(45)In accordance with the principle of proportionality, it is necessary and appropriate for the achievement of the basic objective of ensuring the completion of a single securities market to lay down rules on a single passport for issuers. This Directive does not go beyond what is necessary in order to achieve the objectives pursued in accordance with the third paragraph of Article 5 of the Treaty.
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New version applies from 26/11/2013 — introduced by Directive 2013/50/EU.
53 provisions change.
Later versions: 23/05/2014, 20/07/2017, 21/07/2018, 21/07/2019.
Recital 45 changes in this version: compare with the current text.