Directive 2005/1/EC of the European Parliament and of the CouncilShow full title

Article 3 U.K. Directive 2000/12/EC

Directive 2000/12/EC is hereby amended as follows:

1.

Article 2(4) shall be replaced by the following:

‘4. The Commission, pursuant to the procedure referred to in Article 60(2), shall decide on amendments to the list in paragraph 3.’;

2.

in Article 2(5), the third subparagraph shall be replaced by the following:

‘In the case of credit institutions other than those which are set up in areas newly reclaimed from the sea or which have resulted from scission or mergers of existing institutions dependent on or answerable to the central body, the Commission, pursuant to the procedure referred to in Article 60(2), may lay down additional rules for the application of the second subparagraph including the repeal of exemptions provided for in the first subparagraph, where it is of the opinion that the affiliation of new institutions benefiting from the arrangements laid down in the second subparagraph might have an adverse effect on competition.’;

3.

Article 4 shall be replaced by the following:

‘Article 4 Authorisation

Member States shall require credit institutions to obtain authorisation before commencing their activities. They shall lay down the requirements for such authorisation subject to Articles 5 to 9, and notify them to the Commission.’;

4.

in Article 22(9), the second sentence shall be deleted;

5.

in Article 22(10), the second sentence shall be deleted;

6.

Article 23(1) shall be replaced by the following:

‘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 laws of a third country;

(b)

whenever such a parent undertaking acquires a holding in a Community credit institution such that the latter would become its subsidiary.

When authorisation is granted to the direct or indirect subsidiary of one or more parent undertakings governed by the law of third countries, the structure of the group shall be specified in the notification which the competent authorities shall address to the Commission in accordance with Article 11.’;

7.

in Article 24(2), the words ‘Banking Advisory Committee’ shall be replaced by the words ‘European Banking Committee’;

8.

Article 25(3) shall be replaced by the following:

‘3. Without prejudice to Article 300(1) and (2) of the Treaty, the Commission shall, with the assistance of the European Banking Committee, examine the outcome of the negotiations referred to in paragraph 1 and the resulting situation.’;

9.

in the third sentence of Article 49(2), the words ‘Banking Advisory Committee’ shall be replaced by the words ‘European Banking Committee’;

10.

in Article 52(9), the third sentence shall be replaced by the following:

‘The competent authority concerned shall forward such information to the competent authorities of the other Member States.’;

11.

in Article 56a, second paragraph, first sentence, the words ‘The Banking Advisory Committee may’ shall be replaced by the words ‘The Commission may request the European Banking Committee to’;

12.

Title VI shall be deleted;

13.

Article 60(2) shall be replaced by the following:

‘2. The Commission shall be assisted by the European Banking Committee instituted by Commission Decision 2004/10/EC(1) (hereinafter referred to as the Committee).’

Where reference is made to this paragraph, Articles 5 and 7 of Decision 1999/468/EC shall apply, having regard to the provisions of Article 8 thereof.

The period laid down in Article 5(6) of Decision 1999/468/EC shall be set at three months.

The Committee shall adopt its rules of procedure.

14.

in Article 64(2) and (6), the words ‘and the Banking Advisory Committee’ shall be deleted.

(1)

OJ L 3, 7.1.2004, p. 36.;’