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Consumer Credit Directive

Briefing 12-12-2023

Consumer credit is a type of loan allowing consumers to purchase consumer goods and services for which they do not have the funds. It is regulated at national and EU level. The Consumer Credit Directive (CCD), in force since 2008, is the relevant EU-level legislation. While the CCD has undergone several revisions over the past decade, growing digitalisation, insufficient harmonisation and issues affecting consumer protection, among other things, prompted the Commission to propose a new directive. ...

European Commercial Contract Law

Pētījums 12-10-2023

This study – commissioned by the Policy Department C at the request of the Committee on Legal Affairs – aims at discussing the reasons why the law chosen in commercial contracts is largely non-European and non-member state law. To do so, it first provides an overview of the relevant academic and policy efforts underwent to formulate a European contract law. Then it moves on to touch upon a broad spectrum of matters emerging both from international reports on the adjudication and the functioning of ...

Consumer credit

Pārskats 06-09-2023

Governing consumer credit at EU level, the Consumer Credit Directive (CCD) has been in force since 2008. The European Parliament is expected to vote in plenary in September on the adoption of an agreement reached by the co-legislators on the Commission's proposal for a new directive to replace the current CCD. The goal is to enhance the protection of applicants for consumer credit and further harmonise the rules across Member States.

The present impact assessment (IA) accompanies the proposal amending the 2011 Consumer Rights Directive and repealing the 2002 Distance Marketing of Consumer Financial Services Directive. It is informed by the findings of the Commission's ex-post evaluation of the directive and the evaluation support study, which preceded the IA, in line with the Better Regulation Guidelines' 'evaluate first' principle. The IA's strong points include a well-substantiated problem definition and an evidence base that ...

Using available data, the AAG examines the practice of granting credit on the legal basis of credit agreements in the form of an overdraft facility and overrunning in the whole EU and, in more depth, in selected Member States. Furthermore, the study analyses the state of consumer protection in the currently valid Consumer Credit Directive on these types of credit agreements and identifies a number of possibilities for future regulations to improve the so far limited protection in this credit sector ...

Using available data, the study examines the practice of granting credit on the legal basis of credit agreements in the form of an overdraft facility and overrunning in the whole EU and, in more depth, in selected Member States. Furthermore, the study analyses the state of consumer protection in the currently valid Consumer Credit Directive on these types of credit agreements and identifies a number of possibilities for future regulations to improve the so far limited protection in this credit sector ...

The directive on contracts for the supply of digital content and digital services, proposed by the European Commission in 2015, harmonises some private-law aspects of such contracts at EU level for the first time. The directive will not fully harmonise the duration of legal guarantees for digital content and services, but national laws will not be allowed limit it to less than two years. For the first year from delivery, the burden of proof will be on the supplier. Traders will be required to provide ...

Consumer sale of goods

Briefing 15-07-2019

The European Commission proposed a new directive on the consumer sale of goods in 2015, with the aim to lay down rules on online and other distance sales of goods. This was replaced on 31 October 2017 by an amended proposal, which sought to replace entirely the existing Consumer Sales Directive dating from 1999, and regulate contracts concluded both online and offline. The new directive was agreed in January 2019 after trilogue negotiations between Parliament and Council, and then adopted by the ...

The European Market Infrastructure Regulation (EMIR – Regulation (EU) No 648/2012), adopted in 2012, forms part of the European regulatory response to the financial crisis, and specifically addresses the problems observed in the functioning of the 'over-the-counter' (OTC) derivatives market in the 2007-2008 period. In May 2017, after carrying out an extensive assessment of EMIR, the Commission proposed a regulation amending and simplifying it in the context of its Regulatory Fitness and Performance ...

Consumer sale of goods

Briefing 12-03-2018

On 22 February 2018, the European Parliament's Committee for the Internal Market and Consumer Protection (IMCO) adopted its report on the Commission proposal for a new directive on the consumer sale of goods. The Commission's original proposal, dating from 2015, was replaced on 31 October 2017 by an amended one which intends to replace the existing Consumer Sales Directive dating from 1999 entirely, instead of regulating only online and other distance contracts as had originally been planned. By ...