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Regulation of OTC derivatives: Amending the European Market Infrastructure Regulation (EMIR)

08-06-2018

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 during the 2007-2008 financial crisis. In the last three years, the Commission, with the help of reports from the European Systemic Risk Board (ESRB), the European Central Bank (ECB) and the European Securities ...

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 during the 2007-2008 financial crisis. In the last three years, the Commission, with the help of reports from the European Systemic Risk Board (ESRB), the European Central Bank (ECB) and the European Securities Markets Authority (ESMA), carried out an extensive assessment of EMIR. In May 2017, it proposed a regulation amending and simplifying Regulation (EU) No 648/2012 in the context of its Regulatory Fitness and Performance (REFIT) programme, to address disproportionate compliance costs, transparency issues and insufficient access to clearing for certain counterparties. The Council published its mandate for negotiations with the EP on 11 December 2017. On 16 May 2018, the ECON committee of the EP adopted its report which is due to be debated during the June plenary. Second edition. The ‘EU Legislation in Progress’ briefings are updated at key stages throughout the legislative procedure.

Consumer sale of goods

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 ...

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 contrast to the 1999 Consumer Sales Directive, the Commission's proposal would introduce a maximum-harmonisation approach, meaning that EU Member States could no longer introduce a higher level of consumer protection than set in the directive. Third edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure. To view previous versions of this briefing, please see: PE 599.286 (February 2017).

Cooperarea judiciară în materie civilă

01-03-2018

Circulația transfrontalieră liberă a bunurilor, serviciilor, capitalurilor și persoanelor înregistrează o creștere constantă. În materia civilă cu implicații transfrontaliere, Uniunea Europeană este în curs de a-și dezvolta cooperarea judiciară prin crearea de punți de legătură între sisteme juridice diferite. Obiectivele sale principale sunt securitatea juridică și un acces ușor și efectiv la justiție, ceea ce implică stabilirea competenței judiciare, indicarea clară a legislației aplicabile, precum ...

Circulația transfrontalieră liberă a bunurilor, serviciilor, capitalurilor și persoanelor înregistrează o creștere constantă. În materia civilă cu implicații transfrontaliere, Uniunea Europeană este în curs de a-și dezvolta cooperarea judiciară prin crearea de punți de legătură între sisteme juridice diferite. Obiectivele sale principale sunt securitatea juridică și un acces ușor și efectiv la justiție, ceea ce implică stabilirea competenței judiciare, indicarea clară a legislației aplicabile, precum și proceduri de recunoaștere și de punere în executare rapide și eficace.

Contracts for the supply of digital content and digital services

19-02-2018

On 21 November 2017, the European Parliament's Internal Market and Consumer Committee (IMCO) and Legal Affairs Committee (JURI) adopted their joint report on the European Commission's proposal for a directive regulating the private-law aspects of contracts for the supply of digital content and digital services in the internal market. The Council of the EU agreed on a general approach in June 2017. Trilogue meetings began on 5 December 2017 and are still on-going. The main changes proposed by the ...

On 21 November 2017, the European Parliament's Internal Market and Consumer Committee (IMCO) and Legal Affairs Committee (JURI) adopted their joint report on the European Commission's proposal for a directive regulating the private-law aspects of contracts for the supply of digital content and digital services in the internal market. The Council of the EU agreed on a general approach in June 2017. Trilogue meetings began on 5 December 2017 and are still on-going. The main changes proposed by the joint report of the two Parliament committees are concerned with the duration of legal guarantees for digital content and services, liability for hidden defects and the short-term right to reject defective digital content. An issue which is still being discussed is the relationship between the directive and EU public law rules on the protection of personal data. Fourth edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure. To view previous editions of this briefing, please see: PE 608.748 (October 2017).

European Market Infrastructure Regulation-Regulatory Fitness and Performance (REFIT) proposal

15-12-2017

This note seeks to provide an initial analysis of the strengths and weaknesses of the European Commission's impact assessment (IA) accompanying its above-mentioned proposal amending the European Market Infrastructure Regulation (EMIR), submitted on 4 May 2017 and referred to Parliament's Committee on Economic and Monetary Affairs. The IA accompanying a subsequent Commission proposal (COM(2017) 331), also amending the EMIR regulation, as regards the authorisation of central counterparties and the ...

