direct ec european parliament council march investor compens scheme european parliament council european union regard treati establish european commun articl thereof regard propos commiss regard opinion econom social committe regard opinion european monetari institut act accord procedur laid articl treati light joint text approv concili committe decemb council adopt direct eec invest servic secur field direct essenti instrument achiev intern market invest firm direct eec lai prudenti rule invest firm observ time includ rule purpos protect investor right respect monei instrument belong system supervis provid complet protect act fraud commit protect investor mainten confid financi system import aspect complet proper function intern market area end essenti member state investor compens scheme guarante harmon minimum level protect small investor event invest firm unabl meet oblig investor client small investor purchas invest servic branch commun invest firm basi cross border provis servic confid domest invest firm knowledg harmon minimum level protect event invest firm unabl meet oblig investor client absenc minimum harmon host member state justifi consider investor protect requir membership compens scheme commun invest firm oper branch freedom provid servic belong investor compens scheme home member state belong scheme regard offer equival protect requir prejudic oper intern market member state investor compens arrang arrang gener cover invest firm hold singl author provid direct eec member state requir investor compens scheme scheme invest firm belong scheme cover monei instrument held invest firm connect investor invest oper invest firm unabl meet oblig investor client return investor prejudic rule procedur applic member state decis event insolv wind invest firm definit invest firm includ credit institut author provid invest servic credit institut requir belong investor compens scheme cover invest busi requir credit institut belong separ scheme singl scheme meet requir direct direct ec european parliament council deposit guarante scheme case invest firm credit institut case difficult distinguish deposit cover direct ec monei held connect invest busi member state allow determin direct appli claim direct ec member state exempt credit institut oblig belong deposit guarante scheme credit institut belong system protect credit institut ensur solvenc credit institut belong system invest firm member state allow subject condit exempt oblig belong investor compens scheme harmon minimum level compens ecu investor suffici protect interest small investor invest firm unabl meet oblig investor client reason set harmon minimum level compens ecu direct ec limit transit provis requir enabl compens scheme compli figur appli equal member state direct adopt scheme figur adopt direct ec order encourag investor due care choic invest firm reason member state requir investor bear proport loss investor cover loss long compens paid commun minimum member state scheme offer level cover higher harmon minimum level protect direct desir requir chang scheme respect retent commun scheme provid level cover higher harmon minimum territori lead dispar compens unequ condit competit nation invest firm branch firm member state order counteract disadvantag branch author join host countri scheme offer investor cover provid scheme countri locat report applic direct commiss extent branch exercis option difficulti investor compens scheme encount implement provis possibl home member state scheme offer supplementari cover subject condit scheme lai rule market disturb caus branch invest firm establish member state member state origin offer level cover higher offer invest firm author host member state level scope cover offer compens scheme instrument competit initi period stipul level scope cover offer home member state scheme investor branch locat member state exce maximum level scope offer scheme host member state market disturb review earli date basi experi acquir light develop financi sector member state exclud categori specif list invest investor special protect cover afford investor compens scheme member state investor compens scheme respons profession organ member state scheme set regul statutori basi divers statu pose problem regard compulsori membership exclus scheme step limit power scheme area investor compens excess delai valid claim establish compens scheme fix reason period present claim fact period expir invok investor good reason present claim time allow inform investor compens arrang essenti element investor protect articl direct eec requir invest firm inform investor busi applic compens scheme direct lai rule inform intend investor compens scheme cover invest busi unregul advertis refer amount scope compens scheme affect stabil financi system investor confid member state lai rule limit refer principl direct requir invest firm join investor compens scheme direct govern admiss invest firm head offic member countri direct eec member state decid subject condit permit branch invest firm oper territori branch enjoi freedom provid servic paragraph articl treati establish member state establish member state admit branch decid appli principl direct branch accord articl direct eec protect investor maintain integr financi system essenti investor branch fulli awar compens arrang applic indispens direct harmon wai investor compens scheme financ hand cost financ scheme principl born invest firm hand financ capac scheme proport liabil jeopard stabil financi system member state concern direct result member state compet author made liabl respect investor ensur scheme compens protect investor condit prescrib direct introduc offici recogn conclus minimum degre harmon investor compens arrang complet intern market invest firm make investor busi firm greater confid firm member state make avoid difficulti caus host member state appli nation investor protect rule coordin commun level bind commun direct instrument achiev desir object gener absenc investor compens arrang coverag direct eec direct