council direct eec invest servic secur field council european commun regard treati establish european econom commun articl thereof regard propos commiss cooper european parliament regard opinion econom social committe direct constitut instrument essenti achiev intern market determin singl european act set timet form commiss white paper point view establish freedom provid financi servic field invest firm firm provid invest servic cover direct subject author home member state order protect investor stabil financi system approach adopt effect essenti harmon suffici secur mutual recognit author prudenti supervis system make grant singl author valid commun applic principl home member state supervis virtu mutual recognit invest firm author home member state carri servic cover direct receiv author commun establish branch freedom provid servic principl mutual recognit home member state supervis requir member state compet author grant withdraw author factor content programm oper geograph distribut activ carri invest firm opt legal system member state purpos evad stricter standard forc member state territori intend carri carri greater part activ purpos direct invest firm legal person author member state regist offic invest firm legal person author member state head offic addit member state requir invest firm head offic situat home member state oper protect investor guarante intern supervis firm mean man manag requir direct mechan ensur equival result order guarante fair competit ensur invest firm credit institut freedom creat branch provid servic frontier provid council direct eec decemb coordin law regul administr provis relat take pursuit busi credit institut invest firm invok direct order carri spot forward exchang transact servic connect provis invest servic branch sole foreign exchang transact constitut misus machineri direct invest firm author home member state carri busi commun mean deem end deem retain ti agent receiv transmit order account full uncondit respons circumst agent busi regard firm direct prevent home member state make statu agent subject special requir invest firm carri cross border busi host member state treat agent firm door door sell transfer secur cover direct regul thereof remain matter nation provis transfer secur mean class secur dealt capit market govern secur share compani negoti secur give acquir share subscript exchang depositari receipt bond issu part seri index warrant secur give acquir bond subscript monei market instrument mean class instrument dealt monei market treasuri bill certif deposit commerci paper wide definit transfer secur monei market instrument includ direct valid direct affect definit financi instrument nation legisl purpos taxat definit transfer secur cover negoti instrument share secur equival share issu bodi build societi industri provid societi ownership practic transfer issu bodi bui back cover definit instrument equival financi futur contract mean contract settl payment cash calcul refer fluctuat interest exchang rate instrument list section annex index instrument purpos direct busi recept transmiss order includ bring investor bring transact investor provis direct affect commun provis fail nation provis regul public offer instrument cover direct appli market distribut instrument member state retain full respons implement monetari polici measur prejudic measur strengthen european monetari system exclud insur undertak activ subject monitor compet prudenti supervis author coordin commun level undertak carri reinsur retrocess activ undertak provid servic parti busi consist provid invest servic sole parent undertak subsidiari subsidiari parent undertak cover direct purpos direct cover undertak normal busi provid parti invest servic profession basi scope cover person profession activ barrist solicitor invest servic incident basi profession activ provid activ regul relev rule prohibit provis incident basi invest servic reason exclud scope direct person provid invest servic produc user commod extent transact product transact constitut main busi firm provid invest servic consist exclus administr employe particip scheme provid invest servic parti cover direct exclud scope direct central bank bodi perform similar function public bodi charg interven manag public debt concept cover invest thereof exclus cover bodi partli wholli state own role commerci link acquisit hold exclud scope direct firm person busi consist receiv transmit order counterparti hold fund secur belong client enjoi establish freedom provid servic condit laid direct subject oper member state relev provis adopt state exclud scope direct collect invest undertak coordin commun level depositari manag undertak subject specif rule directli adapt activ associ creat member state pension fund permit manag asset confin manag provid invest servic parti pension fund subject control author charg monitor insur undertak subject associ condit take busi oper impos direct direct appli agenti di cambio defin italian law belong categori author renew activ confin nation territori give rise risk distort competit right confer invest firm direct prejudic member state central bank nation bodi perform similar function choos counterparti basi object discriminatori criteria respons supervis financi sound invest firm rest compet author home member state pursuant council direct eec march capit adequaci invest firm credit institut coordin rule applic market risk home member state gener rule establish rule stricter laid direct author condit prudenti requir rule report transpar carri activ cover direct govern gener provis treati establish freedom