Since the objectives of the action envisaged, namely to establish minimum guidelines for the conduct of takeover bids and ensure an adequate level of protection for holders of securities throughout the Community, cannot be sufficiently achieved by the Member States because of the need for transparency and legal certainty in the case of cross-border takeovers and acquisitions of control, and can therefore, by reason of the scale and effects of the action, be better achieved at Community level, the Community may adopt measures, in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty.
Ker države članice ciljev predvidenih ukrepov, namreč uvedbe minimalnih smernic za izvajanje ponudb za prevzem in zagotovitev ustrezne stopnje zaščite imetnikov vrednostnih papirjev po vsej Skupnosti, same ne morejo zadostno doseči zaradi potrebe po preglednosti in pravne varnosti v primeru čezmejnih prevzemov in pridobitev kontrole, in jih je zato zaradi obsega in učinkov ukrepov laže doseči na ravni Skupnosti, lahko Skupnost sprejme ukrepe skladno z načelom subsidiarnosti, kakor je določeno v členu 5 Pogodbe.