Category Archives: Single market for capital

With the free movement of people, goods and services, the free movement of capital is one of the four fundamental freedoms of the EU. Making this a reality as of 1 July 1990 was the first stage towards economic and monetary union which culminated in the introduction of the euro.

Internal Market

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Internal Market

Internal Market Contents

  • Internal market: general framework
  • Living and working in the internal market: Free movement of people, asylum and immigration, free movement of workers
  • Single Market for Goods: Free movement of goods, technical harmonisation, product labelling and packaging, consumer safety, pharmaceutical and cosmetic products, chemical products, motor vehicles, construction, external dimension
  • Single market for services: Free movement of services, professional occupations, services of general interest, transport, Information Society, postal services, financial services, banks, insurance, securities markets
  • Single market for capital: Free movement of capital, economic and monetary union, economic and private stakeholders, fiscal aspects, combating fraud, external relations
  • Businesses in the internal market: Company law, public procurement, intellectual property

See also

Living and working in the internal market.
Overviews of European Union: Internal market.
Further information: the Internal Market and Services Directorate-General of the European Commission.

Consumer credit agreements

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Consumer credit agreements

Outline of the Community (European Union) legislation about Consumer credit agreements

Topics

These categories group together and put in context the legislative and non-legislative initiatives which deal with the same topic.

Internal market > Single market for capital

Consumer credit agreements

Document or Iniciative

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.

Summary

This Directive aims to harmonise the laws, regulations and administrative provisions of the Member States covering credit for consumers, in order to facilitate cross-border services. It shall increase the transparency of contractual conditions and improve the level of consumer protection.

However the Directive is not applicable to credit agreements that are:

  • secured by a mortgage;
  • concluded for the purchase of land or immovable property;
  • whose total amount is less than 200 euros or more than 75 000 euros;
  • relating to lease or hire where there is no obligation to purchase;
  • granted free of interest, without other charges or in the form of an overdraft facility;
  • concluded with an investment company;
  • the result of a judicial ruling;
  • linked to the payment or to the surety of a debt;
  • linked to loans granted to a limited group of the public.

Member States may also apply a less restrictive regime to organisations with social aims and activities that only profit their members, where they offer an annual percentage rate of charge which is lower than the current market rate.

During the pre-contractual phase,the creditor * or their intermediaries * must supply clear information on the main features of the credit offered in due course. In particular, this concerns:

  • the duration of the credit agreement;
  • the total amount of credit;
  • the borrowing rate and rates relating thereto;
  • the annual percentage rate of charge * and the total amount owed by the consumer *;
  • the amount, number and frequency of instalments;
  • the cash price for goods or services supplied against specific payment terms or a linked credit agreement;
  • costs linked to or resulting from the agreement;
  • contractual obligations;
  • consumer rights;
  • the consequences of late payments and defaults;
  • sureties.

Consumers shall receive this information in a standard form as stipulated in Annexe II of the Directive.

Apart from an obligation to supply comprehensive pre-contractual information, creditors must supply consumers with adequate explanations so that the latter may choose a contract which corresponds to their needs and to their financial situation. In addition creditors must evaluate the solvency of their clients before concluding an agreement, whilst also respecting the right of consumers to be informed when their request for credit is rejected.

The contract must restate the main information relating to the credit offer chosen. If the borrowing rate is modified *, the consumer must be informed of the new amount, the number and frequency of instalments.

Consumers may exercise their right to withdraw by notifying the creditor of their intention, without having to justify their decision. This must take place within fourteen days from the conclusion of the agreement.

Consumers also have the right to make early repayment of their debt. They can exercise this right at any time, as long as the creditor receives fair compensation which is objectively justified.

Member States shall ensure that creditors and credit intermediaries fulfil their obligations. They shall ensure that audits are carried out by an independent authority.

Context

This Directive repeals Directive 87/102/EEC in order to strengthen consumer protection. It must be implemented in Member States before 2 May 2010.

Key terms of the Act
  • Creditor: any natural or legal person who grants or promises to grant credit in the course of their trade, business or profession.
  • Credit intermediary: a natural or legal person who does not act as a creditor and who, in the course of their trade, business or profession:
    1. presents or offers credit agreements to consumers;
    2. assists consumers by carrying out preparatory work for agreements;
    3. concludes credit agreements with consumers on behalf of the creditor.
  • Total amount payable by the consumer: the sum of the total amount of the credit and the total cost of the credit to the consumer.
  • Annual percentage rate of charge: the total cost of the credit to the consumer, expressed as an annual percentage of the total amount of credit.
  • Borrowing rate: the interest rate expressed as a fixed or variable percentage applied on an annual basis to the amount of credit drawn down.