provid servic order protect investor investor ownership similar right respect secur right respect fund entrust firm protect distinct firm principl prevent firm busi behalf investor requir natur transact investor agreement stock lend procedur author branch invest firm author countri continu appli firm branch enjoi freedom provid servic paragraph articl treati establish member state establish request author subsidiari acquisit hold undertak govern law countri subject procedur intend ensur commun invest firm receiv reciproc treatment countri question author grant invest firm compet nation author pursuant direct commun wide longer nationwid applic exist reciproc claus henceforth effect flexibl procedur need make assess reciproc commun basi aim procedur close commun financi market commun intend financi market open rest world improv liber global financi market countri end direct procedur negoti countri resort possibl take measur involv suspens applic author restrict author object direct protect investor account requir protect categori investor level profession expertis member state ensur obstacl prevent activ receiv mutual recognit carri manner home member state long conflict law regul protect gener good forc host member state member state limit investor habitu resid establish member state avail invest servic provid invest firm cover direct situat member state act outwith member state member state clear settlement function perform bodi separ market transact effect refer direct access membership regul market read includ refer access membership bodi perform clear settlement function regul market member state ensur territori treatment invest firm author member state likewis financi instrument list member state regul market discriminatori invest firm opportun join access regul market manner transact present organ member state import subject condit impos direct abolish technic legal restrict access regul market framework direct member state author credit institut member regul market indirectli set special subsidiari opportun direct credit institut member regul market directli set special subsidiari constitut signific reform member state consequ reassess light develop financi market view factor report commiss submit council matter decemb account factor council reassess consequ member state danger conflict interest level protect afford investor greatest import harmon compens system brought effect date direct date direct harmon compens system brought effect host member state impos applic compens system invest firm includ credit institut author member state home member state compens system system offer equival level protect structur regul market continu govern nation law form obstacl liber access regul market host member state invest firm author provid servic concern home member state pursuant principl law feder republ germani law netherland govern activ kursmakl hoekmannen ensur exercis function parallel function note kursmakl hoekmannen provid servic member state home member state claim act kursmakl hoekman subject rule incompat result statu kursmakl hoekman note direct affect measur pursuant council direct eec march coordin condit admiss secur offici stock exchang list stabil sound oper financi system protect investor presuppos host member state respons prevent penal action territori invest firm contrari rule conduct legal regulatori provis adopt interest gener good action emerg compet author host member state discharg respons count closest cooper compet author home member state busi carri freedom provid servic compet author home member state entitl inform compet author host member state measur involv penalti invest firm restrict activ vi vi invest firm author perform function prudenti supervis effici end cooper compet author home host member state ensur fold aim protect investor ensur smooth oper market transfer secur ensur transpar transact achiev rule laid purpos direct regul market appli invest firm credit institut oper market examin problem aris area cover council direct invest servic secur applic exist measur possibl closer coordin futur requir cooper nation author commiss committe establish committe rule form cooper supervisori author field technic amend detail rule laid direct time time account develop invest servic sector commiss make amend refer matter committe set secur market field adopt direct titl definit scope articl purpos direct invest servic servic list section annex relat instrument list section annex provid parti invest firm legal person regular occup busi provis invest servic parti profession basi purpos direct member state includ invest firm undertak legal person legal statu ensur level protect parti interest equival afford legal person subject equival prudenti supervis legal form natur person provid servic involv hold parti fund transfer secur consid invest firm purpos direct prejudic requir impos direct direct eec compli condit ownership right parti instrument fund belong safeguard event insolv firm proprietor seizur set action creditor firm proprietor invest firm subject rule design monitor firm solvenc proprietor invest firm annual account audit person empow nation law audit account firm proprietor make provis protect investor event firm cessat busi death incapac event decemb commiss report applic subparagraph point propos amend delet person servic refer section annex activ carri sole account full uncondit respons invest firm activ regard activ person invest firm credit institut credit institut defin indent articl direct eec except institut refer articl thereof transfer secur share compani secur