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31978L1026

Council Directive 78/1026/EEC of 18 December 1978 concerning the mutual recognition of diplomas, certificates and other evidence of formal qualifications in veterinary medicine, including measures to facilitate the effective exercise of the right of establishment and freedom to provide services

Official Journal L 362 , 23/12/1978 P. 0001 - 0006 Finnish special edition: Chapter 6 Volume 2 P. 0011  Greek special edition: Chapter 06 Volume 2 P. 0046  Swedish special edition: Chapter 6 Volume 2 P. 0011  Spanish special edition: Chapter 06 Volume 2 P. 0049  Portuguese special edition Chapter 06 Volume 2 P. 0049

COUNCIL DIRECTIVE  of 18 December 1978  concerning the mutual recognition of diplomas, certificates and other evidence of formal qualifications in veterinary medicine, including measures to facilitate the effective exercise of the right of establishment and freedom to provide services  (78/1026/EEC)  THE COUNCIL OF THE EUROPEAN COMMUNITIES,  Having regard to the Treaty establishing the European Economic Community, and in particular Articles 49, 57, 66 and 235 thereof,  Having regard to the proposal from the Commission (1),  Having regard to the opinion of the European Parliament (2),  Having regard to the opinion of the Economic and Social Committee (3),  Whereas, pursuant to the Treaty, all discriminatory treatment based on nationality with regard to establishment and provision of services is prohibited as from the end of the transitional period ; whereas the principle of such treatment based on nationality applies in particular to the grant of any authorization required to practise as a veterinary surgeon and also to the registration with or membership of professional organizations or bodies;  Whereas it nevertheless seems desirable that certain provisions be introduced to facilitate the effective exercise of the right of establishment and freedom to provide services in respect of the activities of veterinary surgeons;  Whereas, pursuant to the Treaty, the Member States are required not to grant any form of aid likely to distort the conditions of establishment;  Whereas Article 57 (1) of the Treaty provides that Directives be issued for mutual recognition of diplomas, certificates and other evidence of formal qualifications ; whereas the aim of this Directive is the recognition of diplomas, certificates and other evidence of formal qualifications whereby activities in the field of veterinary medicine may be taken up and pursued;  Whereas, in view of the differences between the Member States regarding the nature and duration of the training of veterinary surgeons, certain coordinating provisions designed to enable Member States to proceed with the mutual recognition of diplomas, certificates and other evidence of formal qualifications should be laid down ; whereas such coordination has been effected by Council Directive 78/1027/EEC of 18 December 1978 concerning the coordination of provisions laid down by law, regulation or administrative action in respect of the activities of veterinary surgeons (4);  Whereas, with regard to the possession of a formal certificate of training, since a Directive on the mutual recognition of diplomas does not necessarily imply equivalence in the training covered by such diplomas, the use of such qualifications should be authorized only in the language of the Member State of origin or of the Member State from which the foreign national comes;  Whereas, to facilitate the application of this Directive by the national authorities, Member States may prescribe that, in addition to formal certificates of training, the person who satisfies the conditions of training required by this Directive must provide a certificate from the competent authorities of his country of origin or of  (1)OJ No C 92, 20.7.1970, p. 18. (2)OJ No C 19, 28.2.1972, p. 10. (3)OJ No C 60, 14.6.1971, p. 3. (4)See page 7 of this Official Journal.   the country from which he comes stating that these certificates of training are those covered by the Directive;  Whereas, in the case of the provision of services, the requirement of registration with or membership of professional organizations or bodies, since it is related to the fixed and permanent nature of the activity pursued in the host country, would undoubtedly constitute an obstacle to the person wishing to provide the service, by reason of the temporary nature of his activity ; whereas this requirement should therefore be abolished ; whereas, however, in this event, control over professional discipline, which is the responsibility of these professional organizations or bodies, should be guaranteed ; whereas, to this end, it should be provided, subject to the application of Article 62 of the Treaty, that the person concerned may be required to submit to the competent authority of the host Member State particulars relating to the provision of services;  Whereas, with regard to the requirements relating to good character and good repute, a distinction should be drawn between the requirements to be satisfied on first taking up the profession and those to be satisfied in order to practise it;  Whereas, as far as the activities of employed veterinary surgeons are concerned, Council Regulation (EEC) No 1612/68 of 15 October 1968 on freedom of movement for workers within the Community (1) lays down no specific provisions relating to good character or good repute, professional discipline or use of title for the professions covered ; whereas, depending on the individual Member State, such rules are or may be applicable both to employed and self-employed persons ; whereas the activities of veterinary surgeons are subject in all Member States to possession of a diploma, certificate or other evidence of formal qualification as a veterinary surgeon ; whereas such activities are pursued by both employed and self-employed persons or by the same persons in both capacities in the course of their professional career ; whereas, in order to encourage as far as possible the free movement of those professional persons within the Community, it therefore appears necessary to extend this Directive to employed veterinary surgeons,  HAS ADOPTED THIS DIRECTIVE:    CHAPTER I SCOPE  Article 1 This Directive shall apply to the activities of veterinary surgeons.   CHAPTER II DIPLOMAS, CERTIFICATES AND OTHER EVIDENCE OF FORMAL QUALIFICATIONS IN VETERINARY MEDICINE  Article 2 Each Member State shall recognize the diplomas, certificates and other evidence of formal qualifications awarded to nationals of Member States by the other Member States in accordance with Article 1 of Directive 78/1027/EEC and which are listed in Article 3, by giving such qualifications, as far as the right to take up and pursue the activities of a veterinary surgeon is concerned, the same effect in its territory as those which the Member State itself awards.  Where a diploma, certificate or other evidence of formal qualifications as listed in Article 3 was issued before the implementation of this Directive, it shall be accompanied by a certificate from the competent authorities of the issuing country stating that it complies with Article 1 of Directive 78/1027/EEC.   Article 3 The diplomas, certificates and other evidence of formal qualifications referred to in Article 2 are as follows:    (a) in Germany      1. Zeugnis über die tierärztliche Staatsprüfung (the State examination certificate in veterinary medicine) awarded by the competent authorities;           2. the certificates from the competent authorities of the Federal Republic of Germany stating that the diplomas awarded after 8 May 1945 by the competent authorities of the German Democratic Republic are recognized as equivalent to that listed in point 1 above;                  (b) in Belgium  le diplôme légal de docteur en médecine vétérinaire - het wettelijke diploma van doctor in de veeartsenijkunde of doctor in de diergeneeskunde (diploma of doctor of veterinary medicine, required by law) awarded by the State Universities, the Central Examining Board, or the State University Education Examining Boards;       (c) in Denmark  bevis for bestået kandidateksamen i veterinaervidenskab (cand. med. vet.) (the certificate proving the passing of the examination for candidates in veterinary medicine) awarded by the "Kongelige Veterinaer- og Landbohøjskole";       (d) in France  le diplôme de docteur vétérinaire d'État (State degree in veterinary medicine);       (e) in Ireland      1. the degree of Bachelor in/of Veterinary Medicine (MVB);  (1)OJ No L 257, 19.10.1968, p. 2.            2. the diploma of membership of the Royal College of Veterinary Surgeons (MRCVS) gained by examination after a full course of study at a veterinary school in Ireland;                  (f) in Italy  il diploma di laurea di dottore in medicina veterinaria accompagnato dal diploma d'abilitazione all'esercizio della medicina veterinaria awarded by the Minister of Education on the basis of the findings of the competent State Examining Board;       (g) in Luxembourg      1. le diplôme d'État de docteur en médecine vétérinaire (the State diploma in veterinary medicine) awarded by the State Examining Board and endorsed by the Minister of Education;           2. diplomas conferring a higher education degree in veterinary medicine awarded in one of the countries of the Community and giving the right to take up training but not to practise the profession, and officially recognized by the Minister of Education in accordance with the law of 18 June 1969 on higher education and recognition of foreign degrees and diplomas, together with the certificate of practical training endorsed by the Minister of Public Health;                  (h) in the Netherlands      1. het getuigschrift van met goed gevolg afgelegd diergeneeskundig examen (certificate proving the passing of the examination in veterinary medicine);           2. het getuigschrift van met goed gevolg afgelegd veeartsenijkundig examen (certificate proving the passing of the examination in veterinary medicine);                  (i) in the United Kingdom  the degrees:      - Bachelor of Veterinary Science (BVSc.),           - Bachelor of Veterinary Medicine (Vet.MB or BVet.Med.),           - Bachelor of Veterinary Medicine and Surgery (BVM and S or BVMS),           - the diploma of membership of the Royal College of Veterinary Surgeons (MRCVS) gained by examination after a full course of study at a veterinary school in the United Kingdom.                     CHAPTER III EXISTING CIRCUMSTANCES  Article 4 In the case of nationals of Member States whose diplomas, certificates and other evidence of formal qualifications do not satisfy all the minimum training requirements laid down in Article 1 of Directive 78/1027/EEC, each Member State shall recognize, as being sufficient proof, the diplomas, certificates and other evidence of formal qualifications in veterinary medicine awarded by those Member States before the implementation of Directive 78/1027/EEC, accompanied by a certificate stating that those nationals have effectively and lawfully been engaged in the activities in question for at least three consecutive years during the five years prior to the date of issue of the certificate.   CHAPTER IV USE OF ACADEMIC TITLE  Article 5 1. Without prejudice to Article 13, host Member States shall ensure that the nationals of Member States who fulfil the conditions laid down in Articles 2 and 4 have the right to use the lawful academic title or, where appropriate, the abbreviation thereof, of their Member State of origin or of the Member State from which they come, in the language of that State. Host Member States may require this title to be followed by the name and location of the establishment or examining board which awarded it.  2. If the academic title used in the Member State of origin, or in the Member State from which a foreign national comes, can be confused in the host Member State with a title requiring in that State additional training which the person concerned has not undergone, the host Member State may require such person to use the title employed in the Member State of origin or the Member State from which he comes in suitable wording to be indicated by the host Member State.   