National Report on the transposition of the Consumer Credit Directive 1 in France

Size: px
Start display at page:

Download "National Report on the transposition of the Consumer Credit Directive 1 in France"

Transcription

1 National Report on the transposition of the Consumer Credit Directive 1 in France Shaun Charlton, LLB (ELFL) Abstract This national report has been prepared as part of the comparative study on the Implementation of the Consumer Credit Directive, as requested by the European Parliament s Committee on the Internal market and Consumer Protection. 2 It covers key aspects of the French transposition, including information requirements, the right of withdrawal, the duty to give explanations to the consumer and the assessment of the consumer s creditworthiness. 1 Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC [2008] OJ L133 2 Lawrynowicz et al., Implementation of the Consumer Credit Directive (2012) IP/A/IMCO/ST/ ; PE

2 Shaun Charlton, LLB (ELFL) Legal Research Assistant European Legal Studies Institute, Universität Osnabrück, Süsterstr Osnabrück, Germany.

3 CONTENTS INTRODUCTION 4 1. State of Implementation State and placing of the implementation Main difficulties implementing the Directive Method of implementation 6 2. MANDATORY FULL HARMONISATION Advertising requirements Calculation of the APR Pre-contractual information duties, the SECCI Information to be included in credit agreements Right of withdrawal Conditions for early repayment TRADITIONAL HARMONISATION Sufficient assessment of the consumer s creditworthiness Linked credit agreements: remedies against the creditor where the goods or services do not conform to the contract Penalties Provision of the pre-contractual information in good time before the conclusion of the credit agreement Adequate explanations OPTIONAL FULLY HARMONISED ASPECTS A less stringent regime for certain in-scope agreements Exclusion of the APR in the advertising and pre-contractual and contractual information of overdrafts The notary exception and funds in linked credit agreements only available after lapse of the withdrawal period Limits on compensation for early repayment REGULATED ASPECTS WHICH FALL OUTSIDE THE SCOPE OF THE DIRECTIVE 22 Annex 23 List of Abbreviations and Terms 23 References 24 3

4 INTRODUCTION This report is structured into five chapters substantively mirroring the structure of the Briefing Paper in a simplified form. Chapter 1 presents the transposition of the Directive in general terms. Main difficulties of the transposition are included as well as an explanation of how the transposition of the Directive fits into the national law. The main substantive elements of the transposition follow. The Consumer Credit Directive is an example of a socalled full harmonisation directive. This does not mean, however, that the directive is a regulation in all but name whereby the European Union provisions bulldoze those of the Member States. Instead the Consumer Credit Directive is more nuanced. Some of its provisions do function like those of a regulation and the Member States have practically no room for manoeuvre other than to copy and paste what is written in the Directive. Examples of such provisions are the right of withdrawal, the SECCI form and the advertising requirements. These are treated in chapter 2. Chapter 3 presents elements of the Directive which relate to the more traditional methodology of European Union directives. These elements of the Directive are binding as to the end to be achieved while at the same time leaving some choice as to the form and method of their transposition. The most important of these provisions were the assessment of the consumer s creditworthiness and the duty to adequately explain the information relating to the consumer credit on offer. Then there are provisions which are optional. Although not mandatory, if exercised Member States must take them in their fully harmonised form or not at all. Examples of these provisions include certain limits of compensation as a result of early repayment of the credit by the consumer and the exclusion of the right of withdrawal where the consumer credit agreement is concluded in the presence of a notary. These aspects of the Directive are treated in chapter 4. For the substantive elements of the Directive (chapters 2-4), the sections are extensively cross-referenced with the corresponding sections of the Briefing Paper to allow for ease of comparison. In the final chapter a brief overview is given of the regulation of consumer credit in France which falls outside the scope of application of the Consumer Credit Directive. This national report endeavours to state the law on the basis of materials available as of January 2012.

5 1. STATE OF IMPLEMENTATION 1.1. State and placing of the implementation Before 1993 the primary reference-point for the regulation of consumer credit in France was the Scrivener Law of In 1993, the French consolidated a collection of piecemeal legislation into a Consumer Code (Code de la consommation). As this was not a codification in the strict sense, but rather a collection of laws relating to consumers each with different scopes of application, 4 the content of the Scrivener Law as amended was placed into its own particular section on consumer credit. The transposition of Directive 2008/48/EC (the Directive) 5 has therefore been placed in the Code de la consommation. The transposition of the Directive was taken as the opportunity not only to reform the law on consumer credit but also to tackle the problem of consumer insolvency, preventively as well as regarding insolvency proceedings, and the organisation of consumer organisations. In order to achieve such a reform the transposition was realised through primary legislation. In March 2009, the Consumer Credit Bill was introduced into the Sénat, the upper chamber of the French Parliament, and debated on 18 th June 2009 before being remitted to the Assemblée nationale, the lower chamber. The Bill was amended significantly over a period of one year before being sent for approbation to the Senate whose approval it received on 21 st June The Loi n du 1er juillet 2010 portant réforme du crédit à la consommation (Consumer Credit Reform 2010) was promulgated on 1 st June The transposition was therefore within the deadline for adoption and publication, as amended by a corrigendum to 11 th June Article 27 of the Directive, which provides for the transposition deadline, refers not only to the 11 th June 2010 as the date for the adoption and publication of the transposition, but also to the date from which the adopted provisions apply. This latter date is also known as the date when the provisions come into force. Although the transposition was adopted and published before the 11 th June, many of its provisions required further secondary legislation in order to be brought into force. For example, key elements of the Directive, such as the representative example 7 and the standard forms for pre-contractual and contractual information 8 came into force on 30 th August 2010 and 1 st February 2011 respectively. 3 Loi n du 10 janvier 1978 relative à l'information et à la protection des consommateurs dans le domaine de certaines opérations de crédit 4 Raymond, Bienvenue au Code de la consommation (août-sept. 1983) Contrats, concurrence, consommation, chron. p.1; Raymond, Du Code de la consommation (1997) Contrats, concurrence, consommation, repères; Beauchard, Remarques sur le Code de la consommation in Ecrits en hommage à G. Cornu (1994, PUF) 5 Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC [2008] OJ L133 6 Corrigendum to Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC [2009] OJ L207, 11 August Décret n du 30 août 2010 prévu à l'article L du code de la consommation tel que modifié par l'article 4 de la loi n du 1er juillet 2010 portant réforme du crédit à la consommation relatif au contenu et aux modalités de présentation de l'exemple représentatif utilisé pour les publicités portant sur des crédits renouvelables et fixant les modalités d'entrée en vigueur de l'article 4 de cette même loi 8 Décret n du 1er février 2011 relatif à l'information précontractuelle et aux conditions contractuelles en matière de crédit à la consommation 5

6 1.2. Main difficulties implementing the Directive The main difficulty concerning the transposition of this Directive from a French perspective would appear to be the limited timeframe for its adoption. The travaux préparatoires refer to the unrealistic deadline of the Directive. 9 According to one commentator, the conditions under which the law was adopted force one to reflect upon the authority and worth of parliamentary legislation. 10 Given that the bill as passed by the Assemblée nationale was accepted in one month by the Senate with the transposition deadline looming, it was lamented that legislation which is to affect the lives of millions of citizens is debated in such a short time, with the upper chamber needing to adopt the text of the lower chamber without amendments solely to conform to the deadline for transposition. 11 The legislative text was adopted in the upper chamber amidst a continuing stream of proposals for amendments. 12 The problems of the legislative procedure are in part probably due to the more wide ranging reform of consumer credit in France annexed to the transposition, however, the time which the Member States were allotted to transpose the Directive remained problematic. An impact study was not conducted. 13 The impact study of the transposition of diverse European directives in the areas of civil and commercial law does not make reference to the Directive in question. 14 The Government has, however, published headline information to the public on the adoption of the implementing legislation, highlighting its benefits. 15 Although not a difficulty with the transposition per se, there was strong adverse reaction to the liberalisation of the system of consumer credit entailed by the Directive Method of implementation 16 Two legislative methods of implementing Directive provisions have been coined in recent years. These are the modular and integrated methods of implementation. 17 In a modular implementation, the provisions are inserted more or less in block into the national legislative framework. This means that provisions are not taken out of the legal context of the Directive. In an integrated implementation, provisions are taken apart and inserted into the respective parts in the national legal system which relate to the subject matter of the 9 Commission spéciale (Dominati), Projet de loi portant réforme du crédit à la consommation Rapport n 447 (2009), p.131-2, hereafter Dominati, Report 447 (2009) 10 Raymond, La loi ou la loi? Contrats, Concurrence, Consommation, no.11, novembre 2010, Repère. 11 Ibid. 12 Ibid. 13 cf. Les études d'impact des lois publiées depuis le 1er septembre 2009 (www.legifrance.gouv.fr). 14 Etude d impact portant transposition de diverses directives du Parlement européen et du Conseil en matière civile et commerciale (http://www.legifrance.gouv.fr/html/etudes_impact/lois_en_preparation/2010/ei%20_transpo_dir_civiles_com.pdf) See also, Lawrynowicz et al., Implementation of the Consumer Credit Directive (2012), [1.2.2.] 17 Wendehorst, Umsetzung der Verbraucherkreditrichtlinie [2011] Zeitschrift für Europäisches Privatrecht 263