equival share compani bond form securit debt negoti capit market secur dealt give acquir transfer secur subscript exchang give rise cash settlement exclud instrument payment monei market instrument class instrument dealt monei market home member state invest firm natur person member state head offic situat invest firm legal person member state regist offic situat nation law regist offic member state head offic situat case market member state regist offic bodi trade facil situat nation law regist offic member state bodi head offic situat host member state member state invest firm branch servic branch place busi part invest firm legal person invest servic invest firm autor place busi set member state invest firm headquart member state regard singl branch compet author author member state design articl qualifi hold direct indirect hold invest firm repres capit vote right make exercis signific influenc manag invest firm hold subsist purpos definit context articl level hold refer articl vote right refer articl direct eec account parent undertak parent undertak defin articl direct eec subsidiari subsidiari undertak defin articl direct eec subsidiari subsidiari undertak regard subsidiari parent undertak ultim parent undertak regul market market instrument list section annex appear list provid articl drawn member state home member state defin articl function regularli character fact regul issu approv compet author defin condit oper market condit access market direct eec applic condit govern admiss list impos direct direct applic condit satisfi financi instrument effect dealt market requir complianc report transpar requir laid pursuant articl control control defin articl direct eec articl direct appli invest firm paragraph articl articl paragraph appli credit institut author direct eec eec cover invest servic list section annex direct direct appli insur undertak defin articl direct eec articl direct eec undertak carri reinsur retrocess activ refer direct eec firm provid invest servic exclus parent undertak subsidiari subsidiari parent undertak person provid invest servic servic provid incident manner profession activ activ regul legal regulatori provis code ethic govern profess exclud provis servic firm provid invest servic consist exclus administr employe particip scheme firm provid invest servic consist provid servic refer refer central bank member state nation bodi perform similar function public bodi charg interven manag public debt firm hold client fund secur reason time place debit client provid invest servic recept transmiss order transfer secur unit collect invest undertak provid servic transmit order invest firm author accord direct ii credit institut author accord direct eec eec iii branch invest firm credit institut author countri subject compli prudenti rule consid compet author stringent laid direct direct eec direct eec iv collect invest undertak author law member state market unit public manag undertak invest compani fix capit defin articl direct eec secur list dealt regul market member state activ govern nation level rule code ethic collect invest undertak coordin commun level depositari manag undertak person main busi trade commod produc profession user product provid invest servic produc profession user extent main busi firm provid invest servic consist exclus deal account financi futur option market deal account member market make price guarante clear member market respons ensur perform contract enter firm assum clear member market associ set danish pension fund sole aim manag asset pension fund member associ agenti di cambio activ function govern italian royal decre march subsequ provis amend author carri activ articl italian law januari decemb regular interv commiss report applic paragraph conjunct section annex propos amend definit exclus servic cover light oper direct right confer direct extend provis servic counterparti state central bank member state nation bodi perform similar function pursuit monetari exchang rate public debt reserv manag polici member state concern titl ii condit take busi articl member state make access busi invest firm subject author invest firm home member state author grant home member state compet author design accord articl author invest servic refer section annex undertak author provid author cover core servic refer section annex author mean direct case grant servic cover section annex member state requir invest firm legal person nation law regist offic head offic member state regist offic invest firm head offic member state issu author carri busi prejudic condit gener applic laid nation law compet author grant author invest firm suffici initi capit accord rule laid direct eec regard natur invest servic question person effect direct busi invest firm suffici good reput suffici experienc direct firm busi decid person meet condit arrang ensur result achiev case provid indent subparagraph articl compet author grant author invest firm natur person take account natur volum activ invest firm legal person firm manag singl natur person accord articl associ nation law member state requir applic author accompani programm oper set inter alia type busi envisag organiz structur invest firm concern applic inform month submiss complet applic author grant reason author refus invest firm commenc busi author grant compet author withdraw author issu invest firm subject direct invest firm make author month expressli renounc author ceas provid invest servic month previous member state concern provid author laps case obtain author make fals statement irregular mean longer fulfil condit author