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Brussels, 24 July 2000

Securities : Commission proposes simplification of legislative framework

The European Commission has presented a proposal to replace eight existing Directives concerning stock exchanges into just one Directive. Once it has been adopted by the European Parliament and the Council, this codified version will formally replace the four basic Directives and four amending Directives on the admission of securities to official stock exchange listing and on information to be published on these securities, but without changing their substance. The proposal is part of the Commission's efforts to simplify and make Community law more transparent, particularly in the financial sector.

The four basic Directives covered by this codification exercise are:

  • The Directive on the conditions for the admission of securities to official stock exchange listing (79/279);

  • The Directive on the listing particulars to be published for the admission of securities to official stock exchange listing (80/390);

  • The Directive on information to be published on a regular basis by companies, the shares of which have been admitted to official stock-exchange listing(82/121), and

  • the Directive on the information to be published when a major holding in a listed company is acquired or disposed of (88/627).

Other Directives in the stock exchanges sector are not included in this proposal because they are not linked to the issue of listings. This is the case of the Directive on undertakings for collective investment in transferable securities ("UCITS" 85/611/EEC), the Investment Services Directive ("ISD" 93/22/EEC) and the Directive on investor-compensation schemes (97/9/EC). The Directives on prospectuses in the case of a public offer (89/298/EEC) and on insider dealing (89/592/EEC) have not been included either, because they are not limited to securities officially listed on a stock exchange.

The consolidated text proposed by the Commission makes no substantive change to the acts concerned which are now in force.

A similar exercise in the banking sector has recently been completed. On the basis of a proposal from the Commission (see IP/97/1160), the European Parliament and the Council in March adopted Directive 2000/12/EC, relating to the access to the taking up and pursuit of the business of credit institutions; this Directive codified a number of banking Directives.

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