References

Act Entry into force Deadline for transposition into the Member States Official Journal

Directive 2008/48/EC

11.6.2008

12.5.2010

L 133/66 of 22.5.2008

Resources

Further Reading

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  • VINEY, G., “Retour sur la transposition de la directiva du 25 mai 1999”, Dalloz, 2002, pp. 3162 y ss.
  • VON WESTPHALEN, “Die Neuregelungen des Entwurfs eines Schuldrechtsmodernisierungsgesetzes für das Kauf- und Werkvertragsrecht”, DB, 2001, pp. 799 y ss.
  • VORSMANN, M., Gesetzliche Mängelhaftung gemäß der Europäischen Richtlinie über den Verbrauchsgüterkauf und Bürgerliches Gewährleistungsrecht, Dissertation, Bonn, 2001.
  • WEHRT, K., “Zwingende Vorschriften der Gewährleistung für Sachmängel?”, en M. SCHERMAIER (Coord.), Verbraucherkauf in Europa. Altes Gewährleistungsrecht und die Umsetzung der Richtlinie 1999/44/CE, München, Sellier, 2003, pp. 111 y ss.
  • WEIN, TH., Eine ökonomische Analyse der neuen Verbrauchsgüterkaufrichtlinie zum Gewährleistungsrecht, Universität Lüneburg, Fachbereich Wirtschafts- und Sozialwissenschaften, Arbeitsberitch Nr. 228.
  • WEISNER, “Die EG-Kaufrechtsgewährleistungsrichtlinie”, JuS, 2001, pp. 759 y ss.
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  • WELSER, R., “Die Verbrauchergüterkauf-Richtlinie und ihre Umsetzung in Österreich und Deutschland”, en P. SCHLECHTRIEM, Wandlungen des Schuldrechts, Baden Baden, 2002, pp. 83 y ss.
  • WELSER, R., “Reform des österreichischen Leistungsstörungsrechts”, en C. FISCHER-CZERMAK (Coord.), Das ABGB auf dem Weg in das 3. Jahrtausend, Wien, Manz, 2003, pp. 63 y ss.
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    • Purchasing property in another Member State

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    Purchasing property in another Member State

    Outline of the Community (European Union) legislation about Purchasing property in another Member State

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    These categories group together and put in context the legislative and non-legislative initiatives which deal with the same topic.

    Internal market > Single market for capital

    Purchasing property in another Member State

    Acts

    Treaty of Accession of the Czech Republic, Estonia, Cyprus, Latvia, Lithuania, Hungary, Malta, Poland, Slovenia and Slovakia signed in Athens on 16 April 2003 – Annexes V to XIV [Official Journal L 236 of 23.9.2003]

    Act concerning the conditions of accession of the Czech Republic, the Republic of Estonia, the Republic of Cyprus, the Republic of Latvia, the Republic of Lithuania, the Republic of Hungary, the Republic of Malta, the Republic of Poland, the Republic of Slovenia and the Slovak Republic and the adjustments to the Treaties on which the European Union is founded – Protocol No 6

    on the acquisition of secondary residences in Malta [Official Journal L 236 of 23.9.2003]

    Treaty between the Kingdom of Belgium, the Czech Republic, the Kingdom of Denmark, the Federal Republic of Germany, the Republic of Estonia, the Hellenic Republic, the Kingdom of Spain, the French Republic, Ireland, the Italian Republic, the Republic of Cyprus, the Republic of Latvia, the Republic of Lithuania, the Grand Duchy of Luxembourg, the Republic of Hungary, the Republic of Malta, the Kingdom of the Netherlands, the Republic of Austria, the Republic of Poland, the Portuguese Republic, the Republic of Slovenia, the Slovak Republic, the Republic of Finland, the Kingdom of Sweden, the United Kingdom of Great Britain and Northern Ireland (Member States of the European Union) and the Republic of Bulgaria and Romania, concerning the accession of the Republic of Bulgaria and Romania to the European Union [Official Journal L 157 of 21.6.2005]

    Act concerning the conditions of accession of the Kingdom of Norway, the Republic of Austria, the Republic of Finland and the Kingdom of Sweden and the adjustments to the Treaties on which the European Union is founded – protocol No 2 on the Åland islands [Official Journal No C 241 of 29.8.1994]

    Treaty on European Union – Protocol No 1 on the acquisition of property in Denmark [Official Journal No C 191 of 29.7.1992]

    Summary

    Article 56 of the Treaty establishing the European Community enshrines the free movement of capital as a fundamental freedom. It is intended to remove all restrictions on the movement of capital so that European citizens may take full advantage of the single market. However, with the successive accessions of new Member States to the Community, transitional periods of varying lengths governing the possibility of purchasing property and/or cultivated land and forest areas in another Member State were negotiated. This was notably the case for the new Member States that joined the Union on 1 May 2004 (Cyprus, Estonia, Hungary, Latvia, Lithuania, Poland, the Czech Republic, Slovakia, Slovenia and Malta) and on 1 January 2007 (Bulgaria and Romania), but is also true of Denmark and Finland.

    Accession criteria and negotiations

    The conditions under which a candidate country is to become a member of the Union are the result of negotiations. Candidate countries must first of all satisfy the Copenhagen criteria by meeting the following political, economic and legal conditions. They must:

    • be a democratic state based on the rule of law: they must be democracies with stable institutions guaranteeing the rule of law and human rights, and respect for and protection of minorities.
    • have a market economy: states wishing to join the Union must have a functioning market economy as well as the capacity to cope with competitive pressure and market forces within the Union.
    • be able to take on the obligations of membership: candidate countries must in particular transpose the acquis into their national legislation and be able to put it into practice. The acquis is the body of EU legislation, made up of all the rules, legislation and common policies.

    The Union’s capacity to absorb new Members while maintaining the momentum of European integration is another important consideration with each accession.

    Negotiations clarify the conditions under which each country’s accession is to take place. Transitional periods may be agreed. Negotiations are conducted in Intergovernmental Conferences involving Member States and the candidate country in question. The Council adopts the EU’s common positions on a proposal from the Commission. The candidate States nominate a chief negotiator, backed up by a team of experts, who directs negotiations according to the positions that have been set out. Parliament receives reports about the progress of the negotiations, and gives its assent to the accession that results. For the treaty to come into force, Member States and the candidate country in question must ratify the accession treaty according to their respective internal procedures.