This note seeks to provide an initial analysis of the strengths and weaknesses of the European Commission's impact assessment (IA) accompanying its above-mentioned proposal amending the European Market Infrastructure Regulation (EMIR), submitted on 4 May 2017 and referred to Parliament's Committee on Economic and Monetary Affairs. The IA accompanying a subsequent Commission proposal (COM(2017) 331), also amending the EMIR regulation, as regards the authorisation of central counterparties and the recognition of third-country central counterparties, will be analysed in a forthcoming initial appraisal. This proposal is part of the Commission's REFIT programme, which stands for Regulatory Fitness and Performance. One of the stated aims of this programme is to make EU law 'simpler, lighter, more efficient and less costly' (Better Regulation Guidelines of 2015, p. 91). EMIR, adopted in 2012, forms part of the European regulatory response to the financial crisis. It specifically addresses the problems observed in the functioning of the over-the-counter (OTC) derivatives market from the 2007-2008 financial crisis onwards.

Introduction of a lifespan guarantee in the proposed online sales and digital content directives

26-10-2017

This study was requested by the European Parliament’s Committee on Internal Market and Consumer Protection (IMCO) as part of the Parliament’s general commitment to improving the quality of EU legislation, and in particular in undertaking to carry out impact assessments of its own substantial amendments when it considers it appropriate and necessary for the legislative process. The aim of this study is to conduct an ex-ante impact assessment of proposed substantial amendments from the IMCO and JURI ...

This study was requested by the European Parliament’s Committee on Internal Market and Consumer Protection (IMCO) as part of the Parliament’s general commitment to improving the quality of EU legislation, and in particular in undertaking to carry out impact assessments of its own substantial amendments when it considers it appropriate and necessary for the legislative process. The aim of this study is to conduct an ex-ante impact assessment of proposed substantial amendments from the IMCO and JURI Committees which would introduce a commercial lifespan guarantee. The impacts of these amendments have been analysed through the development of specific policy options. Two non-legislative options, implying that none of the amendments are implemented, are first assessed: an Option zero and a soft law approach (Option 1). Three distinct legislative options are also defined, by integrating specific aspects of the amendments: Option 2 (Subjective duration of lifespan), Option 3 (Normal duration of lifespan) and Option 4 (Binding technical standards for the determination of the lifespan) For each legislative option, two sub-options are developed by considering liability solely on the manufacturer (2a, 3a and 4a), or joint liability with the trader (2b, 3b and 4b). The key findings of the impact assessment reveal that the preferred options are Options 2 and 4. The former is certainly less ambitious than the latter and would result in less benefit overall, but it would also involve less cost and, contrary to Option 4, could be implemented within a relatively short period of time.

Autor extern

EPRS, DG

Contracts for supply of digital content

09-10-2017

The digital content directive was proposed by the European Commission as part of a legislative package, alongside the online sales directive, to facilitate the development of the internal market for such content. The Council agreed on a general approach on the proposal on 8 June 2017. This seeks to clarify the relationship between the proposed contract law rules and the personal data protection regime – an issue which has been hotly debated. Furthermore, it strengthens the position of consumers with ...

The digital content directive was proposed by the European Commission as part of a legislative package, alongside the online sales directive, to facilitate the development of the internal market for such content. The Council agreed on a general approach on the proposal on 8 June 2017. This seeks to clarify the relationship between the proposed contract law rules and the personal data protection regime – an issue which has been hotly debated. Furthermore, it strengthens the position of consumers with regard to conformity and remedies. As for the Parliament, a draft report was published in November 2016 by the two co-rapporteurs, who proposed to expand the directive's scope to include digital content supplied against data that consumers provide passively, while also strengthening the position of consumers as regards criteria of conformity. Objective criteria would become the default rule, with a possibility to depart from them only if the consumer's attention were explicitly drawn to the shortcomings of the digital content. Third edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure. To view previous editions of this briefing, please see: PE 599.310 (March 2017). "A more recent edition of this document is available. Find it by searching by the document title at this address: http://www.europarl.europa.eu/thinktank/en/home.html"

Online and other distance sales of goods

14-07-2017

This study was requested by the European Parliament’s Committee for Internal Market and Consumer Protection as part of the Parliament’s general commitment to improving the quality of EU legislation, and in particular in undertaking to carry out impact assessments of its own substantial amendments when it considers it appropriate and necessary for the legislative process. The aim of this ex-ante impact assessment is to evaluate two substantial amendments being proposed to the Commission proposal for ...

