31. 5. 94 Official Journal of the European Communities No L 135/1 (Acts whose publication is obligatory) DIRECTIVE 94/18/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 30 May 1994 amending Directive 80/390/EEC coordinating the requirements for the drawing up, scrutiny and distribution of the listing particulars to be published for the admission of securities to official stock-exchange listing, with regard to the obligation to publish listing particulars THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty establishing the European Community, and in particular Article 54 thereof, Having-regard to the proposal from the Commission (1), Having regard to the opinion of the Economic and Social Committee (), Acting in accordance with the procedure laid down in Article 189b of the Treaty (), Whereas one of the main goals of the Directive in the field of securities listing is to create the conditions for greater interpenetration of securities markets in the Community by removing those obstacles that may prudently be removed; Whereas cross-border listing within the Community is one of the available means of making such interpenetration a reality; Whereas a major difficulty in seeking admission to listing in other Member States is the lengthy procedures, as well as the costs associated with the publication of listing particulars as required by Council Directive 80/390/EEC of 17 March 1980 coordinating the requirements for the drawing up, scrutiny and distribution of the listing ('} OJ No C 23, 27. 1. 1993, p. 6. O] No C 88, 25. 3. 1994, p. 3. (*) O] No C 161, 14, 6. 1993, p. 31. () Opinion of the European Parliament of 15 December 1993 (O] No C 20, 24. 1. 1994). Council common position of 4 March 1994 (O] No C 137, 19. 5. 1994) and Decision of the European Parliament of 20 April 1994 (O] No C 128, 9. 5. 1994). particulars to be published for the admission of securities to official stock-exchange listing (*); Whereas Council Directive 87/345/EEC of 22 June 1987 amending Directive 80/390/EEC  coordinating the requirements for the drawing up, scrutiny and distribution of the listing particulars to be published for the admission of securities to official stock-exchange listing (°), which provides for the mutual recognition of listing  particulars when  admission is  sought simultaneously in two or more Member States, was an ~ important step in the simplification of cross-border listing procedures; Whereas Council Directive 90/211/EEC of 23 April 1990 amending Directive 80/390/EEC in respect of the mutual recognition of public-offer prospectuses as stock-exchange listing particulars (¢), which recognizes a public-offer prospectus as listing particulars when admission to official listing is requested within a short period of the public offer, was another important step in the same direction; Whereas every new measure simplifying cross-border procedures even  further —may  accelerate the interpenetration of securities markets in the Community; Whereas Article 6 of Directive 80/390/EEC already defines a number of instances in which competent authorities may provide for partial or complete exemption from the obligation to publish listing particulars; whereas such partial or complete exemptions, which mainly concern cases in which securities of the same class are already listed on an official exchange in the same country and therefore have no application to most cross-border cases, are provided for on the (4y O] No L 100, 17. 4. 1980, p. 1. () OJ No L 185, 4. 7. 1987, p. 81. () O No L 112, 3. 5. 1990, p. 24.