CHAPTER V PROVISIONS TO FACILITATE THE EFFECTIVE EXERCISE OF THE RIGHT OF ESTABLISHMENT AND FREEDOM TO PROVIDE SERVICES IN RESPECT OF THE ACTIVITIES OF VETERINARY SURGEONS  A. Provisions specifically relating to the right of establishment  Article 6 1. A host Member State which requires of its nationals proof of good character or good repute when they take up for the first time the activities referred to in Article 1 shall accept as sufficient evidence, in respect of nationals of other Member States, a certificate issued by a competent authority in the Member State of origin or in the Member State from which the foreign national  comes attesting that the requirements of the Member State as to good character or good repute for taking up the activities in question have been met.  2. Where the Member State of origin or the Member State from which the foreign national comes does not require proof of good character or good repute of persons wishing to take up the activities in question for the first time, the host Member State may require of nationals of the Member State of origin or of the Member State from which the foreign national comes an extract from the "judicial record" or, failing this, an equivalent document issued by a competent authority in the Member State of origin or the Member State from which the foreign national comes.  3. If the host Member State has detailed knowledge of a serious matter which has occurred outside its territory and which is likely to affect the taking up within its territory of the activities concerned, it may inform the Member State of origin or the Member State from which the foreign national comes.  The Member State of origin or the Member State from which the foreign national comes shall verify the accuracy of the facts. The authorities in that State shall themselves decide on the nature and extent of the investigation to be made and shall inform the host Member State of any consequential action which they take with regard to the certificates or documents they have issued.  4. Member States shall ensure the confidentiality of the information which is forwarded.   Article 7 1. Where, in a host Member State, provisions laid down by law, regulation or administrative action are in force laying down requirements as to good character or good repute, including provisions for disciplinary action in respect of serious professional misconduct or conviction for criminal offences and relating to the pursuit of the activities referred to in Article 1, the Member State of origin or the Member State from which the foreign national comes shall forward to the host Member State all necessary information regarding measures or disciplinary action of a professional or administrative nature taken in respect of the person concerned, or criminal penalties imposed on him when pursuing his profession in the Member State of origin or in the Member State from which he came.  2. If the host Member State has detailed knowledge of a serious matter which has occurred outside its territory and which is likely to affect the pursuit within its territory of the activities concerned, it may inform the Member State of origin or the Member State from which the foreign national comes.  The Member State of origin or the Member State from which the foreign national comes shall verify the accuracy of the facts. The authorities in that State shall themselves decide on the nature and extent of the investigation to be made and shall inform the host Member State of any consequential action which they take with regard to the information they have forwarded in accordance with paragraph 1.  3. Member States shall ensure the confidentiality of the information which is forwarded.   Article 8 Where a host Member State requires of its own nationals wishing to take up or pursue the activities referred to in Article 1, a certificate of physical or mental health, that State shall accept as sufficient evidence thereof the presentation of the document required in the Member State of origin or the Member State from which the foreign national comes.  Where the Member State of origin or the Member State from which the foreign national comes does not impose any requirements of this nature on those wishing to take up or pursue the activities in question, the host Member State shall accept from such national a certificate issued by a competent authority in that State corresponding to the certificates issued in the host Member State.   Article 9 The documents referred to in Articles 6, 7 and 8 may not be presented more than three months after their date of issue.   Article 10 1. The procedure for authorizing the person concerned to take up the activities referred to in Article 1, in accordance with Articles 6, 7 and 8, must be completed as soon as possible and not later than three months after presentation of all the documents relating to such person, without prejudice to delays resulting from any appeal that may be made upon termination of this procedure.  2. In the cases referred to in Articles 6 (3) and 7 (2), a request for re-examination shall suspend the period laid down in paragraph 1.  The Member State consulted shall give its reply within a period of three months. If it does not, the host Member State may take action in consequence of its detailed knowledge of the serious matter involved.  On receipt of the reply or at the end of the period the host Member State shall continue with the procedure referred to in paragraph 1.   Article 11 Where a host Member State requires its own nationals wishing to take up or pursue the activities referred to in  Article 1 to take an oath or make a solemn declaration and where the form of such oath or declaration cannot be used by nationals of other Member States, that Member State shall ensure that an appropriate and equivalent form of oath or declaration is offered to the person concerned.  B. Special provisions relating to the provision of services   Article 12 1. Where a Member State requires of its own nationals wishing to take up or pursue the activities referred to in Article 1, an authorization or membership of, or registration with, a professional organization or body, that Member State shall in the case of the provision of services exempt the nationals of Member States from that requirement.  The person concerned shall provide services with the same rights and obligations as the nationals of the host Member State ; in particular he shall be subject to the rules of conduct of a professional or administrative nature which apply in that Member State.  For this purpose and in addition to the declaration provided for in paragraph 2 relating to the services to be provided, Member States may, so as to permit the implementation of the provisions relating to professional conduct in force in their territory, require either automatic temporary registration or pro forma membership of a professional organization or body or, in the alternative, registration in a register, provided that such registration or membership does not delay or in any way complicate the provision of services or impose any additional costs on the person providing the services.  Where a host Member State adopts a measure pursuant to the second subparagraph or becomes aware of facts which run counter to these provisions, it shall forthwith inform the Member State where the person concerned is established.  2. The host Member State may require the person concerned to make a prior declaration to the competent authorities concerning the provision of his services where they involve a temporary stay in its territory. The host Member State may in all cases require a veterinary surgeon established in another Member State to supply a prior declaration of provision of services in the form of a prescription or of veterinary certificates not involving the examination of animals, provided such practice is permissible under the legal and administrative provisions and professional rules applied in the host State.  The host Member State requiring such prior declaration shall take the steps necessary to provide the possibility that the declaration is made, where appropriate, for a series of services provided within one and the same region and in respect of one or more recipients within a given period of not more than one year.  In urgent cases this declaration may be made as soon as possible after the services have been provided.  3. Pursuant to paragraphs 1 and 2, the host Member State may require the person concerned to supply one or more documents containing the following particulars:    - the declaration referred to in paragraph 2,       - a certificate stating that the person concerned is lawfully pursuing the activities in question in the Member State where he is established,       - a certificate that the person concerned holds one or other of the diplomas, certificates or other evidence of formal qualification appropriate for the provision of the services in question and referred to in this Directive.         4. The document or documents specified in paragraph 3 may not be produced more than 12 months after their date of issue.  5. Where a Member State temporarily or permanently deprives, in whole or in part, one of its nationals or a national of another Member State established in its territory of the right to pursue one of the activities referred to in Article 1, it shall, as appropriate, ensure the temporary or permanent withdrawal of the certificate referred to in the second indent of paragraph 3.  C. Provisions common to the right of establishment and freedom to provide services   Article 13 Where in a host Member State the use of the professional title relating to the activities referred to in Article 1 is subject to rules, nationals of other Member States who fulfil the conditions laid down in Articles 2 and 4 shall use the professional title of the host Member State which, in that State, corresponds to those conditions of qualification and shall use the abbreviated title.   Article 14 1. Member States shall take the necessary measures to enable the persons concerned to obtain information on veterinary legislation and, where applicable, on professional ethics by the host Member State.  For this purpose, Member States may set up information centres from which such persons may obtain the necessary information. In the case of  establishment, the host Member States may require the persons concerned to contact these centres.  2. Member States may set up the centres referred to in paragraph 1 within the competent authorities and bodies which they must designate within the period laid down in Article 18 (1).  3. Member States shall see to it that, where appropriate, the persons concerned acquire, in their interest and in that of their clients, the linguistic knowledge necessary for the pursuit of their profession in the host Member State.   CHAPTER VI FINAL PROVISIONS  Article 15 When it has ground for doubt, the host Member State may require of the competent authorities of another Member State confirmation of the authenticity of the diplomas, certificates and other evidence of formal qualifications awarded in that other Member State and referred to in Chapter II and also confirmation of the fact that the person concerned has fulfilled all the training requirements laid down in Directive 78/1027/EEC.   Article 16 Within the time limit laid down in Article 18 (1), Member States shall designate the authorities and bodies competent to award or receive the diplomas, certificates and other evidence of formal qualifications as well as the documents and information referred to in this Directive and shall forthwith inform the other Member States and the Commission thereof.   Article 17 This Directive shall also apply to nationals of Member States who, in accordance with Regulation (EEC) No 1612/68, are pursuing or will pursue as employed persons the activities referred to in Article 1.   Article 18 1. Member States shall bring into force the measures necessary to comply with this Directive within two years of its notification and shall forthwith inform the Commission thereof.  2. Member States shall communicate to the Commission the texts of the main provisions of national law which they adopt in the field covered by this Directive.   Article 19 This Directive is addressed to the Member States.     Done at Brussels, 18 December 1978.  For the Council  The President  H.-D. GENSCHER


