Official Journal of the European Union
By 31 December 2009, the Commission should therefore, review Directive 2006/48/EC as a whole to address those issues and present a report to the European Parliament and the Council and any appropriate proposals.
In accordance with point 34 of the Interinstitutional agree ment on better law-making (1), Member States are encour aged to draw up, for themselves and in the interest of the Community, their own tables illustrating, as far as possible, the correlation between this Directive and the transposi
tion measures, and to make them public.
In order to ensure financial stability, the Commission should review and report on measures to enhance trans parency of OTC markets, to mitigate the counterparty risks and more generally to reduce the overall risks, such as by clearing of credit default swaps through central counter parties (CCPs). The establishment and development of CCPs in the EU subject to high operational and prudential standards and effective supervision should be encouraged. The Commission should submit its report to the European Parliament and the Council together with any appropriate proposals, taking into account parallel initiatives at the glo bal level as appropriate.
The Commission should review and report on the applica tion of Article 113(4) of Directive 2006/48/EC including whether exemptions should be a matter of national discre tion. The Commission should submit that report to the European Parliament and the Council together with any appropriate proposals. The exemptions and options should be abolished where there is no demonstrated need for their maintenance with a view of achieving single set of consis tent rules across the Community.
The specific characteristics of microcredit should be taken into account in the risk assessment, and the development of microcredit should be promoted. Furthermore, given the low development of microcredit, the development of adequate rating systems should be promoted, including the development of standard rating systems adapted to the risks of microcredit activities. Member States should endeavour to ensure that the prudential regulation and supervision of micro-credit activities at national level are proportionate.
Since the objectives of this Directive, namely the introduc tion of rules concerning the taking up and pursuit of the business of credit institutions, and their prudential super vision, cannot be sufficiently achieved by the Member States because it requires the harmonisation of a multitude of different rules existing in the legal systems of the vari ous Member States and can therefore be better achieved at Community level, the Community may adopt measures, in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty. In accordance with the principle of proportionality, as set out in that Article, this Directive does not go beyond what is necessary in order to achieve those objectives.
HAVE ADOPTED THIS DIRECTIVE:
(a) point (6) is replaced by the following:
‘(6) “institutions” for the purposes of Sections 2, 3 and 5 of Title V, Chapter 2, means institutions as defined in Article 3(1)(c) of Directive 2006/49/EC;’;
(b) in point (45) point (b) is replaced by the following:
‘(b) two or more natural or legal persons between whom there is no relationship of control as described in point (a) but who are to be regarded as constituting a single risk because they are so interconnected that, if one of them were to experience financial prob lems, in particular funding or repayment difficulties, the other or all of the others would also be likely to encounter funding or repayment difficulties.’;
OJ C 321, 31.12.2003, p. 1.
OJ L 319, 5.12.2007, p. 1.
Directives 2006/48/EC, 2006/49/EC and 2007/64/EC (2) should therefore be amended accordingly,
Article 1 Amendments to Directive 2006/48/EC
(a) in the first subparagraph, the introductory part is replaced by the following:
Directive 2006/48/EC is hereby amended as follows:
One or more credit institutions situated in the
same Member State and which are permanently affiliated to a central body which supervises them and which is established in the same Member State, may be exempted from the requirements of Article 7 and Article 11(1) if
national law provides that:’;
Article 3(1) is amended as follows:
(b) the second and third subparagraphs are deleted;
Article 4 is amended as follows: