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Protection of investors/consumers/single market

Legislation Main objectives Legislative process

Protection of consumersof mortgages for

residential property

Directive 2014/17/EU on

credit agreements relating

to residentialProperty.

To improve information toconsumers with the aim of ensuringthat they enter into mortgage

agreements advisedly.

To give borrowers the right torepay the loan before the end of thecontract.

To enhance the evaluation ofborrowers solvency.

PROCESS COMPLETED

Adopted formally on 4February 2014. Basically,

member states must

comply with the directive

no later than 21 March2016.

Protection of consumers

of retail investmentproducts

Regulation on packagedretail and insurance-based

investment

products (PRIIPS).

To ensure that retail investmentproducts (PRIPs) are accompaniedby a key information document

(KID). The KID will allowconsumers 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 iton 15 April. The Council

still has to adopt it.

Protection of consumers

of insurance products IMD

Recast of the insurance

mediation directive2002/92/EC (directive).

To regulate the activity of allsellers of insurance contracts,

including, for example, car rentalcompanies.

To do more to prevent conflicts ofinterest between insurance

intermediaries and insurancecompanies.

Consumers are often the victims ofsuch conflicts.

IN PROGRESS

First reading

The EP has adopted its

position. The Council stillhas to adopt its general

approach. The two

institutions will then haveto work out a compromise.

Protection of investors inundertakings for

collective

investment in transferable

securities UCITS

Revision of Directive2009/65/EC on

To strengthen the obligations andliability of depositaries of so-called

UCITS investments. Depositaries

play an oversight role for UCITS.

Provisions on remunerationpolicies to be applied by UCITS

fund managers.

FORMAL ADOPTIONPENDING

First reading

The EP and Council

worked out a compromisein February. The EP

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undertakings for collectiveinvestment in transferable

securities (directive).

Definition: UCITS areinvestment funds that havebeen

established under EU law

since 1985. They are usedwidely

by European households.

The investment fundscollect capital from

investors and

invest it in a portfolio offinancial 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 paymentaccount fees, payment

account switching and

access to a basic paymentaccount.

To encourage mobility betweenbanks in the European Union.

To make bank fees moretransparent.

To introduce a right to a basic bankaccount for all.

FORMAL ADOPTIONPENDING

First reading

The EP and Council

reached a politicalcompromise in March. TheEP formally approved it on

15 April. The Council still

has to do so.

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Creation of European

long-term investment

funds

Regulation on Europeanlong-term investment funds.

To make European funds availableto enterprises requiring capital for

long periods of time.

IN PROGRESS

First reading

The EP has adopted its

position. The Council stillhas to adopt a generalapproach, after which the

two institutions will have

to negotiate a compromise.

Payment services

Directive revising thepayment services directive

(PSD2); Regulation limiting

fees charged on cardpayments (multilateral

interchange fees).

To limit interchange fees chargedon card payments. The aim is toreduce costs passed on toconsumers and small retailers.

To improve and modernisepayment services.

IN PROGRESS

The EP has adopted its

position. The Council still

has to adopt its general

approach, after which thetwo 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 therecommendations of the FinancialAction Task Force (FATF) of 26

February 2012.

IN PROGRESS

The EP has adopted itsposition. The Council still

has to adopt its general

approach, after which thetwo institutions will have

to work out a compromise.