Protection of investors/consumers/single market

Legislation

Main objectives Legislative process
Protection of consumers
of mortgages for
residential property

Directive 2014/17/EU on
credit agreements relating
to residential
Property.


To improve information to
consumers with the aim of ensuring
that they enter into mortgage
agreements advisedly.
To give borrowers the right to
repay the loan before the end of the
contract.
To enhance the evaluation of
borrowers solvency.

PROCESS COMPLETED

Adopted formally on 4
February 2014. Basically,
member states must
comply with the directive
no later than 21 March
2016.


Protection of consumers
of retail investment
products

Regulation on packaged
retail and insurance-based
investment
products (PRIIPS).

To ensure that retail investment
products (PRIPs) are accompanied
by a key information document
(KID). The KID will allow
consumers to compare and assess
the risks associated with such
products.
FORMAL ADOPTION
PENDING

First reading

The EP and Council sealed
a political compromise in
April. The EP approved it
on 15 April. The Council
still has to adopt it.

Protection of consumers
of insurance products
IMD

Recast of the insurance
mediation directive
2002/92/EC (directive).

To regulate the activity of all
sellers of insurance contracts,
including, for example, car rental
companies.
To do more to prevent conflicts of
interest between insurance
intermediaries and insurance
companies.
Consumers are often the victims of
such conflicts.

IN PROGRESS

First reading

The EP has adopted its
position. The Council still
has to adopt its general
approach. The two
institutions will then have
to work out a compromise.
Protection of investors in
undertakings for
collective
investment in transferable
securities UCITS

Revision of Directive
2009/65/EC on
To strengthen the obligations and
liability of depositaries of so-called
UCITS investments. Depositaries
play an oversight role for UCITS.
Provisions on remuneration
policies to be applied by UCITS
fund managers.

FORMAL ADOPTION
PENDING

First reading

The EP and Council
worked out a compromise
in February. The EP
undertakings for collective
investment in transferable
securities (directive).


Definition: UCITS are
investment funds that have
been
established under EU law
since 1985. They are used
widely
by European households.

The investment funds
collect capital from
investors and
invest it in a portfolio of
financial instruments such
as stocks, bonds and other
securities.

validated it on 15 April.
The Council still has to
adopt it.

Bank accounts

Directive on the
comparability of payment
account fees, payment
account switching and
access to a basic payment
account.

To encourage mobility between
banks in the European Union.
To make bank fees more
transparent.
To introduce a right to a basic bank
account for all.


FORMAL ADOPTION
PENDING

First reading

The EP and Council
reached a political
compromise in March. The
EP formally approved it on
15 April. The Council still
has to do so.

Creation of European
long-term investment
funds


Regulation on European
long-term investment funds.
To make European funds available
to enterprises requiring capital for
long periods of time.
IN PROGRESS

First reading

The EP has adopted its
position. The Council still
has to adopt a general
approach, after which the
two institutions will have
to negotiate a compromise.
Payment services
Directive revising the
payment services directive
(PSD2); Regulation limiting
fees charged on card
payments (multilateral
interchange fees).

To limit interchange fees charged
on card payments. The aim is to
reduce costs passed on to
consumers and small retailers.
To improve and modernise
payment services.
IN PROGRESS

The EP has adopted its
position. The Council still
has to adopt its general
approach, after which the
two institutions will have
to work out a compromise.
Anti-money laundering
Directive revising Directive
2005/60/EC on prevention
of the use of the financial
system for the purpose of
money laundering and
terrorist financing/ Revision
of the regulation 1781/2006
on information on the payer
accompanying transfer of
funds
To adapt at European level the
recommendations of the Financial
Action Task Force (FATF) of 26
February 2012.
IN PROGRESS

The EP has adopted its
position. The Council still
has to adopt its general
approach, after which the
two institutions will have
to work out a compromise.