7 Directive. This means that provisions are taken out of the context of the Directive and put into the respective legal contexts of the national legislative framework. The modular implementation typically involves, for example, inserting a new or amending a pre-existing chapter in a code. Other modular implementations include the introduction of a new consumer credit code or the amendment of a law on consumer credit. It should perhaps be noted that, although a legislative transposition may be termed modular or integrated, the modular or integrated nature of the transposition is necessarily determined by the legislative environment of the Member State. Firstly, as a pre-condition, the legal environment must already be structured, that is to say to some extent codified in the strict sense. Secondly, the legislative environment, into which the subject-matter of a directive is relevant, is modular or integrated. An integrated legal environment contains several elements. The first is a general provision prescribing a particular personal scope, i.e. definition of a consumer, which derogates from the otherwise general scope of citizens having the capacity to enter into legal relations (cf. Bürgerliches Gesetzbuch; Code civil). Secondly, after each civil law contract, or general law contract, particular rules are stipulated where one of the parties falls under the particular personal scope of the first element, i.e. after the loan contract, the special rules on consumer credit. Clearly, where a directive concerns consumer credit, the parts of the directive relevant to the personal scope may require amendment of the national definition of the consumer and the substantive rules of the directive, such as a right of withdrawal, are relevant to the national rules on the credit contract. This accounts for the implementation of parts of a directive in different parts of a code, rather than in one chapter. The second conceivable legislative environment is the modular one. The French legislative environment is modular. First, the French Civil Code (Code civil) provides the default, general rules (le droit commun) of the legal system. This includes rules on the capacity of persons to enter into legal relations. The Code de la consommation provides rules for specific contracts concluded with consumers which are supplementary or derogatory vis-àvis the Code civil. Thus, in Book III, Title III the Code civil sets out the legal rules relating to contracts in general. A number of specific types of contract follow Title III on the general law of contract. Of the specific types of contract there is the loan for consumption (prêt) in Title X, which is historically and traditionally regrouped with the loan for use (prêt à l usage) and deposit (dépôt), so-called real contracts. Within Title X on loans, there are particular rules on the loan for use at a rate of interest (prêt à intérêt). The Scrivener Law of 1978 provided for a particular regime concerning loans concluded by those who lend as part of their regular activity (à titre habituel) 18 to borrowers for non-professional purposes, i.e. consumers (sont exclus [les prêts] destinés à financier les besoins d une activité professionnelle) 19. Given that the creation of the Code de la consommation was not a codification in the strict sense, the particular regime of the Scrivener Law was inserted into a particular chapter on consumer credit (crédit à la consommation). Since 2000, the particular regime for consumer credit has moved even further away from its closest institution of the general law, the loan for consumption, as the highest French court (Cour de cassation) held that consumer credit contracts are not concluded from the delivery of the money lent but from the conclusion of the agreement to lend Article 2, Loi n du 10 janvier Article 3, Loi n du 10 janvier Cass. 1 re civ., 28 mars 2000 : JCP G 2000, II, 10296, concl. Sainte-Rose; Piedelièvre le prêt consenti par un professionnel du crédit n'est pas un contrat réel [2000] Dalloz, jurispr. p

8 As the Code de la consommation is predominantly for contracts which are concluded with consumers, the Directive is only relevant to this particular Code; it does not directly concern any provisions of the Code civil, for example. Since the legal context of national law makes consumer credit a specific part of the law relating to consumers, that is to say modular, rather than integrating the law relating to consumer contracts with the general law of contracts, the resulting transposition must also be modular. However, there have been plans afoot to rethink the structure of the Code de la consommation. These range from incorporation of consumer law into the Code civil 21 along the lines of the German Reform of the Law of Obligations 22 to codifying the provisions of the Code de la consommation in the strict sense. 23 Reform was provided for in the Law of 2008 for the development of competition for the benefit of consumers within 24 months of its publication. 24 It was again provided for in the Consumer Credit Reform However, neither restructuring of the Code de la consommation has taken place at the time of writing. 21 Les contrats de consommation, Travaux, faculté de droit de Poitiers (2002, PUF) 22 Gesetz zur Modernisierung des Schuldrechts (Law on the modernisation of the law of obligations) 26 th November 2001, Bundesgesetzblatt I page This dates as far back as the original proposition for a consumer code: Calais-Auloy, Propositions pour un nouveau droit de la consommation (1985) 24 Article 35, loi n du 3 janvier 2008 pour le développement de la concurrence au service des consommateurs 25 Article 63, loi n du 3 janvier 2008

9 2. MANDATORY FULL HARMONISATION 2.1. Advertising requirements Introduction and explanation of the Directive Article 4(1) of the Directive provides that any advertising concerning credit agreements which indicates an interest rate or any figures relating to the cost of the credit to the consumer shall include standard information...[in the form of a representative example]. This does not affect the Member States freedom to make other information not relating to the cost of credit mandatory for consumer credit advertising The previous regime The previous regime was to be found in articles L311-4 and L The advertising requirements for consumer credit were already strict before the Directive. Advertising had first and foremost to be fair and informative. The provision of the following information was mandatory: the identity of the lender; the type of credit, its duration, total cost; where applicable the APR (Annual percentage rate of change; taux effectif global annuel du crédit) without any other rate; the amount of periodic repayments in euro, or if not possible then how to calculate the amount; where a fixed loan, then the number of repayments; where in written form, then whether the APR is fixed or subject to revision; The previous regime also subjected the mandatory information of written advertisements to a form requirement that their inclusion be in a size at least as large as the text relating to other financial information. Advertising which indicated that the borrowers would not need to provide information capable of assessing their financial situation was prohibited as well as suggesting that the loan advertised could improve the financial situation of the borrower The Transposition Advertising is a fully harmonised element in which the French legislature had an extremely limited scope for policy choices, the predominant purpose of the Directive being to make certain standard information mandatory. It was noted that mandatory information related to the cost of credit would, firstly, be inconsistent with the full harmonisation of the Directive and, secondly, reduce the significance of the other financial information. 26 The advertising requirements were correctly implemented. Outside the scope of the Directive, a warning to consumers about the dangers of credit in a prominent manner was made mandatory and advertising was prohibited from mentioning any grace period for repayment of over three months unless the State is the lender Appraisal The main criticism of advertising made under the previous regime related to the over complication of the information given and the difficulty of comparing different consumer 26 Dominati, Report 447 (2009), p L311-5, Code de la consommation 9

10 credit advertising. 28 The Directive provisions as transposed should help in this regard. It was noted that the transposition of the mandatory information, the representative example, the conditions of form and the prohibition of implying that the loan could improve the financial situation of the consumer present improvements when compared to the previous regime for consumer credit advertising The scope of the advertising requirements The scope of the standard information of Article 4 is limited to advertising which indicates an interest rate or any figures relating to the cost of credit. Paragraph 2 of Article 4(1) explains that Member States may, as a result, continue to require the mandatory indication of the APR in cases which do not fall within the scope of paragraph 1 and without making the provision of the remaining standard information mandatory. This effectively clarifies that the advertising requirements are fully harmonised, but that the full harmonisation is limited to the precise scope of the Directive. The Member States are free to apply the Directive regime outside the scope of the Directive. 30 In relation to overdraft facilities, Member States had the option of allowing creditors to derogate from providing the APR in certain advertising on the basis of article 4(2)(c). France kept an indication of the APR mandatory for all consumer credit advertising Calculation of the APR 32 Article 19 of the Directive outlines the fully harmonised method for calculating the calculated the total cost of credit to the consumer expressed as an annual percentage of the total amount of credit over a 12 month period (APR). Annex I of the Directive sets out the method in the form of a mathematical formula. A number of assumptions were made for situations in which a definite figure would be impossible to give at the time of calculation. The assumptions contained in the annex are capable of being amended and supplemented by the comitology procedure. The Directive s method for calculating the APR (taux annuel effectif global) is practically the same as that in the pre-existing French legal framework. 33 However, the former regime included notary costs and the percentage rate of change under the previous regime was not necessarily yearly, it could for example have been calculated on a quarterly basis. The APR calculation method was implemented through secondary legislation (décret) 34 by inserting a new article into the Code de la consommation, D No major difficulties 28 Athling Management, Pour un développement du credit renouvelable en France - Rapport réalisé par Athling Management pour le Comité Consultatif du Secteur Financier (2008), p Commission spéciale (Dominati), Projet de loi, modifié par l Assemblée nationale, portant réforme du crédit à la consommation n 538 (2010), p. 25, hereafter Dominati, Report 538 (2010) 30 Also, Recital (10) and (18) of the Directive 31 see further Lawrynowicz et al., Implementation of the Consumer Credit Directive (2012), [2.1.1.E.] 33 Dominati, Report 447 (2009), p. 215: extrêmement proche 34 Décret n du 30 août 2010 prévu à l'article L du code de la consommation tel que modifié par l'article 4 de la loi n du 1er juillet 2010 portant réforme du crédit à la consommation relatif au contenu et aux modalités de présentation de l'exemple représentatif utilisé pour les publicités portant sur des crédits renouvelables et fixant les modalités d'entrée en vigueur de l'article 4 de cette même loi.

11 were foreseen in its transposition. Although the taux effectif global was in practice largely calculated on a yearly basis, some advertisements calculated it on a semester or trimester basis. Under the transposition the basis for the percentage rate of change will be uniformly calculated. The exclusion of notary costs from the total cost of credit, even if already known at the date of the conclusion of the contract, has not been carried over to credit falling outside the scope of the Directive as transposed in articles L311-1 to L Thus, notary costs in relation to consumer credit for the purpose of acquiring the ownership of land are included in the total cost of credit and the APR Pre-contractual information duties, the SECCI Introduction and explanation of the Directive Under articles 5 and 6, the Directive made the provision of certain information about the consumer credit on offer before the actual conclusion of the agreement mandatory. A less onerous regime was created for consumer credit given in the form of an overdraft. In Annex II, the Directive provided a standard form laying out a blueprint for all the necessary information. This is called the Standard European Consumer Credit Information form (the SECCI) Previous regime The previous regime also used standard forms for the inclusion of mandatory information to the consumer which varied according to the type of consumer credit. 36 The information contained in the standard forms was already comprehensive. 37 The content and layout of these standard forms was determined by the Banking Regulation Committee (comité de reglémentation bancaire) after having consulted the National Consumer Council (Conseil national de la consommation). However, the key difference between the Directive regime and the previous French regime is that the previous regime of information duties took the form of a preparatory offer system (système de l'offre préalable). In this system there is no distinct pre-contractual stage because the preparatory offer, once signed, forms the contract. As a consequence, this regime did not provide for an obligatory period of time starting from the delivery of the offer to elapse before its signed return, even though the lender was bound not to withdraw the offer for at least 15 days and that once signed the consumer had a right to withdraw within 7 days. This meant that in practice the preparatory offer was given to the consumer and signed contemporaneously Travaux préparatoires The insertion of a distinct pre-contractual phase was commended by the Working Group of the Senate established to examine the Consumer Credit Reform Bill in its 2009 Report (the 2009 Report). 38 Both the Assemblé nationale and the Sénat welcomed the pre-contractual 35 Lawrynowicz et al., Implementation of the Consumer Credit Directive (2012), [2.1.1.A.] 36 Dominati, Report 447 (2009) 37 Former article L , Code de la consommation 38 Dominati, Report 447 (2009), pp

