TITLE I

DEFINITIONS AND SCOPE OF APPLICATION
CHAPTER I

Definitions
Article 1
For the purposes of this Directive:
1. ‘issuers’ shall mean companies and other legal persons and any undertaking whose securities are the subject of an application for admission to official listing on a stock exchange;
2. ‘collective investment undertakings other than the closed-end type’ shall mean unit trusts and investment companies:
  1. the object of which is the collective investment of capital provided by the public, and which operate on the principle of risk spreading, and
  2. the units of which are, at the holders' request, repurchased or redeemed, directly or indirectly, out of the assets of these undertakings. Action taken by such undertakings to ensure that the stock exchange value of its units does not significantly vary from their net asset value shall be regarded as equivalent to such repurchase or redemption;
3. For the purposes of this Directive ‘investment companies other than those of the closed-end type’ shall mean investment companies:
  1. the object of which is the collective investment of capital provided by the public, and which operate on the principle of risk spreading, and
  2. the shares of which are, at the holders' request, repurchased or redeemed, directly or indirectly, out of those companies' assets. Action taken by such companies to ensure that the stock exchange value of their shares does not significantly vary from their net asset value shall be regarded as equivalent to such repurchase or redemption;
4. ‘credit institution’ shall mean an undertaking whose business is to receive deposits or other repayable funds from the public and to grant credits for its own account;
5. ‘units of a collective investment undertaking’ shall mean securities issued by a collective investment undertaking as representing the rights of participants in the assets of such an undertaking;
6. ‘participating interest’ shall mean rights in the capital of other undertakings, whether or not represented by certificates, which, by creating a durable link with those undertakings, are intended to contribute to the activities of the undertaking which holds these rights.
. . . . . . . . . .
CHAPTER II

Scope of application
Article 2
1
Articles 5 to 19, 42 to 69, and 78 to 84 shall apply to securities which are admitted to official listing or are the subject of an application for admission to official listing on a stock exchange situated or operating within a Member State.
2
Member States may decide not to apply the provisions mentioned in paragraph 1 to:
a
units issued by collective investment undertakings other than the closed-end type,
b
securities issued by a Member State or its regional or local authorities.
Article 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Article 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TITLE II

GENERAL PROVISIONS CONCERNING THE OFFICIAL LISTING OF SECURITIES
CHAPTER I

General conditions for admission
Article 5
Member States shall ensure that:
1. securities may not be admitted to official listing on any stock exchange situated or operating within their territory unless the conditions laid down by this Directive are satisfied, and
2. that issuers of securities admitted to such official listing, regardless of the date on which this admission takes place, are subject to the obligations provided for by this Directive.
Article 6
1
The admission of securities to official listing shall be subject to the conditions set out in Articles 42 to 51, or 52 to 63, relating to shares and debt securities respectively.
2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
Certificates representing shares may be admitted to official listing only if the issuer of the shares represented fulfils the conditions set out in Articles 42 to 44 and the obligations set out in Articles 64 to 69 and if the certificates fulfil the conditions set out in Articles 45 to 50.
Article 7
Member States may not make the admission to official listing of securities issued by companies or other legal persons which are nationals of another Member State subject to the condition that the securities must already have been admitted to official listing on a stock exchange situated or operating in one of the Member States.
CHAPTER II

More stringent or additional conditions and obligations
Article 8
1
Subject to the prohibitions provided for in Article 7 and in Articles 42 to 63, the Member States may make the admission of securities to official listing subject to more stringent conditions than those set out in Articles 42 to 63 or to additional conditions, provided that these more stringent and additional conditions apply generally for all issuers or for individual classes of issuer and that they have been published before application for admission of such securities is made.
2
Member States may make the issuers of securities admitted to official listing subject to additional obligations, provided that those additional obligations apply generally for all issuers or for individual classes of issuers.
3
Member States may, under the same conditions as those laid down in Article 9, authorise derogations from the additional or more stringent conditions and obligations referred to in paragraphs 1 and 2 hereof.
4
Member States may, in accordance with the applicable national rules require issuers of securities admitted to official listing to inform the public on a regular basis of their financial position and the general course of their business.
CHAPTER III

Derogations
Article 9
Any derogations from the conditions for the admission of securities to official listing which may be authorised in accordance with Articles 42 to 63 must apply generally for all issuers where the circumstances justifying them are similar.
Article 10
Member States may decide not to apply the conditions set out in Articles 52 to 63 and the obligations set out in Article 81(1) and (3) in respect of applications for admission to official listing of debt securities issued by companies and other legal persons which are nationals of a Member State and which are set up by, governed by or managed pursuant to a special law where repayments and interest payments in respect of those securities are guaranteed by a Member State or one of its federal states.
CHAPTER IV

