Investment firms, credit institutions: capital adequacy, securities field (amend. Directives 93/6/EEC, 93/22/EEC)

OBJECTIVE: to do away with the temporary provisions contained in the directives on capital adequacy (93/6/EEC) and on investment services (93/22/EEC) with a view to establishing a securities committee. SUBSTANCE: - establishment of the new securities committee, which will be composed of representatives of the Member States and chaired by the Commission. It will operate in exactly the same way as the Insurance Committee; - the new committee will act as a forum for the discussion of all issues relating to the directives concerning the securities markets; - the proposal amends the notification arrangements for certain technical aspects covered by the directive on capital adequacy pending the creation of the securities committee. �