12 phrase as une avancée notoire. 39 acknowledged. 40 The enhancement of mandatory information was also Transposition France transposed the Standard European Consumer Credit Information into national law almost verbatim from the appendix of the Directive. Although the requirements of which information is mandatory was stated in the Code de la Consommation, secondary legislation was needed to transpose the standard form. 41 There were only minimal amendments. These relate, for example, to the obligation of the creditor to inform the consumer immediately and without charge of the result of a consultation of a database if credit is subsequently refused. Perhaps due to the fact that a consultation is a pre-condition to the conclusion of a credit agreement and it would be irresponsible to choose to lend after a negative response, the form simply states that the creditor is bound to consult the database created for the purposes of verifying the solvability of borrowers. 42 The information that missing payments could have severe consequences for you (e.g. forced sale) and make obtaining credit more difficult appears although without the example of forced sale. 43 However, it is clear that the particular consequences of default would be dealt with in substance by the duty to give adequate explanations. 44 If the consumer is not given the SECCI before the conclusion of the contract, or the form given does not correspond correctly to the SECCI, then the lender is not able to claim interest on the loan from the consumer Information to be included in credit agreements 46 The information which must be included in credit agreements is mainly a repetition of the pre-contractual information duties without the set format of the SECCI and excluding the information which is only pertinent to the pre-contractual stage. Additional information relates only to: a) the right to a statements of charges, interest and payments; b) early repayment; c) how to exercise the right to withdraw; d) whether there is a dispute resolutions procedure; e) if the agreement is a mixed credit contract, then mention of the rights particular to that type of agreement; f) where applicable, the competent supervisory authority 39 Dominati, Report 538 (2010), p Dominati, Report 538 (2010), p Annexe à l'article R311-3 du Code de la consommation, «Informations précontractuelles européennes normalisées en matière de crédit aux consommateurs» 42 Le prêteur doit, dans le cadre de la procédure d'octroi du crédit, consulter le fichier national des incidents de remboursement des crédits aux particuliers. 43 Article Annexe à l'article R311-3; Décret n du 1er février 2011 relatif à l'information précontractuelle et aux conditions contractuelles en matière de crédit à la consommation 44 cf Article 14, Projet de loi portant réforme du crédit à la consommation 46 Lawrynowicz et al., Implementation of the Consumer Credit Directive (2012), [2.1.1.B.]

13 g) other contractual clauses. As mentioned above in on pre-contractual information, the previous regime in France was that of the preparatory offer system. Thus, the preparatory offer with its items of mandatory information, once signed, formed the credit agreement. In clearly differentiating the pre-contractual stage from the contractual stage the Directive required France to provide for the information which must be incorporated into the consumer credit agreement. The rules on the formation of the credit contract and information to be included in the contract information are to be found in articles L to L The SECCI itself was transposed through secondary legislation on 1 st February France complied fully with the full harmonisation of information to be included in credit agreements. In making the conclusion of the contract subject to double acceptance, the Consumer Credit Reform 2010 may have created a problem concerning the conformity of the French law with the right of withdrawal. This will be discussed in greater detail in Right of withdrawal 48 Article 14 provides for an unrestricted right of withdrawal from consumer credit agreements within a period of 14 days. It also deals with important related questions of notice and repayment. There has been a right of withdrawal in France since the Scrivener Law The right of withdrawal was, however, limited to 7 days. The extension of the right of withdrawal to 14 days was in itself unproblematic in France. This was accomplished in article L Nevertheless, the French legislation modified the conditions for the conclusion proper or perfection of the contract. There must be double acceptance of the credit agreement, first by the consumer, then by the lender. In order for the credit agreement to be perfected, the consumer must not have withdrawn from the agreement, i.e. 14 days must have passed, and the lender must have already given the consumer notice of the decision to accord credit within 7 days after the consumer first accepted the offer of the lender, or have made the funds available to the consumer after that time. 50 The Directive clearly states that time for calculating the right of withdrawal should run at the earliest from the conclusion of the credit agreement. 51 Given that the French right of withdrawal runs from the consumer s declaration to adhere to the credit agreement, but that the intention of the borrower to be bound by the agreement a contrat synallagmatique is capable of being delayed until 7 days later, this may prove problematic. There may therefore be an argument founded upon the direct effect of the Directive for holding that the real right of withdrawal, not the simple withdrawal of an offer as provided for in L311-13, should run from the clear and express intention of the lender to be bound by the draft agreement. 47 Décret n du 1er février 2011 relatif à l'information précontractuelle et aux conditions contractuelles en matière de crédit à la consommation 48 Lawrynowicz et al., Implementation of the Consumer Credit Directive (2012), [2.1.1.C.] 49 Loi n du 10 janvier 1978 relative à l'information et à la protection des consommateurs dans le domaine de certaines opérations de crédit, «loi Scrivener». 50 Article L311-13, Code de la consommation 51 Article 14(1), Directive 2008/48/EC 13

14 2.6. Conditions for early repayment 52 Article 16 of the Directive entitles the consumer to repay the loan either fully or partially at any time during the life of the credit agreement. Most importantly, there is to be a consequential reduction in the interests and costs of the credit in line with the amount paid that is to say, for example, that the consumer is not obliged to pay interest on credit already repaid. The creditor is, however, entitled to capped compensation from the consumer for early repayment. The consumer was already entitled to repay early whether partially or fully, however, without indemnifying the lender. 53 This right was not only applicable for normal consumer credit but also for consumer credit relating to land. The previous regime needed to be amended to provide for a fair and objectively justified indemnity to the lender. France even understood the right to compensation as mandatory, d ordre public, from which individual lenders could not contractually opt out. 54 The right to compensation for early repayment was heavily criticised. The French Parliament had already protested against this aspect of the draft the Directive, but was unable to modify the end-result contained in article On the first reading of the Bill as first introduced, the right to compensation was actually rejected by the Senate. In its transposition the right to compensation for early repayment does not apply to overdrafts, nor to early repayments within a one-year period of an amount under 10,000, nor may exceptional higher compensation be claimed above the limits set by the Directive. 52 Lawrynowicz et al., Implementation of the Consumer Credit Directive (2012), [2.1.1.D.] 53 Dominati, Report 538 (2010), chapitre IV, contenu et exécution du contrat de crédit, ( ) 54 Dominati, Report 447 (2009), p Résolution n 27 du Sénat ( ) sur la proposition de directive du Parlement européen et du Conseil relative à l'harmonisation des dispositions législatives, réglementaires et administratives des États membres en matière de crédit aux consommateurs (E 2103)

15 3. TRADITIONAL HARMONISATION 3.1. Sufficient assessment of the consumer s creditworthiness 56 Article 8 (1) of the Directive provides that, Member States shall ensure that, before the conclusion of the credit agreement, the creditor assesses the consumer's creditworthiness on the basis of sufficient information, where appropriate obtained from the consumer and, where necessary, on the basis of a consultation of the relevant database. According to L311-9,...the lender must check the solvency of the borrower from a sufficient amount of data. 57 There is no express reference to what constitutes a sufficient amount of information for verifying creditworthiness. However, the training mentioned in relation to adequate explanations in 3.5 should help in ensuring that creditworthiness is correctly analysed. Nevertheless, France has provided for the creation of a form, the so-called fiche de dialogue, to be filled in by the borrower relating to his financial situation, i.e. resources and debts, which must be assessed as to its exactitude. 58 Once a certain limit has been reached, the form must also be attested to through documentary evidence. Although the fiche de dialogue was neither provided for in the law before the implementation of the Directive, nor provided for by the Directive itself, it should be seen as reinforcing the assessment of the consumer s creditworthiness and contributing to an environment of responsible lending. It was noted in the travaux préparatoires that this is a major innovation of the Consumer Credit Reform The information to be included effectively amounts to sufficient information for verifying creditworthiness. This is because no other information other than that of the form can be used to justify a refusal to lend to a prospective borrower. Furthermore, in assessing the creditworthiness of the consumer, the lender can check the national database 60 according to the conditions of the consultation as determined by an arrêté du ministre mentioned at article L Only authorised credit establishments which also provide data to the database are able to consult it for assessing consumers creditworthiness Linked credit agreements: remedies against the creditor where the goods or services do not conform to the contract 61 Article 15 resolves issues in relation to linked credit agreements. Linked credit agreements under the Directive are defined in article 3(n) as agreements where the credit is to be used exclusively to purchase specific goods or services and where the supply contract objectively 56 Lawrynowicz et al., Implementation of the Consumer Credit Directive (2012), [2.1.4.B.] 57 le prêteur vérifie la solvabilité de l emprunteur à partir d un nombre suffisant d informations 58 L311-10, Code de la consommation 59 Dominati, Report 447 (2009), p L333-4, Code de la consommation 61 Lawrynowicz et al., Implementation of the Consumer Credit Directive (2012), [2.1.2.B.] 15