    States that have been Members since 1 May 2004

    The ten Member States that joined the Union on 1 May 2004 all negotiated transitional periods. These are recorded under the heading “free movement of capital” in the Annexes to the Treaty of Accession:

    • Cyprus obtained a transitional period of five years (starting from the date of accession) for legislation in force on 31 December 2000 on the acquisition by aliens of residences for secondary use;
    • Estonia, Latvia, Lithuania and Slovakia negotiated a transitional period of seven years regarding the acquisition of agricultural land and forests. Self-employed farmers from other Member States who have been legally resident and active in farming in Estonia for at least three years are not subject to this restriction. The transitional period may be extended for a maximum of three years if these countries demonstrate the need for a safeguard clause;
    • Hungary enjoys a five-year transitional period regarding the acquisition of secondary residences. Nationals of the Member States and States party to the European Economic Area (EEA) Agreement who have been legally resident in Hungary for at least four years continuously are not subject to the restrictions. Hungary also enjoys a seven-year transitional period for the acquisition of agricultural land and forests. Self-employed farmers who have been resident and active in farming in Hungary for at least three years are not subject to the restriction. The transitional period may be extended by a maximum of three years if Hungary demonstrates the need for a safeguard clause;
    • Poland negotiated a transitional period of five years regarding the acquisition of secondary residences. This does not apply to EU nationals and nationals of States party to the EEA Agreement who have been legally resident in Poland for at least four years continuously. There is also a twelve-year transitional period for the acquisition of agricultural land and forests. Self-employed farmers from the EU and EEA who have been legally resident and leasing land in Poland for at least three years or seven years continuously (depending on the region) are not affected by these measures;
    • The Czech Republic negotiated a transitional period of five years for the acquisition of secondary residences by EU and EEA nationals who do not reside in the Czech Republic. Regarding the acquisition of agricultural land and forests, the country applies provisions similar to those in force in Estonia, Latvia, Lithuania and Slovakia;
    • Slovenia: as regards the real estate market, Slovenia may resort to the general safeguard clause provided for in Article 37 of the Treaty of Accession for a period of up to seven years after the date of accession. This general economic safeguard clause (normally valid for a period of up to three years only after accession) is intended to mitigate the effects of any serious deterioration in the economic or competitive situation resulting from accession in certain sectors or regions;
    • Malta negotiated a specific protocol which is part of the Treaty of Accession: Protocol 6 on the acquisition of secondary residences in Malta. The country may maintain in force the restrictions contained in its national legislation on the acquisition of secondary residences by nationals of Member States who have not legally resided in Malta for at least five years.

    States that have been Members since 1 January 2007

    Bulgaria and Romania have been Member States of the European Union since 1 January 2007. The Treaty of Accession of these two countries was signed by the Heads of State and Government in Luxembourg on 25 April 2005. It provides for transitional periods for the acquisition of secondary residences and agricultural land and forests:

    • a five-year transitional period for the acquisition of secondary residences by Community citizens not resident in Bulgaria/Romania;
    • a transitional period of no more than seven years for the acquisition of agricultural land and forests. This period will not apply to self-employed farmers residing in Bulgaria or Romania.

    The European Commission has drawn up a report on the results of the negotiations with Bulgaria and Romania[pdf].

    Scandinavian countries: Denmark and Finland (the Åland Islands)

    Protocol 1 on the acquisition of secondary residences in Denmark is part of the Treaty on European Union. It stipulates that, notwithstanding the provisions of the Treaty on the free movement of capital, Denmark may maintain the existing legislation on the acquisition of second homes. However, it should be underlined that any discrimination on grounds of nationality is strictly forbidden under Article 12 of the Treaty establishing the European Community. A European national residing in Denmark may therefore acquire a secondary residence under the same conditions as a Danish national. A Danish national not residing in Denmark, by contrast, is subject to the same conditions as any other European national residing outside the country. In short, nationals should not enjoy any privileged treatment in their Member State.

    Finland has sovereignty over the Åland Islands, which enjoy special status under international law, with relative autonomy as negotiated in the League of Nations in 1921. Protocol No 2, which is part of the Finnish Accession Treaty, stipulates that the provisions of the EC Treaty apply with certain derogations. The Åland Islands may therefore maintain the national provisions in force on 1 January 1994 regarding, inter alia, restrictions on the right of natural and legal persons to acquire and hold real property without permission by the competent authorities of the islands. There should be no discrimination concerning such acquisition of property. Finland must ensure that the same treatment applies to all natural and legal persons of the Member States in the Åland Islands.

    A concerted effort to establish a European financial area

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    A concerted effort to establish a European financial area

    Outline of the Community (European Union) legislation about A concerted effort to establish a European financial area

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    These categories group together and put in context the legislative and non-legislative initiatives which deal with the same topic.

    Internal market > Single market for capital

    A concerted effort to establish a European financial area

    Document or Iniciative

    Communication from the Commission to the Council of 23 May 1986 on the programme for the liberalisation of capital movements in the Community [COM(1986) 292 final – not published in the Official Journal].

    Summary

    The purpose of this Communication is to present the major phases in the Commission’s proposed approach, so as to arrive at as liberal as possible a Community system of capital movements. It looks at the implications for the effective integration of financial markets and for the coordination of Member States’ monetary and financial policies since in 1986 the euro did not yet exist.

    Liberalisation of capital movements

    In the Commission’s view, there are three categories of operation concerned by the progressive liberalisation of capital movements:

    • capital operations: operations such as commercial credits or direct investments are linked to the exercise of the other fundamental freedoms of the common market (free movement of goods and services, free movement of persons and freedom of establishment);
    • operations in financial market securities: the liberalisation of financial securities such as bonds or shares requires a single financial market at European level;
    • operations involving financial credits: the liberalisation of operations involving financial credits and operations relating to money market instruments is necessary for the establishment of a unified financial system.

    The Commission notes that, as each threshold is crossed, growing constraints are imposed on the Member States, whose situation changes in terms of their policy choices. The room for manoeuvre which Member States have in settling potential conflicts between the internal and external objectives of their monetary policy actually depends on a number of factors, such as the level of development of their domestic financial system, the structural characteristics of their balance of payments, the importance of the national currency as a reserve or exchange instrument, etc.

    Main phases in the liberalisation process

    The Commission proposes two main phases for achieving the liberalisation of capital movements:

    • liberalisation of capital operations;
    • total freedom of capital movements.

    The liberalisation of capital operations, which is needed for the common market to function smoothly, involves both ending exceptional arrangements and extending Community obligations as regards liberalization. Ending exceptional arrangements includes, for example, the safeguard clauses that certain Member States (France, Ireland, Italy and Greece) have secured with a view to maintaining certain restrictions on capital movements. The Commission wants to extend the Union’s competences concerning the free movement of capital and highlights the need for the total freedom of capital movements. This should apply to operations that are still excluded under Community law, such as financial loans, money market operations, deposits and balances on current accounts, etc. so that competition can function normally.

    The Commission poses the question whether all the Member States are capable of moving towards this objective at the same speed. Any differentiation to be made between the Member States in the liberalization process should not be introduced below a uniform level of Community obligations. However, through its instruments for supporting balances of payments, the Community must be able to offer Member States which are faced with special constraints the means of overcoming them. In the long term, the Commission is working on a system of unconditional liberalisation under which recourse to safeguard clauses such as those provided for in the Treaty (Articles 108, 109 and 73) will still be possible. It considers that it is important for liberalisation to be paralleled by provisions designed to ensure the cohesion and identity of the financial area, e.g. regarding the conduct of monetary policy:

    • cohesion of the European financial area: A Community-wide integrated financial system is instrumental in commercial integration and in the convergence of economic and monetary policies. The parallel progress made by these two forms of integration requires cohesion between policies and Community provisions, such as protection for users of financial services.
    • conduct of monetary policies: The full convertibility of the European currencies, while respecting the exchange criteria of the European Monetary System (EMS), will create new conditions for the management of the financial system. Similarly, the reinforcement of internal coordination will raise questions with regard to the Community’s external monetary relations.

    Lastly, the Commission sets out a timetable for the forthcoming initiatives which it plans to take, including presenting legislative proposals on the European financial area and initiating a forward study on the implications of financial integration for monetary cooperation and the liberalisation of financial services, etc.

    Achieving the free circulation of capital

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    Achieving the free circulation of capital

    Outline of the Community (European Union) legislation about Achieving the free circulation of capital

    Topics

    These categories group together and put in context the legislative and non-legislative initiatives which deal with the same topic.

    Internal market > Single market for capital

    Achieving the free circulation of capital

    Document or Iniciative

    Council Directive 88/361/EEC of 24 June 1988 for the implementation of Article 67 of the Treaty.

    Summary

    The directive enshrines the principle of full liberalisation of capital movements between Member States with effect from 1 July 1990. Up until 31 December 1992, transitional arrangements were offered for Spain, Greece, Ireland and Portugal. Portugal and Greece were given the possibility of an extension which was granted for a maximum of three years.

    The Commission seeks to abolish the general arrangements for restrictions on movements of capital between persons resident in Member States. “Capital movements” are understood to be all the operations necessary for the purposes of capital movements carried out by a natural or legal person. This includes direct investments, investments in real estate, operations in securities and in current and deposit accounts, and financial loans and credits.

    The directive does nonetheless make provision for a “safeguard clause”. Capital movements can impose a very severe strain on foreign-exchange markets, which leads to serious disturbances in the conduct of a Member State’s monetary and exchange rate policies. In this case, the Commission, after consulting the Monetary Committee and the Committee of Governors of the Central Banks, may authorise that Member State to take protective measures. The protective measures relate to the capital movements listed in Annex II of the directive, and shall not exceed six months.

    With effect as of 1 July 1990, the Directive repeals:

    • the first Directive for the implementation of Article 67 of the Treaty
    • Council Directive 72/156/EEC of 21 March 1972 on regulating international capital flows and neutralising their undesirable effects on domestic liquidity.

    References

    Act Entry into force Deadline for transposition in the Member States Official Journal
    Directive 88/361/EEC 07.07.1988 01.07.1990 OJ L 178 of 08.07.1988

    Removing obstacles to cross-border investments by venture capital funds

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    Removing obstacles to cross-border investments by venture capital funds

    Outline of the Community (European Union) legislation about Removing obstacles to cross-border investments by venture capital funds

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    These categories group together and put in context the legislative and non-legislative initiatives which deal with the same topic.

