Tag Archives: Information

Information measures relating to the common agricultural policy

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Information measures relating to the common agricultural policy

Outline of the Community (European Union) legislation about Information measures relating to the common agricultural policy

Topics

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

Agriculture > General framework

Information measures relating to the common agricultural policy

Document or Iniciative

Council Regulation (EC) No 814/2000 of 17 April 2000 on information measures relating to the common agricultural policy.

Summary

The aims of the information measures relating to the Common Agricultural Policy (CAP) are:

  • explaining, implementing and developing the CAP;
  • promoting the European model of agriculture and helping people to understand it;
  • informing farmers and other parties active in rural areas;
  • raising public awareness of the issues and objectives of the CAP.

The information measures are as follows:

  • specific or annual nformation measures such as talks, audiovisual productions, information campaigns, information stands at agricultural fairs, mobile workshops, etc. presented by organisations (legal persons) established in a Member State for at least two years, such as agricultural NGOs, consumers’ associations, public authorities, the media or universities.
  • activities implemented at the Commission’s initiative.

Measures covered by a legal obligation and those receiving funding under another Community action may not claim aid under this Regulation.

The Community cofinancing rate, under the European Agricultural Guarantee Fund (EAGF), generally amounts to 50% of the eligible costs. In special cases, it may be 75 %.

Events eligible for Community cofinancing for information measures in the field of the CAP include information measures such as televised debates, audiovisual productions, seminars, publications, participation in international events or information campaigns including several of the measures referred to above.

The Commission publishes a call for proposals in autumn each year (in 2009, publication took place on 9 September and proposals were to be submitted by 31 October).

Projects are selected on the basis of their quality and cost-effectiveness.

For measures to be cofinanced in 2010, the amount of funding is at least EUR 20 000 and at most EUR 200 000. The end of the evaluation procedure has been set at 30 April 2010 in the knowledge that the applications selected will be the subject of an agreement between the Commission and the recipients governing the rights and obligations arising from the Commission’s funding decision.

The European Commission monitors, checks on and analyses measures receiving Community funding.

The European Commission regularly issues a report on the implementation of information measures to the Parliament and to the Council.

References

Act Entry into force – Date of expiry Deadline for transposition in the Member States Official Journal
Regulation No 814/2000

17.4.2000

–

OJ L 100 of 17.4.2000.

Related Acts

Implementing procedures

Commission Regulation (EC) No 2208/2002 of 12 December 2002 laying down detailed rules for applying Council Regulation (EC) No 814/2000 on information measures relating to the common agricultural policy [Official Journal L 337 of 13.12.2002].
Amended by Regulation (EC) No 1820/2004 [Official Journal L 320 of 21.10.2004].

Framework of European cooperation in the youth field

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Framework of European cooperation in the youth field

Outline of the Community (European Union) legislation about Framework of European cooperation in the youth field

Topics

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

Education training youth sport > Youth

Framework of European cooperation in the youth field

Document or Iniciative

Resolution of the Council and of the representatives of the Governments of the Member States, meeting within the Council of 27 June 2002 regarding the framework of European cooperation in the youth field [Official Journal C 168 of 13.7.2002].

Summary

Adopting the White Paper “A new impetus for European youth”, the Commission suggested a new framework of European cooperation in the youth field, comprising two strands: firstly, the application of the open method of coordination and, secondly, taking greater account of the “youth” dimension in other policies. This resolution follows on from this White Paper by setting the priorities and the timetable for the European Union’s (EU) work up until 2004 in the field of “youth”.

For cooperation based on the open method of coordination

In the updated cooperation framework, based in particular on the open method of coordination, the Council is proposing four priority themes:

  • encouraging young people’s participation in the exercise of active citizenship and civil society. This means supporting the work of youth associations and other forms of active participation in order to improve young people’s participation and social cohesion. The exchange of good practices is essential here;
  • enhancing the information addressed to young people and existing information services for young people (successive reports deal with participation and information together);
  • promoting voluntary activities among young people. Making it easier for young people to find voluntary work so as to develop their sense of responsibility and citizenship and their active participation in society. Public authorities, businesses and civil society are called on to recognise the value of voluntary work so as to improve young people’s opportunities on the labour market;
  • encouraging greater understanding and knowledge of youth. This comprises, in particular, the compilation of studies on youth matters and the networking of research structures.

On the basis of these four priorities, the Commission will be sending targeted questionnaires to EU countries from July 2002 onwards. EU countries’ answers should be based on consultation with young people, youth associations and, where applicable, national youth councils or similar organisations. The Commission will then draw up reports in order to identify good practices of common interest for EU countries and proposals for common objectives to be adopted by the Council.

For their part, EU countries are called on to implement the measures they judge appropriate in order to achieve the common objectives set by the Council.

Taking greater account of the “youth” dimension in other policies

The Council calls on the Commission and EU countries to give the “youth” dimension greater priority in other policies and programmes. The Council, in cooperation with the Commission, reserves the right to add to the priority areas stated in the White Paper (education and lifelong learning, mobility, employment and social integration, combating racism and xenophobia and other priorities).

UPDATED FRAMEWORK FOR COOPERATION

The new framework for cooperation is updated by the resolution adopted by the Council on 24 November 2005. This framework for cooperation comprises three strands:

Promoting active citizenship among young people

The open method of coordination in the field of youth allows EU countries to cooperate with a view to sharing best practice on participation by young people, information for young people, voluntary activities and a greater knowledge of the field of youth, while respecting the areas of responsibility set out in the Treaties.

The European Pact for Youth

The European Pact highlights youth issues in key areas of the Lisbon partnership for growth and jobs, particularly in relation to young people’s access to the labour market, development of their creativity and the acquisition of entrepreneurial skills. The European Pact also highlights skills acquired through high-quality, relevant education, training and mobility experiences in the formal as well as the non-formal sector, and reconciliation of working life and family life.

Incorporating a youth dimension

Incorporating a youth dimension in other European policies will concern in particular anti-discrimination, healthy lifestyles, including sport, and research on youth issues.

Related Acts

Communication from the Commission to the Council of 25 October 2004 – Follow-up to the White Paper on a New Impetus for European Youth: evaluation of activities conducted in the framework of European cooperation in the youth field [COM(2004) 694 final – Not published in the Official Journal].

Common objectives for participation by and information for young people

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Common objectives for participation by and information for young people

Outline of the Community (European Union) legislation about Common objectives for participation by and information for young people

Topics

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

Education training youth sport > Youth

Common objectives for participation by and information for young people

Document or Iniciative

Council Resolution of 25 November 2003 on common objectives for participation by and information for young people [Official Journal C 295 of 05.12.2003]

Summary

In this Resolution the Council approves the common objectives with a view to encouraging active citizenship among young people, promoting their access to information and their involvement in the implementation of strategies in this field.