16 forms a commercial unit with the credit agreement. A typical example of a linked credit agreement would be where a car dealer cooperates with a lender to provide credit to a consumer in order to buy one of his cars. In linked credit agreements, the credit may be used to pay the full purchase price of the goods or services, or only a part of the price. In the latter case, consumers pay the remainder from their own pockets. Article 15(2) provides a minimum standard of protection for linked credit consumers for whom the goods or services are either not subsequently supplied or are supplied, but not in conformity with the contract. In such cases the Directive allows the consumer to pursue remedies against the lender where lawful remedies have first been sought from the supplier, but for whatever reason are not fully performed. However, article 15(3) specifies that article 15(2) is clearly only minimum harmonisation. It stipulates that the Member State is free to make the lender joint and severally liable meaning in part that the consumer does not need to pursue the supplier first before pursuing remedies against the lender as under the minimum standard. The 1987 Consumer Credit Directive contained an almost identical provision to the 2008 Consumer Credit Directive. 62 The provision for secondary or subsidiary liability was the result of a compromise made instead of providing a regime for the joint and several liability of seller (or service provider) and lender. 63 France had in any case gone beyond the requirements of the 1987 Directive in this regard. 64 The former regime was contained in articles L to L of the former Code de la consommation. The French regime for linked credit protects the consumer by acting preventively to ensure that consumers are not put in a situation in which they need to seek remedies from the buyer and then subsequently from the lender. In this system it is key to note that the borrower-buyer does not pay any money over to the seller it is the lender who pays. This is why each credit agreement concluded by a lender who is not also a seller must note which good or service the agreement is intended to fund. The transposition maintained the previous regime of the interdependence of linked credit agreements. 65 The main amendment was to reinvigorate the definition of linked credit by stating that the sale or service contract and the credit agreement constitute a single commercial unit (opération commerciale unique). 66 In the event of non-performance or defective performance of the sale or service contract, a court can suspend the obligation of the consumer to make interest repayments on condition that the lender is on notice. 67 If the sale or service contract is avoided then the credit contract is also void Article 11(2), Council Directive 87/102/EEC of 22 December 1986 for the approximation of the laws, regulations and administrative provisions of the Member States concerning consumer credit [1987] OJ L42 63 Discussion paper for the amendment of Directive 87/102/EEC concerning consumer credit (2001), p Discussion paper for the amendment of Directive 87/102/EEC concerning consumer credit (2001), p.28, note 37(1) 65 Dominati, Report 447 (2009), p.220; Dominati, Report 538 (2010), p.49; articles L to L311-41, Code de la consommation 66 In line with the case law of the ECJ : Rampion v Franfinance [2005] C-429/05 (ECJ); article 3(n)(ii) of the Directive; L311-1, 9 Code de la consommation 67 L311-32, Code de la consommation 68 idem.

17 3.3. Penalties 69 Article 23 of the Directive lays down that infringements of the Directive, as transposed, give rise to penalties. The Member States are free to determine the contours of such penalties on condition that they are effective, proportionate and dissuasive. The French transposition maintains its former system of penalties and extends them to infringements of the Directive s regime for consumer credit. 70 The French system of sanctions combines those of a criminal and those of a private law nature. Article L provides for a fine of 1,500 for infringements of the consumer credit regime. These include, for example, situations in which the lender does not provide the consumer with pre-contractual information or does not conform to the formalities of the agreement. Where the lender makes funds available before 7 days after the consumer accepts the agreement contrary to L311-14, then the lender is subject to a fine of 30, Formerly, French case law had held that an irregularly concluded consumer credit contract was void. 72 The private law sanction for infringements of the Directive provisions as transposed, again such as providing insufficient pre-contractual information etc., is under L foregoing any interest on the amount transferred to the consumer. This effectively results in a free loan for the consumer Provision of the pre-contractual information in good time before the conclusion of the credit agreement 73 Article 5(1) of the Directive provides that in good time before the consumer is bound by any credit agreement or offer, the creditor... provide[s] the consumer with the information needed to compare different offers in order to take an informed decision on whether to conclude a credit agreement. The expression in good time (en temps utile) was transposed directly into article L Discussion on whether further precision should be given to the expression, such as a particular number of days or without unreasonable delay, does not figure in the travaux préparatoires Adequate explanations 74 The Directive provides that the Member States shall ensure that adequate explanations are given so that the debtor can assess whether the proposed credit agreement is adapted to his or her particular needs and financial situation. Certain elements to which the explanation relates are then listed, such as the characteristics of the credit agreement and the consequences of default. The Directive expressly provided the Member States with a wide margin of appreciation in determining the manner by which and the extent to which the adequate explanations as regards the persons giving and receiving the assistance and the type of credit agreement involved. Along with the duty to check consumers 69 Lawrynowicz et al., Implementation of the Consumer Credit Directive (2012), [2.1.2.B.]; Raymond, Droit de la consommation (2011), pp Dominati, Report 447 (2009), pp L311-50, Code de la consommation 72 Cass. 1 re civ., 27 nov. 2008; Contrats, conc. consom. 2009, comm Lawrynowicz et al., Implementation of the Consumer Credit Directive (2012), [2.1.5.A.] 74 Lawrynowicz et al., Implementation of the Consumer Credit Directive (2012), [2.1.2.A.] and [2.1.5.B.] 17

18 creditworthiness, adequate explanations can be seen as part of a strategy of responsible lending. In France, the Directive term of adequate explanations (explications adéquates) was replaced by a linguistically equivalent re-wording. 75 Thus, the lender must provide explanations which allow the borrower to decide whether the proposed agreement is adapted to his needs and his financial situation. In the text first proposed by the French government the provision read adapted to [the borrower s] choices. However, the word choices was replaced with needs so that there could be no question of incompatibility with the Directive. Clearly, an appreciation of the adequacy of an explication will depend upon the particularities of the situation at hand. Nor is explicit reference made to what constitutes an adequate explanation in the Code de la consommation. However, France has put in place a system of compulsory training for those under the duty to give explanations to ensure that the duty is effectively implemented. 76 Under D of the Code de la consommation, the training must provide the trainee with the ability to ensure that the consumer is wellinformed, in particular: explanations so that the consumer understands the pre-contractual and contractual information explain and execute the fiche de dialogue, the amount of credit to be provided and the associated cost and risk to the borrower; explanation so that the consumer understands the essential characteristics of the proposed credit agreement, as well as the consequences with such an agreement could have for the borrower, including in the event of default; explanation or words of warning to enable consumers to find a loan adapted to their needs, preferences and financial situation; explanation so that the consumer understands the contractual information explanation and words of warning which would be expected to be given to a consumer in risk of defaulting etc. Previously, in France the Code de la consommation did not impose a duty to give adequate explanations to the consumer, however, two praetorian duties, that is to say developed through case law (jurisprudentiel), were imposed upon the lender before the conclusion of the contract. This included a duty to warn (devoir de mise en garde) and a prohibition on excessive loans (interdiction d octroi de prêts excessifs). These duties extended to situations, for example, in which a bank did not investigate the financial means of borrowers and subsequently gave a loan which was excessive in relation the borrower s capacity to honour his obligations. 77 As the source of these duties is jurisprudentiel, it is not fully clear how they will interact with Article L providing for a duty of explanation. Arguably, the duties developed through case law go slightly further than the duty of explanation; not only must the lender adequately explain the implications of the credit 75 L311-8, Code de la consommation 76 Décret n du 13 décembre 2011 relatif aux exigences minimales auxquelles doit répondre la formation mentionnée au troisième alinéa de l'article L du code de la consommation 77 Cour de cassation, Ch. mixte, 12 juillet 2005, Bull. n 327. This was confirmed by another decision (Cour de cassation, Ch. mixte, 29 juin 2007, Bull. n 7. in which a lender had not informed a borrower ignorant of the risks of bankruptcy when borrowing credit having taken into account his financial means).

19 objectively, but also warn the consumer. The prohibition of excessive lending may act contrary to the spirit of Article 5 (6), given that the Directive seems to imply that is for the consumer to evaluate whether the loan is excessive or not. 19

20 4. OPTIONAL FULLY HARMONISED ASPECTS A less stringent regime for certain in-scope agreements Articles 2(5) and (6) must be read respectively in conjunction with, on the one hand, article 2(2)(l) and, on the other hand, articles 2(2)(i) and (j). The latter group of articles are exceptions to the scope of application of the Directive. Thus, Member States were a priori free to regulate excluded credit agreements as they saw fit. However, the former group of articles provided that should a Member State wish to apply the Directive regime to the excluded credit agreements of the former group, then it could only apply certain Directive provisions and not others. The effect of this was that within the substantive scope of the Directive (i.e. database access, or pre-contractual information duties), there was an optional all-or-nothing light-touch regime for these specific credit agreements. The specific credit agreements of articles 2(5) and (6) are respectively those concluded by non-profit organisations which give loans at rates lower than the market to its restricted membership in order to fulfil a social purpose as well as the renegotiation of pre-existing credit agreements in favour of a consumer who is in default with the purpose of avoiding legal proceedings. France did not take either option, keeping both agreements outside of the scope of consumer credit. The first agreement is excluded under L311-3, 5 by referring to L511-6 of the Monetary and Financial Code (Code monétaire et financier). Thus, where an employer makes an advance on an employee s salary, or an exceptional loan to employees in hardship neither constitutes a consumer loan. Nor is social aid distributed by the French social security organisation CAF (Caisse d allocations familiales) consumer credit in conformity with the previous French case law. 79 The second type is excluded under L311-3, Exclusion of the APR in the advertising and pre-contractual and contractual information of overdrafts 80 The Directive provided a less stringent regime for consumer credit taking the form of an overdraft. In the lighter touch approach, Member States were free to exclude an indication of the APR in advertising, pre-contractual information and the credit agreement itself. These options are provided for in articles 4(2)(c), 6(2) and 10(5)(f) respectively. France decided not to take these options and made indication of the APR mandatory for overdraft credit agreements The notary exception and funds in linked credit agreements only available after lapse of the withdrawal period The Member States were free under article 14(2) to decide that the right of withdrawal does not apply to consumer credit products where legislation provides that these contracts must be concluded in the presence of a notary as long as the notary confirms that the precontractual and contractual duties have been fulfilled. France had previously excluded agreements concluded in the presence of a notary from the scope of consumer credit 78 Lawrynowicz et al., Implementation of the Consumer Credit Directive (2012), [2.1.4.] 79 Cass. 1 re civ., 10 juill. 2001: Bull civ. 2001, I, n Lawrynowicz et al., Implementation of the Consumer Credit Directive (2012), [2.1.4.A.] 81 Advertising: L311-42; pre-contractual information: R311-11; contractual information: R311-12

STATUTORY INSTRUMENTS. S.I. No. 281 of 2010 EUROPEAN COMMUNITIES (CONSUMER CREDIT AGREEMENTS) REGULATIONS 2010

STATUTORY INSTRUMENTS. S.I. No. 281 of 2010 EUROPEAN COMMUNITIES (CONSUMER CREDIT AGREEMENTS) REGULATIONS 2010 STATUTORY INSTRUMENTS. S.I. No. 281 of 2010 EUROPEAN COMMUNITIES (CONSUMER CREDIT AGREEMENTS) REGULATIONS 2010 (Prn. A10/0843) 2 [281] S.I. No. 281 of 2010 EUROPEAN COMMUNITIES (CONSUMER CREDIT AGREEMENTS)

More information

A Guide to Directive 2014/17/EU on Credit Agreements for Consumers Relating to Residential Immovable Property (the Mortgage Credit Directive )

A Guide to Directive 2014/17/EU on Credit Agreements for Consumers Relating to Residential Immovable Property (the Mortgage Credit Directive ) Conseil européen des Professions immobilières European Council of Real Estate Professions A Guide to Directive 2014/17/EU on Credit Agreements for Consumers Relating to Residential Immovable Property (the

More information

DIRECTIVE ON ACCOUNTABILITY IN CONTRACT MANAGEMENT FOR PUBLIC BODIES. An Act respecting contracting by public bodies (chapter C-65.1, a.

