THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,

Having regard to the Treaty establishing the European Community, and in particular Article 57(2) thereof,

Having regard to the proposal from the Commission [OJ No C 321, 27. 11. 1993, p. 15 and OJ No C 382, 31. 12. 1994, p. 27.],

Having regard to the opinion of the Economic and Social Committee [OJ No C 127, 7. 5. 1994, p. 1.],

Having regard to the opinion of the European Monetary Institute [Opinion delivered on 28 July 1995.],

Acting in accordance with the procedure laid down in Article 189b of the Treaty [European Parliament opinion of 19 April 1994 (OJ No C 128, 9. 5. 1994, p. 85), Council common position of 23 October 1995 (OJ No C 320, 30. 11. 1995, p. 9) and European Parliament Decision of 12 March 1996 (OJ No C 96, 1. 4. 1996, p. 28). Decision of the Council of 17 February 1997 and Decision of the European Parliament of 19 February 1997 (OJ No C 85, 17. 3. 1997).] in the light of the joint text approved by the Conciliation Committee on 18 December 1996,

(1) Whereas on 10 May 1993 the Council adopted Directive 93/22/EEC on investment services in the securities field [OJ No L 141, 11. 6. 1993, p. 27.]; whereas that Directive is an essential instrument for the achievement of the internal market for investment firms;