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31987L0374

Council Directive 87/374/EEC of 13 July 1987 amending Directive 66/403/EEC on the marketing of seed potatoes

Official Journal L 197 , 18/07/1987 P. 0036 - 0036 Finnish special edition: Chapter 3 Volume 24 P. 0023  Swedish special edition: Chapter 3 Volume 24 P. 0023

*****COUNCIL  DIRECTIVE  of 13 July 1987  amending Directive 66/403/EEC on the marketing of seed potatoes  (87/374/EEC)  THE COUNCIL OF THE EUROPEAN COMMUNITIES,  Having regard to the Treaty establishing the European Economic Community, and in particular Article 43 thereof,  Having regard to the proposal from the Commission,  Having regard to the opinion of the European Parliament (1),  Whereas Council Directive 66/403/EEC of 14 June 1966 on the marketing of seed potatoes (2), as last amended by Directive 86/215/EEC (3), provides that in principle from 1 July 1975 onwards in the case of Member States other than Greece, Spain and Portugal, from 1 January 1981 onwards in the case of Greece, and from 1 January 1986 onwards in the case of Spain and Portugal, Member States may no longer determine for themselves the equivalence of seed potatoes harvested in third countries with seed potatoes harvested within the Community and complying with that Directive;  Whereas, however, since work to establish Community equivalence for all the third countries concerned had not been completed, Article 15 (2a) of that Directive permitted Member States other than Spain and Portugal to extend to 31 March 1986, the period of validity of equivalence which they had already determined in respect of certain countries not covered by the Community equivalences;  Whereas the said work is still incomplete and the said final dates should be replaced by dates determined in accordance with Member States' obligations under the common rules on plant health laid down by Council Directive 77/93/EEC of 21 December 1976 on protective measures against the introduction into the Member States of organisms harmful to plants or plant products (4), as last amended by Commission Directive 86/651/EEC (5);  Whereas this measure does not affect the aforementioned obligations and may only be used in accordance therewith,  HAS ADOPTED THIS DIRECTIVE:  Article 1  In Article 15 (2a) of Directive 66/403/EEC:  (a) in the first sentence '31 March 1986' is replaced by '31 March 1987', and the following is added:  '; it being understood that these decisions may only be used in accordance with the Member States' obligations under the common rules on plant health laid down by Directive 77/93/EEC';  (b) the second sentence is replaced by the following:  'With regard to Spain and Portugal, "1 July 1975" is replaced by "1 January 1986".'  Article 2  This Directive is addressed to the Member States.  Done at Luxembourg, 13 July 1987.  For the Council  The President  B. SCHALL HOLBERG  (1) OJ No C 156, 15. 6. 1987.  (2) OJ No 125, 11. 7. 1986, p. 2320/66.  (3) OJ No L 152, 6. 6. 1986, p. 46.  (4) OJ No L 26, 31. 1. 1977, p. 20.  (5) OJ No L 382, 31. 12. 1986, p. 13.