Powers of the national competent authorities
Section 1

Decision of admission
Article 11
1
The competent authorities referred to in Article 105 shall decide on the admission of securities to official listing on a stock exchange situated or operating within their territories.
2
Without prejudice to the other powers conferred upon them, the competent authorities may reject an application for the admission of a security to official listing if, in their opinion, the issuer's situation is such that admission would be detrimental to investors' interests.
Article 12
By way of derogation from Article 8, Member States may, solely in the interests of protecting the investors, give the competent authorities power to make the admission of a security to official listing subject to any special condition which the competent authorities consider appropriate and of which they have explicitly informed the applicant.
Article 13
1
Where applications are to be made simultaneously or within short intervals of one another for admission of the same securities to official listing on stock exchanges situated or operating in more than one Member State, or where an application for admission is made in respect of a security already listed on a stock exchange in another Member State, the competent authorities shall communicate with each other and make such arrangements as may be necessary to expedite the procedure and simplify as far as possible the formalities and any additional conditions required for admission of the security concerned.
2
In order to facilitate the work of the competent authorities, any application for the admission of a security to official listing on a stock exchange situated or operating in a Member State must state whether a similar application is being or has been made in another Member State, or will be made in the near future.
Article 14
The competent authorities may refuse to admit to official listing a security already officially listed in another Member State where the issuer fails to comply with the obligations resulting from admission in that Member State.
Article 15
Where an application for admission to official listing relates to certificates representing shares, the application shall be considered only if the competent authorities are of the opinion that the issuer of the certificates is offering adequate safeguards for the protection of investors.
Section 2

Information requested by the competent authorities
Article 16
1
An issuer whose securities are admitted to official listing shall provide the competent authorities with all the information which the latter consider appropriate in order to protect investors or ensure the smooth operation of the market.
2
Where protection of investors or the smooth operation of the market so requires, an issuer may be required by the competent authorities to publish such information in such a form and within such time limits as they consider appropriate. Should the issuer fail to comply with such requirement, the competent authorities may themselves publish such information after having heard the issuer.
Section 3

Action against an issuer failing to comply with the obligations resulting from admission
Article 17
Without prejudice to any other action or penalties which they may contemplate in the event of failure on the part of the issuer to comply with the obligations resulting from admission to official listing, the competent authorities may make public the fact that an issuer is failing to comply with those obligations.
Section 4

Suspension and discontinuance
Article 18
1
The competent authorities may decide to suspend the listing of a security where the smooth operation of the market is, or may be, temporarily jeopardised or where protection of investors so requires.
2
The competent authorities may decide that the listing of the security be discontinued where they are satisfied that, owing to special circumstances, normal regular dealings in a security are no longer possible.
Section 5

Right to apply to the courts in case of refusal of admission or discontinuance
Article 19
1
Member States shall ensure decisions of the competent authorities refusing the admission of a security to official listing or discontinuing such a listing shall be subject to the right to apply to the courts.
2
An applicant shall be notified of a decision regarding his application for admission to official listing within six months of receipt of the application or, should the competent authority require any further information within that period, within six months of the applicant's supplying such information.
3
Failure to give a decision within the time limit specified in paragraph 2 shall be deemed a rejection of the application. Such rejection shall give rise to the right to apply to the courts provided for in paragraph 1.
TITLE III

PARTICULAR CONDITIONS RELATING TO OFFICIAL LISTINGS OF SECURITIES
CHAPTER I

Publication of listing particulars for admission
Section 1

General provisions
Article 20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Article 21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Article 22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 2

Partial or complete exemption from the obligation to publish listing particulars
Article 23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 3

Permitted omission from listing particulars of certain information
Article 24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 4

Contents of listing of particulars in specific cases
Article 25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Article 26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Article 27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Article 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Article 29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Article 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Article 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Article 32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Article 33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Article 34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 5

Control and circulation of listing particulars
Article 35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Article 36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 6

Determination of the competent authority
Article 37 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 7

Mutual recognition
Article 38 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Article 39 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Article 40 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 8

Agreements with non-member countries
Article 41 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CHAPTER II

