Database on German and European Economic Law

 Directive 2007/44/EC

I. Description

Grounds for and objectives of the proposal This proposal aims to considerably improve the legal certainty, clarity and transparency of the supervisory  approval process with regard to acquisitions and increase of shareholdings in the banking, insurance and securities sectors.

General context The EU single financial market goes hand in hand with prudential soundness and financial stability. Steady EU-led convergence in regulatory requirements, underpinned by common ground-rules and pragmatic means of implementing and applying the Community Directives for a single market for financial services has already contributed greatly to achieving this goal. Cross-border consolidation is the result of business decisions  made by market participants. Although consolidation is not an end in itself, it remains a means to achieve greater efficiency. Market driven consolidation allows institutions to reach their potential and compete internationally. An important aspect of the single market is the removal of any unjustifiable obstacles to the smooth functioning of the internal market. Undue interference by regulators, national or supra-national authorities in the implementation of a business decision that would have resulted in consolidation could effectively prevent the proper functioning of the market. In the extreme, an abusive use of powers could frustrate and render impractical an otherwise economically justifiable initiative. The current system of prudential supervision in the European Union is based on the principle of responsibility for the competent authorities of home Member States. There is also an underlying requirement for the competent authorities of home and host Member States to collaborate closely in order to supervise the activities of institutions operating in Member States other than that in which their head offices are located.

II. General Information

Title

Directive 2007/44/EC of the European Parliament and of the Council of 5 September 2007 amending Council Directive 92/49/EEC and Directives 2002/83/EC, 2004/39/EC, 2005/68/EC and 2006/48/EC as regards procedural rules and evaluation criteria for the prudential assessment of acquisitions and increase of holdings in the financial sector

Status
Existing
Directive
2007/44/EC
Source
O.J. EC No L (Legislation), Edition 247, Year 2007, p.1 - 16
Adoption
09/05/2007
Promulgation
09/21/2007
Character
Regular Act
Legal Basis
Art. 47 Abs. 2, 55 EC
Legislative Procedure
Codecision procedure

III. Versions and Legislative History

1. Versions

Titel
Allg. Daten
Textfassung

Original Text :
Directive 2007/44/EC of the European Parliament and of the Council of 5 September 2007 amending Council Directive 92/49/EEC and Directives 2002/83/EC, 2004/39/EC, 2005/68/EC and 2006/48/EC as regards procedural rules and evaluation criteria for the prudential assessment of acquisitions and increase of holdings in the financial sector

  2007/44/EC

Beschluss:
09/05/2007 (A)
Verkuendung:
09/21/2007 (P)
(A) Adoption | (P) Promulgation

2. Legislative History

Datum
Typ / Titel
Textfassungen
02/05/2007
Report of the European Parliament - 1st reading
A6-0027/2007
09/12/2006
Proposal
COM 2005/685
01/05/2006
Preliminary Version
COM 2005/685
10/26/2005
Proposal
SEC(2005) 1398

3. Legal Impact

Auswirkungstyp
Richtlinie
Textfassungen
Amendment
  Directive 2006/48/EC
Amendment
  Directive 2005/68/EC
Amendment
  Directive 2004/39/EC
Amendment
  Directive 2002/83/EC
Amendment
  Directive 92/49/EEC

IV. Umsetzung in den Mitgliedstaaten

1. Implementation in Germany

03/12/2009 (A)

03/17/2009 (P)

(A) Adoption | (P) Promulgation

Legend

Legislative Act Status

Documents

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Overview

I. Description
II. General Information
III. Versions and Legislative History
1. Versions
2. Legislative History
3. Legal Impact
IV. Umsetzung in den Mitgliedstaaten
1. Implementation in Germany