effect minimum harmon requir member state prescrib wider higher coverag desir member state latitud organ financ investor compens scheme adopt direct articl purpos direct invest firm invest firm defin articl direct eec author accord articl direct eec author credit institut accord council direct eec council direct eec author cover invest servic list section annex direct eec invest busi invest servic defin articl direct eec servic refer point section annex direct instrument instrument list section annex direct eec investor person entrust monei instrument invest firm connect invest busi branch place busi part invest firm legal person invest servic invest firm author place busi set member state invest firm headquart member state regard singl branch joint invest busi invest busi carri account person person right exercis mean signatur person compet author author defin articl direct eec author defin articl council direct eec april supervis credit institut consolid basi articl member state ensur territori investor compens scheme introduc offici recogn circumst envisag subparagraph articl invest firm author member state carri invest busi belong scheme member state exempt credit institut direct appli oblig belong investor compens scheme credit institut exempt articl direct ec oblig belong desposit guarante scheme provid protect inform depositor investor term investor enjoi protect equival afford investor compens scheme member state avail option inform commiss disclos characterist protect system question credit institut cover purpos direct subsequ inform suppli commiss inform council thereof scheme provid cover investor accord articl compet author determin view instrument firm appear time reason directli relat financi circumst unabl meet oblig aris investor claim earli prospect judici author made rule reason directli relat invest firm financi circumst effect suspend investor abil make claim whichev earlier cover provid claim aris invest firm inabl repai monei ow belong investor held behalf connect invest busi return investor instrument belong held administ manag behalf connect invest busi accord legal contractu condit applic claim paragraph credit institut member state subject direct direct ec direct member state scheme direct member state claim elig compens direct amount investor claim calcul accord legal contractu condit set counterclaim applic assess date determin rule refer paragraph amount monei determin refer market instrument belong investor invest firm unabl repai return articl claim aris transact connect crimin convict obtain monei launder defin articl council direct eec june prevent financi system purpos monei launder exclud compens investor compens scheme articl member state ensur scheme provid cover ecu investor respect claim refer articl decemb member state direct adopt cover ecu retain lower level cover provid ecu option member state transit provis subparagraph articl direct ec appli member state provid investor exclud cover scheme grant lower level cover exclus list annex articl preclud retent adopt provis afford greater comprehens cover investor member state limit cover provid paragraph refer paragraph percentag investor claim percentag cover equal exce claim long amount paid scheme ecu articl invest firm requir articl belong scheme meet oblig incumb member scheme compet author issu author notifi cooper compens scheme measur includ imposit penalti ensur invest firm meet oblig measur fail secur complianc part invest firm scheme nation law permit exclus member express consent compet author give month notic intent exclud invest firm membership scheme scheme continu provid cover subparagraph articl respect invest busi transact period expiri period notic invest firm met oblig compens scheme obtain express consent compet author exclud nation law permit express consent compet author issu author invest firm exclud investor compens scheme continu provid invest servic exclus made altern compens arrang ensur investor enjoi cover equival offer offici recogn scheme characterist equival scheme invest firm exclus propos paragraph unabl make altern arrang compli condit impos paragraph compet author issu author withdraw forthwith articl withdraw invest firm author cover subparagraph articl continu provid respect invest busi transact time withdraw articl investor compens scheme introduc offici recogn member state accord articl cover investor branch set invest firm member state decemb level scope includ percentag cover provid exce maximum level scope cover offer compens scheme territori host member state date commiss draw report basi experi acquir appli subparagraph articl direct ec refer continu provis commiss submit propos direct european parliament council view extens valid level scope includ percentag cover offer host member state investor compens scheme exce level scope cover provid member state invest firm author host member state ensur offici recogn scheme territori branch join voluntarili order supplement cover investor enjoi virtu membership home member state scheme branch join scheme scheme cover categori institut branch belong close correspond host member state member state ensur object gener appli condit establish branch membership investor compens scheme admiss condit branch meet relev membership oblig includ payment contribut charg member state follow guid principl set annex ii implement paragraph branch exercis option voluntari membership paragraph meet oblig incumb member investor compens scheme compet author issu author notifi cooper compens scheme measur ensur branch meet aforement oblig measur fail ensur branch meet oblig refer articl period notic month compens scheme consent compet author issu author exclud branch invest busi transact date exclus continu cover date compens scheme branch voluntari member investor inform withdraw supplementari cover date take effect articl cover provid articl appli investor aggreg claim invest firm direct irrespect number account currenc locat commun member state provid fund currenc member state