DIRECTIVE ON ACCOUNTABILITY IN CONTRACT MANAGEMENT FOR PUBLIC BODIES. An Act respecting contracting by public bodies (chapter C-65.1, a. DIRECTIVE ON ACCOUNTABILITY IN CONTRACT MANAGEMENT FOR PUBLIC BODIES An Act respecting contracting by public bodies (chapter C-65.1, a. 26) SUBJECT 1. The purpose of this directive is to establish the

More information

EXPLANATORY MEMORANDUM TO THE CONSUMER CREDIT (EU DIRECTIVE) REGULATIONS 2010. 2010 No. 1010

EXPLANATORY MEMORANDUM TO THE CONSUMER CREDIT (EU DIRECTIVE) REGULATIONS 2010. 2010 No. 1010 EXPLANATORY MEMORANDUM TO THE CONSUMER CREDIT (EU DIRECTIVE) REGULATIONS 2010 2010 No. 1010 THE CONSUMER CREDIT (TOTAL CHARGE FOR CREDIT) REGULATIONS 2010 2010 No. 1011 THE CONSUMER CREDIT (ADVERTISEMENTS)

More information

CONSUMER CREDIT REGULATIONS. Guidance on the regulations implementing the Consumer Credit Directive AUGUST 2010

CONSUMER CREDIT REGULATIONS. Guidance on the regulations implementing the Consumer Credit Directive AUGUST 2010 CONSUMER CREDIT REGULATIONS Guidance on the regulations implementing the Consumer Credit Directive AUGUST 2010 Guidance Notes The Consumer Credit (EU Directive) Regulations 2010 (Statutory Instrument 2010

More information

STUDENT LOAN INFORMATION

STUDENT LOAN INFORMATION STUDENT LOAN INFORMATION 1. Data of the creditor Creditor Address Activity licence Telephone number E-mail Fax number Web address Membership in associations Supervisory authority Swedbank AS, registered

More information

LAW ON THE PROTECTION OF FINANCIAL SERVICES CONSUMERS

LAW ON THE PROTECTION OF FINANCIAL SERVICES CONSUMERS LAW ON THE PROTECTION OF FINANCIAL SERVICES CONSUMERS Chapter I GENERAL PROVISIONS Subject matter Article 1 This Law shall regulate the rights of consumers of financial services provided by banks, financial

More information

CONSUMER PROTECTION ON THE SALE OF LOAN BOOKS. Public Consultation July 2014

CONSUMER PROTECTION ON THE SALE OF LOAN BOOKS. Public Consultation July 2014 CONSUMER PROTECTION ON THE SALE OF LOAN BOOKS Public Consultation July 2014 Public Consultation Paper: Consumer Protection on the Sale of Loan Books Department of Finance July 2014 Department of Finance

More information

Guidance on the regulations implementing the Consumer Credit Directive updated for EU Commission Directive 2011/90/EU (effective 1 January 2013)

Guidance on the regulations implementing the Consumer Credit Directive updated for EU Commission Directive 2011/90/EU (effective 1 January 2013) CONSUMER CREDIT REGULATION Guidance on the regulations implementing the Consumer Credit Directive updated for EU Commission Directive 2011/90/EU (effective 1 January 2013) AUGUST 2010 (CHAPTER 5 REVISED

More information

Consumer Finance Update

Consumer Finance Update Consumer Finance Update Jean Price Head of Retail Banking and Consumer Finance Kate Duke Solicitor What we are covering today The Consumer Credit Directive Hot Topics Consumer Credit Directive Overview

More information

Consumer Credit Regulation, the Financial Conduct Authority and CONC

Consumer Credit Regulation, the Financial Conduct Authority and CONC CONSUMER CREDIT REGULATION, THE FINANCIAL CONDUCT AUTHORITY AND CONC BY LEE FINCH Consumer Credit Regulation, the Financial Conduct Authority and CONC By Lee Finch Barrister, Gough Square Chambers APPLICATIONS

More information

SUBMISSION ON MORTGAGE CREDIT REGULATION IN THE EUROPEAN UNION TO THE DEPARTMENT OF FINANCE. Free Legal Advice Centres, August 2006

SUBMISSION ON MORTGAGE CREDIT REGULATION IN THE EUROPEAN UNION TO THE DEPARTMENT OF FINANCE. Free Legal Advice Centres, August 2006 SUBMISSION ON MORTGAGE CREDIT REGULATION IN THE EUROPEAN UNION TO THE DEPARTMENT OF FINANCE Free Legal Advice Centres, August 2006 1. CONSUMER PROTECTION 1.1 Information Our simple view would be that a

More information

LAW ON FOREIGN EXCHANGE OPERATIONS

LAW ON FOREIGN EXCHANGE OPERATIONS LAW ON FOREIGN EXCHANGE OPERATIONS This Law shall govern: (Consolidated) 1 I. BASIC PROVISIONS Article 1 1) payments, collections and transfers between residents and non-residents in foreign means of payment

More information

CCBE POSITION ON THE PROPOSAL FOR A DIRECTIVE OF THE EUROPEAN PARLIAMENT AND THE COUNCIL

CCBE POSITION ON THE PROPOSAL FOR A DIRECTIVE OF THE EUROPEAN PARLIAMENT AND THE COUNCIL CCBE POSITION ON THE PROPOSAL FOR A DIRECTIVE OF THE EUROPEAN PARLIAMENT AND THE COUNCIL ON CONSUMER RIGHTS DIRECTIVE COM(2008) 614/3 CCBE position on The Proposal for a Directive of the European Parliament

More information

LECTURE NO.8 THE ROLE OF GUARANTEES AND BONDS IN INTERNATIONAL TRADE

LECTURE NO.8 THE ROLE OF GUARANTEES AND BONDS IN INTERNATIONAL TRADE LECTURE NO.8 THE ROLE OF GUARANTEES AND BONDS IN INTERNATIONAL TRADE A guarantor issues a guarantee or bond, usually a bank or an insurance company, on behalf of an exporter. It is a guarantee to the buyer

More information

Supervisory Policy Manual

Supervisory Policy Manual This module should be read in conjunction with the Introduction and with the Glossary, which contains an explanation of abbreviations and other terms used in this Manual. If reading on-line, click on blue

More information

.ainsurance. Luxembourg Law

.ainsurance. Luxembourg Law .ainsurance Luxembourg Law May 2009 Table of contents 1. The insurance business in Luxembourg: the statutory framework...3 2. The Luxembourg Insurance Supervisory Authority (Commissariat aux Assurances)...3

More information

LAW ON FOREIGN CURRENCY TRANSACTIONS. ( Official Herald of the Republic of Serbia, Nos. 62/2006 and 31/2011) I GENERAL PROVISIONS

LAW ON FOREIGN CURRENCY TRANSACTIONS. ( Official Herald of the Republic of Serbia, Nos. 62/2006 and 31/2011) I GENERAL PROVISIONS LAW ON FOREIGN CURRENCY TRANSACTIONS ( Official Herald of the Republic of Serbia, Nos. 62/2006 and 31/2011) The present Law shall govern: I GENERAL PROVISIONS Article 1 1) payments, collections and transfers

More information

Annex 1: Detailed outline

Annex 1: Detailed outline Annex 1: Detailed outline Key issues Possible text for proposal for a directive/regulation Comments/Explanations on ongoing and periodic transparency requirements for issuers, and holders, of securities

More information

General Protocol relating to the collaboration of the insurance supervisory authorities of the Member States of the European Union March 2008

General Protocol relating to the collaboration of the insurance supervisory authorities of the Member States of the European Union March 2008 CEIOPS-DOC-07/08 General Protocol relating to the collaboration of the insurance supervisory authorities of the Member States of the European Union March 2008 CEIOPS e.v. - Westhafenplatz 1 60327 Frankfurt

More information

EXPLANATORY MEMORANDUM TO THE DEBT RELIEF ORDERS (DESIGNATION OF COMPETENT AUTHORITIES) (AMENDMENT) REGULATIONS 2009. 2009 No.

