Recital 1

(1)Whereas certain events have shown that it is appropriate to amend in certain respects certain Council Directives, specifying the general framework within which credit institutions, insurance undertakings, investment firms and undertakings for investment in transferable securities (Ucits) may carry on their business, namely Directives 77/780/EEC ( 4 ) and 89/646/EEC, Directives 73/239/EEC ( 5 ) and 92/49/EEC, Directives 79/267/EEC ( 6 ) and 92/96/EEC, Directive 93/22/EEC ( 7 ) and Directive 85/611/EEC ( 8 ), with a view to reinforcing prudential supervision; whereas it is desirable to adopt similar measures throughout the financial services sector;