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New version applies from 30/04/2004 — introduced by Markets in Financial Instruments Directive (MIFID). 82 provisions change. Later versions: 13/04/2005, 20/03/2008. Article 53 changes in this version: compare with the current text.

Article 53

Article 53

1.A Contact Committee, hereinafter referred to as 'the Committee', shall be set up alongside the Commission. Its function shall be: (a)to facilitate, without prejudice to Articles 169 and 170 of the Treaty, the harmonized implementation of this Directive through regular consultations on any practical problems arising from its application and on which exchanges of views are deemed useful; (b)to facilitate consultation between Member States either on more rigorous or additional requirements which they may adopt in accordance with Article 1 (7), or on the provisions which they may adopt in accordance with Articles 44 and 45; (c)to advise the Commission, if necessary, on additions or amendments to be made to this Directive.

2.It shall not be the function of the Committee to appraise the merits of decisions taken in individual cases by the authorities referred to in Article 49.

3.The Committee shall be composed of persons appointed by the Member States and of representatives of the Commission. The Chairman shall be a representative of the Commission. Secretarial services shall be provided by the Commission.

4.Meetings of the Committee shall be convened by its chairman, either on his own initiative or at the request of a Member State delegation. The Committee shall draw up its rules of procedure.

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