EXPLANATORY MEMORANDUM TO THE DEBT RELIEF ORDERS (DESIGNATION OF COMPETENT AUTHORITIES) (AMENDMENT) REGULATIONS 2009. 2009 No. EXPLANATORY MEMORANDUM TO THE DEBT RELIEF ORDERS (DESIGNATION OF COMPETENT AUTHORITIES) (AMENDMENT) REGULATIONS 2009 2009 No. 1553 1. This explanatory memorandum has been prepared by the Department for

More information

LEGISLATION COMMITTEE OF THE CROATIAN PARLIAMENT

LEGISLATION COMMITTEE OF THE CROATIAN PARLIAMENT LEGISLATION COMMITTEE OF THE CROATIAN PARLIAMENT 2300 Pursuant to its authority from Article 59 of the Rules of Procedure of the Croatian Parliament, the Legislation Committee determined the revised text

More information

General Conditions for Loans reference No.: General Terms and Conditions for Loans dated 1 March 2016

General Conditions for Loans reference No.: General Terms and Conditions for Loans dated 1 March 2016 General Conditions for Loans reference No.: General Terms and Conditions for Loans dated 1 March 2016 These General Conditions for Loans is made between ( Lender )and the Entity who signs the Schedule

More information

The reform of the EU Data Protection framework - Building trust in a digital and global world. 9/10 October 2012

The reform of the EU Data Protection framework - Building trust in a digital and global world. 9/10 October 2012 The reform of the EU Data Protection framework - Building trust in a digital and global world 9/10 October 2012 Questionnaire addressed to national Parliaments Please, find attached a number of questions

More information

Third Supplement dated 8 September 2015 to the Euro Medium Term Note Programme Base Prospectus dated 12 December 2014

Third Supplement dated 8 September 2015 to the Euro Medium Term Note Programme Base Prospectus dated 12 December 2014 Third Supplement dated 8 September 2015 to the Euro Medium Term Note Programme Base Prospectus dated 12 December 2014 HSBC France 20,000,000,000 Euro Medium Term Note Programme This third supplement (the

More information

NATIONAL BANK OF ROMANIA. REGULATION No.17/2012 regarding certain conditions on granting loans

NATIONAL BANK OF ROMANIA. REGULATION No.17/2012 regarding certain conditions on granting loans NATIONAL BANK OF ROMANIA REGULATION No.17/2012 regarding certain conditions on granting loans Having regard to the provisions of art.4 Para. (1), art.45 Para. (1), art.61, art.173 4, let. b) and art.235

More information

Consolidated Insurance Mediation Act 1

Consolidated Insurance Mediation Act 1 Consolidated Insurance Mediation Act 1 Act no. 930 of 18 September 2008 This is an Act to consolidate the Insurance Meditation Act, cf. Consolidated Act no. 401 of 25 April 2007, as amended by section

More information

Consumer Protection (Fair Trading) (Amendment) Bill

Consumer Protection (Fair Trading) (Amendment) Bill Consumer Protection (Fair Trading) (Amendment) Bill Bill No. /2012. Read the first time on. 2012. A BILL intituled An Act to amend the Consumer Protection (Fair Trading) Act (Chapter 52A of the 2009 Revised

More information

Recommendation on complaints handling

Recommendation on complaints handling 2011-R-05 15 December 2011 (Non official translation) 1. Background Customer information on complaining and complaints handling are dealt with in several texts 1 applicable to the insurance and banking

More information

GENERAL SWEDISH MARINE INSURANCE PLAN of 1 January 2006

GENERAL SWEDISH MARINE INSURANCE PLAN of 1 January 2006 1 GENERAL SWEDISH MARINE INSURANCE PLAN of 1 January 2006 These conditions have been approved by The Swedish Association of Marine Underwriters and The Swedish Club and are only intended as guidance. There

More information

Information Paper for the Legislative Council Panel on Financial Affairs. Protection of Consumer Credit Data

Information Paper for the Legislative Council Panel on Financial Affairs. Protection of Consumer Credit Data LC Paper No. CB(1)691/03-04(01) Information Paper for the Legislative Council Panel on Financial Affairs Protection of Consumer Credit Data Purpose Pursuant to the request by the Panel vide the Clerk to

More information

EUROPEAN COMMISSION Directorate-General for Research & Innovation. Guidance How to draw up your consortium agreement

EUROPEAN COMMISSION Directorate-General for Research & Innovation. Guidance How to draw up your consortium agreement EUROPEAN COMMISSION Directorate-General for Research & Innovation Guidance How to draw up your consortium agreement Version 2.0 23 February 2015 Guidance How to draw up your consortium agreement: V2.0

More information

Chapter 19. Georgia Law for the Real Estate Sales Contract INTRODUCTION

Chapter 19. Georgia Law for the Real Estate Sales Contract INTRODUCTION Chapter 19 Georgia Law for the Real Estate Sales Contract INTRODUCTION As discussed in the previous chapter, one of the most important requirements of a real estate sales contract is that it must be "definite

More information

LITHUANIA LAW ON COMPANIES

LITHUANIA LAW ON COMPANIES LITHUANIA LAW ON COMPANIES Important Disclaimer This translation has been generously provided by the Lithuanian Securities Commission. This does not constitute an official translation and the translator

More information

Financial Services (Banking Reform) Act 2013

Financial Services (Banking Reform) Act 2013 Financial Services (Banking Reform) Act 2013 CHAPTER 33 26.75 Financial Services (Banking Reform) Act 2013 CHAPTER 33 CONTENTS PART 1 RING-FENCING Ring-fencing 1 Objectives of Prudential Regulation Authority

More information

and the President has proclaimed the following Law:

and the President has proclaimed the following Law: Unofficial translation The Saeima 1 has adopted and the President has proclaimed the following Law: THE INSURANCE CONTRACT LAW Chapter I GENERAL PROVISIONS Article 1. Definitions 1) sum insured - the amount

More information

COMMISSION RECOMMENDATION. of 12.3.2014. on a new approach to business failure and insolvency. (Text with EEA relevance) {SWD(2014) 61} {SWD(2014) 62}

COMMISSION RECOMMENDATION. of 12.3.2014. on a new approach to business failure and insolvency. (Text with EEA relevance) {SWD(2014) 61} {SWD(2014) 62} EUROPEAN COMMISSION Brussels, 12.3.2014 C(2014) 1500 final COMMISSION RECOMMENDATION of 12.3.2014 on a new approach to business failure and insolvency (Text with EEA relevance) {SWD(2014) 61} {SWD(2014)

More information

Land Acquisition (Just Terms Compensation) Act 1991 No 22

Land Acquisition (Just Terms Compensation) Act 1991 No 22 New South Wales Land Acquisition (Just Terms Compensation) Act 1991 No 22 Status information Currency of version Current version for 31 January 2011 to date (generated 21 February 2011 at 10:02). Legislation

More information

Apartment Ownership and Mortgage Finance in Lithuania

Apartment Ownership and Mortgage Finance in Lithuania Apartment Ownership and Mortgage Finance in Lithuania Report of a working group: Kåre Lilleholt, professor of Bergen University, project leader, Anders Victorin, professor of Stockholm University, Giedrius

More information

EBA/GL/2015/11. 01 June 2015. Final Report. Guidelines on creditworthiness assessment

EBA/GL/2015/11. 01 June 2015. Final Report. Guidelines on creditworthiness assessment EBA/GL/2015/11 01 June 2015 Final Report Guidelines on creditworthiness assessment Contents 1. Executive Summary 3 2. Background and rationale 4 3. Guidelines 6 Section 1 Compliance and reporting obligations

More information

UNOFFICIAL CONSOLIDATION AND TRANSLATION OF LAWS 128(I) OF 2009 AND 52(I) OF 2010 THE PAYMENT SERVICES LAWS OF 2009 TO 2010

UNOFFICIAL CONSOLIDATION AND TRANSLATION OF LAWS 128(I) OF 2009 AND 52(I) OF 2010 THE PAYMENT SERVICES LAWS OF 2009 TO 2010 UNOFFICIAL CONSOLIDATION AND TRANSLATION OF LAWS 128(I) OF 2009 AND 52(I) OF 2010 THE PAYMENT SERVICES LAWS OF 2009 TO 2010 This translation and consolidation of laws is not official. It has been prepared

More information

16TH FEBRUARY 1994, LAW GOVERNING ORGANISED TRAVEL CONTRACTS AND TRAVEL AGENCY CONTRACTS

16TH FEBRUARY 1994, LAW GOVERNING ORGANISED TRAVEL CONTRACTS AND TRAVEL AGENCY CONTRACTS 16TH FEBRUARY 1994, LAW GOVERNING ORGANISED TRAVEL CONTRACTS AND TRAVEL AGENCY CONTRACTS CHAPTER 1 - DEFINITIONS AND AREA OF APPLICATION Article 1 - For the purpose of application of this law, the following

More information

DIRECTIVE 2009/38/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL

DIRECTIVE 2009/38/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL L 122/28 Official Journal of the European Union 16.5.2009 DIRECTIVE 2009/38/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 6 May 2009 on the establishment of a European Works Council or a procedure

More information

Your rights when buying on credit

Your rights when buying on credit Your rights when buying on credit Anyone who offers you credit must be licensed by the Office of Fair Trading (OFT). Most consumer credit agreements are covered by the Consumer Credit Act 1974 and the

More information

Act on Guaranties and Third-Party Pledges

Act on Guaranties and Third-Party Pledges NB: Unofficial translation Ministry of Justice, Finland Act on Guaranties and Third-Party Pledges (361/1999) Chapter 1 General provisions Section 1 Scope of application and mandatory provisions (1) This

More information

Option Table - Directive on Statutory Audits of Annual and Consolidated Accounts

Option Table - Directive on Statutory Audits of Annual and Consolidated Accounts Option Table - Directive on Statutory Audits of Annual and Consolidated Accounts The purpose of this document is to highlight the changes in the options available to Member States and Competent Authorities

More information

Statement. on the. Kenya Communications (Broadcasting) Regulations, 2009. February 2010

Statement. on the. Kenya Communications (Broadcasting) Regulations, 2009. February 2010 Statement on the Kenya Communications (Broadcasting) Regulations, 2009 February 2010 ARTICLE 19 Free Word Centre 60 Farringdon Road London EC1R 3GA United Kingdom Tel +44 207 324 2500 Fax +44 207 490 0566

More information

EU public procurement framework ETUC position

EU public procurement framework ETUC position EU public procurement framework ETUC position Adopted at the Executive Committee on 6-7 March 2012. 1. In December 2011, the Commission adopted the revised framework for public procurement comprising a

More information

Translation from German. GENERAL TERMS AND CONDITIONS of mangoart GmbH Bräuergasse 11, 4470 Enns, Austria +43 7223 / 912 78, office@mangoart.