grant longer compli direct eec systemat infring provis adopt pursuant articl fall case nation law withdraw articl compet author grant author busi invest firm inform ident sharehold member direct indirect natur legal person qualifi hold amount hold compet author refus author take account ensur sound prudent manag invest firm satisfi suitabl aforement sharehold member articl case branch invest firm regist offic outwith commun commenc carri busi member state appli provis result treatment favour accord branch invest firm regist offic member state articl compet author member state involv consult author invest firm subsidiari invest firm credit institut author member state subsidiari parent undertak invest firm credit institut author member state control natur legal person control invest firm credit institut author member state titl iii relat countri articl compet author member state inform commiss author firm direct indirect subsidiari parent undertak govern law countri parent undertak acquir hold commun invest firm subsidiari case commiss inform council time committe transfer secur set council act propos commiss author grant firm direct indirect subsidiari parent undertak govern law countri compet author structur group notif address commiss member state inform commiss gener difficulti invest firm encount establish provid invest servic countri initi month direct brought effect period commiss draw report examin treatment accord commun invest firm countri term refer paragraph establish carri invest servic activ acquisit hold countri invest firm commiss submit report council propos appear commiss basi report provid paragraph basi inform countri grant commun invest firm effect market access compar grant commun invest firm countri commiss submit propos council mandat negoti view obtain compar competit opportun commun invest firm council act qualifi major appear commiss basi report refer paragraph basi inform commun invest firm countri grant nation treatment afford competit opportun domest invest firm condit effect market access fulfil commiss initi negoti order remedi situat circumst subparagraph decid time addit initi negoti accord procedur laid direct council set committe refer paragraph compet author member state limit suspend decis request pend futur request author acquisit hold direct indirect parent undertak govern law countri question durat measur exce month end month period light result negoti council act propos commiss decid qualifi major measur continu limit suspens appli set subsidiari invest firm duli author commun subsidiari acquisit hold commun invest firm firm subsidiari appear commiss situat paragraph obtain member state inform request applic author firm direct indirect subsidiari parent undertak govern law countri question inform accord articl parent undertak propos acquir hold commun invest firm subsidiari oblig provid inform laps agreement reach countri refer paragraph measur refer subparagraph paragraph ceas appli measur articl compli commun oblig intern agreement bilater multilater govern take pursuit busi invest firm titl iv oper condit articl compet author home member state requir invest firm author compli time condit impos articl compet author home member state requir invest firm author compli rule laid direct eec prudenti supervis invest firm respons compet author home member state invest firm establish branch servic member state prejudic provis direct give respons author host member state articl member state requir person propos acquir directli indirectli qualifi hold invest firm inform compet author tell size intend hold person likewis inform compet author propos increas qualifi hold proport vote right capit hold reach exce invest firm subsidiari prejudic paragraph compet author month date notif provid subparagraph oppos plan view ensur sound prudent manag invest firm satisfi suitabl person refer subparagraph oppos plan fix deadlin implement acquir hold refer paragraph invest firm author member state parent undertak invest firm author member state person control invest firm author member state result acquisit firm acquir propos acquir hold acquir subsidiari control assess acquisit subject prior consult provid articl member state requir person propos dispos directli indirectli qualifi hold invest firm inform compet author tell size hold person likewis inform compet author propos reduc qualifi hold proport vote right capit held fall invest firm ceas subsidiari awar invest firm inform compet author acquisit dispos hold capit hold exce fall threshold refer paragraph year inform compet author name sharehold member possess qualifi hold size hold shown inform receiv annual gener meet sharehold member result complianc regul applic compani list stock exchang member state requir influenc exercis person refer paragraph prejudici sound prudent manag invest firm compet author measur put end situat measur consist injunct sanction director respons manag suspens exercis vote right attach share held sharehold member question similar measur appli person fail compli oblig provid prior inform impos paragraph hold acquir opposit compet author member state sanction adopt provid exercis vote right suspend nulliti vote cast possibl annul articl home member state draw prudenti rule invest firm observ time rule requir invest firm sound administr account procedur control safeguard arrang electron data process adequ intern control mechan includ rule person transact employe make adequ arrang instrument belong investor view safeguard ownership right event invest firm instrument account investor express consent make adequ arrang fund belong investor view safeguard right case credit institut prevent invest firm investor fund account arrang record transact execut suffici enabl home member state author monitor complianc prudenti rule respons appli record retain period laid compet author structur organ minim risk client interest prejud conflict interest firm client client branch set organiz arrang conflict rule conduct laid host member state cover conflict interest articl member state draw rule conduct invest firm observ time rule implement principl set indent appli account profession natur person servic provid member state appli rule core servic list section annex principl ensur invest firm act honestli fairli conduct busi activ interest client integr market act due skill care dilig interest client integr market emploi effect resourc procedur proper perform busi activ seek client inform financi situat invest experi object servic request make adequ disclosur relev materi inform deal client avoid conflict interest avoid ensur client fairli treat compli regulatori requir applic conduct busi activ promot interest client integr market prejudic decis context harmon rule conduct implement supervis complianc remain respons member state servic provid invest firm execut order purpos appli rule refer paragraph profession natur investor assess respect investor order origin order directli investor indirectli invest firm provid servic refer section annex articl busi firm inform investor compens fund equival protect appli respect transact envisag cover offer whichev system appli fund compens council note commiss statement effect submit propos harmon compens system cover transact invest firm juli latest council act propos shortest time aim bring system propos effect date direct articl direct prevent invest firm author member state advertis servic mean commun host member state subject rule govern form content advertis adopt interest gener good titl establish freedom provid servic articl member state ensur invest servic servic list section annex provid territori accord articl establish branch freedom provid servic invest firm author supervis compet author member state accord direct provid servic cover author direct affect power host member state respect unit collect invest undertak direct eec appli member state make establish branch provis servic refer paragraph subject author requir requir provid endow capit measur equival effect member state requir transact relat servic refer paragraph satisfi criteria carri regul market investor habitu resid establish member state invest firm carri transact main establish branch situat member state freedom provid servic member state transact involv instrument dealt regul market member state member state appli paragraph give investor habitu resid establish member state compli oblig impos paragraph transact refer paragraph carri regul market member state make exercis subject express author take account investor differ protect abil profession institut investor act interest case author condit jeopard prompt execut investor order commiss report oper paragraph decemb propos amend thereto articl prejudic exercis establish freedom provid servic refer articl host member state ensur invest firm author compet author home member state provid servic refer section annex directli indirectli member access regul market host member state similar servic provid member access clear settlement system provid member regul market member state abolish nation rule law rule regul market limit number person allow access thereto virtu legal structur technic capac access regul market limit member state concern ensur structur capac regularli adjust membership access regul market condit invest firm compli capit adequaci requir home member state supervis complianc accord direct eec host member state entitl impos addit capit requir respect matter cover direct access regul market admiss membership thereof continu access membership subject complianc rule regul market relat constitut administr regul market complianc rule relat transact market profession standard impos staff oper conjunct market rule procedur clear settlement detail arrang implement rule procedur adapt inter alia ensur fulfil ensu oblig provid articl compli order meet oblig impos paragraph host member state offer invest firm refer paragraph choic member access regul market directli set branch host member state indirectli set subsidiari host member state acquir firm host member state member regul market access thereto member state direct adopt appli law permit credit institut member access regul market special subsidiari continu decemb appli oblig discriminatori credit institut member state purpos access regul market kingdom spain hellen republ portugues republ extend period decemb year date commiss draw report take account experi acquir appli articl submit propos council act qualifi major basi propos decid review arrang subject paragraph regul market host member state oper requir physic presenc invest firm refer paragraph member access basi establish host member state order enabl invest firm member access host member state regul market accord paragraph home member state host member state regul market provid facil home member state territori articl affect member state author prohibit creation market territori articl effect feder republ germani regul activ kursmakl netherland regul activ hoekmannen articl purpos mutual recognit applic direct member state draw list regul market home member state compli regul forward list inform relev rule procedur oper regul market member state commiss