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31979L0279

Council Directive 79/279/EEC of 5 March 1979 coordinating the conditions for the admission of securities to official stock exchange listing

Official Journal L 066 , 16/03/1979 P. 0021 - 0032 Finnish special edition: Chapter 6 Volume 2 P. 0034  Greek special edition: Chapter 17 Volume 1 P. 0041  Swedish special edition: Chapter 6 Volume 2 P. 0034  Spanish special edition: Chapter 06 Volume 2 P. 0077  Portuguese special edition Chapter 06 Volume 2 P. 0077

****( 1 ) OJ NO C 56 , 10 . 3 . 1976 , P . 3 .  ( 2 ) OJ NO C 238 , 11 . 10 . 1976 , P . 38 .  ( 3 ) OJ NO C 204 , 30 . 8 . 1976 , P . 5 .  ( 1 ) OJ NO L 356 , 31 . 12 . 1977 , P . 1 .        COUNCIL DIRECTIVE   OF 5 MARCH 1979   COORDINATING THE CONDITIONS FOR THE ADMISSION OF SECURITIES TO OFFICIAL STOCK EXCHANGE LISTING  ( 79/279/EEC )   THE COUNCIL OF THE EUROPEAN   COMMUNITIES ,   HAVING REGARD TO THE TREATY ESTABLISHING THE EUROPEAN ECONOMIC COMMUNITY , AND IN PARTICULAR ARTICLES 54 ( 3 ) ( G ) AND 100 THEREOF ,   HAVING REGARD TO THE PROPOSAL FROM THE COMMISSION ( 1 ),   HAVING REGARD TO THE OPINION OF THE EUROPEAN PARLIAMENT  ( 2 ),   HAVING REGARD TO THE OPINION OF THE ECONOMIC AND SOCIAL COMMITTEE ( 3 ),   WHEREAS THE COORDINATION OF THE CONDITIONS FOR THE ADMISSION OF SECURITIES TO OFFICIAL LISTING ON STOCK EXCHANGES SITUATED OR OPERATING IN THE MEMBER STATES IS LIKELY TO PROVIDE EQUIVALENT PROTECTION FOR INVESTORS AT COMMUNITY LEVEL , BECAUSE OF THE MORE UNIFORM GUARANTEES OFFERED TO INVESTORS IN THE VARIOUS MEMBER STATES ; WHEREAS IT WILL FACILITATE BOTH THE ADMISSION TO OFFICIAL STOCK EXCHANGE LISTING , IN EACH SUCH STATE , OF SECURITIES FROM OTHER MEMBER STATES AND THE LISTING OF ANY GIVEN SECURITY ON A NUMBER OF STOCK EXCHANGES IN THE COMMUNITY ; WHEREAS IT WILL ACCORDINGLY MAKE FOR GREATER INTERPENETRATION OF NATIONAL SECURITIES MARKETS AND THEREFORE CONTRIBUTE TO THE PROSPECT OF ESTABLISHING A EUROPEAN CAPITAL MARKET ;   WHEREAS SUCH COORDINATION MUST THEREFORE APPLY TO SECURITIES , INDEPENDENTLY OF THE LEGAL STATUS OF THEIR ISSUERS , AND MUST THEREFORE ALSO APPLY TO SECURITIES ISSUED BY NON-MEMBER STATES OR THEIR REGIONAL OR LOCAL AUTHORITIES OR INTERNATIONAL PUBLIC BODIES ; WHEREAS THIS DIRECTIVE THEREFORE COVERS ENTITIES NOT COVERED BY THE SECOND PARAGRAPH OF ARTICLE 58 OF THE TREATY AND GOES BEYOND THE SCOPE OF ARTICLE 54 ( 3 ) ( G ) WHILE DIRECTLY AFFECTING THE ESTABLISHMENT AND FUNCTIONING OF THE COMMON MARKET WITHIN THE MEANING OF ARTICLE 100 ;   WHEREAS THERE SHOULD BE THE POSSIBILITY OF A RIGHT TO APPLY TO THE COURTS AGAINST DECISIONS BY THE COMPETENT NATIONAL AUTHORITIES IN RESPECT OF THE APPLICATION OF THIS DIRECTIVE , ALTHOUGH SUCH RIGHT TO APPLY MUST NOT BE ALLOWED TO RESTRICT THE DISCRETION OF THESE AUTHORITIES ;   WHEREAS , INITIALLY , THIS COORDINATION SHOULD BE SUFFICIENTLY FLEXIBLE TO ENABLE ACCOUNT TO BE TAKEN OF PRESENT DIFFERENCES IN THE STRUCTURES OF SECURITIES MARKETS IN THE MEMBER STATES AND TO ENABLE THE MEMBER STATES TO TAKE ACCOUNT OF ANY SPECIFIC SITUATIONS WITH WHICH THEY MAY BE CONFRONTED ;   WHEREAS , FOR THIS REASON , COORDINATION SHOULD FIRST BE LIMITED TO THE ESTABLISHMENT OF MINIMUM CONDITIONS FOR THE ADMISSION OF SECURITIES TO OFFICIAL LISTING ON STOCK EXCHANGES SITUATED OR OPERATING IN THE MEMBER STATES , WITHOUT HOWEVER GIVING ISSUERS ANY RIGHT TO LISTING ;   WHEREAS , THIS PARTIAL COORDINATION OF THE CONDITIONS FOR ADMISSION TO OFFICIAL LISTING CONSTITUTES A FIRST STEP TOWARDS SUBSEQUENT CLOSER ALIGNMENT OF THE RULES OF MEMBER STATES IN THIS FIELD ,   HAS ADOPTED THIS DIRECTIVE :   SECTION I   GENERAL PROVISIONS   ARTICLE 1   1 .  THIS DIRECTIVE CONCERNS 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 THIS DIRECTIVE TO :   -  UNITS ISSUED BY COLLECTIVE INVESTMENT UNDERTAKINGS OTHER THAN THE CLOSED-END TYPE ,   -  SECURITIES ISSUED BY A MEMBER STATE OR ITS REGIONAL OR LOCAL AUTHORITIES .   ARTICLE 2   FOR THE PURPOSES OF APPLYING THIS DIRECTIVE :  ( A ) COLLECTIVE INVESTMENT UNDERTAKINGS OTHER THAN THE CLOSED-END TYPE SHALL MEAN UNIT TRUSTS AND INVESTMENT COMPANIES :   -  THE OBJECT OF WHICH IS THE COLLECTIVE INVESTMENT OF CAPITAL PROVIDED BY THE PUBLIC , AND WHICH OPERATE ON THE PRINCIPLE OF RISK SPREADING , AND   -  THE UNITS OF WHICH ARE , AT THE REQUEST OF HOLDERS , 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 ;  ( B ) UNITS SHALL MEAN SECURITIES ISSUED BY COLLECTIVE INVESTMENT UNDERTAKINGS AS REPRESENTING THE RIGHTS OF PARTICIPANTS IN THE ASSETS OF SUCH UNDERTAKINGS ;  ( C ) EUROPEAN UNIT OF ACCOUNT SHALL MEAN THE UNIT OF ACCOUNT AS DEFINED IN ARTICLE 10 OF THE FINANCIAL REGULATION OF 21 DECEMBER 1977 APPLICABLE TO THE GENERAL BUDGET OF THE EUROPEAN COMMUNITIES ( 1 ).   ARTICLE 3   MEMBER STATES SHALL ENSURE THAT :   -  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 THAT   -  ISSUERS OF SECURITIES ADMITTED TO SUCH OFFICIAL LISTING , WHETHER ADMISSION TAKES PLACE BEFORE OR AFTER THE DATE ON WHICH THIS DIRECTIVE IS IMPLEMENTED , ARE SUBJECT TO THE OBLIGATIONS PROVIDED FOR BY THIS DIRECTIVE .   ARTICLE 4   1 .  THE ADMISSION OF SECURITIES TO OFFICIAL LISTING SHALL BE SUBJECT TO THE CONDITIONS SET OUT IN SCHEDULES A AND B TO THIS DIRECTIVE , RELATING TO SHARES AND DEBT SECURITIES RESPECTIVELY .   2 .  THE ISSUERS OF SECURITIES ADMITTED TO OFFICIAL LISTING MUST FULFIL THE OBLIGATIONS SET OUT IN SCHEDULES C AND D TO THIS DIRECTIVE , RELATING TO SHARES AND DEBT SECURITIES RESPECTIVELY .   3 .  CERTIFICATES REPRESENTING SHARES MAY BE ADMITTED TO OFFICIAL LISTING ONLY IF THE ISSUER OF THE SHARES REPRESENTED FULFILS THE CONDITIONS SET OUT IN I ( 1 ) TO I ( 3 ) OF SCHEDULE A AND THE OBLIGATIONS SET OUT IN SCHEDULE C AND IF THE CERTIFICATES FULFIL THE CONDITIONS SET OUT IN II ( 1 ) TO II ( 6 ) OF SCHEDULE A .   ARTICLE 5   1 .  SUBJECT TO THE PROHIBITIONS PROVIDED FOR IN ARTICLE 6 AND IN SCHEDULES A AND B , THE MEMBER STATES MAY MAKE THE ADMISSION OF SECURITIES TO OFFICIAL LISTING SUBJECT TO MORE STRINGENT CONDITIONS THAN THOSE SET OUT IN SCHEDULES A AND B 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 MORE STRINGENT OBLIGATIONS THAN THOSE SET OUT IN SCHEDULES C AND D OR TO ADDITIONAL OBLIGATIONS , PROVIDED THAT THESE MORE STRINGENT AND ADDITIONAL OBLIGATIONS APPLY GENERALLY FOR ALL ISSUERS OR FOR INDIVIDUAL CLASSES OF ISSUER .   3 .  MEMBER STATES MAY , UNDER THE SAME CONDITIONS AS THOSE LAID DOWN IN ARTICLE 7 , AUTHORIZE 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 .   ARTICLE 6   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 .   ARTICLE 7   ANY DEROGATIONS FROM THE CONDITIONS FOR THE ADMISSION OF SECURITIES TO OFFICIAL LISTING WHICH MAY BE AUTHORIZED IN ACCORDANCE WITH SCHEDULES A AND B MUST APPLY GENERALLY FOR ALL ISSUERS WHERE THE CIRCUMSTANCES JUSTIFYING THEM ARE SIMILAR .   ARTICLE 8   MEMBER STATES MAY DECIDE NOT TO APPLY THE CONDITIONS SET OUT IN SCHEDULE B AND THE OBLIGATIONS SET OUT IN A ( 4 ) ( A ) AND ( C ) OF SCHEDULE D 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 .   SECTION II   AUTHORITIES COMPETENT TO ADMIT SECURITIES   TO OFFICIAL LISTING   ARTICLE 9   1 .  MEMBER STATES SHALL DESIGNATE THE NATIONAL AUTHORITY OR AUTHORITIES COMPETENT TO DECIDE ON THE ADMISSION OF SECURITIES TO OFFICIAL LISTING ON A STOCK EXCHANGE SITUATED OR OPERATING WITHIN THEIR TERRITORIES AND SHALL ENSURE THAT THIS DIRECTIVE IS APPLIED . THEY SHALL INFORM THE COMMISSION ACCORDINGLY , INDICATING , IF APPROPRIATE , HOW DUTIES HAVE BEEN ALLOCATED .   2 .  MEMBER STATES SHALL ENSURE THAT THE COMPETENT AUTHORITIES HAVE SUCH POWERS AS MAY BE NECESSARY FOR THE EXERCISE OF THEIR DUTIES .   3 .  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 10   BY WAY OF DEROGATION FROM ARTICLE 5 , 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 11   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 12   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 .   