1. The Member States shall send to the Commission:
(a) no later than date of implementation of this Directive, lists of the debt instruments which, in accordance with Article 19(2)(b), they plan to treat as equivalent to transferable securities, stating the characteristics of those instruments and the reasons for so doing;
(b) details of any amendments which they contemplate making to the lists of instruments referred to in (a) or any further instruments which they contemplate treating as equivalent to transferable securities, together with their reasons for so doing.
2. The Commission shall immediately forward that information to the other Member States together with any comments which it considers appropriate. Such communications may be the subject of exchanges of views within the Contact Committee in accordance with the procedure laid down in Article 53(4).