The new framework for cooperation in the field of youth has identified participation by and information for young people as priority issues. This Resolution sets out a non-exhaustive list of possible areas for action to achieve the common objectives in both fields. It focuses on the inclusion of disadvantaged young people in order to avoid all forms of discrimination or exclusion (cultural or ethnic background, disabilities, socio-economic factors, gender, etc.).

Increasing participation

With regard to participation, the Council proposes to promote the introduction of, and support for, measures to encourage young people to exercise their citizenship actively and to participate effectively in democratic life, and in particular to:

  • increase participation by young people in the civic life of their community;
  • increase participation by young people in the system of representative democracy;
  • provide greater support for various forms of learning to participate.

Encouraging information

The Council proposes to promote access for young people to information in order to increase their participation in public life and help them realise their potential as active, responsible citizens, in particular by:

  • improving access for young people to information services;
  • increasing the provision of quality information;
  • increasing participation by young people in youth information, for example in the preparation and dissemination of information.

The Council calls on the Member States to specify their priorities with regard to these common objectives and to submit their national contributions to the implementation of the objectives by the end of 2005. On the basis of these national contributions, the Commission will prepare a progress report and will convene, when appropriate, representatives of the national administrations dealing with the field of youth, in order to promote the exchange of information and best practice.

Related Acts

Resolution of the Council and of the Representatives of the Governments of the Member States of 24 May 2005 meeting within the Council on implementing the common objective “to increase participation by young people in the system of representative democracy” [Official Journal C 141/02 of 10 June 2005]
The Council notes that young people are not automatically interested in participating in the institutions of democracy and that their participation is tending to decline in some Member States. Against this background it calls on the Member States to:

  • encourage political parties’ awareness of the importance of increasing their youth membership and the number of young people on their lists of candidates;
  • mobilise the support of regional and local authorities for young people’s participation;
  • make young people aware of the importance of voting in elections;
  • The Council invites the Commission and Member States to
  • draw up an inventory of existing knowledge of obstacles to young people’s active participation in representative democracy;
  • exchange information on measures already taken and examples of good practice;
  • strengthen dialogue between young people and political leaders;
  • meet in 2006 to review progress on this objective.

Resolution of the Council and of the Representatives of the Governments of the Member States of 24 May 2005 meeting within the Council on implementing the common objectives for youth information [Official Journal C 141/03 of 10 June 2005]
The Council agreed that special attention should be focused on:

  • stepping up networking among youth-oriented information structures in various sectors at local, national and European level;
  • continuing training for those involved in youth information.

The authors of the resolution call on the Commission and Member States to:

  • propose guiding principles in order to enable youth information structures to develop quality assessment;
  • raise the profile of quality youth information in Europe;
  • promote and develop cooperation, networking and the exchange of good practice between national youth information sites and portals across Europe, together with analyses of the use of such sites and portals.

In connection with youth information, the Member States are invited to use European programmes to develop:

  • a greater insight into young people’s information needs;
  • the exchange of experience among youth information experts at various levels, through European seminars and training sessions;
  • a regularly updated database, with particular reference to networking among youth information structures in various sectors.

Communication from the Commission to the Council – Follow-up to the White Paper “A New Impetus for European Youth” – Proposed common objectives for the participation and information of young people, in response to the Council Resolution of 27 June 2002 regarding the framework of European cooperation in the youth field [COM(2003) 184 final – not published in the Official Journal].
Analysis of Member States’ replies to the Commission questionnaires on youth participation and information [SEC(2003) 465 – not published in the Official Journal].
In accordance with the mandate given to it by the Council Resolution of 27 June 2002 and in application of the open method of coordination (OMC), the Commission drew up two detailed questionnaires in consultation with the Member States for each of the priorities identified in the White Paper on youth, namely participation of young people in public life and information for young people. These questionnaires were forwarded to the Member States and the candidate countries in order to gather basic information on the legislation in force in each country and then to present an outline of current policy with examples of best practice and, finally, details of expectations at European level.
In an enlarged Europe of 27 Member States there are 75 million 15-25 year-olds, i.e. between 11% and 19% of the national population of each country. Depending on the country, young people represent between 10.5% and 17.5% of the electorate. Participation systems are many and diverse. The most common are:

  • at national level: youth councils, youth parliaments and youth associations;
  • at municipal level: councils or committees open to participation by young people;
  • at school level: pupil or student councils.

Wishing to establish the opinions and needs of young people, many countries use forms of consultation such as surveys, forums, round table conferences, debates, etc.
However, there are no statistics enabling an overall picture to be gained. The best way to make young people’s involvement in the decision-making process more effective is to take more account of their specific needs and personal development and by developing co-responsibility and co-decision structures. The Member States and the candidate countries agree on the main priorities to be implemented, namely increasing participation by young people in Community life, the mechanisms of representative democracy and the educational environment.
As regards information, only a few Member States have a clearly identifiable youth information strategy which is implemented by national youth information networks, ensuring coordination between the national, regional and local levels. The majority of Member States and candidate countries do not, however, have a genuine, funded, systematic, coherent and integrated youth information policy or any all-embracing youth information strategy. In order to offer all young people equal and non-discriminatory access to information and advisory services, the report proposes extending the use of the Internet as a major channel for informing young people. The Member States and candidate countries agree on the common priorities to be implemented, namely access of young people to information, improvement of the quality of information and participation of young people in the production and dissemination of information.
The OMC provides for common objectives to be defined and monitored. This monitoring is carried out by the Commission at European level.

European policies concerning youth participation and information

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European policies concerning youth participation and information

Outline of the Community (European Union) legislation about European policies concerning youth participation and information

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

Education training youth sport > Youth

European policies concerning youth participation and information

Document or Iniciative

Communication from the Commission to the Council on European policies concerning youth participation and information [COM(2006) 417 final – Not published in the Official Journal].

Summary

Youth policies serve to facilitate young people’s transition into working life and develop their active citizenship at European level. The White Paper ” A new impetus for European Youth ” led to the adoption of a framework of European cooperation in the youth field, within which the Member States agreed to focus on four specific priorities to promote young people’s active citizenship:

  • information;
  • participation;
  • voluntary activities;
  • a better knowledge of youth.

National reports on participation and information were submitted to the Commission by the Member States. According to the Member States the two European priorities of “participation” and “information”, to which they apply the open method of coordination (OMC), have encouraged national youth policies and remain important for the development of young people’s active citizenship. But they recognise that they must continue to cooperate with each other and with their regional and local authorities if the process is to bear fruit.