    Internal market > Single market for capital

    Removing obstacles to cross-border investments by venture capital funds

    Document or Iniciative

    Communication from the Commission of 21 December 2007 to the Council, the European Parliament, the European Economic and Social Committee and the Committee of the Regions – Removing obstacles to cross-border investments by venture capital funds [COM(2007) 853 final – Non published in the Official Journal].

    Summary

    In this Communication, the European Commission identifies measures to encourage increased cross-border venture capital investment and fundraising in the Internal Market.

    Venture capital funds are an essential form of capital for SMEs in their early stages and those with high-growth potential, a driver of the economy

    Venture capital has been identified as an important form of capital for SMEs which experience problems in accessing finance, in spite of their importance for continued economic growth. It presents considerable potential for the growth of innovative SMEs. Companies backed by venture capital tend towards considerable job creation and increased research and development. They contribute to economic growth and environmental sustainability, in the form of venture capital fund investments. However, venture capital markets are currently split along national lines throughout the European Union (EU), which adversely affects both fundraising and investment.

    Setting up framework conditions and removing existing barriers

    Deficiencies in framework conditions and barriers in the Internal Market are hampering venture capital mobility. In this Communication, the Commission identifies various conditions, at both national and Community level, to overcome current barriers and encourage increased cross-border venture capital investment and fundraising.
    Framework conditions to be put in place include:

    • developing domestic policies such as public co-funding;
    • providing targeted horizontal state aid for new innovative enterprises;
    • favouring liquid exit markets in the EU, in particular growth stock markets;
    • facilitating the development of supporting clusters to generate new ideas and entrepreneurs. Furthermore, existing Community programmes aim to encourage innovation and entrepreneurs in the context of the renewed Lisbon Strategy for Growth and Jobs, for example:
    • the Seventh Framework Programme (FP7) which aims to boost funding for collaborative research in Europe during the 2007-2013 period;
    • the Competitiveness and Innovation Programme (CIP), of which €1.1 billion has been allocated to improving access to finance for SMEs, also between 2007 and 2013;
    • in the context of JEREMIE (Joint European Resources for Micro to Medium Enterprises), Member States, if they choose it, will be able to use part of their structural funds to support SMEs.

    Establishing incentives to increase private sector investment

    Policies alone will not be enough, and more investment through private channels is essential. For this to happen, the Commission and Member States need to work together in order to improve the framework conditions for venture capital funds, such as facilitating cross-border operations:

    • creating an integrated financial market to ease the free movement of venture capital;
    • improving conditions for fundraising by institutional investors by extending the ‘prudent person rule’ and analysing possibilities for setting up a European private placement regime;
    • improving the regulatory framework for venture capital funds by reviewing existing legislation and adopting new laws, for greater efficiency and less administrative obstacles for investors;
    • reducing tax obstacles – simplifying the current varied, complicated national fund structures and; avoiding double taxation – the Commission has set up a working group to this end;
    • mutual recognition of existing national frameworks as the most pragmatic short term approach.

    The Commission advocates an exchange of good practices at all levels. It encourages cooperation through a partnership approach between the Member States, the Commission and the industry itself. This is essential for implementing these policies and developing the venture capital market.

    Context

    Venture capital market development varies across Member States national policies and frameworks differ between the Member States, which hinders fundraising and investment between countries. The result is that cross-border venture capital investment is complicated and thus smaller funds tend to operate only within their own jurisdiction’.

    Related Acts

    Communication from the Commission of 29 June 2006 to the Council, the European Parliament, the European Economic and Social Committee and the Committee of the Regions – Implementing the Community Lisbon Programme: Financing SME Growth – Adding European Value [ – Non published in the Official Journal].

    The European Commission outlines a set of measures to help innovative SMEs by improving accesss to finance, including cross-border investments in venture capital, both at EU and Member state levels.

    Taxation of savings income

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    Taxation of savings income

    Outline of the Community (European Union) legislation about Taxation of savings income

    Topics

    These categories group together and put in context the legislative and non-legislative initiatives which deal with the same topic.

    Internal market > Single market for capital

    Taxation of savings income

    Document or Iniciative

    Council Directive 2003/48/EC of 3 June 2003 on taxation of savings income in the form of interest payments.

    Summary

    The aim of the Directive is to enable savings income, in the form of interest payments made in one Member State to “beneficial owners” * who are individual residents for tax purposes in another Member State, to be made subject to effective taxation in accordance with the laws of the latter Member State. The automatic exchange of information between Member States concerning interest payments * is the means chosen to achieve effective taxation of these “interest payments” in the Member State where the beneficial owner is resident for tax purposes. Member States must therefore take the necessary measures to ensure that the tasks necessary for the implementation of this Directive – cooperation and exchange of banking information – are carried out by paying agents established within their territory, irrespective of the place of establishment of the debtor of the debt claim producing the interest.

    Income concerned

    The scope of this Directive is limited to taxation of savings income in the form of interest payments on debt claims, to the exclusion of the issues relating to the taxation of pension and insurance benefits. At territorial level, the Directive applies to interest paid by a “paying agent” * established within the territory to which the Treaty applies.

    The general system: exchange of information

    • Information reporting by the paying agent

    Where the beneficial owner is resident in a Member State other than that in which the paying agent is established, the Directive stipulates that the latter must report to the competent authority of its Member State of establishment a minimum amount of information, such as the identity and residence of the beneficial owner, the name and address of the paying agent, the account number of the beneficial owner or, where there is none, identification of the debt claim giving rise to the interest, and information concerning the interest payment.

