Proposal for a directive – amending act
Article 50
Two years after the date referred to in Article 54, t1. The Commission shall, by ...*, on the basis of public consultation and in the light of the discussions with competent authorities, review the application and the scope of this Directive. This review shall also take due account of developments at international level and discussions with third countries and international organisations. It shall and assess its impact on the: (a) availability of investment capital for companies established in the Union, particularly innovative businesses; (b) level of Union investment in third- country jurisdictions, particularly developing countries; (c) investment returns of pension funds based or operating in the Union, paying particular attention to the context of demographic trends within the Union. 2. The Commission shall, in consultation with the European Parliament and the Council, assess whether, in the light of developments in the market and the information gathered in accordance with paragraph 1, and with regard both to consumer protection and competitiveness, there is a need to amend this Directive. If such a need exists, the Commission shall, by ...*, submit a reportproposal to the European Parliament and the Council together with appropriate proposals. * OJ please insert date: three years after the date referred to in Article 54.