This Communication analyses these reports and assesses the achievement of the common objectives in respect of the two above-mentioned priorities throughout the European Union (EU).

YOUNG PEOPLE’S ACCESS TO AND PARTICIPATION IN INFORMATION

The common objectives on information for young people are based on three points: access for young people to information, quality information, and participation by young people in information production.

Access for young people to information

Information tools are available to young people in all Member States. However, only 12 countries have opted for an information strategy which addresses all questions likely to interest young people and which encompasses all levels, from local to European.

Youth information websites are the most important information means of communication information. The European youth portal, created in 2003, establishes links with the national youth portals in 19 Member States. The Member States recognise that this portal has enhanced inter-ministerial cooperation and exchanges in the field of youth information.

The reports express the Member States’ desire to:

  • further develop personalised information services,
  • help young people with fewer opportunities to access tools such as the internet so that they are not excluded from the society of information.

Action is above all based on issues such as free time, youth organisations and voluntary activities, while information on participation, education, employment and travelling in Europe is sometimes neglected.

England has a national online service (Connexions Direct) which offers young people information by telephone, text message, online or by e-mail. In Slovenia, youth information and counselling centres pay specific attention to the young Romany population. In Cyprus and Spain, young people in rural areas are provided with information by mobile units.

Information quality

Member States aim to ensure that information for young people meets certain quality standards. Accordingly, most of them apply the European youth information charter.

Networks play an important role in improving the skills of youth information workers. The European youth information networks EURODESK, ERYICA and EYCA help in the development of training courses for their members. They have also put together a compendium of initiatives regarding quality.

In France, youth information centres have their own staff training structure to ensure that quality standards are met. National quality standards supplement the European youth information charter.

Participation by young people in information generation

Hardly any action has been taken in this field. Nevertheless, a number of reports indicate that young people can be consulted on informational strategies and on the development of information material. In Slovakia, youth information centres cooperate with volunteers who distribute information for young people mainly in schools and universities.

Obstacles and challenges

Member States encounter certain difficulties in achieving the common objectives on youth information. These obstacles can be divided into three categories:

  • methodology: some Member States have emphasised how difficult it is to identify a starting point and indicators to assess progress;
  • coordination between actors: it is necessary to improve coordination between the different institutions concerned with youth;
  • lack of resources, particularly at local level.

The Member States intend to pursue the implementation of the common objectives. The key challenges awaiting them include improved involvement of national youth councils and focusing more on young people with fewer opportunities.

To improve access for young people to information services, the Commission considers it necessary to:

  • establish global information strategies addressing all issues relevant to young people;
  • promote information society tools and innovative approaches.

In the Commission’s view, quality information requires:

  • further development of individual counselling services;
  • systematic application of the European youth information charter.

It is also necessary to enhance the participation of young people in public information strategies and reinforce the role of youth organisations in promoting youth information.

PARTICIPATION BY YOUNG PEOPLE IN DEMOCRATIC LIFE

Action to support young people’s participation in democratic life is better coordinated than in the past. The means used by Member States to achieve the common objectives for participation of young people are, namely, reinforcement of frameworks, support for participative and representative structures, and support for projects.

Reinforcement of frameworks

The legal framework in the field of youth participation has been improved. Some Member States have adopted legislation and others have developed strategic action plans or new obligations to consult young people. The following countries have adopted different measures:

  • Ireland: a youth law;
  • Czech Republic: a youth concept;
  • Portugal: a national youth reform programme;
  • Sweden: a government bill entitled “The power to decide”;
  • Estonia and Slovenia: a strategic plan;
  • Latvia: a political programme for youth;
  • Slovakia: a youth participation plan.

Italy provides special funds to support youth policies.

Support for participative and representative structures

A number of actions have been implemented with the aim of supporting participative structures and promoting dialogue with partners in the youth field. However, better interaction between the local, regional, national and European levels is needed. National reports also show the need for greater efforts at local level, and it is necessary to remove obstacles affecting the participation of certain groups of young people.

Forums for dialogue between young people and decision-makers have been organised more frequently, including regular consultations, meetings and hearings.

Some countries have nominated individuals to take responsibility for youth affairs. Finland has appointed a mediator, the United Kingdom a national youth correspondent, while Lithuania has opted for municipal youth coordinators.

Other countries have developed horizontal practices (e.g. inter-ministerial meetings) or have set up consultative structures such as:

  • national councils (most Member States);
  • youth commissions and local youth councils (Luxembourg, Belgium);
  • youth parliaments (Cyprus and Malta);
  • participative structures for youth (Greece and Spain);
  • structures more specifically for disadvantaged young people (Germany);
  • structures for young people in rural areas (Poland);
  • support structures for youth projects (Austria).

Young people’s interest in representative democracy is declining, but few Member States seem to be working on remedial action. However, some are introducing arrangements to increase young people’s participation in elections:

  • The Netherlands has introduced parallel elections for young people;
  • Finland allows voting in local elections from the age of 16;
  • France has introduced automatic registration in electoral lists;
  • Belgium, the Netherlands and the United Kingdom have opted for use of the internet.

Support for projects

Participation by young people must be encouraged in fields where projects are undertaken, and young people must be the main actors in their participative projects. It is also essential to support relevant bodies such as youth organisations.

In some Member States efforts have been made to open up projects to young people with fewer opportunities. In France, the “Desire to do something” programme supports and rewards first projects by or for young people and finances innovative and creative projects as well as voluntary activities and entrepreneurial projects. In Denmark, the “Youth policy in Danish municipalities” project stresses the importance of involving young people more in policy-making.

Obstacles encountered

The difficulties encountered by Member States can be divided into four groups:

  • methodology: some Member States have emphasised how difficult it is to identify a starting point and indicators to assess progress;
  • lack of direct or indirect support: it is necessary to allocate resources to structures and projects, and also to provide stable support through legislative action, partnerships with young people or common tools;
  • lack of involvement of young people: although young people have the right not to participate, more can be done to encourage their involvement. Their peers could act as “ambassadors” willing to share their experience. Better recognition and promotion of the individual and social benefits of involvement would also encourage youth participation;
  • inertia of institutional actors: interaction between the local, regional and national levels needs to be improved, the development of youth participation structures should be given more support, and dialogue should be organised with young people on a broader range of issues. The mobilisation of local authorities is crucial for fostering local participation by young people.

As in the case of youth information, the EU Member States aim to pursue the common objectives. They confirm the importance of using information society tools for interactive policy participation (e.g. “policy blogging”) and of developing youth participation in elections.