ecu exclud cover subject lower cover option appli instrument investor share joint invest busi account calcul cover provid articl absenc special provis claim divid equal investor member state provid claim relat joint invest busi person entitl member busi partnership associ group similar natur legal person purpos calcul limit provid articl aggreg treat aris invest made singl investor investor absolut entitl sum secur held person absolut entitl receiv compens provid person identifi date determin rule refer articl person absolut entitl share arrang subject sum secur manag account limit laid articl calcul provis appli collect invest undertak articl compens scheme measur inform investor determin rule refer articl compens compens fix period investor requir submit claim period month date aforement determin rule date determin rule made public fact period expir invok scheme deni cover investor unabl assert compens time scheme posit pai investor claim latest month establish elig amount claim wholli except circumst special case compens scheme appli compet author extens time limit extens exce month notwithstand time limit laid paragraph investor person entitl interest invest busi charg offenc aris relat monei launder defin articl direct eec compens scheme suspend payment pend judgment court articl member state ensur invest firm take measur make actual intend investor inform identif investor compens scheme invest firm branch commun member altern arrang provid subparagraph articl articl investor inform provis investor compens scheme altern arrang applic includ amount scope cover offer compens scheme rule laid member state pursuant articl inform made readili comprehens manner inform request condit govern compens formal complet obtain compens inform provid paragraph made manner prescrib nation law offici languag languag member state branch establish member state establish rule limit advertis inform refer paragraph order prevent affect stabil financi system investor confid member state restrict advertis factual refer scheme invest firm belong articl member state check branch establish invest firm head offic outwith commun cover equival prescrib direct fail cover member state subject articl direct eec stipul branch establish invest firm head offic outwith commun join investor compens scheme oper territori actual intend investor branch establish invest firm head offic outwith commun provid invest firm relev inform compens arrang cover invest inform provid paragraph made manner prescrib nation law offici languag languag member state branch establish draft clear comprehens form articl prejudic right nation law scheme make payment order compens investor subrog right investor liquid proceed amount equal payment articl member state ensur investor compens subject action investor compens scheme articl decemb commiss submit report european parliament council applic direct propos revis articl member state bring forc law regul administr provis compli direct septemb forthwith inform commiss thereof member state adopt measur refer direct accompani refer occas offici public method make refer laid member state member state commun commiss text main provis nation law adopt field cover direct articl articl direct eec repeal effect date refer articl articl direct enter forc dai public offici journal european commun articl direct address member state brussel march european parliament presid gil robl council presid de boer oj oj oj opinion deliv juli european parliament opinion april oj council common posit octob oj european parliament decis march oj decis council februari decis european parliament februari oj oj oj council direct eec decemb coordin law regul administr provis relat take pursuit busi credit institut oj direct amend direct eec oj council direct eec decemb coordin law regul administr provis relat take pursuit busi credit institut amend direct eec oj direct amend direct eec oj oj oj annex list exclus refer articl profession institut investor includ invest firm defin articl direct eec credit institut defin indent articl council direct eec financi institut defin articl council direct eec insur undertak collect invest undertak pension retir fund profession institut investor supran institut govern central administr author provinci region local municip author director manag person liabl member invest firm person hold capit invest firm person respons carri statutori audit invest firm account document investor similar statu firm group firm close rel parti act behalf investor refer point firm group investor respons advantag fact relat invest firm gave rise firm financi difficulti contribut deterior financi situat compani size permit draw abridg balanc sheet articl fourth council direct eec juli base articl treati annual account type compani oj direct amend direct ec oj annex ii guid principl refer subparagraph articl branch appli join host member state scheme supplementari cover host member state scheme bilater establish home member state scheme rule procedur payment compens investor branch principl appli draw procedur frame membership condit applic branch refer articl host member state scheme retain full right impos object gener appli rule particip invest firm requir provis relev inform entitl verifi inform home member state compet author host member state scheme meet claim supplementari compens inform home member state compet author determin rule refer articl host member state scheme retain full right verifi investor entitl standard procedur pai supplementari compens host member state home member state scheme cooper fulli ensur investor receiv compens promptli correct amount agre exist counterclaim give rise set scheme affect compens paid investor scheme host member state scheme entitl charg branch supplementari cover basi take account cover fund home member state scheme facilit charg host member state scheme entitl assum liabil circumst limit excess cover offer cover offer home member state home member state pai compens respect claim investor host member state territori