    Moreover, the minimum amount of information concerning interest payment to be reported by the paying agent must distinguish between the specific categories of interest listed in the Directive. However, Member States may restrict the minimum amount of information to the total amount of interest or income and to the total amount of the proceeds from sale, redemption or refund.

    • Automatic exchange of information

    Under the Directive, the competent authority of the Member State of the paying agent must communicate – at least once a year, within six months following the end of the tax year of the Member State of the paying agent – the information referred to above to the competent authority of the Member State of residence of the beneficial owner.

    Context

    As part of the “tax package” aimed at combating harmful tax competition, the European Union (EU) decided to draw up a legislative instrument to overcome existing distortions in the effective taxation of savings income in the form of interest payments.

    This Directive builds on the consensus reached at the Feira European Council of 19 and 20 June 2000. During this Council, it was decided to set up of an automatic exchange of information system between all Member States. Belgium, Luxembourg and Austria benefited from a transitional period for the implementation of this measure during which, instead of providing information to the other Member States, they had to apply a withholding tax to the savings income covered by this Directive.

    Key terms used in the act
    • Beneficial owner: any individual who receives an interest payment or any individual for whom an interest payment is secured, unless he provides evidence that it was not received or secured for his own benefit.
    • Paying agent: any economic operator who pays interest to or secures the payment of interest for the immediate benefit of the beneficial owner, whether the operator is the debtor of the debt claim which produces the interest or the operator charged by the debtor or the beneficial owner with paying interest or securing the payment of interest. In specific cases set out in Article 4 of the Directive, any entity established in a Member State to which interest is paid or for which interest is secured for the benefit of the beneficial owner is also considered a paying agent upon such payment or securing of such payment.
    • Interest payment: interest paid or credited to an account, relating to debt claims of every kind, whether or not secured by mortgage and whether or not carrying a right to participate in the debtor’s profits, and, in particular, income from government securities and income from bonds or debentures, including premiums and prizes attaching to such securities, bonds or debentures; penalty charges for late payments are not regarded as interest payments; interest accrued or capitalised at the sale, refund or redemption of the debt claims referred to above; income deriving from interest payments either directly or through certain entities set out limitatively, distributed by undertakings for collective investment in transferable securities (UCITS) or certain undertakings for collective investment; income realised upon the sale, refund or redemption of shares or units in UCITS, if they invest directly or indirectly, via other undertakings for collective investment or entities, more than 40 % of their assets in debt claims.

    References

    Act Entry into force Deadline for transposition in the Member States Official Journal
    Directive 2003/48/EC

    16.7.2003

    Date of application: 1.7.2005

    OJ L 157 of 26.6.2003

    The successive amendments and corrections to Directive 2003/48/EC have been integrated into the original text. This consolidated versionis for reference only.

    RELATED ACTS

    Proposal for a Council Directive of 13 November 2008 amending Directive 2003/48/EC on taxation of savings income in the form of interest payments [COM(2008) 727 final – Not published in the Official Journal].
    This Proposal for a Directive aims at offsetting the shortcomings in the current directive, with a view to taxing savings income more effectively and eliminating the undesirable distortions of competition.

    In this perspective, the main amendments proposed concern the following points:

    • the definition of the beneficial owner: a proposal for a ‘look-through’ approach to cover interest payments made to legal persons or arrangements held by individuals (the current directive only covers interest payments made for the immediate benefit of individuals);
    • the identification of beneficial owners: the recording of the date and place of birth of the beneficial owner in all cases and in addition the tax identification number of the beneficial owner when this number appears on documents presented for identification purposes is proposed;
    • the definition of the notion of paying agent: clarification of the notion of ‘paying agent on receipt’ and the introduction of a ‘positive’ definition of intermediary structures established in Member States and bound to act as ‘paying agents on reception’;
    • the definition of interest payment, in order to cover financial instruments that are equivalent to those which are explicitly covered: structured products that are equivalent in substance to debt commodities and some insurance products that are directly comparable to undertakings for collective investment since their performance is linked to debt claims or equivalent income;
    • the extension of the scope to all undertakings for collective investment in transferable securities (UCITS);
    • the communication of information by paying agents;
    • the introduction of a comitology procedure so as to quickly decide implementation measures related to the Directive.

     

    Unfair terms

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    Unfair terms

    Outline of the Community (European Union) legislation about Unfair terms

    Topics

    These categories group together and put in context the legislative and non-legislative initiatives which deal with the same topic.

    Internal market > Single market for capital

    Unfair terms

    Document or Iniciative

    Council Directive 93/13/EEC of 5 April 1993 on unfair terms in consumer contracts [See amending act(s)].

    Summary

    This Directive does not apply to contractual terms reflecting:

    • mandatory provisions or regulations;
    • provisions arising from international agreements to which the Member States or the Community are signatories.

    A non-negotiated term is unfair when it establishes a significant imbalance, to the consumer’s detriment, between the rights and obligations of the contracting parties.

    A list of terms which may be deemed unfair is annexed to the Directive.

    Assessing the unfair nature of a contractual term takes into account:

    • the nature of the goods or services covered by the contract;
    • the circumstances surrounding the drawing up of the contract;
    • the other terms in the contract or in another contract to which it relates.

    Neither the definition of the main aim of the contract nor the relationship between the price and the service or goods to be provided may be taken into account in assessing the unfair nature of clearly worded contractual terms.