The Commission feels that participation by young people in civic life necessitates:

  • structured consultation of young people on issues that concern them. This should entail reinforcing the role of national youth councils in the consultation process;
  • local participative structures and systematic involvement of young people in local decision-making bodies;
  • analysis of obstacles to participation affecting certain groups of young people in order to increase representativeness;
  • tools to promote participation (e.g. guidelines for participatory mechanisms).

It is also necessary to develop actions to increase participation by young people in the institutions of representative democracy (e.g. by promoting their involvement in political parties), so that young people take more part in representative democracy.

Finally, it is essential to support the various forms of learning to participate. In this connection synergies must be developed with actions undertaken in the education field. For example, at European level, closer links could be established with the open method of coordination for education and vocational training. Support for the different forms of learning to participate also necessitates better recognition of the different forms of participation by young people.

ACTIVE PARTICIPATION BY YOUNG PEOPLE IN THE DEVELOPMENT OF THE EU

Structured dialogue with young people on the European agenda must be improved. The Commission and Member States have agreed on the need to involve young people actively in debate and dialogue for policy-making. The European institutions and Member States have made efforts to implement these principles in practice and foster the involvement of young people in EU development, for example by preparing:

  • a consultation process on the 2001 White Paper “A new impetus for European youth”;
  • regular encounters with youth organisations;
  • a European youth week;
  • consultations on the European youth portal;
  • youth events organised by the Presidency;
  • conferences, campaigns, forums and consultations in Member States.

However, the Commission considers that forums for dialogue with young people on European issues could be developed more and that their structures could be improved at European, national, regional and local levels.

Commission’s ideas for improving structured dialogue

In order to maximise their legitimacy, debates involving young people must be as inclusive and diverse as possible. It is therefore essential to involve disadvantaged young people and those who do not belong to any structures. In order to enable a more coherent and cross-sectoral approach, these debates should also bring together actors who deal directly or indirectly with youth issues.

The Commission plans to support a permanent dialogue for a period of three years in a spirit of constructive partnership. In particular, it proposes to:

  • facilitate dialogue at local level to ensure timely and effective input from young people into EU debates;
  • identify priority themes to be discussed at European level until 2009: social inclusion and diversity in 2007, intercultural dialogue in 2008 and perspectives for continued cooperation in the youth field in 2009;
  • create an informal forum attended by representatives of young people, presidencies, the European Parliament and the Commission;
  • regularly organise a European youth week with the participation of Commissioners and representatives of other European institutions;
  • arrange encounters with young people who do not usually have contacts with the European institutions;
  • organise a youth-specific Eurobarometer (end of 2006);
  • mobilise European information networks to support structured dialogue.

OPEN METHOD OF COORDINATION

The Commission is of the opinion that the OMC should be reinforced. In this connection it proposes that:

  • Member States should single out by the end of 2006 those lines of action for participation and information on which they wish to concentrate and define action plans;
  • Member States should set up a follow-up mechanism involving young people and their organisations and prepare an evaluation report by the end of 2008;
  • Member States should take part, on a voluntary basis, in pilot peer reviews of information and participation;
  • Member States should promote the common objectives among regional and local authorities, youth organisations and young people in general;
  • the Commission itself should consult the European Youth Forum on any proposal relating to the OMC;
  • a working group should define indicators for the implementation of the common objectives on participation and information.

The Council is asked to endorse the proposals set out in the Communication.

Related Acts

Communication from the Commission to the European Council of 10 May 2006: “A citizens’ agenda – Delivering results for Europe” [COM(2006) 211 final – Not published in the Official Journal].

White Paper of 1 February 2006 on a European communication policy [COM(2006) 35 final — Not published in the Official Journal].

Communication from the Commission of 30 May 2005 on European policies concerning youth – Addressing the concerns of young people in Europe – Implementing the European youth pact and promoting active citizenship [COM(2005) 206 final – Not published in the Official Journal].

Communication from the Commission of 13 October 2005 on the Commission’s contribution to the period of reflection and beyond – Plan D for Democracy, Dialogue and Debate [COM(2005) 494 final – Not published in the Official Journal].

European Commission White Paper of 21 November 2001: “A new impetus for European youth” [COM(2001) 681 final — Not published in the Official Journal].

Enforcing judgments: the transparency of debtors' assets

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Enforcing judgments: the transparency of debtors’ assets

Outline of the Community (European Union) legislation about Enforcing judgments: the transparency of debtors’ assets

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

Justice freedom and security > Judicial cooperation in civil matters

Enforcing judgments: the transparency of debtors’ assets

Even with a court judgment obtained, recovering cross-border debts may be difficult for creditors in practice if no information on the debtors’ assets or whereabouts is available. Because of this, the European Commission has adopted a Green Paper launching a public consultation on how to improve the recovery of debts through possible measures such as registers and debtor declarations.

Document or Iniciative

Green Paper of 6 March 2008 on the effective enforcement of judgments in the European Union: the transparency of debtors’ assets [COM(2008) 128 final – Not published in the Official Journal].

Summary

The late and non-payment of debts is detrimental to business and customers alike, particularly when no information is available on the debtor’s assets or whereabouts. This is a particular cross-border issue in debt recovery and has the potential to affect the smooth running of the internal market. In launching a public consultation, the European Commission has outlined the problems of the current situation and possible solutions in this Green Paper. Interested parties can submit their comments by 30 September 2008.

State of play

The search for a debtor’s address and information on his financial situation is often the starting point for enforcement proceedings. At national level, most Member States mainly use two different systems for obtaining information, either:

  • systems of declaration of the debtor’s entire assets or at least a part of it to satisfy the claim;
  • search systems with specific information (registers).

In this Green Paper, the European Commission focuses more on a series of measures instead of one single European measure to allow the creditor to obtain reliable information on the debtor’s assets and whereabouts within a reasonable period of time. Possible measures include:

  • drawing up a manual of national enforcement laws and practices: at present, there is very little information on the different enforcement systems in the 27 European Union Member States. Such a manual could contain all sources of information on a person’s assets, which could be accessed in each country; contact addresses, costs, etc.
  • increasing the information available and improving access to registers: the main sources of information on the debtor are public registers, such as commercial or population registers. However, these vary from one Member State to the next. The Commission is asking whether to increase information available in and access to commercial registers and in what way access to existing population registers should be enhanced. Furthermore, access to social security and tax registers by enforcement authorities may be increased, while respecting rules of data protection and social and fiscal privacy.
  • exchange of information between enforcement authorities: currently, enforcement bodies are not able to directly access the (non-public) registers of other Member States which are open to national enforcement bodies. In addition, there are no international instruments dealing with the exchange of information between national enforcement bodies. In the absence of a Europe-wide register, enhancing cooperation between national enforcement authorities and direct exchange of information between them may a possible solution.
  • measures relating to the debtor’s declaration: enforcement bodies have in several Member States the option to question the debtor directly regarding his assets, whereas in some Member States the debtor’s declaration is made in the form of a testimony before the enforcement court. In some Member States, the debtor has to fill out mandatory forms, and in others a debtor’s declaration does not exist at all. The European Commission is considering introducing a European Assets declaration, obliging the debtors to disclose all assets in the European judicial area. In this way, the transparency of the debtor’s assets would not be limited by the territoriality of the enforcement proceedings.

