‘captive reinsurance undertaking’ means a reinsurance undertaking owned either by a financial undertaking other than an insurance or a reinsurance undertaking or a group of insurance or reinsurance undertakings to which Directive 98/78/EC applies, or by a non-financial undertaking, the purpose of which is to provide reinsurance cover exclusively for the risks of the undertaking or undertakings to which it belongs or of an undertaking or undertakings of the group of which the captive reinsurance undertaking is a member.

This Directive should apply to reinsurance undertakings which conduct exclusively reinsurance business and do not engage in direct insurance business; it should also apply to the so-called ‘captive’ reinsurance undertakings created or owned by either a financial undertaking other than an insurance or reinsurance undertaking or a group of insurance or reinsurance undertakings to which Directive 98/78/EC of the European Parliament and of the Council of 27 October 1998 on the supplementary supervision of insurance undertakings in an insurance group applies, or by one or several non-financial undertakings, the purpose of which is to provide ...[+++] reinsurance cover exclusively for the risks of the undertakings to which they belong.

4. If the acquirer of any holding referred to in paragraph 3 is an investment firm, a credit institution, an insurance undertaking or a UCITS management company authorised in another Member State, or the parent undertaking of an investment firm, credit institution, insurance undertaking or a UCITS management company authorised in another Member State, or a person controlling an investment firm, credit institution, insurance undertaking or a UCITS management company authorised in another Member State, and if, as a result of that acquisition, the undertaking would become the acquirer's subsidiary or come under his control, the assessment of the acquisition ...[+++] shall be subject to the prior consultation provided for in Article 60.

The Commission takes the view that special attention must be given to the nature and purpose of the firms involved in modernization, with a view to encouraging, as well, those whose operations are involved closely, on a lasting basis, with the other aspects of the local or regional economy.

The talks, which were held at the Commission's request, followed on from discussions at the Council meeting of 14 September. This meeting highlighted the Community's concern over the discriminatory treatment meted out to European companies in respect of intellectual property on the Korean market and the need for the Community to take a hard line with Korea on this matter.

In other words, such aid may not under any circumstances constitute aid for exports; - the aid will have to be objectively quantifiable beforehand on the basis of a ratio "aid per kilometre travelled" or on the basis of a ratio "aid per kilometre travelled" and "aid per unit of weight", and will have to form the subject-matter of an annual report drawn up on the basis of such ratio(s); - estimates of the extra cost will have to be based on the cheapest means of transport and the most direct route between the place of production/proc ...[+++]essing and the commercial outlets; - aid may be granted only to businesses located in an area eligible for regional aid on the strength of the new criterion of low population density; - the products of firms for which there is no possible alternative location (products of the extractive industries, hydroelectric power stations, etc.) will not be eligible for transport aid. - any transport aid granted to firms in sectors considered sensitive by the Commission (motor vehicles, textiles, synthetic fibres, shipbuilding, ECSC sectors and steel falling outside the scope of the ECSC Treaty) will be subject to the requirement of prior notification and to the sectoral guidelines applicable; - agricultural products falling within Annex II of the EC Treaty are not covered by the present provisions and will form the subject-matter of an appropriate proposal in due course.