4. Before investing, and as appropriate thereafter, credit institutions, shall be able to demonstrate to the competent authorities for each of their individual securitisation positions, that they have a comprehensive and thorough understanding of and have implemented formal policies and procedures appropriate to their trading book and non-trading book and commensurate with the risk profile of their investments in securitised positions for analysing and recording:

Given the objectives of Directive 2003/71/EC to ensure that investors are able to make an informed assessment of the assets and liabilities, financial position, profit and losses and prospects of an issuer, and the objectives of Directive 2004/109/EC to enable investors to make an informed assessment of the financial situation of issuers with securities admitted to trading on a regulated market, it is appropriate that equivalence should be defined by reference to the ability of investors to make a similar assessment of the issuer’s financial position and prospects, irrespective of whether financial statements are drawn up in accordance w ...[+++]ith the accounting standards of a third country or with International Financial Reporting Standards (hereinafter IFRS).

Given the objectives of Directive 2003/71/EC to ensure that investors are able to make an informed assessment of the assets and liabilities, financial position, profit and losses and prospects of an issuer, and the objectives of Directive 2004/109/EC to enable investors to make an informed assessment of the financial situation of issuers with securities admitted to trading on a regulated market, it is appropriate that equivalence should be defined by reference to the ability of investors to make a similar assessment of the issuer’s financial position and prospects, irrespective of whether financial statements are drawn up in accordance w ...[+++]ith the accounting standards of a third country or with International Financial Reporting Standards (hereinafter IFRS).

(1) The Commission participated on behalf of the Community in the negotiation of the Rotterdam Convention on the Prior Informed Consent Procedure for certain hazardous chemicals and pesticides in international trade, in accordance with the negotiating mandate given by the Council.

The Commission also wonders how this knowledge or the lack of it influences the parties' practical conduct in their contractual relations or court proceedings.

3. The following restrictions in connection with the provision of technology by the contractor may in the Commission's view also be imposed by subcontracting agreements without giving grounds for objection under Article 85 (1): - an undertaking by either of the parties not to reveal manufacturing processes or other know-how of a secret character, or confidential information given by the other party during the negotiation and performance of the agreement, as long as the know-how or information in question has not become public knowledge,