform application of this Article and of Articles 7, 9(2)-(4), 10(1)-(2), and 12, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the requirements and procedures for such authorisation as laid down in this Article and in Articles 7, 9(2)-(4), 10(1)-(2) and 12.

4. In order to ensure consistent harmonisation and uniform application of this Article and of Article 5(4), Article 9(2) to (4), Article 10(1) and (2), and Article 12, the European Securities and Markets Authority shall develop draft technical standards to:

(a) specify the requirements regarding the head office under Article 5(4);

(b) determine the information to be provided to the competent authorities under Article 7(2);

(c) determine the information and develop standard forms, templates and procedures for the notification provided for in Article 9(2);

(d) specify the requirements and criteria under Article 9(2) to (4) and Article 10(1) and (2); and

(e) specify the initial capital requirement under Article 12.

The Authority shall submit those draft technical standards to the Commission by 1 January 2015.

Text proposed by the Commission

Amendment

(2a) In Article 8, the following paragraph is added:

"Every withdrawal of authorisation shall be notified to the European Securities and Markets Authority."

Text proposed by the Commission

Amendment

8. In order to ensure uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application relating to the list of information required for the assessment of an acquisition as referred to in paragraph 1 and the modalities of the consultation process between the relevant competent authorities as referred to in Article 10 (4). The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

8. In order to ensure consistent harmonisation and uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application relating to the list of information required for the assessment of an acquisition as referred to in paragraph 1, the criteria for opposing acquisitions as referred to in paragraph 4 and the modalities of the consultation process between the relevant competent authorities as referred to in Article 10 (4). The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

Text proposed by the Commission

Amendment

(3a) In Article 10b(1), the second subparagraph is replaced by the following:

"In order to take account of [...] developments on financial markets, and to ensure consistent harmonisation and the uniform application of this Directive, the Commission shall, by means of delegated acts in accordance with Articles 64, 64a and 64b, adopt measures which adjust the criteria set out in the first subparagraph of this paragraph.

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Text proposed by the Commission

Amendment

(3b) Article 13(10) is replaced by the following:

"10. In order to take account of developments on financial markets, and to ensure consistent harmonisation and the uniform application of this Directive, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application of paragraphs 2 to 8 of this Article and Article 18(1) and (2) of this Directive, and Articles 7 and 8 of Commission Regulation (EC) No 1287/2006/EC as well as Articles 16 to 20 and 51 of Commission Directive 2006/73/EC. The Authority shall submit those draft technical standards to the Commission by 1 January 2015.

The Commission may adopt the draft technical standards referred to in the first subparagraph by means of delegated acts in accordance with Articles 64, 64a, and 64b."

Text proposed by the Commission

Amendment

(3c) Article 15(1) is replaced by the following:

"1. Member States shall inform the Commission and the European Securities and Markets Authority of any general difficulties which their investment firms encounter in establishing themselves or providing investment services and/or performing investment activities in any third country."

Text proposed by the Commission

Amendment

(3d) Article 15(2) is replaced by the following:

"2. Whenever it appears to the Commission, on the basis of information submitted to it under paragraph 1, that a third country does not grant Union investment firms effective market access comparable to that granted by the Union to investment firms from that third country, the Commission, following guidance issued by the European Securities and Markets Authority, shall submit proposals to the Council for an appropriate mandate for negotiation with a view to obtaining comparable competitive opportunities for Union investment firms. The Council shall act by a qualified majority.

The proposals shall be transmitted without delay to the European Parliament for information."

Text proposed by the Commission

Amendment

(3e) In Article 15(3), the second subparagraph is replaced by the following:

"In the circumstances referred to in the first subparagraph, the Commission may decide, by means of delegated acts in accordance with Articles 64, 64a and 64b, at any time and in addition to the initiation of negotiations, that the competent authorities of the Member States must limit or suspend their decisions regarding requests pending or future requests for authorisation and the acquisition of holdings by direct or indirect parent undertakings governed by the law of the third country in question. Such limitations or suspensions may not be applied to the setting-up of subsidiaries by investment firms duly authorised in the Union or by their subsidiaries, or to the acquisition of holdings in Union investment firms by such firms or subsidiaries. The duration of such measures may not exceed three months."

Text proposed by the Commission

Amendment

(3f) In Article 15(3), the third subparagraph is replaced by the following:

"Before the end of the three-month period referred to in the second subparagraph and in the light of the results of the negotiations, the Commission may decide by means of delegated acts in accordance with Articles 64, 64a and 64b, to extend these measures"