Specific conditions for the admission of shares
Section 1

Conditions relating to companies for the shares of which admission to official listing is sought
Article 42
The legal position of the company must be in conformity with the laws and Regulations to which it is subject, as regards both its formation and its operation under its statutes.
Article 43
1
The foreseeable market capitalisation of the shares for which admission to official listing is sought or, if this cannot be assessed, the company's capital and reserves, including profit or loss, from the last financial year, must be at least one million euro.
2
Member States may provide for admission to official listing, even when this condition is not fulfilled, provided that the competent authorities are satisfied that there will be an adequate market for the shares concerned.
3
A higher foreseeable market capitalisation or higher capital and reserves may be required by a Member State for admission to official listing only if another regulated, regularly operating, recognised open market exists in that State and the requirements for it are equal to or less than those referred to in paragraph 1.
4
The condition set out in paragraph 1 shall not be applicable for the admission to official listing of a further block of shares of the same class as those already admitted.
5
The equivalent in national currency of one million euro shall initially be the equivalent in national currency of one million European units of account that were applicable on 5 March 1979.
6
If, as a result of adjustment of the equivalent of the euro in national currency, the market capitalisation expressed in national currency remains for a period of one year at least 10 % more or less than the value of one million euro the Member state must, within the 12 months following the expiry of that period, adjust its laws, regulations or administrative provisions to comply with paragraph 1.
Article 44
A company must have published or filed its annual accounts in accordance with national law for the three financial years preceding the application for official listing. By way of exception, the competent authorities may derogate from this condition where such derogation is desirable in the interests of the company or of investors and where the competent authorities are satisfied that investors have the necessary information available to be able to arrive at an informed judgement on the company and the shares for which admission to official listing is sought.
Section 2

Conditions relating to the shares for which admission is sought
Article 45
The legal position of the shares must be in conformity with the laws and regulations to which they are subject.
Article 46
1
The shares must be freely negotiable.
2
The competent authorities may treat shares which are not fully paid up as freely negotiable, if arrangements have been made to ensure that the negotiability of such shares is not restricted and that dealing is made open and proper by providing the public with all appropriate information.
3
The competent authorities may, in the case of the admission to official listing of shares which may be acquired only subject to approval, derogate from paragraph 1 only if the use of the approval clause does not disturb the market.
Article 47
Where public issue precedes admission to official listing, the first listing may be made only after the end of the period during which subscription applications may be submitted.
Article 48
1
A sufficient number of shares must be distributed to the public in one or more Member States not later than the time of admission.
2
The condition set out in paragraph 1 shall not apply where shares are to be distributed to the public through the stock exchange. In that event, admission to official listing may be granted only if the competent authorities are satisfied that a sufficient number of shares will be distributed through the stock exchange within a short period.
3
Where admission to official listing is sought for a further block of shares of the same class, the competent authorities may assess whether a sufficient number of shares has been distributed to the public in relation to all the shares issued and not only in relation to this further block.
4
By way of derogation from paragraph 1, if the shares are admitted to official listing in one or more non-member countries, the competent authorities may provide for their admission to official listing if a sufficient number of shares is distributed to the public in the non-Member State or States where they are listed.
5
A sufficient number of shares shall be deemed to have been distributed either when the shares in respect of which application for admission has been made are in the hands of the public to the extent of a least 25 % of the subscribed capital represented by the class of shares concerned or when, in view of the large number of shares of the same class and the extent of their distribution to the public, the market will operate properly with a lower percentage.
Article 49
1
The application for admission to official listing must cover all the shares of the same class already issued.
2
Member States may provide that this condition shall not apply to applications for admission not covering all the shares of the same class already issued where the shares of that class for which admission is not sought belong to blocks serving to maintain control of the company or are not negotiable for a certain time under agreements, provided that the public is informed of such situations and that there is no danger of such situations prejudicing the interests of the holders of the shares for which admission to official listing is sought.
Article 50
1
For the admission to official listing of shares issued by companies which are nationals of another Member State and which shares have a physical form it is necessary and sufficient that their physical form comply with the standards laid down in that other Member State. Where the physical form does not conform to the standards in force in the Member State in which admission to official listing is applied for, the competent authorities of that state shall make that fact known to the public.
2
The physical form of shares issued by companies which are nationals of a non-member country must afford sufficient safeguard for the protection of the investors.
Article 51
If the shares issued by a company which is a national of a non-member country are not listed in either the country of origin or in the country in which the major proportion of the shares is held, they may not be admitted to official listing unless the competent authorities are satisfied that the absence of a listing in the country of origin or in the country in which the major proportion is held is not due to the need to protect investors.
CHAPTER III