similar commun effect respect chang aforement list rule commiss publish list regul market updat thereto offici journal european commun year decemb commiss report inform receiv propos amend definit regul market purpos direct articl addit meet condit impos articl invest firm wish establish branch territori member state notifi compet author home member state member state requir invest firm wish establish branch territori member state provid inform effect notif provid paragraph member state territori plan establish branch programm oper set inter alia type busi envisag organiz structur branch address host member state document obtain name respons manag branch compet author home member state reason doubt adequaci administr structur financi situat invest firm take account activ envisag month receiv inform refer paragraph commun inform compet author host member state inform invest firm concern commun detail compens scheme intend protect branch investor compet author home member state refus commun inform refer paragraph compet author host member state give reason refus invest firm concern month receiv inform refus failur repli subject appli court home member state branch invest firm commenc busi compet author host member state month receiv inform refer paragraph prepar supervis invest firm accord articl condit includ rule conduct interest gener good busi carri host member state receipt commun compet author host member state expiri period provid paragraph receipt commun author branch establish commenc busi event chang particular commun accord paragraph invest firm give written notic chang compet author home host member state month implement chang compet author home member state decis chang paragraph compet author host member state paragraph event chang particular commun accord subparagraph paragraph author home member state inform author host member state articl invest firm wish carri busi territori member state time freedom provid servic commun inform compet author home member state member state intend oper programm oper state invest servic servic intend provid compet author home member state month receiv inform refer paragraph forward compet author host member state invest firm start provid invest servic servic question host member state compet author host member state receipt inform refer paragraph invest firm condit includ rule conduct interest gener good provid invest servic question compli host member state content inform commun accord indent paragraph amend invest firm give notic amend write compet author home member state host member state implement chang compet author host member state inform firm chang addit made inform commun paragraph articl host member state statist purpos requir invest firm branch territori report period activ host member state compet author host member state discharg respons conduct monetari polici prejudic measur strengthen european monetari system host member state territori requir branch invest firm origin member state provid particular nation invest firm purpos discharg respons direct host member state requir branch invest firm provid particular nation firm purpos host member state requir invest firm carri busi territori freedom provid servic provid inform monitor complianc standard set host member state appli requir stringent member state impos establish firm monitor complianc standard compet author host member state ascertain invest firm branch servic territori breach legal regulatori provis adopt state pursuant provis direct confer power host member state compet author author requir invest firm concern put end irregular situat invest firm concern fail step compet author host member state inform compet author home member state earliest opportun measur ensur invest firm concern put end irregular situat natur measur commun compet author host member state measur home member state measur prove inadequ state question invest firm persist violat legal regulatori provis refer paragraph forc host member state inform compet author home member state measur prevent penal irregular prevent invest firm initi transact territori member state ensur territori serv legal document measur invest firm forego provis affect power host member state measur prevent penal irregular commit territori contrari rule conduct introduc pursuant articl legal regulatori provis adopt interest gener good includ possibl prevent offend invest firm initi transact territori measur adopt pursuant paragraph involv penalti restrict activ invest firm properli justifi commun invest firm concern measur subject appli court member state adopt procedur laid paragraph compet author host member state emerg precautionari measur protect interest investor servic provid commiss compet author member state concern inform measur earliest opportun consult compet author member state concern commiss decid member state question amend abolish measur event withdraw author compet author host member state inform measur prevent invest firm concern initi transact territori safeguard investor interest year commiss submit report case committe set stage secur field member state inform commiss number type case refus pursuant articl measur accord paragraph year commiss submit report case committe set date secur field articl order ensur author respons market supervis access inform perform duti home member state requir prejudic step implement articl invest firm dispos author year relev data transact relat servic refer articl carri instrument dealt regul market transact carri regul market invest firm report compet author home member state transact refer transact