At EU level, this requirement is adequately covered by the Professional Qualifications Directive2 and by specific regulations such as the Establishment Directive and Services Directive for lawyers3 or the Statutory Audit Directive4.

At EU level, this requirement is adequately covered by the Professional Qualifications Directive3 and by specific regulations such as the directives for doctors and dentists and Services Directive for lawyers4 or the Statutory Audit Directive5.

This also means that the directive will not pre empt the ongoing discussion on the review of the solvency requirements in the banking sector .

On the basis of those business requirements , the EPC has identified logical requirements .

2.1 First , as regards disclosure and information requirements , the proposed directive introduces various requirements depending on the legal nature of the issuer .

In 1997 the EU NCBs continued to respect the Treaty requirements .

However , the proposed equivalence rules only cover disclosure requirements laid down under this Directive , but not those incumbent on the issuer under the Market Abuse Directive .

As the fitness report (REFIT, Adjusting Course EU Passenger Ship Safety Legislation Fitness Check, COM(2015) 508 final) identifies, Directive 2009 45 EC in some parts lacks clarity in a number of definitions and requirements and has outdated or overlapping requirements, which has led to the inconsistent implementation of the legal framework for passenger ships.

The Action Plan stresses the need to draw up a Directive upgrading transparency requirements .

These reports provide the basis for the EU Council 's decision on whether the Member State concerned fulfils the necessary conditions for adoption of the euro .

Credit institutions , regulated under the Capital Requirements Directive , can also issue electronic money within the framework of the Electronic Money Directive .

Assessment of the effects of certain public and private projects on the environment (amending Directive 2011 92 EEC)

Unfortunately, the new Basel III Accord and the ensuing EU Capital Requirements Directive have failed to correct the two main shortcomings of international prudential rules namely, their reliance on banks risk management models for the calculation of capital requirements, and the lack of supervisory accountability.

Subject Habitats Directive

Assessment of the situation of leased lines in the European Union and the consequences on adaptation of the ONP leased lines Directive

The PSD was adopted by the European Parliament and the EU Council in 2007 .

The leaders of the EU decided that 11 Member States had fulfilled the conditions for adopting the euro .

At EU level there are requirements for labelling household and other appliances and a Directive on energy use in buildings.

It also asked for consistent solutions between requirements related to annual financial reporting and the registration document under the forthcoming Prospectus Directive .

The solvency requirements shall be calculated in accordance with the provisions of the sectoral rules and this Directive .

4.1 Overall , the proposed directive would allow payment institutions to operate under a lighter supervisory regime than that applicable under the Consolidated Banking Directive .

Subject Habitats Directive '

The Payment Services Directive provides the legal foundation for the creation of an EU wide single market for payments .

Assessment of the situation of interconnection in telecommunications in the European Union and the need to review the ONP Interconnection Directive 97 33 EC

consistently apply the prudential requirements under this Directive across all entities within a banking group .

Annex I , point ( 2 ) and Annex II , point ( 2 )) In 2006 the Commission and CEBS set up the Capital Requirements Directive Transposition Group ( CRDTG ) in 2006 to facilitate a coherent implementation and application throughout the EU of the CRD .

making arrangements , such as deposit guarantee schemes to protect depositors , which go beyond the EU 's minimum requirements .

Article 23 ( 1 ) of the proposed directive should be amended accordingly . 9.2 It is understood that the intention of Article 23 ( 2 ) of the proposed directive is to exempt systems designated under the Settlement Finality Directive ( 13 ) from the access conditions under Article 23 ( 1 ) .

The ECB welcomes these enhanced requirements of the proposed directive , since they are consistent with internationally accepted best practice .

ECB Opinion on amendments to the Banking Directive and the Capital Adequacy Directive

( b ) they apply customer due diligence measures and record keeping measures equivalent to those laid down in this Directive and their compliance with the requirements of this Directive is supervised in accordance with Section 2 of Chapter V , or they are situated in a third country which imposes equivalent requirements to those laid down in this Directive .

The home Member State may make an issuer subject to requirements more stringent than those laid down in this Directive , as regards the disclosure of information to the public or to security holders .

The information about what requires this package could not be obtained.

Why, then, was the European Commission s proposed services directive, which would ensure freedom to supply services across the Union to all EU companies, vilified as the Frankenstein directive ?

This might help to ensure that the requirements in third countries for AIFMs are equivalent to those to be put in place in the EU and that non EU domiciled AIFMs could benefit from access to the EU markets on a reciprocity basis .

Major measures in this respect included the Markets in Financial Instruments Directive ( MiFID ) , the Transparency Directive , the Market Abuse Directive , and the Prospectus Directive 12 . Building on the achievements under the FSAP , in December 2005 the Commission adopted a White Paper on EU financial services policy for the years 2005 10 .

In order to ensure fulfilment of the requirements laid down pursuant to this Directive or measures implementing this Directive , an infringement of those requirements should be promptly detected and , if necessary , penalised .

In this respect it should be underlined that prospectus requirements appear to be exhaustively covered by the Prospectus Directive , under which money market instruments are exempted from the definition of securities ( 13 ) .

In this regard , Titles III and IV of the proposed directive are crucial as they introduce a harmonised set of rules regarding information requirements , authorisation , execution and liability in respect of payment transactions .

However , the wording of Article 11 ( 1 ) of the proposed directive does not appear to have taken into account the specific EU system of mutual recognition , as set out in the Consolidated Banking Directive ( 3 ) .

The proposed Investment Services Directive ( ISD ) 4 will only work effectively and be a success if this new set of regulatory transparency requirements are in place at the same time .

The text of the PSD will now be forwarded to the EU Council for final adoption .

For instance , this directive will clarify that capital requirements for settlement risk also apply in the non trading book .

the Settlement Finality Directive 8 and the Collateral Directive 9 .

As this directive will modify the Framework Directive on type approval, it would be preferable to indicate clearly that the reference is to the Framework Directive on type approval 70 156 EEC, as modified by Directive XXXX XX CE .