Particular conditions relating to the admission to official listing of debt securities issued by an undertaking
Section 1

Conditions relating to undertakings for the debt securities of which admission to official listing is sought
Article 52
The legal position of the undertaking must be in conformity with the laws and regulations to which it is subject, as regards both its formation and its operation under its statutes.
Section 2

Conditions relating to the debt securities for which admission to official listing is sought
Article 53
The legal position of the debt securities must be in conformity with the laws and regulations to which they are subject.
Article 54
1
The debt securities must be freely negotiable.
2
The competent authorities may treat debt securities which are not fully paid up as freely negotiable if arrangements have been made to ensure that the negotiability of these debt securities is not restricted and that dealing is made open and proper by providing the public with all appropriate information.
Article 55
Where public issue precedes admission to official listing, the first listing may be made only after the end of the period during which subscription applications may be submitted. This provision shall not apply in the case of tap issues of debt securities when the closing date for subscription is not fixed.
Article 56
The application for admission to official listing must cover all debt securities ranking pari passu.
Article 57
1
For the admission to official listing of debt securities issued by undertakings which are nationals of another Member State and which debt securities have a physical form, it is necessary and sufficient that their physical form comply with the standards laid down in that other Member State. Where the physical form does not conform to the standards in force in the Member State in which admission to official listing is applied for, the competent authorities of that State shall make that fact known to the public.
2
The physical form of debt securities issued in a single Member State must conform to the standards in force in that State.
3
The physical form of debt securities issued by undertakings which are nationals of a non-member country must afford sufficient safeguard for the protection of the investors.
Section 3

Other conditions
Article 58
1
The amount of the loan may not be less than EUR 200 000. This provision shall not be applicable in the case of tap issues where the amount of the loan is not fixed.
2
Member States may provide for admission to official listing even when this condition is not fulfilled, where the competent authorities are satisfied that there will be a sufficient market for the debt securities concerned.
3
The equivalent in national currency of EUR 200 000 shall initially be the equivalent in national currency of 200 000 units of account that were applicable on 5 March 1979.
4
If as a result of adjustment of the equivalent of the euro in national currency the minimum amount of the loan expressed in national currency remains, for a period of one year, at least 10 % less than the value of EUR 200 000 the Member State must, within the 12 months following the expiry of that period, amend its laws, regulations and administrative provisions to comply with paragraph 1.
Article 59
1
Convertible or exchangeable debentures and debentures with warrants may be admitted to official listing only if the related shares are already listed on the same stock exchange or on another regulated, regularly operating, recognised open market or are so admitted simultaneously.
2
Member States may, by way of derogation from paragraph 1, provide for the admission to official listing of convertible or exchangeable debentures or debentures with warrants, if the competent authorities are satisfied that holders have at their disposal all the information necessary to form an opinion concerning the value of the shares to which these debt securities relate.
CHAPTER IV

Particular conditions relating to the admission to official listing of Debt securities issued by a State, its regional or local authorities or a public international body
Article 60
The debt securities must be freely negotiable.
Article 61
Where public issue precedes admission to official listing, the first listing may be made only after the end of the period during which subscription applications may be submitted. This provision shall not apply where the closing date for subscription is not fixed.
Article 62
The application for admission to official listing must cover all the securities ranking pari passu.
Article 63
1
For the admission to official listing of debt securities which are issued by a Member State or its regional or local authorities in a physical form, it is necessary and sufficient that such physical form comply with the standards in force in that Member State. Where the physical form does not comply with the standards in force in the Member State where admission to official listing is applied for, the competent authorities of that state shall bring this situation to the attention of the public.
2
The physical form of debt securities issued by non-member countries or their regional or local authorities or by public international bodies must afford sufficient safeguard for the protection of the investors.
TITLE IV

OBLIGATIONS RELATING TO SECURITIES ADMITTED TO OFFICIAL LISTING
CHAPTER I

Obligations of companies whose shares are admitted to official listing
Section 1

Listing of newly issued shares of the same class
Article 64
Without prejudice to Article 49(2), in the case of a new public issue of shares of the same class as those already officially listed, the company shall be required, where the new shares are not automatically admitted, to apply for their admission to the same listing, either not more than a year after their issue or when they become freely negotiable.
Section 2

Treatment of shareholders
Article 65 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 3

Amendment of the instrument of incorporation or the statutes
Article 66 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 4

Annual accounts and annual report
Article 67 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 5

