council regul ec decemb definit applic prohibit privileg access refer articl treati council european union regard treati establish european commun articl thereof regard propos commiss cooper european parliament prohibit privileg access financi institut laid articl treati form essenti element submiss public sector financ oper disciplin market mechan make contribut strengthen budgetari disciplin place member state equal foot public sector access financi institut council definit applic prohibit member state commun act due regard principl open market economi free competit regul affect method organ market compli principl regul seek interfer oper public financi institut compli principl articl treati prohibit measur establish privileg access type act concern prohibit commit freeli made financi institut framework contractu relat unquestion affect articl prudenti consider justifi departur principl prohibit law regul administr action cover prudenti consider establish disguis privileg access public undertak cover prohibit defin commiss direct eec june transpar financi relat member state public undertak reason monetari polici financi institut credit institut oblig hold claim european central bank nation central bank european central bank nation central bank public author measur establish privileg access rule mobil pledg debt instrument enact european central bank nation central bank mean circumv prohibit privileg access order avoid circumvent prohibit definit commun law type financi institut supplement refer institut engag financi activ harmon commun level instanc branch countri establish hold factor compani uncoordin undertak collect invest transfer secur ucit institut retir provis adopt regul articl purpos articl treati measur establish privileg access defin law regul bind legal instrument adopt exercis public author oblig financi institut acquir hold liabil commun institut bodi central govern region local public author bodi govern public law public undertak member state hereinaft refer public sector confer tax advantag benefit financi institut financi advantag compli principl market economi order encourag acquir hold institut liabil privileg access regard establish measur give rise oblig fund social hous special term inter alia oblig central fund public financi institut fund term prevail public sector ident fund natur grant privat borrow purpos oblig central fund public credit institut constraint integr part januari organ network credit institut specif save arrang design household intend provid network specif arrang financi secur central fund determin manag bodi public credit institut concern compli principl market economi free competit oblig financ repair disast damag provid condit financ repair favour damag sustain public sector sustain privat sector articl purpos articl treati prudenti consider underli nation law regul administr action base consist ec law design promot sound financi institut strengthen stabil financi system protect custom institut articl purpos articl treati public undertak defin undertak state region local author exercis directli indirectli domin influenc virtu ownership financi particip rule govern domin influenc part state region local author presum author directli indirectli relat undertak hold major part undertak subscrib capit control major vote attach share issu undertak appoint half member undertak administr manageri supervisori bodi prejudic oblig public author measur establish privileg access mean articl treati european central bank nation central bank purpos articl consid form part public sector nation central bank mean central bank member state luxembourg monetari institut articl purpos articl treati financi institut mean credit institut defin indent articl direct eec insur undertak defin articl point direct eec assur undertak defin articl point direct eec ucit defin articl direct eec invest firm defin articl direct eec undertak activ similar undertak refer previou indent princip activ acquir hold financi asset transform financi claim institut form part financi institut defin paragraph european central bank nation central bank post offic financi servic form part gener govern sector defin accord european system integr econom account main activ act financi agent govern institut part gener govern sector defin accord european system integr econom account liabil correspond complet public debt articl regul enter forc januari regul bind entireti directli applic member state brussel decemb council presid ph maystadt oj oj oj decis decemb publish offici journal oj direct amend direct eec 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 june coordin law regul administr provis relat direct insur life insur direct insur life insur oj council direct eec novemb coordin law regul administr provis relat direct life assur direct life insur oj council direct eec decemb coordin law regul administr provis relat undertak collect invest transfer secur ucit oj direct amend direct eec oj council direct eec invest servic secur field oj