ARTICLE 13   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 .   ARTICLE 14   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 JEOPARDIZED 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 .   ARTICLE 15   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 .   ARTICLE 16   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 III   PUBLICATION OF THE INFORMATION TO BE MADE   AVAILABLE TO THE PUBLIC   ARTICLE 17   1 .  THE INFORMATION WHICH ISSUERS OF A SECURITY ADMITTED TO OFFICIAL LISTING IN A MEMBER STATE ARE REQUIRED TO MAKE AVAILABLE TO THE PUBLIC IN ACCORDANCE WITH THE REQUIREMENTS OF SCHEDULES C AND D SHALL BE PUBLISHED IN ONE OR MORE NEWSPAPERS DISTRIBUTED THROUGHOUT THE MEMBER STATE OR DISTRIBUTED WIDELY THEREIN OR SHALL BE MADE AVAILABLE TO THE PUBLIC EITHER IN WRITING IN PLACES INDICATED BY ANNOUNCEMENTS TO BE PUBLISHED IN ONE OR MORE NEWSPAPERS DISTRIBUTED THROUGHOUT THE MEMBER STATE OR WIDELY DISTRIBUTED THEREIN OR BY OTHER EQUIVALENT MEANS APPROVED BY THE COMPETENT AUTHORITIES . THE ISSUERS MUST SIMULTANEOUSLY SEND SUCH INFORMATION TO THE COMPETENT AUTHORITIES .   2 .  THE INFORMATION REFERRED TO IN PARAGRAPH 1 SHALL BE PUBLISHED IN THE OFFICIAL LANGUAGE OR LANGUAGES , OR IN ONE OF THE OFFICIAL LANGUAGES OR IN ANOTHER LANGUAGE PROVIDED THAT IN THE MEMBER STATE IN QUESTION THE OFFICIAL LANGUAGE OR LANGUAGES OR SUCH OTHER LANGUAGE IS OR ARE CUSTOMARY IN THE SPHERE OF FINANCE AND ACCEPTED BY THE COMPETENT AUTHORITIES .   SECTION IV   COOPERATION BETWEEN MEMBER STATES   ARTICLE 18   1 .  THE COMPETENT AUTHORITIES SHALL COOPERATE WHEREVER NECESSARY FOR THE PURPOSE OF CARRYING OUT THEIR DUTIES AND SHALL EXCHANGE ANY INFORMATION REQUIRED FOR THAT PURPOSE .   2 .  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 .   3 .  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 19   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 .   SECTION V   CONTACT COMMITTEE   ARTICLE 20   1 .  A CONTACT COMMITTEE ( HEREINAFTER CALLED ' THE COMMITTEE ' ) SHALL BE SET UP ALONGSIDE THE COMMISSION . ITS FUNCTION SHALL BE :  ( A ) WITHOUT PREJUDICE TO ARTICLES 169 AND 170 OF THE EEC TREATY TO FACILITATE THE HARMONIZED IMPLEMENTATION OF THIS DIRECTIVE THROUGH REGULAR CONSULTATIONS ON ANY PRACTICAL PROBLEMS ARISING FROM ITS APPLICATION AND ON WHICH EXCHANGES OF VIEW ARE DEEMED USEFUL ;  ( B ) TO FACILITATE THE ESTABLISHMENT OF A CONCERTED ATTITUDE BETWEEN THE MEMBER STATES ON THE MORE STRINGENT OR ADDITIONAL CONDITIONS AND OBLIGATIONS WHICH , PURSUANT TO ARTICLE 5 OF THIS DIRECTIVE , THEY MAY LAY DOWN AT NATIONAL LEVEL ;  ( C ) TO ADVISE THE COMMISSION , IF NECESSARY , ON ANY SUPPLEMENTS OR AMENDMENTS TO BE MADE TO THIS DIRECTIVE OR ON ANY ADJUSTMENTS TO BE MADE IN ACCORDANCE WITH ARTICLE 21 .   2 .  IT SHALL NOT BE THE FUNCTION OF THE COMMITTEE TO APPRAISE THE MERITS OF DECISIONS TAKEN BY THE COMPETENT AUTHORITIES IN INDIVIDUAL CASES .   3 .  THE COMMITTEE SHALL BE COMPOSED OF PERSONS APPOINTED BY THE MEMBER STATES AND OF REPRESENTATIVES OF THE COMMISSION . THE CHAIRMAN SHALL BE A REPRESENTATIVE OF THE COMMISSION . SECRETARIAL SERVICES SHALL BE PROVIDED BY THE COMMISSION .   4 .  MEETINGS OF THE COMMITTEE SHALL BE CONVENED BY ITS CHAIRMAN , EITHER ON HIS OWN INITIATIVE OR AT THE REQUEST OF ONE MEMBER STATE DELEGATION . THE COMMITTEE SHALL DRAW UP ITS RULES OF PROCEDURE .   ARTICLE 21   1 .  FOR THE PURPOSE OF ADJUSTING , IN THE LIGHT OF THE REQUIREMENTS OF THE ECONOMIC SITUATION , THE MINIMUM AMOUNT OF THE FORESEEABLE MARKET CAPITALIZATION LAID DOWN IN THE FIRST PARAGRAPH OF I ( 2 ) OF SCHEDULE A , THE COMMISSION SHALL SUBMIT TO THE COMMITTEE A DRAFT OF THE MEASURES TO BE TAKEN . THE COMMITTEE SHALL DELIVER ITS OPINION WITHIN THE PERIOD LAID DOWN BY ITS CHAIRMAN . ITS DECISIONS SHALL REQUIRE 41 VOTES IN FAVOUR , THE VOTES OF THE MEMBER STATES BEING WEIGHTED AS PROVIDED FOR IN ARTICLE 148 ( 2 ) OF THE TREATY .   2 .  WHEN THE COMMITTEE HAS DELIVERED AN OPINION IN FAVOUR OF THE DRAFT OF THE MEASURES ENVISAGED BY THE COMMISSION THE LATTER SHALL ADOPT THEM .   WHERE THE OPINION OF THE COMMITTEE IS NOT IN ACCORDANCE WITH THE DRAFT OF THE MEASURES ENVISAGED BY THE COMMISSION OR WHERE THE COMMITTEE HAS NOT DELIVERED AN OPINION WITHIN THE REQUIRED PERIOD , THE COMMISSION SHALL WITHOUT DELAY LAY BEFORE THE COUNCIL , WHICH SHALL ACT BY QUALIFIED MAJORITY , A PROPOSAL CONCERNING THE MEASURES TO BE TAKEN .   WHERE THE COUNCIL FAILS TO ACT ON THE PROPOSAL WITHIN THREE MONTHS OF ITS RECEIPT , THE MEASURES PROPOSED SHALL BE ADOPTED BY THE COMMISSION .   SECTION VI   FINAL PROVISIONS   ARTICLE 22   1 .  MEMBER STATES SHALL TAKE THE MEASURES NECESSARY TO COMPLY WITH THIS DIRECTIVE WITHIN TWO YEARS OF ITS NOTIFICATION . THEY SHALL FORTHWITH INFORM THE COMMISSION THEREOF .   THIS PERIOD SHALL BE EXTENDED BY ONE YEAR IN THE CASE OF MEMBER STATES SIMULTANEOUSLY INTRODUCING THIS DIRECTIVE AND THE PROPOSED COUNCIL DIRECTIVE ON THE PARTICULARS TO BE PUBLISHED WHEN SECURITIES ISSUED BY COMPANIES WITHIN THE MEANING OF THE SECOND PARAGRAPH OF ARTICLE 58 OF THE TREATY ARE ADMITTED TO OFFICIAL STOCK-EXCHANGE LISTING .   2 .  AS FROM THE NOTIFICATION OF THIS DIRECTIVE , 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 23   THIS DIRECTIVE IS ADDRESSED TO THE MEMBER STATES .   DONE AT BRUSSELS , 5 MARCH 1979 .   FOR THE COUNCIL   THE PRESIDENT   J . FRANCOIS-PONCET ****    ANNEX   SCHEDULE A   CONDITIONS FOR THE ADMISSION OF SHARES TO OFFICIAL LISTING ON A STOCK EXCHANGE   I . CONDITIONS RELATING TO COMPANIES FOR THE SHARES OF WHICH ADMISSION TO OFFICIAL LISTING IS SOUGHT   1 . LEGAL POSITION OF THE COMPANY   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 .   2 . MINIMUM SIZE OF THE COMPANY   THE FORESEEABLE MARKET CAPITALIZATION 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 EUROPEAN UNITS OF ACCOUNT .   HOWEVER , 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 .   A HIGHER FORESEEABLE MARKET CAPITALIZATION OR HIGHER CAPITAL AND RESERVES MAY BE REQUIRED BY A MEMBER STATE FOR ADMISSION TO OFFICIAL LISTING ONLY IF ANOTHER REGULATED , REGULARLY OPERATING , RECOGNIZED OPEN MARKET EXISTS IN THAT STATE AND THE REQUIREMENTS FOR IT ARE EQUAL TO OR LESS THAN THOSE REFERRED TO IN THE FIRST PARAGRAPH .   THE CONDITION SET OUT IN THE FIRST PARAGRAPH SHALL NOT BE APPLICABLE FOR THE ADMISSION TO OFFICIAL LISTING OF A FURTHER BLOCK OF SHARES OF THE SAME CLASS AS THOSE ALREADY ADMITTED .   THE EQUIVALENT IN NATIONAL CURRENCY OF ONE MILLION EUROPEAN UNITS OF ACCOUNT SHALL INITIALLY BE THAT APPLICABLE ON THE DATE ON WHICH THE DIRECTIVE IS ADOPTED .   IF , AS A RESULT OF ADJUSTMENT OF THE EQUIVALENT OF THE EUROPEAN UNIT OF ACCOUNT IN NATIONAL CURRENCY , THE MARKET CAPITALIZATION EXPRESSED IN NATIONAL CURRENCY REMAINS FOR A PERIOD OF ONE YEAR AT LEAST 10 % MORE OR LESS THAN THE VALUE OF ONE MILLION EUROPEAN UNITS OF ACCOUNT THE MEMBER STATE MUST , WITHIN THE 12 MONTHS FOLLOWING THE EXPIRY OF THAT PERIOD , ADJUST ITS LAWS , REGULATIONS OR ADMINISTRATIVE PROVISIONS TO COMPLY WITH THE FIRST PARAGRAPH .   3 . A COMPANY ' S PERIOD OF EXISTENCE   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 JUDGMENT ON THE COMPANY AND THE SHARES FOR WHICH ADMISSION TO OFFICIAL LISTING IS SOUGHT .   II . CONDITIONS RELATING TO THE SHARES FOR WHICH ADMISSION TO OFFICIAL LISTING IS SOUGHT   1 . LEGAL POSITION OF THE SHARES   THE LEGAL POSITION OF THE SHARES MUST BE IN CONFORMITY WITH THE LAWS AND REGULATIONS TO WHICH THEY ARE SUBJECT .   2 . NEGOTIABILITY OF THE SHARES   THE SHARES MUST BE FREELY NEGOTIABLE .   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 .   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 THE FIRST PARAGRAPH ONLY IF THE USE OF THE APPROVAL CLAUSE DOES NOT DISTURB THE MARKET .   3 .  PUBLIC ISSUE PRECEDING ADMISSION TO OFFICIAL LISTING   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 .   4 .  