Published: 2003-04-16
Key Benefits:
Act concerning the conditions of accession of the Czech Republic, the Republic of Estonia, the Republic of Cyprus, the Republic of Latvia, the Republic of Lithuania, the Republic of Hungary, the Republic of Malta, the Republic of Poland, the Republic of Slovenia and the Slovak Republic and the adjustments to the Treaties on which the European Union is founded - Annex VI: List referred to in Article 24 of the Act of Accession: Estonia - 2. Freedom to provide services
Official Journal L 236 , 23/09/2003 P. 0814 - 0814
2. FREEDOM TO PROVIDE SERVICES
1. 31994 L 0019: Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit-guarantee schemes (OJ L 135, 31.5.1994, p. 5).
By way of derogation from Article 7(1) of Directive 94/19/EC, the minimum level of guarantee shall not apply in Estonia until 31 December 2007. Estonia shall ensure that its deposit-guarantee scheme provides for cover of not less than EUR 6391 until 31 December 2005, and of not less than EUR 12782 from 1 January 2006 until 31 December 2007.
During the transitional period the other Member States will retain the right to prevent a branch of an Estonian credit institution established on their territories from operating unless and until such a branch has joined an officially recognised deposit-guarantee scheme within the territory of the Member State concerned in order to cover the difference between the Estonian level of guarantee and the minimum level referred to in Article 7(1). The requirement for a branch of an Estonian credit institution operating in the Member State concerned to provide the minimum level of guarantee referred to in Article 7(1) may also be satisfied through the Estonian deposit-guarantee scheme.
2. 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 Estonia until 31 December 2007. Estonia shall ensure that its investor-compensation scheme provides for cover of not less than EUR 6391 until 31 December 2005, and of not less than EUR 12782 from 1 January 2006 until 31 December 2007.
During the transitional period the other Member States will retain the right to prevent a branch of an Estonian 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 Estonian level of compensation and the minimum level referred to in Article 4(1). The requirement for a branch of an Estonian investment firm operating in the Member State concerned to provide the minimum level of compensation referred to in Article 4(1) may also be satisfied through the Estonian investor-compensation scheme.
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