cover share instrument give access capit bond form securit debt standard forward contract relat share standard option share report made relev author earliest opportun time limit fix author extend end work dai oper practic reason dictat circumst exce limit report includ detail name number instrument bought sold date time transact transact price mean identifi invest firm concern home member state provid oblig impos case bond form securit debt appli aggreg transact instrument invest firm carri transact regul market host member state home member state waiv requir report invest firm subject equival requir report transact question author charg market member state provid report refer paragraph made invest firm trade match system stock exchang author regul market member state ensur inform accord articl proper applic articl member state discriminatori manner adopt maintain provis stringent field govern articl regard substanc form respect conserv report data relat transact carri regul market home member state carri invest firm home member state articl order enabl investor assess time term transact verifi condit carri compet author regul market enter list provid articl measur provid investor inform refer paragraph accord requir impos paragraph compet author determin form precis time inform provid mean made regard natur size market concern investor oper market compet author requir instrument public start dai trade market weight averag price highest lowest price volum dealt regul market question preced dai trade addit continu order driven quot driven market public end hour trade market weight averag price volum dealt regul market question hour trade period end leav hour trade market public minut weight averag price highest lowest price regul market question hour trade period end leav hour trade market public investor prior access inform price quantiti transact undertaken inform time market trade hour ii term announc price quantiti term investor carri transact compet author delai suspend public prove justifi except market condit case small market preserv anonym firm investor compet author appli special provis case except transact larg scale compar averag transact secur question market case highli illiquid secur defin mean object criteria made public compet author appli flexibl provis public deadlin transact bond form securit debt field govern articl member state adopt maintain stringent provis addit provis regard substanc form inform made investor transact carri regul market home member state provid provis appli member state issuer financi instrument locat member state regul market instrument list time commiss report applic articl decemb council propos commiss decid qualifi major amend articl titl vi author respons author supervis articl member state design compet author carri duti provid direct inform commiss thereof indic divis duti author refer paragraph public author bodi recogn nation law bodi recogn public author expressli empow purpos nation law author concern power perform function articl compet author member state collabor close supervis activ invest firm oper member state member state ensur collabor take place compet author public author respons supervis financi market credit financi institut insur undertak entiti author supervis provis servic establish branch invest firm oper member state home member state compet author member state concern collabor close order effect discharg respect respons area cover direct suppli request inform manag ownership invest firm facilit supervis inform facilit monitor firm author home member state cooper ensur author host member state collect particular refer articl purpos exercis power supervis compet author home member state inform compet author host member state measur host member state pursuant articl involv penalti impos invest firm restrict invest firm activ articl host member state ensur invest firm author member state carri busi territori branch compet author home member state inform compet author host member state intermediari person instruct purpos carri spot verif inform refer articl compet author home member state compet author host member state verif carri author receiv request framework power act carri verif allow author request carri allow auditor expert articl affect compet author host member state discharg respons direct carri spot verif branch establish territori articl member state provid person work work compet author auditor expert instruct compet author bound oblig profession secreci confidenti inform receiv duti divulg person author whatsoev save summari aggreg form individu invest firm identifi prejudic case cover crimin law invest firm declar bankrupt compulsorili wound confidenti inform concern parti involv attempt rescu invest firm divulg civil commerci proceed paragraph prevent compet author member state exchang inform accord direct direct applic invest firm inform subject condit profession secreci impos paragraph member state conclud cooper agreement provid exchang inform compet author countri inform disclos cover guarante profession secreci equival provid articl compet author receiv confidenti inform paragraph duti check condit govern take busi invest firm met facilit monitor consolid consolid basi conduct busi regard capit adequaci requir impos direct eec administr account procedur intern control mechan impos sanction administr appeal decis compet author court proceed initi articl paragraph preclud exchang inform member state compet author member state member state compet author author respons supervis credit institut financi organ insur undertak author