DISTRIBUTION OF SHARES   A SUFFICIENT NUMBER OF SHARES MUST BE DISTRIBUTED TO THE PUBLIC IN ONE OR MORE MEMBER STATES NOT LATER THAN THE TIME OF ADMISSION .   THIS CONDITION 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 .   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 .   HOWEVER , BY WAY OF DEROGATION FROM THE FIRST PARAGRAPH , IF THE SHARES ARE ADMITTED TO OFFICIAL LISTING IN ONE OR MORE NON-MEMBER STATES , 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 .   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 .   5 .  LISTING OF SHARES OF THE SAME CLASS   THE APPLICATION FOR ADMISSION TO OFFICIAL LISTING MUST COVER ALL THE SHARES OF THE SAME CLASS ALREADY ISSUED .   HOWEVER , 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 .   6 .  PHYSICAL FORM OF SHARES   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 .   THE PHYSICAL FORM OF SHARES ISSUED BY COMPANIES WHICH ARE NATIONALS OF A NON-MEMBER STATE MUST AFFORD SUFFICIENT SAFEGUARD FOR THE PROTECTION OF THE INVESTORS .   7 .  SHARES ISSUED BY COMPANIES FROM A NON-MEMBER STATE   IF THE SHARES ISSUED BY A COMPANY WHICH IS A NATIONAL OF A NON-MEMBER STATE 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 .   SCHEDULE B   CONDITIONS FOR THE ADMISSION OF DEBT SECURITIES TO OFFICIAL LISTING ON A STOCK EXCHANGE   A . ADMISSION TO OFFICIAL LISTING OF DEBT SECURITIES ISSUED BY AN UNDERTAKING   I . CONDITIONS RELATING TO UNDERTAKINGS FOR THE DEBT SECURITIES OF WHICH ADMISSION TO OFFICIAL LISTING IS SOUGHT   LEGAL POSITION OF THE UNDERTAKING   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 .   II . CONDITIONS RELATING TO THE DEBT SECURITIES FOR WHICH ADMISSION TO OFFICIAL LISTING IS SOUGHT   1 .  LEGAL POSITION OF THE DEBT SECURITIES   THE LEGAL POSITION OF THE DEBT SECURITIES MUST BE IN CONFORMITY WITH THE LAWS AND REGULATIONS TO WHICH THEY ARE SUBJECT .   2 .  NEGOTIABILITY OF THE DEBT SECURITIES   THE DEBT SECURITIES MUST BE FREELY NEGOTIABLE .   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 .   3 .  PUBLIC ISSUE PRECEDING ADMISSION TO OFFICIAL LISTING   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 .   4 .  LISTING OF DEBT SECURITIES RANKING PARI PASSU   THE APPLICATION FOR ADMISSION TO OFFICIAL LISTING MUST COVER ALL DEBT SECURITIES RANKING PARI PASSU .   5 .  PHYSICAL FORM OF DEBT SECURITIES   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 .   HOWEVER , THE PHYSICAL FORM OF DEBT SECURITIES ISSUED IN A SINGLE MEMBER STATE MUST CONFORM TO THE STANDARDS IN FORCE IN THAT STATE .   THE PHYSICAL FORM OF DEBT SECURITIES ISSUED BY UNDERTAKINGS WHICH ARE NATIONALS OF A NON-MEMBER STATE MUST AFFORD SUFFICIENT SAFEGUARD FOR THE PROTECTION OF THE INVESTORS .   III . OTHER CONDITIONS   1 .  MINIMUM AMOUNT OF THE LOAN   THE AMOUNT OF THE LOAN MAY NOT BE LESS THAN 200 000 EUROPEAN UNITS OF ACCOUNT . THIS PROVISION SHALL NOT BE APPLICABLE IN THE CASE OF TAP ISSUES WHERE THE AMOUNT OF THE LOAN IS NOT FIXED .   MEMBER STATES MAY , HOWEVER , 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 .   THE EQUIVALENT IN NATIONAL CURRENCY OF 200 000 EUROPEAN UNITS OF ACCOUNT SHALL INITIALLY BE THAT APPLICABLE ON THE DATE ON WHICH THIS DIRECTIVE IS ADOPTED .   IF AS A RESULT OF ADJUSTMENT OF THE EQUIVALENT OF THE EUROPEAN UNIT OF ACCOUNT 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 200 000 EUROPEAN UNITS OF ACCOUNT THE MEMBER STATE MUST , WITHIN THE 12 MONTHS FOLLOWING THE EXPIRY OF THAT PERIOD , AMEND ITS LAWS , REGULATIONS AND ADMINISTRATIVE PROVISIONS TO COMPLY WITH THE FIRST PARAGRAPH .   2 . CONVERTIBLE OR EXCHANGEABLE DEBENTURES , AND DEBENTURES WITH WARRANTS   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 , RECOGNIZED OPEN MARKET OR ARE SO ADMITTED SIMULTANEOUSLY .   HOWEVER , MEMBER STATES MAY , BY WAY OF DEROGATION FROM THE FIRST PARAGRAPH , 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 .   B . ADMISSION TO OFFICIAL LISTING OF DEBT SECURITIES ISSUED BY A STATE , ITS REGIONAL OR LOCAL AUTHORITIES OR A PUBLIC INTERNATIONAL BODY   1 . NEGOTIABILITY OF THE DEBT SECURITIES   THE DEBT SECURITIES MUST BE FREELY NEGOTIABLE .   2 . PUBLIC ISSUE PRECEDING ADMISSION TO OFFICIAL LISTING   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 .   3 . LISTING OF DEBT SECURITIES RANKING PARI PASSU   THE APPLICATION FOR ADMISSION TO OFFICIAL LISTING MUST COVER ALL THE SECURITIES RANKING PARI PASSU .   4 . PHYSICAL FORM OF DEBT SECURITIES   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 .   THE PHYSICAL FORM OF DEBT SECURITIES ISSUED BY NON-MEMBER STATES OR THEIR REGIONAL OR LOCAL AUTHORITIES OR BY PUBLIC INTERNATIONAL BODIES MUST AFFORD SUFFICIENT SAFEGUARD FOR THE PROTECTION OF THE INVESTORS . ****   SCHEDULE C   OBLIGATIONS OF COMPANIES WHOSE SHARES ARE ADMITTED TO OFFICIAL LISTING ON A STOCK EXCHANGE   1 . LISTING OF NEWLY ISSUED SHARES OF THE SAME CLASS   WITHOUT PREJUDICE TO THE SECOND PARAGRAPH OF II ( 5 ) OF SCHEDULE A , 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 .   2 . TREATMENT OF SHAREHOLDERS  ( A ) THE COMPANY SHALL ENSURE EQUAL TREATMENT FOR ALL SHAREHOLDERS WHO ARE IN THE SAME POSITION .  ( B ) THE COMPANY MUST ENSURE , AT LEAST IN EACH MEMBER STATE IN WHICH ITS SHARES ARE LISTED , THAT ALL THE NECESSARY FACILITIES AND INFORMATION ARE AVAILABLE TO ENABLE SHAREHOLDERS TO EXERCISE THEIR RIGHTS . IN PARTICULAR , IT MUST :   -  INFORM SHAREHOLDERS OF THE HOLDING OF MEETINGS AND ENABLE THEM TO EXERCISE THEIR RIGHT TO VOTE ,   -  PUBLISH NOTICES OR DISTRIBUTE CIRCULARS CONCERNING THE ALLOCATION AND PAYMENT OF DIVIDENDS , THE ISSUE OF NEW SHARES INCLUDING ALLOTMENT , SUBSCRIPTION , RENUNCIATION AND CONVERSION ARRANGEMENTS ,   -  DESIGNATE AS ITS AGENT A FINANCIAL INSTITUTION THROUGH WHICH SHAREHOLDERS MAY EXERCISE THEIR FINANCIAL RIGHTS , UNLESS THE COMPANY ITSELF PROVIDES FINANCIAL SERVICES .   3 . AMENDMENT OF THE INSTRUMENT OF INCORPORATION OR THE STATUTES  ( A ) A COMPANY PLANNING AN AMENDMENT TO ITS INSTRUMENT OF INCORPORATION OR ITS STATUTES MUST COMMUNICATE A DRAFT THEREOF TO THE COMPETENT AUTHORITIES OF THE MEMBER STATES IN WHICH ITS SHARES ARE LISTED .  ( B ) THAT DRAFT MUST BE COMMUNICATED TO THE COMPETENT AUTHORITIES NO LATER THAN THE CALLING OF THE GENERAL MEETING WHICH IS TO DECIDE ON THE PROPOSED AMENDMENT .   4 . ANNUAL ACCOUNTS AND ANNUAL REPORT  ( A ) THE COMPANY MUST MAKE AVAILABLE TO THE PUBLIC , AS SOON AS POSSIBLE , ITS MOST RECENT ANNUAL ACCOUNTS AND ITS LAST ANNUAL REPORT .  ( B ) IF THE COMPANY PREPARES BOTH ANNUAL OWN AND ANNUAL CONSOLIDATED ACCOUNTS , IT MUST MAKE THEM AVAILABLE TO THE PUBLIC . IN THAT EVENT THE COMPETENT AUTHORITIES MAY AUTHORIZE THE COMPANY ONLY TO MAKE AVAILABLE TO THE PUBLIC EITHER THE OWN OR THE CONSOLIDATED ACCOUNTS , PROVIDED THAT THE ACCOUNTS WHICH ARE NOT MADE AVAILABLE TO THE PUBLIC DO NOT CONTAIN ANY SIGNIFICANT ADDITIONAL INFORMATION .  ( C ) IF THE ANNUAL ACCOUNTS AND REPORTS DO NOT COMPLY WITH THE PROVISIONS OF COUNCIL DIRECTIVES CONCERNING COMPANIES ' ACCOUNTS AND IF THEY DO NOT GIVE A TRUE AND FAIR VIEW OF THE COMPANY ' S ASSETS AND LIABILITIES , FINANCIAL POSITION AND PROFIT OR LOSS , MORE DETAILED AND/OR ADDITIONAL INFORMATION MUST BE PROVIDED .   5 . ADDITIONAL INFORMATION  ( A ) THE COMPANY MUST INFORM THE PUBLIC AS SOON AS POSSIBLE OF ANY MAJOR NEW DEVELOPMENTS IN ITS SPHERE OF ACTIVITY WHICH ARE NOT PUBLIC KNOWLEDGE AND WHICH MAY , BY VIRTUE OF THEIR EFFECT ON ITS ASSETS AND LIABILITIES OR FINANCIAL POSITION OR ON THE GENERAL COURSE OF ITS BUSINESS , LEAD TO SUBSTANTIAL MOVEMENTS IN THE PRICES OF ITS SHARES .   THE COMPETENT AUTHORITIES MAY , HOWEVER , EXEMPT THE COMPANY FROM THIS REQUIREMENT , IF THE DISCLOSURE OF PARTICULAR INFORMATION IS SUCH AS TO PREJUDICE THE LEGITIMATE INTERESTS OF THE COMPANY .  ( B ) THE COMPANY MUST INFORM THE PUBLIC WITHOUT DELAY OF ANY CHANGES IN THE RIGHTS ATTACHING TO THE VARIOUS CLASSES OF SHARES .  ( C ) THE COMPANY MUST INFORM THE PUBLIC OF ANY CHANGES IN THE STRUCTURE ( SHAREHOLDERS AND BREAKDOWN OF HOLDINGS ) OF THE MAJOR HOLDINGS IN ITS CAPITAL AS COMPARED WITH INFORMATION PREVIOUSLY PUBLISHED ON THAT SUBJECT AS SOON AS SUCH CHANGES COME TO ITS NOTICE .   6 . EQUIVALENCE OF INFORMATION  ( A ) A COMPANY WHOSE SHARES ARE OFFICIALLY LISTED ON STOCK EXCHANGES SITUATED OR OPERATING IN DIFFERENT MEMBER STATES MUST ENSURE THAT EQUIVALENT INFORMATION IS MADE AVAILABLE TO THE MARKET AT EACH OF THESE EXCHANGES .  ( B ) A COMPANY WHOSE SHARES ARE OFFICIALLY LISTED ON STOCK EXCHANGES SITUATED OR OPERATING IN ONE OR MORE MEMBER STATES AND IN ONE OR MORE NON-MEMBER STATES MUST MAKE AVAILABLE TO THE MARKETS OF THE MEMBER STATE OR STATES IN WHICH ITS SHARES ARE LISTED INFORMATION WHICH IS AT LEAST EQUIVALENT TO THAT WHICH IT MAKES AVAILABLE TO THE MARKETS OF THE NON-MEMBER STATE OR STATES IN QUESTION , IF SUCH INFORMATION MAY BE OF IMPORTANCE FOR THE EVALUATION OF THE SHARES .   SCHEDULE D   OBLIGATIONS OF ISSUERS WHOSE DEBT SECURITIES ARE ADMITTED TO OFFICIAL LISTING ON A STOCK EXCHANGE   A . DEBT SECURITIES ISSUED BY AN UNDERTAKING   1 . TREATMENT OF HOLDERS OF DEBT SECURITIES  ( A ) THE UNDERTAKING MUST ENSURE THAT ALL HOLDERS OF DEBT SECURITIES RANKING PARI PASSU ARE GIVEN EQUAL TREATMENT IN RESPECT OF ALL THE RIGHTS ATTACHING TO THOSE DEBT SECURITIES .   PROVIDED THEY ARE MADE IN ACCORDANCE WITH NATIONAL LAW , THIS CONDITION SHALL NOT PREVENT OFFERS OF EARLY REPAYMENT OF CERTAIN DEBT SECURITIES BEING MADE TO HOLDERS BY AN UNDERTAKING IN DEROGATION FROM THE CONDITIONS OF ISSUE AND IN PARTICULAR IN ACCORDANCE WITH SOCIAL PRIORITIES .  ( B ) THE UNDERTAKING MUST ENSURE THAT AT LEAST IN EACH MEMBER STATE WHERE ITS DEBT SECURITIES ARE OFFICIALLY LISTED ALL THE FACILITIES AND INFORMATION NECESSARY TO ENABLE HOLDERS TO EXERCISE THEIR RIGHTS ARE AVAILABLE . IN PARTICULAR , IT MUST :   -  PUBLISH NOTICES OR DISTRIBUTE CIRCULARS CONCERNING THE HOLDING OF MEETINGS OF HOLDERS OF DEBT SECURITIES , THE PAYMENT OF INTEREST , THE EXERCISE OF ANY CONVERSION , EXCHANGE , SUBSCRIPTION OR RENUNCIATION RIGHTS , AND REPAYMENT ,   -  DESIGNATE AS ITS AGENT A FINANCIAL INSTITUTION THROUGH WHICH HOLDERS OF DEBT SECURITIES MAY EXERCISE THEIR FINANCIAL RIGHTS , UNLESS THE UNDERTAKING ITSELF PROVIDES FINANCIAL SERVICES .   2 . AMENDMENT OF THE INSTRUMENT OF INCORPORATION OR THE STATUTES  ( A ) AN UNDERTAKING PLANNING AN AMENDMENT TO ITS INSTRUMENT OF INCORPORATION OR ITS STATUTES AFFECTING THE RIGHTS OF HOLDERS OF DEBT SECURITIES MUST FORWARD A DRAFT THEREOF TO THE COMPETENT AUTHORITIES OF THE MEMBER STATES IN WHICH ITS DEBT SECURITIES ARE LISTED .  ( B ) THAT DRAFT MUST BE COMMUNICATED TO THE COMPETENT AUTHORITIES NO LATER THAN THE CALLING OF THE MEETING OF THE BODY WHICH IS TO DECIDE ON THE PROPOSED AMENDMENT .   3 . ANNUAL ACCOUNTS AND ANNUAL REPORT  ( A ) THE UNDERTAKING MUST MAKE AVAILABLE TO THE PUBLIC AS SOON AS POSSIBLE ITS MOST RECENT ANNUAL ACCOUNTS AND ITS LAST ANNUAL REPORT THE PUBLICATION OF WHICH IS REQUIRED BY NATIONAL LAW .  ( B ) IF THE UNDERTAKING PREPARES BOTH ANNUAL OWN AND ANNUAL CONSOLIDATED ACCOUNTS , IT MUST MAKE THEM AVAILABLE TO THE PUBLIC . IN THAT EVENT , HOWEVER , THE COMPETENT AUTHORITY MAY AUTHORIZE THE UNDERTAKING ONLY TO MAKE AVAILABLE TO THE PUBLIC EITHER THE OWN ACCOUNTS OR THE CONSOLIDATED ACCOUNTS , PROVIDED THAT THE ACCOUNTS WHICH ARE NOT MADE AVAILABLE DO NOT CONTAIN ANY SIGNIFICANT ADDITIONAL INFORMATION .  ( C ) IF THE ACCOUNTS AND REPORTS DO NOT COMPLY WITH THE PROVISIONS OF COUNCIL DIRECTIVES CONCERNING UNDERTAKINGS ' ACCOUNTS AND IF THEY DO NOT GIVE A TRUE AND FAIR VIEW OF THE UNDERTAKING ' S ASSETS AND LIABILITIES , FINANCIAL POSITION AND RESULTS , MORE DETAILED AND/OR ADDITIONAL INFORMATION MUST BE PROVIDED .   4 . ADDITIONAL INFORMATION  ( A ) THE UNDERTAKING MUST INFORM THE PUBLIC AS SOON AS POSSIBLE OF ANY MAJOR NEW DEVELOPMENTS IN ITS SPHERE OF ACTIVITY WHICH ARE NOT PUBLIC KNOWLEDGE AND WHICH MAY SIGNIFICANTLY AFFECT ITS ABILITY TO MEET ITS COMMITMENTS .   THE COMPETENT AUTHORITIES MAY , HOWEVER , EXEMPT THE UNDERTAKING FROM THIS OBLIGATION AT ITS REQUEST IF THE DISCLOSURE OF PARTICULAR INFORMATION WOULD BE SUCH AS TO PREJUDICE THE LEGITIMATE INTERESTS OF THE UNDERTAKING .  ( B ) THE UNDERTAKING MUST INFORM THE PUBLIC WITHOUT DELAY OF ANY CHANGE IN THE RIGHTS OF HOLDERS OF DEBT SECURITIES RESULTING IN PARTICULAR FROM A CHANGE IN LOAN TERMS OR IN INTEREST RATES .  ( C ) THE UNDERTAKING MUST INFORM THE PUBLIC WITHOUT DELAY OF NEW LOAN ISSUES AND IN PARTICULAR OF ANY GUARANTEE OR SECURITY IN RESPECT THEREOF .  ( D ) WHERE THE DEBT SECURITIES OFFICIALLY LISTED ARE CONVERTIBLE OR EXCHANGEABLE DEBENTURES , OR DEBENTURES WITH WARRANTS , THE UNDERTAKING MUST INFORM THE PUBLIC WITHOUT DELAY OF ANY CHANGES IN THE RIGHTS ATTACHING TO THE VARIOUS CLASSES OF SHARES TO WHICH THEY RELATE .   5 . EQUIVALENCE OF INFORMATION  ( A ) AN UNDERTAKING THE DEBT SECURITIES OF WHICH ARE OFFICIALLY LISTED ON STOCK EXCHANGES SITUATED OR OPERATING IN DIFFERENT MEMBER STATES MUST ENSURE THAT EQUIVALENT INFORMATION IS MADE AVAILABLE TO THE MARKET AT EACH OF THESE EXCHANGES .( B ) AN UNDERTAKING THE DEBT SECURITIES OF WHICH ARE OFFICIALLY LISTED ON STOCK EXCHANGES SITUATED OR OPERATING IN ONE OR MORE MEMBER STATES AND IN ONE OR MORE NON-MEMBER STATES MUST MAKE AVAILABLE TO THE MARKETS OF THE MEMBER STATE OR MEMBER STATES IN WHICH ITS DEBT SECURITIES ARE LISTED INFORMATION WHICH IS AT LEAST EQUIVALENT TO THAT WHICH IT MAKES AVAILABLE TO THE MARKETS OF THE NON-MEMBER STATE OR STATES IN QUESTION , IF SUCH INFORMATION MAY BE OF IMPORTANCE FOR THE EVALUATION OF THE DEBT SECURITIES .   B . DEBT SECURITIES ISSUED BY A STATE OR ITS REGIONAL OR LOCAL AUTHORITIES OR BY A PUBLIC INTERNATIONAL BODY   1 . TREATMENT OF HOLDERS OF DEBT SECURITIES  ( A ) STATES , THEIR REGIONAL OR LOCAL AUTHORITIES AND PUBLIC INTERNATIONAL BODIES MUST ENSURE THAT ALL HOLDERS OF DEBT SECURITIES RANKING PARI PASSU ARE GIVEN EQUAL TREATMENT IN RESPECT OF ALL THE RIGHTS ATTACHING TO THOSE DEBT SECURITIES .   PROVIDED THEY ARE MADE IN ACCORDANCE WITH NATIONAL LAW , THIS CONDITION SHALL NOT PREVENT OFFERS OF EARLY REPAYMENT OF CERTAIN DEBT SECURITIES BEING MADE TO HOLDERS BY AN ISSUER IN DEROGATION FROM THE CONDITIONS OF ISSUE AND IN PARTICULAR IN ACCORDANCE WITH SOCIAL PRIORITIES .  ( B ) STATES , THEIR REGIONAL OR LOCAL AUTHORITIES AND PUBLIC INTERNATIONAL BODIES MUST ENSURE THAT AT LEAST IN EACH MEMBER STATE IN WHICH THEIR DEBT SECURITIES ARE OFFICIALLY LISTED ALL THE FACILITIES AND INFORMATION NECESSARY TO ENABLE HOLDERS OF DEBT SECURITIES TO EXERCISE THEIR RIGHTS ARE AVAILABLE . IN PARTICULAR , THEY MUST :   -  PUBLISH NOTICES OR DISTRIBUTE CIRCULARS CONCERNING THE HOLDING OF MEETINGS OF HOLDERS OF DEBT SECURITIES , THE PAYMENT OF INTEREST AND REDEMPTION ,   -  DESIGNATE AS THEIR AGENTS FINANCIAL INSTITUTIONS THROUGH WHICH HOLDERS OF DEBT SECURITIES MAY EXERCISE THEIR FINANCIAL RIGHTS .   2 . EQUIVALENCE OF INFORMATION  ( A ) STATES , THEIR REGIONAL OR LOCAL AUTHORITIES AND PUBLIC INTERNATIONAL BODIES THE DEBT SECURITIES OF WHICH ARE OFFICIALLY LISTED ON STOCK EXCHANGES SITUATED OR OPERATING IN DIFFERENT MEMBER STATES MUST ENSURE THAT EQUIVALENT INFORMATION IS MADE AVAILABLE TO THE MARKET AT EACH OF THESE EXCHANGES .  ( B ) STATES , THEIR REGIONAL OR LOCAL AUTHORITIES AND PUBLIC INTERNATIONAL BODIES THE DEBT SECURITIES OF WHICH ARE OFFICIALLY LISTED ON STOCK EXCHANGES SITUATED OR OPERATING IN ONE OR MORE MEMBER STATES AND IN ONE OR MORE NON-MEMBER STATES MUST MAKE AVAILABLE TO THE MARKETS OF THE MEMBER STATE OR MEMBER STATES IN WHICH THEIR DEBT SECURITIES ARE LISTED INFORMATION WHICH IS AT LEAST EQUIVALENT TO THAT WHICH THEY MAKE AVAILABLE TO THE MARKETS OF THE NON-MEMBER STATE OR STATES IN QUESTION , IF SUCH INFORMATION MAY BE OF IMPORTANCE FOR THE EVALUATION OF THE DEBT SECURITIES .