Translation from German. GENERAL TERMS AND CONDITIONS of mangoart GmbH Bräuergasse 11, 4470 Enns, Austria +43 7223 / 912 78, office@mangoart. Translation from German GENERAL TERMS AND CONDITIONS of mangoart GmbH Bräuergasse 11, 4470 Enns, Austria +43 7223 / 912 78, office@mangoart.at 1. Applicability; Conclusion of contract 1.1 mangoart GmbH

More information

PRODUCT BUSINESS TERMS AND CONDITIONS FOR LOANS OF UNICREDIT BANK CZECH REPUBLIC AND SLOVAKIA, A.S.

PRODUCT BUSINESS TERMS AND CONDITIONS FOR LOANS OF UNICREDIT BANK CZECH REPUBLIC AND SLOVAKIA, A.S. PRODUCT BUSINESS TERMS AND CONDITIONS FOR LOANS OF UNICREDIT BANK CZECH REPUBLIC AND SLOVAKIA, A.S. PRODUCT BUSINESS TERMS AND CONDITIONS FOR LOANS OF UNICREDIT BANK CZECH REPUBLIC AND SLOVAKIA, A.S. TABLE

More information

INTERNAL REGULATIONS

INTERNAL REGULATIONS COUNCIL OF BUREAUX CONSEIL DES BUREAUX INTERNAL REGULATIONS Preamble (1) Whereas in 1949 the Working Party on Road Transport of the Inland Transport Committee of the Economic Commission for Europe of the

More information

GENERAL POSITION FOR THE PARLIAMENT OF THE CZECH REPUBLIC - WHITE PAPER ON THE INTEGRATION OF EU MORTGAGE CREDIT MARKETS

GENERAL POSITION FOR THE PARLIAMENT OF THE CZECH REPUBLIC - WHITE PAPER ON THE INTEGRATION OF EU MORTGAGE CREDIT MARKETS GENERAL POSITION FOR THE PARLIAMENT OF THE CZECH REPUBLIC - WHITE PAPER ON THE INTEGRATION OF EU MORTGAGE CREDIT MARKETS Ministry of Finance of the Czech Republic 2008-1 - Table of contents: I. General

More information

The Mortgage Credit Directive: an Overview

The Mortgage Credit Directive: an Overview The Mortgage Credit Directive: an Overview Overview The Mortgage Credit Directive ( MCD ) (also known as the Residential Mortgage Directive) 1 was proposed by the European Commission on 31 March 2011,

More information

Public consultation on the possibility for an investment fund to originate loans

Public consultation on the possibility for an investment fund to originate loans Public consultation on the possibility for an investment fund to originate loans The purpose of this consultation is to gather the opinions of all interested parties about the possibility for French investment

More information

REPAYING YOUR LOAN EARLY. www.fla.org.uk

REPAYING YOUR LOAN EARLY. www.fla.org.uk REPAYING YOUR LOAN EARLY www.fla.org.uk REPAYING YOUR LOAN EARLY What this leaflet tells you Early repayment, or early settlement, is where you repay some or all of your loan before you were required to.

More information

Code of Conduct for Business Lending to Small and Medium Enterprises

Code of Conduct for Business Lending to Small and Medium Enterprises 2012 Code of Conduct for Business Lending to Small and Medium Enterprises Scope This Code applies to all business lending by regulated entities. This Code shall not apply to Credit Unions. Credit Union

More information

Queensland. Credit (Commonwealth Powers) Act 2010

Queensland. Credit (Commonwealth Powers) Act 2010 Queensland Credit (Commonwealth Powers) Act 2010 Act No. 16 of 2010 Queensland Credit (Commonwealth Powers) Act 2010 Contents Page Part 1 Preliminary 1 Short title...........................................

More information

Comments and proposals on the Chapter IV of the General Data Protection Regulation

Comments and proposals on the Chapter IV of the General Data Protection Regulation Comments and proposals on the Chapter IV of the General Data Protection Regulation Ahead of the trialogue negotiations later this month, EDRi, Access, Panoptykon Bits of Freedom, FIPR and Privacy International

More information

At its meeting held on 11 and 12 February 2004 the Working Party completed the third reading of the above Proposal.

At its meeting held on 11 and 12 February 2004 the Working Party completed the third reading of the above Proposal. Conseil UE COUNCIL OF THE EUROPEAN UNION Brussels, 25 February 2004 PUBLIC Interinstitutional File: 2002/0242 (CNS) DOCUMT PARTIALLY ACCESSIBLE TO THE PUBLIC 6681/04 LIMITE MIGR 10 OUTCOME OF PROCEEDINGS

More information

Article 2. Offers and quotations

Article 2. Offers and quotations 1 Article 1. General 1. These terms and conditions apply to all offers, quotations and agreements between Smets Food Trading B.V., with registered offices in (6131 GR) Sittard, at Odasingel 473, hereinafter

More information

BILL C-665 PROJET DE LOI C-665 C-665 C-665 HOUSE OF COMMONS OF CANADA CHAMBRE DES COMMUNES DU CANADA

BILL C-665 PROJET DE LOI C-665 C-665 C-665 HOUSE OF COMMONS OF CANADA CHAMBRE DES COMMUNES DU CANADA C-665 C-665 Second Session, Forty-first Parliament, Deuxième session, quarante et unième législature, HOUSE OF COMMONS OF CANADA CHAMBRE DES COMMUNES DU CANADA BILL C-665 PROJET DE LOI C-665 An Act to

More information

LEVEL 4 - UNIT 5 CORPORATE INSOLVENCY SUGGESTED ANSWERS JUNE 2015

LEVEL 4 - UNIT 5 CORPORATE INSOLVENCY SUGGESTED ANSWERS JUNE 2015 LEVEL 4 - UNIT 5 CORPORATE INSOLVENCY SUGGESTED ANSWERS JUNE 2015 Note to Candidates and Tutors: The purpose of the suggested answers is to provide students and tutors with guidance as to the key points

More information

MODEL CONTRACTS FOR SMALL FIRMS LEGAL GUIDANCE FOR DOING INTERNATIONAL BUSINESS

MODEL CONTRACTS FOR SMALL FIRMS LEGAL GUIDANCE FOR DOING INTERNATIONAL BUSINESS MODEL CONTRACTS FOR SMALL FIRMS LEGAL GUIDANCE FOR DOING INTERNATIONAL BUSINESS International Trade Centre, August 2010 Model Contracts for Small Firms: International Commercial Sale of Goods Contents

More information

DRAFT GUIDANCE DOCUMENT ON THE LOW VOLTAGE DIRECTIVE TRANSITION

DRAFT GUIDANCE DOCUMENT ON THE LOW VOLTAGE DIRECTIVE TRANSITION EUROPEAN COMMISSION Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs Industrial Transformation and Advanced Value Chains Advanced Engineering and Manufacturing Systems DRAFT

More information

4. OTTAWA REGIONAL CANCER FOUNDATION LOAN REPAYMENT EXTENSION

4. OTTAWA REGIONAL CANCER FOUNDATION LOAN REPAYMENT EXTENSION 30 COMITÉ DES FINANCES ET DU 4. OTTAWA REGIONAL CANCER FOUNDATION LOAN REPAYMENT EXTENSION PROLONGATION DU DÉLAI DE REMBOURSEMENT DU PRÊT CONSENTI À LA FONDATION DU CANCER DE LA RÉGION D OTTAWA COMMITTEE

More information

VPO NOK Rules. Rules for the Central Securities Settlement. in Norwegian Kroner

VPO NOK Rules. Rules for the Central Securities Settlement. in Norwegian Kroner Entry into force: 29. April 2015 Version: 1.1 Published 27. April 2015 VPO NOK Rules Rules for the Central Securities Settlement in Norwegian Kroner This document is a translation from the original Norwegian

More information

NAB Equity Lending. Facility Terms

NAB Equity Lending. Facility Terms NAB Equity Lending Facility Terms This document contains important information regarding the terms and conditions which will apply to your NAB Equity Lending Facility. You should read this document carefully

More information

COUNCIL OF THE EUROPEAN UNION. Brussels, 29 September 2009 13707/09 LIMITE PI 93

COUNCIL OF THE EUROPEAN UNION. Brussels, 29 September 2009 13707/09 LIMITE PI 93 COUNCIL OF THE EUROPEAN UNION Brussels, 29 September 2009 13707/09 LIMITE PI 93 WORKING DOCUMENT from: General Secretariat of the Council to: Working Party on Intellectual Property (Patents) No. prev.

More information

The Debt Arrangement Scheme Improving Access

The Debt Arrangement Scheme Improving Access Consultation by the Scottish Government Submission from the Association of British Credit Unions Limited (ABCUL) Details Name Frank McKillop Job Title Policy Officer (Scotland) Organisation Association

More information

Act amending Banking Act (ZBan-1L) Article 1

Act amending Banking Act (ZBan-1L) Article 1 Legal notice All effort has been made to ensure the accuracy of this translation, which is based on the original Slovenian text. All translations of this kind may, nevertheless, be subject to a certain

More information

PAYMENT SERVICES AND SYSTEMS ACT (ZPlaSS) CHAPTER 1 GENERAL PROVISIONS SUBCHAPTER 1 CONTENT OF THE ACT. Article 1. (scope)

PAYMENT SERVICES AND SYSTEMS ACT (ZPlaSS) CHAPTER 1 GENERAL PROVISIONS SUBCHAPTER 1 CONTENT OF THE ACT. Article 1. (scope) Legal notice All effort has been made to ensure the accuracy of this translation, which is based on the original Slovenian text. All translations of this kind may, nevertheless, be subject to a certain

More information

Companies Act No. 71 of 2008 An Implementation Guide

Companies Act No. 71 of 2008 An Implementation Guide Companies Act No. 71 of 2008 An Implementation Guide The New Companies Act An Implementation Guide It has been announced that the new Companies Act No. 71 of 2008 (New Act), which will repeal the existing

More information

LAW OF THE REPUBLIC OF TAJIKISTAN ON LIMITED LIABILITY COMPANIES

LAW OF THE REPUBLIC OF TAJIKISTAN ON LIMITED LIABILITY COMPANIES LAW OF THE REPUBLIC OF TAJIKISTAN ON LIMITED LIABILITY COMPANIES CHAPTER 1. GENERAL PROVISIONS CHAPTER 2. FOUNDATION OF LIMITED LIABLITY COMPANY CHAPTER 3.AUTHORIZED CAPITAL OF A COMPANY CHAPTER 4. PROPERTY

