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Article 65
Reports and review
1. Before.......... (*), the Commission shall, on the basis of public consultation and in the light of discussions with competent authorities, report to the European Parliament and
Council on the possible extension of the scope of the provisions of the Directive concerning pre and post-trade transparency obligations to transactions in classes of financial instrument other than shares.
2. Before......... (**), the Commission shall present a report to the European Parliament and to the Council on the application of Article 27.
3. Before.......... (***), the Commission shall, on the basis of public consultations and in the light of discussions with competent authorities, report to the European Parliament and Council on:
(a) the continued appropriateness of the exemption under Article 2(1)(k) for undertakings whose main business is dealing on own account in commodity derivatives;
(b) the content and form of proportionate requirements for the authorisation and supervision of such undertakings as investment firms within the meaning of this Directive;
(c) the appropriateness of rules concerning the appointment of tied agents in performing investment services and/or activities, in particular with respect to the supervision on them;
(d) the continued appropriateness of the exemption under of Article 2(1)(i).
4. Before............... (***), the Commission shall present a report to the European Parliament and the Council on the state of the removal of the obstacles which may prevent the consolidation at the European level of the information that trading venues are required to publish.
5. On the basis of the reports referred to in paragraphs 1 to 4, the Commission may submit proposals for related amendments to this Directive.
6. Before............ (****), the Commission shall, in the light of discussions with competent authorities, report to the European Parliament and Council on the continued appropriateness of the requirements for professional indemnity insurance imposed on intermediaries under Community law.
(*) 2 years after the entry into force of this Directive.
(**) 3 years after the entry into force of this Directive.
(***) 30 months after the entry into force of this Directive.
(****) 1 year after the entry into force of this Directive.
Article 65
Reports and review
1. Before.......... (*), the Commission shall, on the basis of public consultation and in the light of discussions with competent authorities, report to the European Parliament and
Council on the possible extension of the scope of the provisions of the Directive concerning pre and post-trade transparency obligations to transactions in classes of financial instrument other than shares.
2. Before......... (**), the Commission shall present a report to the European Parliament and to the Council on the application of Article 27.
3. Before.......... (***), the Commission shall, on the basis of public consultations and in the light of discussions with competent authorities, report to the European Parliament and Council on:
(a) the continued appropriateness of the exemption under Article 2(1)(k) for undertakings whose main business is dealing on own account in commodity derivatives;
(b) the content and form of proportionate requirements for the authorisation and supervision of such undertakings as investment firms within the meaning of this Directive;
(c) the appropriateness of rules concerning the appointment of tied agents in performing investment services and/or activities, in particular with respect to the supervision on them;
(d) the continued appropriateness of the exemption under of Article 2(1)(i).
4. Before............... (***), the Commission shall present a report to the European Parliament and the Council on the state of the removal of the obstacles which may prevent the consolidation at the European level of the information that trading venues are required to publish.
5. On the basis of the reports referred to in paragraphs 1 to 4, the Commission may submit proposals for related amendments to this Directive.
6. Before............ (****), the Commission shall, in the light of discussions with competent authorities, report to the European Parliament and Council on the continued appropriateness of the requirements for professional indemnity insurance imposed on intermediaries under Community law.
(*) 2 years after the entry into force of this Directive.
(**) 3 years after the entry into force of this Directive.
(***) 30 months after the entry into force of this Directive.
(****) 1 year after the entry into force of this Directive.
