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IV. Insurance and Banking

Published online by Cambridge University Press:  17 January 2008

Karl Newman  and
Mads Andenas
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Extract

There are still unresolved conflicts at the final stage of the completion of the internal financial market.1 Member State actions have been brought against the European Parliament and Council Directive on Deposit Guarantee Schemes2 and against the Commission Communication on an Internal Market for Pension Funds.1

Type
Current Developments: European Community Law
Information
International & Comparative Law Quarterly , Volume 45 , Issue 1 , January 1996 , pp. 230 - 235
Copyright
Copyright © British Institute of International and Comparative Law 1996

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References

1. See the overview of the adopted financial markets directives in “Current Developments” (1994) 43 I.C.L.Q. 728.

2. (1994) O.J. L135/5. See further discussion infra.

3. (1994) O.J. C360/7. See further discussion infra.

4. Case C-384/93 Alpine Investments BV and Minister van Financien (judgment of 10 May 1995), The Times, 16 June 1995. See further discussion infra.

5. Council Directive on Investment Services in the Securities Field (1993) O.J. L141/27.

6. Francis Jacobs has pointed out how closely the freedoms of the Treaty are interrelated and the importance of the ECJ's jurisprudence in this area in the application of the directives giving effect to the freedoms; see “The Basic Freedoms of the EEC Treaty and Company Law” (1992) 11 Company Lawyer 4.

7. See infra.

8. (1995) O.J. C225/43.

9. Keck and Mithouard [1993] E.C.R. I-3453, discussed in the note on Free Movement of Goods in Part I of this section of the I.C.L.Q.

10. See supra n.5.

11. European Parliament and Council Directive amending the financial institutions directives (1995) O.J. L168/7.

12. The background for the Directive is set out in “Current Developments” (1994) 43 I.C.L.Q. 731.

13. (1994) O.J. L135/5. This will cover a minimum of 90% of deposits in banks up to 20,000 ECUs.

14. See “Current Developments” (1994) 43 I.C.L.Q. 729–730 and Andenas, , “Deposit Guarantee Schemes and Home Country Control”, in Ross, Cranston (Ed.), The Single Market and the Law of Banking (1995) p.105 at p.109.Google Scholar

15. Case C-233/94 (1994) O.J. C275/20.

16. The Commission's proposal originally consisted of nine short articles and one annex. The adopted Directive comprises 16 articles, some of which are very long, and three annexes.

17. For the amended Commission proposal for a Directive on Investor Compensation Schemes see (1994) O.J. L382/27.

18. (1994) O.J. C260/17, amended proposal in (1995) O.J. C199/16.

19. The background for the Directive is set out in “Current Developments” (1994) 43 I.C.L.Q.731.

20. (1995) O.J. C101/4.

21. Council Directive on the Supervision of Credit Institutions on a Consolidated Basis (1992) O J. L110/52. Consolidated supervision was extended to apply to groups headed by a financial holding company (Art.3(2)). A financial holding company is a financial institution the subsidiary undertakings of which are either exclusively, or mainly, credit or financial institutions with at least one subsidiary being a credit institution (Art.1).

22. Council Directive on the Capital Adequacy of Investment Firms and Credit Institutions (1993) O.J. L141/1.

23. (1995) O.J. C225/10.