More information

Securities trading policy

Securities trading policy Securities trading policy Corporate Travel Management Limited ACN 131 207 611 Level 11 Central Plaza Two 66 Eagle Street Brisbane QLD 4000 GPO Box 1855 Brisbane QLD 4001 Australia ABN 42 721 345 951 Telephone

More information

DECISIONS ADOPTED JOINTLY BY THE EUROPEAN PARLIAMENT AND THE COUNCIL

DECISIONS ADOPTED JOINTLY BY THE EUROPEAN PARLIAMENT AND THE COUNCIL L 218/82 EN Official Journal of the European Union 13.8.2008 DECISIONS ADOPTED JOINTLY BY THE EUROPEAN PARLIAMENT AND THE COUNCIL DECISION No 768/2008/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of

More information

General Terms and Conditions for Pre-shipment Risk Insurance GTC P

General Terms and Conditions for Pre-shipment Risk Insurance GTC P General Terms and Conditions for Pre-shipment Risk Insurance GTC P Valid from 31 March 2012 (Version 2.2/2012) Table of Contents 1 Object and Scope of the Insurance 3 2 Liability Period 4 3 Insured Risks

More information

General Terms and Conditions for Service companies

General Terms and Conditions for Service companies for Service companies Applicable to the provision of services and the delivery of goods by members facility companies of the listed trade association. These general conditions of sale and delivery shall

More information

Federal Act on Combating Money Laundering and Terrorist Financing in the Financial Sector 1

Federal Act on Combating Money Laundering and Terrorist Financing in the Financial Sector 1 English is not an official language of the Swiss Confederation. This translation is provided for information purposes only and has no legal force. Federal Act on Combating Money Laundering and Terrorist

More information

COMITE MARITIME INTERNATIONAL THE IMPLEMENTATION IN NATIONAL LAW OF MANDATORY INSURANCE PROVISIONS IN INTERNATIONAL CONVENTIONS

COMITE MARITIME INTERNATIONAL THE IMPLEMENTATION IN NATIONAL LAW OF MANDATORY INSURANCE PROVISIONS IN INTERNATIONAL CONVENTIONS Esplanade 6, 20354 Hamburg Telefon: 040/350 97-0 Telefax: 040/350 97 211 E-Mail: Info@Seerecht.de www.seerecht.de COMITE MARITIME INTERNATIONAL THE IMPLEMENTATION IN NATIONAL LAW OF MANDATORY INSURANCE

More information

General Conditions of Business INET-CASH with Webmaster. (As of August 09, 2013)

General Conditions of Business INET-CASH with Webmaster. (As of August 09, 2013) 1 General Conditions of Business with Webmaster (As of August 09, 2013) A. General Conditions of Business... 2 1. Contract partners, contractual object... 2 2. Relationship between the parties... 2 3.

More information

Pre-export financing in Russia: market practice and common legal structures

Pre-export financing in Russia: market practice and common legal structures Pre-export financing in Russia: market practice and common legal structures Ragnar Johannesen Alexander Zalivako In this article Ragnar Johannesen, a senior associate, and Alexander Zalivako, an associate,

More information

Mortgage Brokerages, Lenders and Administrators Act, 2006. Additional Draft Regulations for Consultation

Mortgage Brokerages, Lenders and Administrators Act, 2006. Additional Draft Regulations for Consultation Mortgage Brokerages, Lenders and Administrators Act, 2006 Additional Draft Regulations for Consultation Proposed by the Ministry of Finance January, 2008 Mortgage Brokerages, Lenders and Administrators

More information

Unofficial Consolidation

Unofficial Consolidation CENTRAL BANK (SUPERVISION AND ENFORCEMENT) ACT 2013 (SECTION 48) (LENDING TO SMALL AND MEDIUM-SIZED ENTERPRISES) REGULATIONS 2015 (S.I. No. 585 of 2015) Unofficial Consolidation This document is an unofficial

More information

Terms of Business. Regulated Activities Our principal business is mortgage lending and this activity is regulated by the Central Bank of Ireland.

Terms of Business. Regulated Activities Our principal business is mortgage lending and this activity is regulated by the Central Bank of Ireland. Terms of Business Provided in accordance with the Consumer Protection Code 2012 issued by the Central Bank of Ireland and can be found on the Central Bank s website www.centralbank.ie About Us Our legal

More information

Explanatory notes VAT invoicing rules

Explanatory notes VAT invoicing rules Explanatory notes VAT invoicing rules (Council Directive 2010/45/EU) Why explanatory notes? Explanatory notes aim at providing a better understanding of legislation adopted at EU level and in this case

More information

General Terms and Conditions for the Purchase and Maintenance of Hardware

General Terms and Conditions for the Purchase and Maintenance of Hardware General Terms and Conditions for the Purchase and Maintenance of Hardware A COMMON INTRODUCTORY PROVISIONS 1 Object and validity 1.1 The present General Terms and Conditions (GTC) govern the conclusion,

More information

PUBLIC COU CIL OF THE EUROPEA U IO. Brussels, 30 June 2005 (05.07) (OR. fr) 10748/05 LIMITE JUR 291 JUSTCIV 130 CODEC 579

PUBLIC COU CIL OF THE EUROPEA U IO. Brussels, 30 June 2005 (05.07) (OR. fr) 10748/05 LIMITE JUR 291 JUSTCIV 130 CODEC 579 Conseil UE COU CIL OF THE EUROPEA U IO Brussels, 30 June 2005 (05.07) (OR. fr) PUBLIC 10748/05 LIMITE 291 JUSTCIV 130 CODEC 579 OPI IO OF THE LEGAL SERVICE Subject : Proposal for a Regulation of the European

More information

COMITÉ EUROPÉEN DES ASSURANCES

COMITÉ EUROPÉEN DES ASSURANCES COMITÉ EUROPÉEN DES ASSURANCES SECRÉTARIAT GÉNÉRAL 3bis, rue de la Chaussée d'antin F 75009 Paris Tél. : +33 1 44 83 11 83 Fax : +33 1 47 70 03 75 Web : cea.assur.org DÉLÉGATION À BRUXELLES Square de Meeûs,

More information

Personal Data Act (523/1999)

Personal Data Act (523/1999) 1 NB: Unofficial translation Personal Data Act (523/1999) Chapter 1 General provisions Section 1 Objectives The objectives of this Act are to implement, in the processing of personal data, the protection

More information

Act on Investment Firms 26.7.1996/579

Act on Investment Firms 26.7.1996/579 Please note: This is an unofficial translation. Amendments up to 135/2007 included, May 2007. Act on Investment Firms 26.7.1996/579 CHAPTER 1 General provisions Section 1 Scope of application This Act

More information

Loans and Security Training

Loans and Security Training Jonathan Lawrence, Finance Partner, London Loans and Security Training November 2014 Copyright 2014 by K&L Gates LLP. All rights reserved. LOANS AND SECURITY TRAINING A. Entering into a loan facility B.

More information

Align Technology. Data Protection Binding Corporate Rules Processor Policy. 2014 Align Technology, Inc. All rights reserved.

Align Technology. Data Protection Binding Corporate Rules Processor Policy. 2014 Align Technology, Inc. All rights reserved. Align Technology Data Protection Binding Corporate Rules Processor Policy Confidential Contents INTRODUCTION TO THIS POLICY 3 PART I: BACKGROUND AND ACTIONS 4 PART II: PROCESSOR OBLIGATIONS 6 PART III:

More information

EBA Consultation Draft Guidelines on creditworthiness assessment under the Mortgage Credit Directive

EBA Consultation Draft Guidelines on creditworthiness assessment under the Mortgage Credit Directive EBA Consultation Draft Guidelines on creditworthiness assessment under the Mortgage Credit Directive BEUC RESPONSE Contact: Financial Services Team financialservices@beuc.eu Ref.: BEUC-X-2015-013 - 12/02/2015

More information

CHAPTER I I. Formation of a limited liability company CHAPTER I. GENERAL PROVISIONS

CHAPTER I I. Formation of a limited liability company CHAPTER I. GENERAL PROVISIONS Law of the Republic of Kazakhstan dated April 22, 1998 220-I On limited liability companies and additional liability companies (with alterations and amendments as of 29.12.2014) CHAPTER I. General provisions

More information

ORDER to promulgate the Act on Prevention of Late Payment (ZPreZP)

ORDER to promulgate the Act on Prevention of Late Payment (ZPreZP) Legal notice All effort has been made to ensure the accuracy of this translation, which is based on the original Slovenian text. All translations of this kind may, nevertheless, be subject to a certain

More information

SCOPE OF APPLICATION AND DEFINITIONS

SCOPE OF APPLICATION AND DEFINITIONS Unofficial translation No. 398/1995 Act on Foreign Insurance Companies Issued in Helsinki on 17 March 1995 PART I SCOPE OF APPLICATION AND DEFINITIONS Chapter 1. General Provisions Section 1. Scope of

More information

Consultation Paper. ESMA Guidelines on Alternative Performance Measures. 13 February 2014 ESMA/2014/175

Consultation Paper. ESMA Guidelines on Alternative Performance Measures. 13 February 2014 ESMA/2014/175 Consultation Paper ESMA Guidelines on Alternative Performance Measures 13 February 2014 ESMA/2014/175 Date: 13 February 2014 ESMA/2014/175 Responding to this paper The European Securities and Markets Authority

More information

Disability Discrimination Act 2005

Disability Discrimination Act 2005 Disability Discrimination Act 2005 CHAPTER 13 Explanatory Notes have been produced to assist in the understanding of this Act and are available separately 7 50 Disability Discrimination Act 2005 CHAPTER

More information

MASTER ADVERTISING AGREEMENT

MASTER ADVERTISING AGREEMENT MASTER ADVERTISING AGREEMENT THE UNDERSIGNED: 1. [ ] B.V., registered in the trade register with the number [ ], having its registered office in Voorburg, legally represented in this matter by Mr. R. Van

More information