Act concerning the conditions of accession of the Republic of Bulgaria and Romania and the adjustments to the Treaties on which the European Union is founded - Annex VII:List referred to in Article 23 of the Act of Accession: transitional measures, Romani


Published: 2005-04-25

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12005SAN07/02

Act concerning the conditions of accession of the Republic of Bulgaria and Romania and the adjustments to the Treaties on which the European Union is founded - Annex VII:List referred to in Article 23 of the Act of Accession: transitional measures, Romania - 2.Freedom to provide services

Official Journal L 157 , 21/06/2005 P. 0314 - 0315


2. FREEDOM TO PROVIDE SERVICES

31997 L 0009: Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes (OJ L 84, 26.3.1997, p. 22).

By way of derogation from Article 4(1) of Directive 97/9/EC, the minimum level of compensation shall not apply in Romania until 31 December 2011. Romania shall ensure that its investor‐compensation scheme provides for cover of not less than EUR 4500 from 1 January 2007 until 31 December 2007, of not less than EUR 7000 from 1 January 2008 until 31 December 2008, of not less than EUR 9000 from 1 January 2009 until 31 December 2009, of not less than EUR 11000 from 1 January 2010 until 31 December 2010 and of not less than EUR 15000 from 1 January 2011 until 31 December 2011.

During the transitional period the other Member States will retain the right to prevent a branch of a Romanian investment firm established on their territories from operating unless and until such a branch has joined an officially recognised investor-compensation scheme within the territory of the Member State concerned in order to cover the difference between the Romanian level of compensation and the minimum level referred to in Article 4(1) of Directive 97/9/EC.

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