Information and communication strategy on the euro and EMU

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Information and communication strategy on the euro and EMU

Outline of the Community (European Union) legislation about Information and communication strategy on the euro and EMU

Topics

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

Economic and monetary affairs > Practical aspects of introducing the euro

Information and communication strategy on the euro and EMU

Document or Iniciative

Communication from the Commission to the Council, the European Parliament, the Economic and Social Committee and the Committee of the Regions on the implementation of an information and communication strategy on the euro and the Economic and Monetary Union [COM(2004) 552 final – not published in the Official Journal].

Summary

Long before the introduction of the euro as the single currency on 1 January 2002, the Commission was aware of the importance of an information strategy on the euro. This communication outlines the strategy to be implemented two years after the introduction of the euro, in particular, with a view to:

  • the enlargement of the European Union on 1 May 2004 which will expand the euro area;
  • the need to consolidate the single currency by increasing public acceptance;
  • greater positive perception by third countries of the EU and its economic role.

Information and communication with European citizens

The information strategy on the euro is part of the “Information and Communication Strategy of the European Union” [COM (2002)350 – not published in the Official Journal] and its implementation [COM (2004) 196 – not published in the Official Journal. It is part the overall approach to Member States’ communication policy and it must add a tangible European dimension to the democratic debate in the Member States.

The aim is to increase public knowledge within and outside the EU on the working of EMU and to contribute to a smooth changeover in the Member States which adopt the euro. The Commission feels it will achieve its objectives by:

  • creating public awareness and understanding of the requirements for EMU to function, for example sound public finance and coordination of economic policies;
  • providing neutral and factual information that will enhance the citizens’ understanding of the euro;
  • contributing to a smooth changeover in the Member States which adopt the euro;
  • providing the media, economic agents and policy-makers in third countries with the information they need concerning EMU.

Role of the key players: Member States and European institutions

The Commission bases its communication strategy on decentralised activities involving the sources of information closest to the public. The information activities must reflect the culture, language and concerns of the citizens. The Commission feels that it is mainly for the Member States to define and carry out the activities because they are the best placed to create information tools and products and to encourage the regional and local authorities, public interest services and civil society networks to relay information.

The Commission’s role will consist of:

  • ensuring consistency of the messages;
  • stimulating and coordinating the communication activities of the Member States and civil society organisations;
  • proposing a range of information tools and implementing specific actions;
  • organising and supporting transnational communication initiatives and information activities in third countries;
  • managing its own centralised activities such as conferences, information products and public relations, regular assessments, etc…

The Commission, Member States and the European Central Bank (ECB) will coordinate their communication activities. Partnerships between the Commission and Member States, which are allocated a considerable part of the Community budget, can be concluded in one of three forms:

  • Strategic partnerships: the Member State and the Commission agree on the details of a communication programme and the division of tasks between the two partners. The two partners each pay the cost of the activities they undertake and thus, there is no direct financial link between the Commission and the Member State;
  • Management partnerships: the Member State manages the whole campaign on behalf of the Commission in accordance with the EU’s Financial Regulation;
  • Ad hoc partnerships: the Commission contributes to expenses incurred by the Member State.

Interinstitutional cooperation between the Commission, the Council and the Parliament will be organised by an interinstitutional group on information.

In order to facilitate the setting up of partnerships with the new Member States, the Commission makes provision in this Communication for dividing the latter into groups according to progress made towards EMU as assessed on the basis of the convergence reports. The adoption of the single currency by a country following accession implies that detailed conditions will be met, and the Commission will adapt its communication strategy to the timetable for the future introduction of the euro.

The European institutions and the new Member States must agree on objectives, communication strategies, target groups, messages, media, etc. as well as financial aspects and monitoring. The Commission makes provision for twinning programmes between the old and new Member States, the use of information relays, the organisation of conferences and seminars etc.

Meeting the public’s needs

Since 1 January 2002, the Commission has organised opinion polls on the introduction of euro coins and notes. The following conclusions emerged:

  • the euro area: four years after the introduction of euro coins and notes, European citizens are now largely at ease with their new currency. However, the Commission feels that additional efforts must be made to explain the architecture of EMU, the reasons why certain economic policies are necessary and the benefits deriving from the single currency;
  • Denmark and the United Kingdom: the two countries enjoy an “opt-out”. In these countries, the Commission bases its communication policy on the fact that it is for the national governments to decide whether or not to apply to adopt the euro;
  • Sweden: following the no vote in the referendum on the euro in September 2003, the Swedish Government is not planning any specific information activities. The Commission’s Representation in Sweden will provide brochures and practical information.
  • in the new Member States: the question of participation in the euro and EMU is directly linked to accession, and seen as a consequence. The Commission encourages the implementation of a communication strategy similar to the one adopted previously for the introduction of the euro. During the first phase, the changeover to the euro is placed in the broader context of the history of European integration. In the second phase, governments, banks and large undertakings will be encouraged to start preparing themselves quickly for the introduction of the single currency. In the last phase, information campaigns will become more intensive and larger-scale. They will target the general public and be adapted to the specific needs of different population groups e.g. the elderly, young people, the disabled, the economically disadvantaged, etc. Opinion polls show that citizens have mixed feelings about the introduction of the euro in their countries. However, respondents are aware of the practical advantages of the euro but they wish to be more fully informed on the matter. Extensive information campaigns should overcome hesitations in connection with the euro.
  • Non-member countries: a survey [PDF ] conducted by the Commission via its delegations shows a growing awareness of the euro. The Commission is therefore basing its communication policy on the stability of EMU and the benefits of the euro and the use of the euro internationally, etc.

The Commission is aware that the general public needs up-to-date information. The communication strategy is both a multimedia and multidisciplinary instrument: publications on paper, leaflets, Internet, CD-ROM, local information tools (info-bus, exhibitions, information evenings etc.) conferences, seminars, television, radio, etc.

