Directive 2005/1/EC of the European Parliament and of the Council of 9 March 2005 amending Council Directives 73/239/EEC, 85/611/EEC, 91/675/EEC, 92/49/EEC and 93/6/EEC and Directives 94/19/EC, 98/78/EC, 2000/12/EC, 2001/34/EC, 2002/83/EC and 2002/87/EC in order to establish a new organisational structure for financial services committees (Text with EEA relevance)Text with EEA relevance

• Published date: 24 March 2005
• Subject Matter: Approximation of laws,Freedom of establishment,Internal market - Principles
• Official Gazette Publication: Official Journal of the European Union, L 79, 24 March 2005

02005L0001 — EN — 01.07.2011 — 001.001

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►B DIRECTIVE 2005/1/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 9 March 2005 amending Council Directives 73/239/EEC, 85/611/EEC, 91/675/EEC, 92/49/EEC and 93/6/EEC and Directives 94/19/EC, 98/78/EC, 2000/12/EC, 2001/34/EC, 2002/83/EC and 2002/87/EC in order to establish a new organisational structure for financial services committees (Text with EEA relevance) (OJ L 079 24.3.2005, p. 9)

Amended by:

		Official Journal
		No	page	date
►M1	DIRECTIVE 2006/48/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL Text with EEA relevance of 14 June 2006	L 177	1	30.6.2006
►M2	DIRECTIVE 2009/65/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL Text with EEA relevance of 13 July 2009	L 302	32	17.11.2009

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▼B

DIRECTIVE 2005/1/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL

of 9 March 2005

amending Council Directives 73/239/EEC, 85/611/EEC, 91/675/EEC, 92/49/EEC and 93/6/EEC and Directives 94/19/EC, 98/78/EC, 2000/12/EC, 2001/34/EC, 2002/83/EC and 2002/87/EC in order to establish a new organisational structure for financial services committees

(Text with EEA relevance)

CHAPTER I

AMENDMENTS TO DIRECTIVES 93/6/EEC, 94/19/EC, AND 2000/12/EC ON THE BANKING SECTOR

Article 1

Directive 93/6/EEC

In the third sentence of Article 7(9) of Directive 93/6/EEC, the words ‘and to the Banking Advisory Committee’ shall be deleted.

Article 2

Directive 94/19/EC

In the third subparagraph of Article 3(1) of Directive 94/19/EC, the words ‘Banking Advisory Committee’ shall be replaced by the words ‘European Banking Committee’.

▼M1 —————

▼B

CHAPTER II

AMENDMENTS TO DIRECTIVES 73/239/EEC, 91/675/EEC, 92/49/EEC, 98/78/EC AND 2002/83/EC ON THE INSURANCE AND OCCUPATIONAL PENSIONS SECTORS

Article 4

Directive 73/239/EEC

Directive 73/239/EEC is hereby amended as follows:

Article 29a shall be replaced by the following:

‘Article 29a

1. The competent authorities of the Member States shall inform the Commission and the competent authorities of the other Member States:

(a) of any authorisation of a direct or indirect subsidiary, one or more of whose parent undertakings are governed by the law of a third country;

(b) whenever such a parent undertaking acquires a holding in a Community insurance undertaking which would turn the latter into its subsidiary.

2. When the authorisation referred to in paragraph 1(a) is granted to the direct or indirect subsidiary of one or more parent undertakings governed by the law of a third country, the structure of the group shall be specified in the notification which the competent authorities shall address to the Commission.’;

2) in Article 29b(4), the second subparagraph shall be replaced by the following:

‘In the circumstances described in the first subparagraph, it may also be decided at any time, and in addition to initiating negotiations, in accordance with the procedure referred to in Article 5 of Decision 1999/468/EC (

*1

) and in compliance with Article 7(3) and Article 8 thereof that the competent authorities of the Member States must limit or suspend their decisions regarding the following:

(a) requests for authorisation, whether pending at the moment of the decision or submitted thereafter;

(b) the acquisition of holdings by direct or indirect parent undertakings governed by the law of the third country in question.

Article 5

Directive 91/675/EEC

Directive 91/675/EEC is hereby amended as follows:

1. in the title, the words ‘Insurance Committee’ shall be replaced by the words ‘European Insurance and Occupational Pensions Committee’;

2. Article 1 shall be replaced by the following:

‘Article 1

1. The Commission shall be assisted by the European Insurance and Occupational Pensions Committee established by Commission Decision 2004/9/EC of 5 November 2003 ( *2 ) (hereinafter the Committee).

2. The chairperson of the Committee of European Insurance and Occupational Pensions Supervisors established by Commission Decision 2004/6/EC ( *3 ) shall participate at the meetings of the Committee as an observer.

3. The Committee may invite experts and observers to attend its meetings.

4. The secretariat of the Committee shall be provided by the Commission.

3. Article 2 shall be replaced by the following:

‘Article 2

3.1. Where acts adopted in the field of direct non-life insurance and direct life assurance, reinsurance and occupational pensions confer on the Commission powers for the implementation of the rules which they lay down, Articles 5 and 7 of Council Decision 1999/468/EC of 28 June 1999 laying down the procedures for the exercise of implementing powers...