    Where there is doubt as to the meaning of a term, the interpretation most favourable to the consumer will prevail.

    Consumers are not bound by unfair terms in a contract signed with a professional.

    The Member States are to implement the appropriate measures to end the use of unfair terms.

    The Commission is to report to the European Parliament and the Council by 31 December 1999 on the application of this Directive.

    REFERENCES

    Act Entry into force Deadline for implementation in the Member States Official Journal

    Directive 93/13/EEC

    11.5.1993

    31.12.1994

    OJ L 95, 21.4.1993
    Amending act(s) Entry into force Deadline for implementation in the Member States Official Journal

    Directive 2002/995/EC

    9.12.2002

    1.1.2003

    OJ L 353, 30.12.2002

    Related Acts

    Report from the Commission on the implementation of Council Directive 93/13/EEC of 5 April 1993 on unfair terms in consumer contracts [COM (2000) 248 final – Not published in the Official Journal].
    The purpose of this report is not only to appraise Directive 93/13/EEC, five years after the deadline for its transposition, but also to raise a number of questions with a view to improving the existing situation.
    According to the Commission, its work since 1993 has had a significant effect: infringement procedures, market studies, subsidies granted with a view to eliminating unfair terms in certain economic sectors, the dialogue between consumers and professionals, information campaigns, the conference organised in Brussels in 1999, and the Clab database.
    Drawing on the experience gained in implementing the Directive in the Member States, the report suggests a number of improvements. The suggestions mainly concern the scope of the Directive and its limitations, the notion of unfair terms, the list in the annex to the Directive, the failure to supervise pre-contractual terms and conditions, the principle of transparency and the right to information, penalties, existing national arrangements for eliminating unfair terms, the problems posed by certain economic sectors, and the future of the Clab database.

    Actions for injunctions

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    Actions for injunctions

    Outline of the Community (European Union) legislation about Actions for injunctions

    Topics

    These categories group together and put in context the legislative and non-legislative initiatives which deal with the same topic.

    Internal market > Single market for capital

    Actions for injunctions

    The European Union (EU) harmonises legislative, regulatory and administrative provisions of Member States relating to actions for injunctions. Recourse to this type of action aims at putting an end to practices which are contrary to certain European directives and which infringe upon consumer protection. The aim of this Directive is to stop commercial operators’ activities in a Member State that are harmful to the collective interests of consumers in another Member State.

    Document or Iniciative

    Directive 98/27/EC of the European Parliament and of the Council of 19 May 1998 on injunctions for the protection of consumer interests.

    Summary

    An action for an injunction is a procedure which allows offences which adversely affect consumers’ collective interests to be halted or prohibited.

    An action for injunction may be introduced in a case of violation of national provisions taken when European directives are transposed on misleading advertising, consumer credit, package travel, unfair contractual terms, etc.

    Two categories of qualified entities may bring actions for injunctions to protect consumers’ collective interests: consumers’ associations and public organisations in charge of consumer protection.

    An action for injunction may be brought in the framework of an emergency procedure, it may lead to the publication of the decision or amended declaration to eliminate the effects of the infringement as well as an order against the infringer for payment of a penalty in the event of failure to comply with the decision within the time-limit specified (only in Member States where the legal system so allows).

    In the event of an intra-Community offence which adversely affects the collective interests of consumers in a Member State, any qualified entity in that Member State may institute an action for injunction in the Member State where the offence originated. The aim of this procedure is to neutralise commercial operators who undertake activities that are prejudicial to the collective interests of consumers in another Member State.

    Actions for injunctions introduced by this Directive do not allow adversely affected consumers to obtain compensation for the damage suffered.

    Member States designate the Court or the administrative
    authority competent to rule on actions for injunctions.

    Applicable law is determined according to the rules of private international law currently in force.

    Member States notify the Commission of the entities qualified to bring actions for an injunction in another Member State. The Commission updates the list of entities qualified to bring action in another Member State every six months, and then publishes it in the Official Journal of the European Union.

    Before bringing an action for injunction, Member States may envisage a prior consultation procedure between the infringer and the plaintiff/qualified entity with a view to encouraging a negotiated solution. If the infringement is not terminated within two weeks following receipt of the request for consultation, an action for injunction may be brought.

    Member States may extend the scope of actions for injunctions. They may also extend the possibility of bringing action for injunctions to any other person concerned.

    Every three years the Commission must submit a report on the application of the Directive to the European Parliament and the Council.

    References

    Act Entry into force Deadline for transposition in the Member States Official Journal
    Directive 98/27/EC 1.7.1998 1.1.2001 OJ L 166 of 11.6.1998

    MODIFICATION OF ANNEXES

    List of European directives

    Directive 1999/44/EC [Official Journal L 171 of 7.7.1999];
    Directive 2000/31/EC [Official Journal L 178 of 17.7.2000];
    Directive 2002/65/EC [Official Journal L 271 of 9.10.2002];
    Directive 2005/29/EC [Official Journal L 149 of 11.6.2005];
    Directive 2006/123/EC [Official Journal L 376 of 27.12.2006].

    Related Acts

    Amended proposal for a directive of the European Parliament and of the Council, of 16 November 2006, on injunctions for the protection of consumers’ interests (codified version) [COM(2006) 692 final – Not published in the Official Journal].

    Communication from the Commission concerning Article 4(3) of Directive 98/27/EC on injunctions for the protection of consumers’ interests, concerning the entities qualified to bring an action under Article 2 of this Directive [Official Journal C 63 of 8.3.2008] (pdf ).

