The Member States shall provide for appropriate penalties in the event of failure to disclose the matters set out in Articles 1, 2, 3, 7, 8 and 9 and of omission from letters and order forms of the compulsory particulars provided for in Articles 6 and 10.
Each Member State shall determine who shall carry out the disclosure formalities provided for in this Directive.
1.Articles 3 and 9 shall not apply to branches opened by credit institutions and financial institutions covered by Directive 89/117/EEC(1).
2.Pending subsequent coordination, the Member States need not apply Articles 3 and 9 to branches opened by insurance companies.
Article 54 of Directive 78/660/EEC and Article 48 of Directive 83/349/EEC shall be deleted.
1.Member States shall adopt the laws, regulations and administrative provisions necessary to comply with this Directive not later than 1 January 1992. They shall forthwith inform the Commission thereof.
2.Member States shall stipulate that the provisions referred to in paragraph 1 shall apply from 1 January 1993 and, with regard to accounting documents, shall apply for the first time to annual accounts for the financial year beginning on 1 January 1993 or during 1993.
3.Member States shall communicate to the Commission the texts of the provisions of national law which they adopt in the field covered by this Directive.
The Contact Committee set up pursuant to Article 52 of Directive 78/660/EEC shall also:
facilitate, without prejudice to Articles 169 and 170 of the Treaty, the harmonized application of this Directive, through regular meetings dealing, in particular, with practical problems arising in connection with its application;
advise the Commission, if necessary, on any additions or amendments to this Directive.
This Directive is addressed to the Member States.