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PR(99)04: The EFTA Surveillance Authority adopts a report on the operation of certain articles in the Investment Services Directive (93/22/EEC) in the EFTA States


The Investment Services Directive (93/22/EEC), as made part of the EEA Agreement, requires the EFTA Surveillance Authority to make a report on the operation of certain articles in the Directive. 

The report, which is based on information from the EFTA States, looks at the operation of the following articles of the Directive:

Article 1           on natural persons as an investment firm,

Article 2           on exemptions,

Article 14         on obligation to trade on regulated market, and

Article 21         on transparency regime for regulated markets.

The aim of the report is to give an overview of the application of the above mentioned provisions in the Directive and to indicate whether it has caused any kind of difficulties and, where applicable, whether the EFTA States would suggest any amendments to the Directive.  The report is therefore more descriptive than conclusive in nature.

The report was adopted by the EFTA Surveillance Authority on 3 March 1999 and is available at the Authority's homepage ( 

For further information on the report please contact Mr. Jónas Fr. Jónsson (Persons, Services and Capital Movements Directorate) telephone (+32)2 286 18 65.

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