 

Cedefop

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Cedefop

Outline of the Community (European Union) legislation about Cedefop

Topics

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

Education training youth sport > Vocational training

Cedefop (European Centre for the Development of Vocational Training)

Document or Iniciative

Council Regulation (EEC) No 337/75 of 10 February 1975 establishing a European Centre for the Development of Vocational Training [See amending acts].

Summary

The purpose of the Centre is to support the Commission in promoting vocational education and training (VET), and in developing and implementing a common VET policy through its scientific and technical activities. Cedefop raises awareness and understanding of VET’s role in lifelong learning and of its contribution to other policies. It enjoys the broadest legal status in all Member States. The non-profit Centre is based in Thessaloniki (Greece), and its tasks are to:

  • compile documentation on developments in VET, and contribute to the development of VET research, providing evidence from research, statistical data and policy analysis to support VET policy-making;
  • disseminate all useful documentation and information through its website, publications, networks, study visits, conferences and seminars;
  • encourage and support a concerted approach to strengthening European cooperation in VET policy development, and to stimulate interest in the changing nature of occupations and vocational qualifications;
  • provide a forum that brings together diverse VET interests. This includes coordinating, on behalf of the Commission, the consolidated study visits for experts and officials, heads of education and training institutions, guidance and experience accreditation services, and social partners in the lifelong learning programme in line with the Decision on the lifelong learning programme 2008-13.

To attain its objectives, the Centre sets mid-term priorities and annual work programmes. Under its mid-term priorities for 2009-11, the Centre’s strategic objective is to “contribute to excellence in VET and strengthen European cooperation in developing, implementing and evaluating European VET policy”. This strategic objective is supported by four priorities, namely:

  • informing European VET policies;
  • interpreting European trends in and challenges for skills, competences and learning;
  • assessing the benefits of VET;
  • raising the profile of VET.

The outcomes of the Centre’s work are aimed at decision-makers in European institutions and Member States, and the social partners who are, uniquely, present at all levels of VET policy and practice. The Centre’s added value is the high quality of its analyses, and expertise and information to support European cooperation in VET, providing:

  • an independent scientific European perspective through comparative analyses of developments that raise awareness and understanding of VET issues across the EU;
  • insights into complex issues to identify common European approaches and principles to improve VET and achieve common aims;
  • a unique forum that brings together the diverse VET interests of policy-makers, social partners, researchers and practitioners to debate proposals for policy and research;
  • increased awareness of how VET is evolving, of its role in lifelong learning and how it contributes to other policies.

The Centre’s Governing Board adopts all strategic decisions, such as the mid-term priorities, the annual work programme and Cedefop’s estimate of revenue and expenditure. In doing so, it takes account of the needs indicated by Community institutions. The Board comprises 89 members (4 without voting rights) who represent the Commission (3), three distinct groups – governments (28 (rota system for Belgium)), employers’ organisations (27) and employees’ organisations (27) from each Member State – and the coordinators of the employees’ and the employers’ groups at European level. Norway and Iceland are also represented and have observer status. It meets once a year.

The Bureau monitors the implementation of the Governing Board’s decisions and the management of the Centre between Board meetings, as delegated by the Governing Board and in line with the Founding Regulation. It comprises the Chair of the Governing Board, its three Vice-Chairs, another Commission representative and a coordinator appointed by each of the three groups making up the Board.

The Director, who is appointed by the Commission from a list of candidates submitted by the Governing Board, carries out the decisions of the Governing Board and is responsible for the management of the Centre. He/she is the Centre’s legal representative and organises the meetings of the Governing Board and the Bureau. He/she draws up the final accounts and forwards them to the European Parliament, the Council of Ministers, the Commission and the Court of Auditors, together with the Governing Board’s opinion, and implements the Centre’s budget.

The Governing Board is required to send the Commission an estimate of revenue and expenditure for the following financial year by 31 March at the latest each year. This estimate is forwarded by the Commission to the European Parliament and the Council with the preliminary draft budget of the EU. The budgetary authority determines the appropriations available for the Centre.

The budgetary and financial rules applicable to Cedefop are in line with the general Financial Regulation as last amended. All expenditure and revenue of the Centre is checked by the Commission’s accounting officer, who draws up an annual report on budgetary and financial management and sends it to the Court of Auditors, the European Parliament and the Council of Ministers.

The Centre’s staff is subject to the staff regulations of the European Communities. Cedefop documents are available to all EU citizens and natural or legal persons without their having to justify their interest. This access is provided for in Regulation (EC) No 1049/2001 of the European Parliament and of the Council of 30 May 2001.

REFERENCES

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

Regulation (EEC) No 337/75

16.2.1975

–

OJ L of 39 13.2.1975
Amending act(s) Entry into force Deadline for transposition in the Member States Official Journal

Regulation (EEC) No 1946/93

26.7.1993

–

OJ L 181 of 23.7.1993

Regulation (EC) No 1131/94

1.9.1994

–

OJ L 127 of 19.5.1994

Regulation (EC) No 251/95

1.3.1995

–

OJ L 30 of 9.2.1995

Regulation (EC) No 354/95

1.1.1995

–

OJ L 41 of 23.2.1995

Regulation (EC) No 1655/2003

1.10.2003

–

OJ L 245 of 29.9.2003

Regulation (EC) No 2051/2004

21.12.2004

–

OJ L335 of 1.12.2004

Related Acts

Report from the Commission to the Council, the European Parliament, the European Economic and Social Committee and the Committee of the Regions of 13 June 2008 on the external evaluation of the European Centre for the Development of Vocational Training [COM(2008) 356 final – Not published in the Official Journal].
The Centre underwent an external evaluationto assess its relevance, added value, impact, effectiveness and efficiency during the period 2001-07 (original scope 2001-06). The evaluation report submitted by the Commission to the European Parliament was very positive.

Cedefop’s work was found to be relevant, with the Centre not only responding to the emerging EU VET policy agenda, but also helping influence its development at the highest levels. Since its foundation, the Centre has provided information for the VET community at large, acquiring a strong reputation and visibility in European VET. The Centre was also found to have a very distinct added value. No other organisation has such a dedicated focus and Europe-wide pool of experience and competence in VET. The evaluation noted key strengths where Cedefop clearly has a positive impact and brings added value: supporting the Education and Training 2010 work programme, analysing progress in the Copenhagen process to enhance European cooperation in VET and producing reports for ministerial meetings; bringing together relevant VET research to interpret current trends in Member States and filling knowledge gaps by providing much-needed analysis of current and future skills needs in Europe; providing a space where people in VET can come together to discuss key aspects, and promoting understanding and peer learning.