This study was requested by the European Parliament’s Committee for Internal Market and Consumer Protection as part of the Parliament’s general commitment to improving the quality of EU legislation, and in particular in undertaking to carry out impact assessments of its own substantial amendments when it considers it appropriate and necessary for the legislative process. The aim of this ex-ante impact assessment is to evaluate two substantial amendments being proposed to the Commission proposal for a directive on certain aspects concerning contracts for the online and other distance sales of goods. The amendments would extend the scope of the proposed directive to any sale contract concluded between the consumer and the seller, and would repeal the Consumer Sales Directive. The findings of the study indicate that the harmonisation of rules across Member States and sales channels would reduce the fragmentation of the legal framework and enhance the clarity and transparency of applicable rules to the benefit of both consumers and businesses. Most importantly, one single regime for online and face-to-face transactions could contribute to increased consumers’ and traders’ awareness and confidence in purchasing/selling online and offline, domestically and across borders. There would be a general increase in consumer protection throughout the EU, with the exception of some Member States where consumers’ rights would be weakened. This could, however, translate into increased costs for businesses in relation to remedies provided to consumers. The importance of having a single regime for online and offline sales has been strongly supported by all stakeholders consulted for this study. Nonetheless, consumer and business organisations have different views with regard to the aspects of consumer protection under examination. Finding a balance between the interests of consumers and businesses remains, thus, crucial.

Contracts for the supply of digital content and personal data protection

15-05-2017

The proposed directive on the supply of digital content is intended to regulate the main contractual rights and duties of parties to contracts for the supply of digital content and services, and create a harmonised legal framework for digital content to benefit both consumers and businesses. It covers not only contracts where digital content or services are provided in exchange for money, but also those where the consumer provides personal or other data in lieu of money to gain access to digital ...

The proposed directive on the supply of digital content is intended to regulate the main contractual rights and duties of parties to contracts for the supply of digital content and services, and create a harmonised legal framework for digital content to benefit both consumers and businesses. It covers not only contracts where digital content or services are provided in exchange for money, but also those where the consumer provides personal or other data in lieu of money to gain access to digital content or services. The interplay between this proposed private law instrument and the existing public law rules on data protection (notably the recently adopted General Data Protection Regulation) have been the subject of some debate. The European Data Protection Supervisor's recent opinion was critical of the proposal, arguing that, in the EU, personal data 'cannot be conceived as a mere economic asset' and cannot therefore be treated as the consumer's contractual counter-performance in lieu of money. The draft report prepared by the co-rapporteurs in Parliament includes those contracts in which consumers do not pay a price (but potentially provide data) within the scope of the proposal. It eliminates however the notion of personal data as a form of contractual 'counter-performance'. The co-legislators are now facing the challenging task of reconciling the fundamental rights approach with the requirements of economic reality, including the need to grant legal protection to consumers who provide their data in order to access digital content or services.

Towards new rules on sales and digital content: Analysis of the key issues

22-03-2017

In 2015, the Commission presented two proposals for directives: on the online sale of goods to consumers, and on the supply of digital content to consumers. The two proposals need to be analysed in the context of the existing Consumer Sales Directive from 1999, which is currently under revision as part of the REFIT exercise. If the two proposals enter into force, consumer sales transactions will be regulated by three instruments: with regard to tangible goods sold face to face – by the Consumer Sales ...

In 2015, the Commission presented two proposals for directives: on the online sale of goods to consumers, and on the supply of digital content to consumers. The two proposals need to be analysed in the context of the existing Consumer Sales Directive from 1999, which is currently under revision as part of the REFIT exercise. If the two proposals enter into force, consumer sales transactions will be regulated by three instruments: with regard to tangible goods sold face to face – by the Consumer Sales Directive, with regard to tangible goods sold at a distance – the Online Sales Directive, and with regard to the sale of digital content – the Digital Content Directive. Not surprisingly, the three texts have much in common as regards their structure and subject matter. They all deal with such issues as conformity (lack of defects), the consumer's remedies in cases of defects, the time limit for bringing such remedies and the burden of proof. They also have two other systemic issues in common: the choice between minimum and maximum harmonisation, on the one hand, and between mandatory and default rules, on the other. The existing Consumer Rights Directive is a minimum harmonisation instrument, and allows Member States to grant consumers a higher level of protection, especially when it comes to the period of seller's liability or the freedom of choice of remedies to be pursued in the event of defects. Similarly, the absence of any EU legislation specifically addressing contracts regarding the sale or rental of digital content or the provision of digital services means that Member States have been free to protect consumers to the extent they see fit. Since the two proposals are framed as maximum harmonisation instruments, the question of the exact extent of consumer rights and the way they should be exercised is crucial.

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