Additional information
Article 68 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 6

Equivalence of information
Article 69 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 7

Periodical information to be published
Article 70 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Article 71 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 8

Publication and contents of the half-yearly report
Article 72 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Article 73 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Article 74 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Article 75 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Article 76 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Article 77 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CHAPTER II

Obligation of issuers whose debt securities are admitted to official listing
Section 1

Debt securities issued by an undertaking
Article 78 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Article 79 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Article 80 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Article 81 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Article 82 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 2

Debt securities issued by a State or its regional or local authorities or by a public international body
Article 83 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Article 84 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CHAPTER III

Obligations relating to the information to be published when a major holding in a listed company is acquired or disposed of
Section 1

General provisions
Article 85 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Article 86 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Article 87 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Article 88 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 2

Information when a major holding is acquired or disposed of
Article 89 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Article 90 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Article 91 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 3

Determination of the voting rights
Article 92 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 4

Exemptions
Article 93 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Article 94 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Article 95 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 5

Competent authorities
Article 96 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 6

Sanctions
Article 97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TITLE V

PUBLICATION AND COMMUNICATION OF THE INFORMATION
CHAPTER I

Publication and communication of listing particulars for the admission of securities to the official stock exchange listing
Section 1

Procedures and period of publication of listing particulars and their supplements
Article 98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Article 99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Article 100 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 2

Prior communication to the competent authorities of the means of publication
Article 101 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CHAPTER II

Publication and communication of information after listing
Article 102 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CHAPTER III

Languages
Article 103 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Article 104 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TITLE VI

COMPETENT AUTHORITIES AND COOPERATION BETWEEN MEMBER STATES
Article 105
1
Member States shall ensure that this Directive is applied and shall appoint one or more competent authorities for the purposes of the Directive. They shall notify the Commission thereof, giving details of any division of powers among them.
2
Member States shall ensure that the competent authorities have the powers necessary for them to carry out their task.
3
This Directive shall not affect the competent authorities' liability, which shall continue to be governed solely by national law.
Article 106
The competent authorities shall cooperate whenever necessary for the purpose of carrying out their duties and shall exchange any information useful for that purpose.
Article 107
1
Member States shall provide that all persons employed or formerly employed by the competent authorities shall be bound by professional secrecy. This means that any confidential information received in the course of their duties may not be divulged to any person or authority except by virtue of provisions laid down by law.
2
Paragraph 1 shall not, however, preclude the competent authorities of the various Member States from exchanging information as provided for in this Directive. Information thus exchanged 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 . . . . . . . . . .
TITLE VII

CONTACT COMMITTEE
CHAPTER I

Composition, working and tasks of the Committee
Article 108 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CHAPTER II

Adaptation of the amount of equity market capitalisation
Article 109
1
For the purpose of adjusting, in the light of the requirements of the economic situation, the minimum amount of the foreseeable market capitalisation laid down in Article 43(1), the Commission shall submit to the European Securities Committee instituted by Commission Decision 2001/528/EC of
6 June 2001
a draft of the measures to be taken.
2
Where reference is made to this paragraph, Articles 5 and 7 of Council Decision 1999/468/EC of
28 June 1999
laying down the procedures for the exercise of implementing powers conferred on the Commission
shall apply, having regard to Article 8 thereof.
The period laid down in Article 5(6) of Decision 1999/468/EC shall be set at three months.
3
The Committee shall adopt its rules of procedure.
TITLE VIII

FINAL PROVISIONS
Article 110
The Member States shall communicate to the Commission the texts of the main laws, regulations and administrative provisions which they adopt in the field covered by this Directive.
Article 111
1
Directives 79/279/EEC, 80/390/EEC, 82/121/EEC and 88/627/EEC, as amended by the acts listed in Annex II Part A, are hereby repealed without prejudice to the obligations of the Member States concerning the time-limits for transposition set out in Annex II Part B.
2
References to the repealed Directives shall be construed as references to this Directive and should be read in accordance with the correlation table shown in Annex III.
Article 112
This Directive shall enter into force the twentieth day following that of its publication in the Official Journal of the European Communities.
Article 113
This Directive is addressed to the Member States.
OJ L 191, 13.7.2001, p. 45
. Decision as amended by Decision 2004/8/EC (
OJ L 3, 7.1.2004, p. 33
).
OJ L 184, 17.7.1999, p. 23 .
Deleted by Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC (Text with EEA relevance).
Deleted by Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC.
Deleted by 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).
Substituted by Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC.
Substituted by 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).