General framework

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General framework

Outline of the Community (European Union) legislation about General framework

Topics

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

Agriculture > General framework

General framework

There are two main elements to the common agricultural policy (CAP): helping European farmers to be competitive and promoting development in rural areas, particularly in the least-favoured regions. With this in mind, the financing available to farmers has changed, increasingly focusing on environmental protection and on the quality, rather than quantity, of production. The EU has also made a greater commitment to rural development through a single financial instrument which promotes agriculture and forestry and all types of rural activity. Control and monitoring systems also play a key role in the management of these measures, whilst ensuring the proper conduct of operations and the development of the agricultural sector within the Union.

FINANCING

Financial framework

  • A budget for Europe (2014-2020)
  • Interinstitutional Agreement on cooperation in budgetary matters
  • Towards a new financial framework 2007-2013
  • Financing the common agricultural policy
  • Scrutiny of expenditure under the European Agricultural Guarantee Fund (EAGF)
  • Recovery and information system for money wrongly paid in connection with the financing of the common agricultural policy
  • Community system for the identification of certain beneficiaries of transactions financed by the EAGGF Guarantee Section

Rural development

  • European Union strategic guidelines for rural development
  • European Agricultural Fund for Rural Development (EAFRD)
  • Access for rural areas to ICTs
  • Employment in rural areas: closing the jobs gap
  • 2000-06: support for rural development within the framework of the European Agricultural Guidance and Guarantee Fund (EAGGF)
  • The financing of the common agricultural policy (CAP)

Direct support schemes

  • Single Farm Payment
  • Mediterranean package
  • Risk and crisis management in agriculture
  • Reform of the common agricultural policy (CAP)

STRUCTURAL ACTIONS

2007-2013

  • General provisions ERDF – ESF – Cohesion Fund (2007-2013)
  • European Regional Development Fund (ERDF) (2007-2013)
  • The European Social Fund (2007-2013)
  • European grouping of territorial cooperation (EGTC)
  • Cohesion Fund (2007-2013)
  • Rules for the application of the European Regional Development Fund (ERDF), the European Social Fund (ESF) and the Cohesion Fund (2007-2013)

Disadvantaged regions

  • Specific measures for the outermost regions
  • Specific measures in favour of the smaller Aegean islands

COMPETITION

  • Application of certain EU competition rules to agricultural products
  • State aid in the agriculture sector

INFORMATION AND STATISTICS

Simplifying the CAP

  • The CAP towards 2020
  • A simplified CAP for Europe
  • Health Check of the CAP reform
  • Simplification and better regulation for the common agricultural policy

Better understanding the CAP

  • Information measures relating to the common agricultural policy
  • Information measures on the Community market and markets of Non-EU Member Countries

Statistics and surveys

  • Farm Accountancy Data Network

Transparency of information about issuers of securities

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Transparency of information about issuers of securities

Outline of the Community (European Union) legislation about Transparency of information about issuers of securities

Topics

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

Internal market > Financial services: transactions in securities

Transparency of information about issuers of securities

Document or Iniciative

Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC [See amending acts].

Summary

Three conditions must be met, namely efficiency, transparency and integration of securities markets, if the objective of harmonising those markets is to be achieved.

This would promote competition on securities markets. It would also guarantee investors a high level of protection and would thus strengthen confidence in the market.

In addition, again with a view to protecting investors, the Directive lays down detailed disclosure requirements:

  • for issuers whose securities are already admitted to trading on a regulated market;
  • to shareholders with voting rights;
  • to natural or legal persons holding voting rights or financial instruments that influence voting rights.

By contrast, these requirements do not apply to units issued by collective investment undertakings other than the closed-end type * or to units * acquired or disposed of in such undertakings. In addition, States, regional or local authorities of States, international public institutions, the European Central Bank and Member States’ national central banks are exempt.

Established on 1 January 2011, the European Securities and Markets Authority (ESMA) plays an important role by, for example, developing draft technical standards.

Periodic information

Periodic information relates to the financial situation of the issuer of securities and that of the enterprises it controls. It also concerns forecasts based on three documents, namely:

  • the annual financial report: this encourages year-on-year comparisons and the issuer makes it public at the latest four months after the end of each financial year;
  • the half-yearly report by the issuer of shares or debt securities: this covers the first six months of the financial year and is made public as soon as possible after the end of the relevant period, but at the latest two months thereafter;
  • interim management statements: the management of each issuer makes public a statement for each period running from the beginning of the six-month period until its publication. The statement is normally made public some time between ten weeks after the beginning of the relevant six-month period and six weeks before the end of that period. However, it does not apply to issuers that already publish quarterly financial reports.

The periodic information must be made public by the issuer. If not, its liability or that of its administrative, management and supervisory bodies will be involved. In addition, the annual and half-yearly financial reports must be made available to the public for at least five years.

Certain bodies are exempt from the requirement to provide annual or half-yearly financial reports, such as:

  • States and their regional or local authorities, international public bodies of which at least one Member State is a member, the ECB and Member States’ national central banks, whether or not they issue shares or other securities;
  • an issuer exclusively of debt securities admitted to trading on a regulated market, the denomination per unit of which is at least EUR 100 000.

Ongoing information

The Directive imposes an ongoing information requirement whenever events change the breakdown of major holdings that affect the allocation of voting rights whether they stem from:

  • the acquisition or disposal of holdings of an issuer to which voting rights are attached, either by the shareholder or the issuer itself;
  • the acquisition or disposal of major proportions of voting rights by a natural person or legal entity that is entitled to acquire, to dispose of or to exercise voting rights;
  • the holding of financial instruments by a natural person or legal entity which confer the right to acquire, on such holder’s own initiative alone, under a formal agreement, shares, already issued, of an issuer whose shares are admitted to trading on a regulated market.

The procedure for notifying and making public major shareholdings involves the new allocation of voting rights, the identification of the shareholder, the date of the change and the voting threshold achieved.

Assessed in the light of thresholds, the proportion of voting rights is calculated on the basis of the total number of shares, effectively held, to which voting rights are attached.

The notification to the issuer is effected not later than four trading days after the event. However, an undertaking is exempted from the notification requirement if it does not exercise its voting rights independently from the parent undertaking, such as an investment or management company, and where it is notified by the parent undertaking.

The issuer shall make public the information no later than three trading days after receipt of the notification if the information has not already been made public by the competent authority. The issuer will also make public the total number of voting rights and capital at the end of each calendar month during which a change has occurred.

