No L 395736 Official Journal of the European Communities 30.12. 89 ELEVENTH COUNCIL DIRECTIVE of 21 December 1989 concerning disclosure requirements in respect of branches opened in a Member State by certain 8 q pe pe types of company governed by the law of another State (89/666/EEC) THE COUNCIL OF THE EUROPEAN COMMUNITIES, Having regérd to the Treaty establishing the European Economic Community, and in particular Article 54 thereof, ' Having regard to the proposal from the Commission (1), In cooperation with the-European Parliament (2), Having regard to the opinion of the Economic and Social Committee (3), Whereas in order to facilitate the exercise of the freedom of establishment in respect of companies covered by Article 58 of the Treaty, Article 54 (3) (g) and the general programme on the elimination of restrictions on the freedom of establishment require coordination of the safeguards required of companies and firms in the Member States for the protection of the interests of members and others; Whereas hitherto this coordination has been -effected- in respect of disclosure by the adoption of the First Directive 68/151/EEC (*) covering companies with share capital, as last amended by the 1985 Act of Accession; whereas it was continued in the field of accounting by the Fourth Directive 78/660/EEC (*) on the annual accounts of certain types of companies, as last amended by the 1985 Act of Accession, the Seventh Directive 83/349/EEC (¢) on consolidated at¢counts, as amended by the 1985 Act of Accession, and the Eighth Directive 84/253/EEC (?) on the persons responsible for carrying out the statutory audits of accounting documents; Whereas these Directives apply to companies as such but do not cover their branches; whereas the opening of a branch, like the creation of a subsidiary, is one of the possibilities currently open to companies in the exercise of their right of establishment in another Member State; Whereas in respect of branches the lack of coordination, in particular concerning - disclosure, gives rise to some: (1) OJ No C 105, 21. 4. 1988, p. 6. (2) O] No C 345, 21. 12. 1987, p. 76 and O] No C 256, 9.10. 1989, p. 27. (*) O] No C 319, 30. 11. 1987, p. 61. (*) O] No L 65, 14. 3. 1968, p. 8. (5) OJ No L 222, 14. 8. 1978, p. 11. (6} O] No L 193, 18. 7. 1983, p. 1. (7) OJ No L 126, 12. 5. 1984, p. 20. disparities, in the protection -of shareholders and third parties, between companies which operate in other Member States by opening branches and those which operate there by creating subsidiaries; Whereas in this field the differences in the laws of the Member States may interfere with the exercise of the right of establishment; whereas it is therefore necessary to eliminate such differences in order to safeguard, inter alia, the exercise of that right; - Whereas to ensure the protection of persons who deal with companies through the intermediary of branches, measures in respect of disclosure are required in the Member State in which a branch is situated; whereas, in certain respects, the economic and social influence of a branch may -be comparable to that of a subsidiary company, so that there is public interest in disclosure of the company at the branch; whereas to effect such disclosure it is necessary to make use of the procedure already instituted for companies with share capital within the Community; Whereas such disclosure relates to a range of important documents and particulars and amendments thereto; Whereas such disclosure, with the exception of the powers of representation, the name and legal form and the winding-up of the company and the insolvency proceedings to which it is subject, may be confined to information concerning a branch itself together with a reference to the register of the company of which that branch is part, since under existing Community rules all information covering the company as such is available in that register; Whereas national provisions in respect of the disclosure of accounting documents relating to a branch can no longer be justified following the coordination of national law in respect of the drawing -up, audit and disclosure of companies’ accounting documents; whereas it is accordingly sufficient to disclose, in the register of the branch, the accounting documents as audited and disclosed by the company; - Whereas letters and order forms used by a branch must give at least the same information as letters and order forms used by the company, and state the register in which the branch is entered; Whereas to ensure that the purposes of this Directive are fully realized and to avoid any discrimination on the basis of a