respons supervis financi market bodi respons liquid bankruptci invest firm similar procedur person respons carri statutori audit account invest firm financi institut perform supervisori function disclosur bodi administ compens scheme inform perform function inform subject condit profession secreci impos paragraph articl prevent compet author disclos central bank supervis credit institut invest firm individu inform act monetari author inform receiv context subject condit profession secreci impos paragraph articl prevent compet author commun inform refer paragraph clear hous similar bodi recogn nation law provis clear settlement servic member state market commun inform order ensur proper function bodi relat default potenti default market particip inform receiv subject condit profession secreci impos paragraph member state ensur inform receiv paragraph disclos circumst refer paragraph express consent compet author disclos addit notwithstand provis refer paragraph member state virtu provis laid law author disclosur inform depart central govern administr respons legisl supervis credit institut financi institut invest firm insur undertak inspector instruct depart disclosur made reason prudenti control member state provid inform receiv paragraph obtain mean spot verif refer articl disclos case refer paragraph express consent compet author disclos inform compet author member state spot verif carri time adopt direct member state exchang inform author order check complianc law prudenti supervis organ oper conduct commerci compani regul financi market member state continu author forward inform pend coordin provis govern exchang inform author entir financi sector case juli member state ensur inform member state disclos circumst refer subparagraph express consent compet author disclos purpos author gave agreement council effect coordin refer subparagraph basi commiss propos council note commiss statement effect submit propos juli latest council act propos shortest time intent bring rule propos effect date direct articl member state ensur decis respect invest firm law regul administr provis adopt accord direct subject appli court appli decis month submiss respect applic author inform requir provis forc articl prejudic procedur withdraw author provis crimin law member state provid respect compet author regard invest firm effect control busi firm infring law regul administr provis supervis carri activ adopt impos respect measur penalti aim specif end observ breach breach articl member state ensur direct implement discrimin titl vii final provis articl pend adopt direct lai provis adapt direct technic progress area council accord decis eec act qualifi major propos commiss adopt adapt expans list section annex adapt terminolog list annex account develop financi market area compet author exchang inform list articl clarif definit order ensur uniform applic direct commun clarif definit order account implement direct develop financi market align terminolog frame definit accord subsequ measur invest firm relat matter task provid articl articl invest firm author home member state provid invest servic decemb deem author purpos direct law member state provid activ compli condit equival impos articl invest firm carri busi decemb includ refer paragraph continu activ profid decemb pursuant provis home member state obtain author continu activ accord provis adopt implement direct grant author enabl firm qualifi provis direct establish freedom provid servic date adopt direct invest firm commenc busi member state branch freedom provid servic author home member state juli decemb commun purpos articl author member state concern list firm compli direct oper state indic busi carri natur person author member state date adopt direct offer invest servic deem author direct provid fulfil requir impos articl subparagraph indent subparagraph indent articl juli member state adopt law regul administr provis compli direct provis enter forc decemb member state forthwith inform commiss thereof member state adopt provis refer paragraph includ refer direct accompani refer occas offici public manner refer made laid member state articl direct address member state brussel council presid helveg petersen oj oj oj oj oj oj direct amend direct eec oj page offici journal oj direct amend act access spain portug oj direct amend direct eec oj oj oj direct amend direct eec oj oj direct amend direct eec oj oj direct amend direct eec oj oj oj direct amend act access spain portug oj direct amend direct eec oj oj annex section servic recept transmiss behalf investor order relat instrument list section execut order account deal instrument list section account manag portfolio invest accord mandat investor discriminatori client client basi portfolio includ instrument list section underwrit respect issu instrument list section place issu section instrument transfer secur unit collect invest undertak monei market instrument financi futur contract includ equival cash settl instrument forward interest rate agreement fra interest rate currenc equiti swap option acquir dispos instrument fall section annex includ equival cash settl instrument categori includ option currenc interest rate section core servic safekeep administr relat instrument list section safe custodi servic grant credit loan investor carri transact instrument list section firm grant credit loan involv transact advic undertak capit structur industri strategi relat matter advic servic relat merger purchas undertak servic relat underwrit invest advic instrument list section foreign exchang servic connect provis invest servic