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Directive 2002/87/EC of the European Parliament and of the CouncilShow full title

Directive 2002/87/EC of the European Parliament and of the Council of 16 December 2002 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate and amending Council Directives 73/239/EEC, 79/267/EEC, 92/49/EEC, 92/96/EEC, 93/6/EEC and 93/22/EEC, and Directives 98/78/EC and 2000/12/EC of the European Parliament and of the Council

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Changes over time for: Article 20

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Version Superseded: 21/03/2008

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EU Directives are published on this site to aid cross referencing from UK legislation. Since IP completion day (31 December 2020 11.00 p.m.) no amendments have been applied to this version.

Article 20U.K.Powers conferred on the Commission

1.The Commission shall adopt, in accordance with the procedure referred to in Article 21(2), the technical adaptations to be made to this Directive in the following areas:

(a)a more precise formulation of the definitions referred to in Article 2 in order to take account of developments in financial markets in the application of this Directive;

(b)a more precise formulation of the definitions referred to in Article 2 in order to ensure uniform application of this Directive in the Community;

(c)the alignment of terminology and the framing of definitions in the Directive in accordance with subsequent Community acts on regulated entities and related matters;

(d)a more precise definition of the calculation methods set out in Annex I in order to take account of developments on financial markets and prudential techniques;

(e)coordination of the provisions adopted pursuant to Articles 7 and 8 and Annex II with a view to encouraging uniform application within the Community.

2.The Commission shall inform the public of any proposal presented in accordance with this Article and will consult interested parties prior to submitting the draft measures to the Financial Conglomerates Committee referred to in Article 21.

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