    This Communication updates the list of national entities which are recognised by the Member States as qualified to bring actions for injunctions.

    Report of the Commission of 18 November 2008 on the application of Directive 98/27/EC Directive [COM(2008) 756 final – Not published in the Official Journal (pdf )].

    The introduction of the procedure of actions for injunctions in each of the Member States constitutes important progress in putting an end to national offences infringing the protection of consumers’ collective interests. This procedure is less successful in the framework of cross-border offences due to the high cost of the procedure and procedural differences existing between Member States. Implementation of Regulation (EC) n° 2006/2004 on Cooperation for Consumer Protection and the adoption of Regulation n° 864/2007 on the law applicable to non-contractual obligations (Rome II) should however step up the fight against intra-Community offences. Lastly, the Commission considers that it is preferable to continue to examine the application of the Directive before proposing new amendments or its repeal.

    A common European approach to Sovereign Wealth Funds

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    A common European approach to Sovereign Wealth Funds

    Outline of the Community (European Union) legislation about A common European approach to Sovereign Wealth Funds

    Topics

    These categories group together and put in context the legislative and non-legislative initiatives which deal with the same topic.

    Internal market > Single market for capital

    A common European approach to Sovereign Wealth Funds

    Document or Iniciative

    Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions of 27 February 2008 – ‘A common European approach to Sovereign Wealth Funds’ [COM/2008/ 115 final – Not published in the Official Journal].

    Summary

    Sovereign Wealth Funds (SWFs) are state-owned investment vehicles, which manage a diversified portfolio of domestic and international financial assets, and generally accept a high level of risk in search of higher returns. SWFs have grown rapidly in recent years and today, more than thirty countries have created them. This is not a new phenomenon. The creation of the first SWF goes back to 1953. The assets managed by these funds represented, according to estimates, between 2000 and 3000 billion dollars worldwide and this volume should increase further in years to come. Sovereign Funds can be distinguished from other investment funds by the fact that they are state-funded from the foreign exchange reserves of their sponsor countries.

    Up to now, SWFs have played a positive role, in particular by participating in the recapitalisation of a certain number of financial institutions in difficulty. SWFs have thus helped to strengthen the global banking system and confidence in the international financial system as a whole.

    SWFs raise concerns however, in particular with regard to the opacity of the way in which some of them function and the non-commercial use that could be made of them. These SWFs sometimes trigger protectionist reactions. Some are concerned that their investments are aimed at taking strategic control of technology or expertise, or even that they may be used by certain governments as a means of pressure.

    The European approach

    The Commission presented the common European approach to SWFs in a Communication of 27 February 2008. The Communication is the result of an approach aimed at promoting cooperation between SWFs, sponsor countries and recipient countries in order to establish a series of principles that guarantee the transparency, predictability and accountability of investments.

    According to the Commission, the common EU approach to the treatment of SWFs should be based on the following principles:

    • commitment to an open investment environment: in line with the Lisbon Strategy, the EU should reaffirm its commitment to open markets for foreign capital and to an investor-friendly investment climate;
    • support of multilateral work: the EU should actively drive forward work carried out by international organisations and instigate dialogue with SWF owner countries;
    • use of existing instruments;
    • respect of obligations related to the EC Treaty and international commitments;
    • proportionality and transparency: the measures adopted should not go beyond what is necessary to achieve the justified goal.

    An international debate

    The question of SWFs is also subject to international debate. Recipient countries have thus stressed their wish that SWFs should base their decisions strictly on economic and not political objectives, and have called for greater transparency on the part of the funds. Sponsor countries, under the aegis of the IMF, have developed a code of conduct for sovereign funds with voluntary application. This code, called the Generally Approved Principles and Practices (GAPP) – or even the ‘Santiago Principles’, was published in October 2008. The Commission has contributed actively to the writing of these principles and considers that they represent a further contribution to similar work undertaken at the OECD. Recipient countries of investments undertaken by SWFs adopted theDeclaration on sovereign wealth funds and recipient country policies in June 2008. This Declaration lays out the principles for policies to be applied to investments by SWFs in the recipient countries. These principles reflect long-term commitments made by the OECD to promote an open global environment for international investment.

    With regard to the European contribution to work carried out on a global scale to establish a common framework for sovereign fund investments, the Commission considers that two elements play a fundamental role in the response to concerns about this question:

    • governance: the degree of possible political interference in the operation of SWFs must be assessed. Principles of good governance include in particular the allocation and clear separation of responsibilities in the management body, the preparation and publication of an investment strategy and the existence of operational autonomy.
    • transparency: this allows investors’ activities to be monitored and ensures that they do not deviate from their stated objectives. The Commission considers that transparency promotes accountability. Practices such as the annual publication of investment positions and asset allocation, the publication of information on the source and size of resources could be envisaged.

    Context

    Despite the debate on good governance of SWFs, they do not operate in a legal vacuum. The Commission recalls that investments made in the EU by SWFs are subject to the same rules and controls as any other form of investment, where the rules of free movement of capital (Article 56 EC) apply. The free movement of capital is however not absolute and may be regulated under Article 57 (2) EC. Member States can also take measures to protect their interests by virtue of the Regulation on Concentrations. They also have national instruments which could be used to control SWF investments.

    The European Council of 13 and 14 March 2008 welcomed the Commission’s proposals and invited it to continue the work being done in this field.