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Directive 2008/23/EC of the European Parliament and of the Council of 11 March 2008 amending Directive 2006/49/EC on the capital adequacy of investment firms and credit institutions, as regards the implementing powers conferred on the Commission
Article 1

Article 1 — Amendments

Directive 2006/49/EC is hereby amended as follows:

  1. Article 41 shall be amended as follows:
    1. in paragraph 1 the words in accordance with the procedure referred to in Article 42(2) shall be deleted;
    2. paragraph 2 shall be replaced by the following:

      1. The measures referred to in paragraph 1, designed to amend non-essential elements of this Directive, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 42(2).;
  2. Article 42 shall be amended as follows:
    1. paragraph 2 shall be replaced by the following:

      1. Where reference is made to this paragraph, Article 5a(1) to (4) and Article 7 of Decision 1999/468/EC shall apply, having regard to the provisions of Article 8 thereof.;
    2. paragraphs 3 and 4 shall be replaced by the following:

      1. By 31 December 2010, and, thereafter, at least every three years, the Commission shall review the provisions concerning its implementing powers and present a report to the European Parliament and to the Council on the functioning of those powers. The report shall examine, in particular, the need for the Commission to propose amendments to this Directive in order to ensure the appropriate scope of the implementing powers conferred on the Commission. The conclusion as to whether or not amendment is necessary shall be accompanied by a detailed statement of reasons. If necessary, the report shall be accompanied by a legislative proposal to amend the provisions conferring implementing powers on the Commission.