Avis juridique important

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31975L0368

Council Directive 75/368/EEC of 16 June 1975 on measures to facilitate the effective exercise of freedom of establishment and freedom to provide services in respect of various activities (ex ISIC Division 01 to 85) and, in particular, transitional measures in respect of those activities

Official Journal L 167 , 30/06/1975 P. 0022 - 0028 Finnish special edition: Chapter 6 Volume 1 P. 0177  Greek special edition: Chapter 06 Volume 1 P. 0214  Swedish special edition: Chapter 6 Volume 1 P. 0177  Spanish special edition: Chapter 06 Volume 1 P. 0205  Portuguese special edition Chapter 06 Volume 1 P. 0205

COUNCIL DIRECTIVE  of 16 June 1975  on measures to facilitate the effective exercise of freedom of establishment and freedom to provide services in respect of various activities (ex ISIC Division 01 to 85) and, in particular, transitional measures in respect of those activities  (75/368/EEC)  THE COUNCIL OF THE EUROPEAN COMMUNITIES,  Having regard to the Treaty establishing the European Economic Community, and in particular Articles 49, 57, 66 and 235 thereof;  Having regard to the proposal from the Commission;  Having regard to the Opinion of the European Parliament (1);  Having regard to the Opinion of the Economic and Social Committee (2);  Whereas, pursuant to the Treaty, all discriminatory treatment based on nationality with regard to establishment and provision of services is prohibited as from the end of the transitional period ; whereas the principle of such treatment based on nationality applies in particular to the right to join professional organizations where the professional activities of the person concerned necessarily involve the exercise of this right;  Whereas, moreover, Article 57 of the Treaty provides that, in order to make it easier for persons to take up and pursue activities as self-employed persons, Directives are to be issued for the mutual recognition of diplomas, certificates and other evidence of formal qualifications and for the coordination of the provisions laid down by law, regulation or administrative action in Member States;  Whereas, in the absence of mutual recognition of diplomas or of immediate coordination, it nevertheless appears desirable to make it easier to attain freedom of establishment and freedom to provide services for the activities in question, in particular by the adoption of transitional measures of the kind envisaged in the General Programmes (3) in order to avoid causing exceptional difficulties for nationals of Member States in which the taking up of such activities is not subject to any conditions;  Whereas, in order to prevent such difficulties arising, the object of the transitional measures should be to allow, as sufficient qualification for taking up the activities in question in host Member States which have rules governing the taking up of such activities, the fact that the activity has been pursued in the Member State whence the foreign national comes for a reasonable and sufficiently recent period of time to ensure that the person concerned possesses professional knowledge equivalent to that required of the host Member State's own nationals;  Whereas this Directive covers two categories of activity, namely:    - activities which can be pursued only after fairly extensive professional training and which are therefore subject to stringent regulations in the various Member States of the Community;       - activities the pursuit of which does not require such extensive professional training,         and provision should therefore be made for two types of transitional measures adapted to these two categories of activity;  Whereas the activities of patent buying and licensing companies are conducted as part of the exploitation of inventions and are distinct from the activities usually conducted by banks and other financial institutions ; whereas, therefore, although falling within Group 620 of the ISIC Nomenclature, such activities do not come within the scope of Council Directive No 73/183/EEC (4) of 28 June 1973 on the abolition of restrictions on freedom of establishment and freedom to provide services in respect of self-employed activities of banks and other financial institutions;  Whereas neither the activities of consultant engineers (ISIC Group 833) nor those of industrial property consultants or patent attorneys (ISIC Group 831) are covered by this Directive;  (1)OJ No C 45, 10.5.1971, p. 12. (2)OJ No C 93, 21.9.1971, p. 19. (3)OJ No 2, 15.1.1962, pp. 32/62 and 36/62. (4)OJ No L 194, 16.7.1973, p. 1.   Whereas the activities in ISIC Major Group 73 (communications) usually come under public postal and telecommunications services and most of the activities in that major group do not therefore come within the scope of this Directive ; whereas, however, a few of these activities in ISIC Major Group 73 may be conducted in a private capacity and should therefore be included in this Directive;  Whereas services in the field of passenger and goods transport are governed by the provisions of the Treaty relating to transport and this Directive therefore does not concern provision of services in respect of the transport activities listed therein;  Whereas pending the adoption of Community rules, the existing provisions differentiating between inland waterway, coastal and sea transport remain in force;  Whereas, in respect of the activities falling within ISIC Group 859, beauty facial massage is the only activity within the category of the activities to which this Directive applies, since the activity of "masseur-kinesitherapist" (massage for medical and sports purposes) is to be covered by another Directive;  Whereas lottery and similar activities which come under ISIC Group 859 often belong to the field of public services, either directly or through public bodies, or are prohibited, and some of these activities do not therefore come within the scope of this Directive ; whereas, however, in certain Member States such activities can be conducted by private persons and should be included in this Directive;  Whereas certain activities in ISIC Group 859, such as rodent extermination, which require the use of toxic products, are governed by Council Directive No 74/556/EEC (1) of 4 June 1974 laying down detailed provisions concerning transitional measures relating to activities, trade in and distribution of toxic products and activities entailing the professional use of such products including activities of intermediaries;  Whereas the activities of tourist guides are pursued in certain Member States within fixed territorial limits and are subject to detailed rules ; whereas they should therefore be excluded from this Directive with the exception of the activities of couriers and interpreter-guides;  Whereas the main purpose of the transitional measures provided for in this Directive will disappear once the coordination of conditions for the taking up and pursuit of the activities in question and the mutual recognition of diplomas, certificates and other formal qualifications have been achieved;  Whereas, in so far as in Member States the taking up or pursuit of the activities referred to in this Directive is also dependent in the case of paid employees on the possession of professional knowledge and ability, this Directive should also apply to this category of persons in order to remove an obstacle to the free movement of workers and thereby to supplement the measures adopted in Council Regulation (EEC) No 1612/68 (2) of 15 October 1968 on freedom of movement for workers within the Community;  Whereas, for the same reason, the provisions laid down in respect of proof of good repute and proof of no previous bankruptcy should also be applicable to paid employees;  Whereas the activity in question must have been pursued and any vocational training received in the same branch of trade as that in which the beneficiary wishes to establish himself in the host Member State, where the latter imposes this requirement on its own nationals,  HAS ADOPTED THIS DIRECTIVE:    Article 1 1. Member States shall adopt the measures defined in this Directive in respect of establishment or provision of services in their territories by natural persons and companies or firms covered by Title I of the General Programmes (hereinafter called "beneficiaries") wishing to pursue the activities referred to in Article 2.  2. This Directive shall also apply to nationals of Member States who, as provided in Regulation (EEC) No 1612/68, wish to pursue as paid employees activities referred to in Article 2 (1).   Article 2 1. This Directive shall apply to the activities listed in the Annex.  (1)OJ No L 307, 18.11.1974, p. 1. (2)OJ No L 257, 19.10.1968, p. 2.   2. Activities falling within ISIC Group 859 and involving the use of toxic products shall be governed by Directives No 74/556/EEC and No 74/557/EEC (1).  3. This Directive shall not apply to freedom to provide services in respect of the activities falling within Major Group 71 listed in the Annex.  4. This Directive shall not apply to activities carried on by way of itinerant trade.  5. This Directive shall not apply to the activities of tourist guides (ex ISIC Group 859) with the exception of the activities of couriers and interpreter-guides listed in the Annex.   Article 3 1. Where a host Member State requires of its own nationals wishing to take up any activity referred to in Article 2 (1) proof of good repute and proof that they have not previously been declared bankrupt, or proof of either one of these, that State shall accept as sufficient evidence, in respect of nationals of other Member States, the production of an extract from the "judicial record" or, failing this, of an equivalent document issued by a competent judicial or administrative authority in the Member State of origin or the Member State whence the foreign national comes showing that these requirements have been met.  2. Where a host Member State imposes on its own nationals wishing to take up certain activities falling within ISIC Groups 843 and 859, in particular gaming, certain requirements as to good repute, and proof that such requirements are satisfied cannot be obtained from the document referred to in paragraph 1, that State shall accept as sufficient evidence in respect of nationals of other Member States, a certificate issued by a competent judicial or administrative authority in the country of origin or in the country whence the foreign national comes, showing that the requirements in question have been met. Such certificate shall relate to the specific facts regarded as relevant by the host country.  3. Where the country of origin or the country whence the foreign national comes does not issue the document referred to in paragraph 1 or the certificate referred to in paragraph 2, furnishing proof of good repute or proof of no previous bankruptcy, such proof may be replaced by a declaration on oath - or, in States where there is no provision for declaration on oath, by a solemn declaration - made by the person concerned before a competent judicial or administrative authority, or where appropriate a notary, in the country of origin or the country whence that person comes ; such authority or notary will issue a certificate attesting the authenticity of the declaration on oath or solemn declaration. The declaration in respect of no previous bankruptcy may also be made before a competent professional or trade body in the said country.  4. For the gaming activities falling within ISIC Groups 843 and 859, and notwithstanding paragraphs 1, 2 and 3, the Member State shall have the right to make a final appraisal of all relevant facts, so long as the criteria do not differ according to whether the person concerned is a national of that State or a national of another Member State.  5. Documents issued in accordance with paragraphs 1, 2 and 3 may not be produced more than three months after their date of issue.  6. Member States shall, within the time limit laid down in Article 12, designate the authorities and bodies competent to issue the documents referred to in paragraphs 1, 2 and 3 of this Article and shall forthwith inform the other Member States and the Commission thereof.  7. Where in the host Member State proof of financial standing is required, that State shall regard certificates issued by banks in the Member State of origin or in the country whence the foreign national comes as equivalent to certificates issued in its own territory.   Article 4 Member States in which the taking up or pursuit of any activity referred to in Article 2 (1) is subject to possession of certain qualifications shall ensure that any beneficiary who applies therefor be provided, before he establishes himself or before he begins to pursue any activity on a temporary basis, with information as to the rules governing the occupation which he proposes to pursue.   Article 5 1. Where, in a Member State, the taking up or pursuit of any activity listed in the Annex and specified below:  (1)OJ No L 307, 18.11.1974, pp. 1 and 5.   >PIC FILE= "T0006914">   is subject to possession of general, commercial or professional knowledge and ability, that Member State shall accept as sufficient evidence of such knowledge and ability the fact that the activity in question has been pursued in another Member State for any of the following periods:    (a) six consecutive years either in an independent capacity or in a managerial capacity ; or       (b) three consecutive years in an independent capacity or in a managerial capacity, where the beneficiary proves that for the activity in question he has received at least three years' previous training, attested by a certificate recognized by the State or regarded by the competent professional or trade body as fully satisfying its requirements ; or       (c) three consecutive years in an independent capacity, where the beneficiary proves that he has pursued the activity in question for at least five years in a non-independent capacity ; or       (d) five consecutive years in a managerial capacity, not less than three years of which were spent in technical posts with responsibility for one or more departments of the undertaking, where the beneficiary proves that for the activity in question he has received at least three years' previous training, attested by a certificate recognized by the State or regarded by the competent professional or trade body as fully satisfying its requirements.         2. In the cases referred to in paragraph 1 (a) and (c), pursuit of the activity shall not have ceased more than 10 years before the date on which the application provided for in Article 9 is made. However, where a shorter period is laid down in a Member State for its own nationals, that period may also be applied in respect of beneficiaries.   Article 6 For the purpose of applying Article 5:    1. Member States in which the taking up or pursuit of any activity referred to in Article 2 (1) is subject to the possession of general, commercial or professional knowledge and ability shall, with the assistance of the Commission, inform the other Member States of the main characteristics of that occupation;       2. the competent authority designated for this purpose by the Member State of origin or the State whence the beneficiary comes shall certify what professional or trade activities were actually pursued by the beneficiary and the duration of those activities. Certificates shall be drawn up having regard to the official description of the occupation in question supplied by the Member State in which the beneficiary wishes to pursue such occupation, whether permanently or temporarily;       3. the host Member State shall grant authorization to pursue the activity in question on application by the person concerned, provided that the activity certified conforms to the main features of the description of the occupation communicated pursuant to point 1 and provided that any other requirements laid down by the rules of that State are satisfied.          Article 7 1. Where in a Member State the taking up or pursuit of any activity referred to in Article 2 (1) but not mentioned in Article 5 is subject to possession of general, commercial or professional knowledge and ability, that Member State shall accept as sufficient evidence of such knowledge and ability the fact that the activity in question has been pursued in another Member State for any of the following periods:    (a) three consecutive years either in an independent capacity or in a managerial capacity ; or       (b) two consecutive years in an independent capacity or in a managerial capacity, where the beneficiary proves that for the activity in question he has received previous training, attested by a certificate recognized by the State or regarded by the competent professional or trade body as fully satisfying its requirements ; or        (c) two consecutive years in an independent capacity or in a managerial capacity, where the beneficiary proves that he has pursued the activity in question for at least three years in a non-independent capacity ; or       (d) three consecutive years in a non-independent capacity, where the beneficiary proves that for the activity in question he has received previous training, attested by a certificate recognized by the State or regarded by a competent professional or trade body as fully satisfying its requirements.         The host Member State may require of nationals of other Member States, in so far as it so requires of its own nationals, that the activity in question should have been pursued, and vocational training received, in the same branch of trade (or in a related branch) as that in which the beneficiary wishes to establish himself in the host Member State.  2. In the cases referred to in paragraph 1 (a) and (c), pursuit of the activity in question shall not have ceased more than 10 years before the date on which the application provided for in Article 9 is made. However, where a shorter period is laid down in a Member State for its own nationals, that period may also be applied in respect of beneficiaries.  3. As regards the taking up of gambling activities falling within ISIC Groups 843 and 859, except those involving slot machines, and notwithstanding paragraph 1, the host Member State shall have the right to make a final appraisal of the professional ability of the applicants, so long as the criteria do not differ according to whether the persons concerned are nationals of that State or nationals of another Member State.   Article 8 A person shall be regarded as having pursued an activity in a managerial capacity within the meaning of Articles 5 and 7 if he has pursued such an activity in an industrial or commercial undertaking in the occupational field in question:    (a) as manager of an undertaking or manager of a branch of an undertaking ; or       (b) as deputy to the proprietor or to the manager of an undertaking, where such post involves responsibility equivalent to that of the proprietor or manager represented ; or       (c) in a managerial post with duties of a commercial nature and with responsibility for at least one department of the undertaking.          Article 9 Proof that the conditions laid down in Article 5 and Article 7 (1) are satisfied shall be established by a certificate issued by the competent authority or body in the Member State of origin or Member State whence the person concerned comes, which the latter shall submit in support of his application for authorization to pursue the activity or activities in question in the host Member State.   Article 10 Member States shall, within the time limit laid down in Article 12, designate the authorities and bodies competent to issue the certificates referred to in Articles 6 and 9 and shall forthwith inform the other Member States and the Commission thereof.   Article 11 The transitional provisions laid down in this Directive shall remain applicable until the entry into force of provisions relating to the coordination of national rules concerning the taking up and pursuit of the activities in question.   Article 12 Member States shall bring into force the measures necessary to comply with this Directive within 12 months of its notification and shall forthwith inform the Commission thereof.   Article 13 Member States shall communicate to the Commission the texts of the main provisions of national law which they adopt in the field covered by this Directive.   Article 14 This Directive is addressed to the Member States.     Done at Luxembourg, 16 June 1975.  For the Council  The President  R. RYAN     ANNEX Activities referred to in Article 2 (1)  >PIC FILE= "T0006915">    >PIC FILE= "T0006916">