In addition, the public issuer must make public without delay any change in the rights attaching to the various classes of shares and new loan issues, and in particular any related guarantee or security. Where shares are not admitted to trading on a regulated market, the issuer must make public without delay any changes in the rights of holders of securities other than shares.

In all cases, the issuer of securities must ensure equal treatment for all holders of shares who are in the same position. The use of electronic means in this connection may be a preferred way of making the information public.

Shareholders must also be in a position to exercise their rights by proxy. Accordingly, the issuer must designate as its agent a financial institution through which shareholders may exercise their financial rights. As regards holders of debt securities whose denomination per unit is equivalent to at least €50 000, the issuer may choose the financial institution that is to act as its agent provided that the shareholders have all the facilities and information necessary to exercise their rights.

Principle of home Member State

In the interests of consistency, efficiency and rationalisation, the home Member State, that is to say the Member State in which the issuer has its registered office, is the main forum for applying the Directive. An issuer with its registered office in a third country may qualify for certain exemptions regarding the disclosure requirements provided that the regulated information in that third country is equivalent to that required in the Member State of the competent authority concerned (“home Member State”). This issuer is required to communicate any information disclosed in a third country that is deemed to be of importance to the public in the Community even if that information is not regulated within the meaning of the Directive. The competent authority in the home Member State must therefore make this information public and inform ESMA of the exemption granted.

In addition, the Commission adopts delegated acts to ensure that general criteria for equivalence are drawn up regarding accounting standards for issuers from more than one country.

The home Member State will ensure that the Directive is implemented and may impose stricter requirements than those laid down by the Directive. At the same time, it must provide for arrangements for imposing liability and penalties where its requirements are not met.

The Member State will also centralise information. In this connection, it would have to guarantee fast and non-discriminatory access to information by way of appropriate media and of an officially appointed mechanism for the central storage of regulated information.

Competent authority

Each Member State will designate a competent authority responsible in particular for implementing the Directive.

This authority will, as a rule, be the central authority referred to in Directive 2003/71/EC. Member States must inform the Commission and ESMA.

Each competent authority shall have all the powers necessary for the performance of its functions, specifically:

  • monitoring of disclosure of timely information by the issuer and publication on its own initiative of information not disclosed within the time limits set;
  • request for further information and documents;
  • verification of compliance with the disclosure requirements, by way of on-site inspections;
  • suspension for a maximum of ten days of trading in securities or prohibition of trading on a regulated market if it finds that the disclosure requirements laid down in the Directive have not been met or if it has reasonable grounds for suspecting that those requirements have been infringed.

Tasks may also be delegated, but only for a temporary period. Any such delegation must be notified to the Commission and to ESMA and the competent authorities in the Member States. They will review the situation five years after the entry into force of the Directive. The review will end eight years after the entry into force of the Directive.

In addition, the obligation of professional secrecy applies to the competent authorities, including for the exchange of information intended for the performance of supervisory tasks, with any disclosure of information requiring the agreement of the competent authorities which disclose it. The competent authorities also cooperate with ESMA in that they refer to it situations or requests for cooperation which have been rejected or which have not been followed up within a reasonable time period. The competent authorities also provide ESMA with all the information required to complete its task. The competent authorities may also send information to the European Systemic Risk Board (ESRB).

Where the competent authority of a host Member State finds that the issuer or the holder of shares has committed irregularities, it shall refer its findings to the competent authority of the home Member State and ESMA.

Delegated acts and implementing measures

The Commission is assisted by the European Securities Committee regarding the implementing measures.

In addition, the Directive is also designed to take account of developments on financial markets in order to ensure its uniform application. The Commission is empowered, therefore, to adopt implementing measures that take account of technical developments on financial markets.

This Directive also envisages guidelines for setting up electronic networks at national and at European level for all the actors and all the information required by the Directive, by Directive 2003/6/EC on market abuse and by Directive 2003/71/EC on prospectuses.

Key terms used in the Act
  • Securities: those categories of securities which are negotiable on the capital market (with the exception of payment instruments), such as shares in companies and other securities equivalent to shares in companies, partnerships or other entities, and depositary receipts in respect of shares; bonds or other forms of securitised debt, including depositary receipts in respect of such securities; any other securities giving the right to acquire or sell any such securities or giving rise to a cash settlement determined by reference to transferable securities, currencies, interest rates, commodities or other indices or measures.
  • Collective investment undertakings other than the close-end type: unit trusts and investment companies the object of which is the collective investment of capital provided by the public and which operate on the principle of risk spreading, and the units of which are, at the request of the holder of such securities, repurchased or redeemed, directly or indirectly, out of the assets of those undertakings.
  • Units of a collective investment undertaking: securities issued by a collective investment undertaking and representing rights of the participants in such undertaking over its assets.

References

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

Directive 2004/109/EC

20.1.2005

20.1.2007

OJ L 390, 31.12.2004
Amending Act(s) Entry into force Deadline for transposition in the Member States Official Journal

Directive 2008/22/EC

20.3.2008

–

OJ L 76, 19.3.2008

Directive 2010/73/EU

31.12.2010

1.7.2012

OJ L 327, 11.12.2010

Directive 2010/78/EU

4.1.2011

31.12.2011

OJ L 331, 15.12.2010

Successive amendments and corrections to Directive 2004/109/CE have been incorporated in the basic text. This consolidated version is for reference purpose only.

Related Acts

Commission Regulation (EC) No 1569/2007 of 21 December 2007 establishing a mechanism for the determination of equivalence of accounting standards applied by third country issuers of securities pursuant to Directives 2003/71/EC and 2004/109/EC of the European Parliament and of the Council [Official Journal L340 of 22.12.2007].
This Regulation sets out the conditions under which the accounting standards in force in a third country are considered to be equivalent to the ‘International Financial Reporting Standards’ or ‘IFRS’, which are the international accounting standards adopted by the EU. The accounting standards authorised in a third country are considered to be equivalent to international standards if the investors are able to assess, amongst other things, the assets, financial status and results of the issuer in the same way as the financial statements drawn up in accordance with the IFRS. The decision regarding the determination of such equivalence is taken on the initiative of the Commission, at the request of the competent authority of a Member State or upon application of an authority responsible for accounting standards or market supervision of a third country. The ruling on equivalence shall be publicly available.

Commission Recommendation 2007/657/EC of 11 October 2007 on the electronic network of officially appointed mechanisms for the central storage of regulated information referred to in Directive 2004/109/EC of the European Parliament and of the Council [Official Journal L 267 of 12.10.2007].

Commission Directive 2007/14/EC of 8 March 2007 laying down detailed rules for the implementation of certain provisions of Directive 2004/109/EC on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market [Official Journal L 69 of 9.3.2007].

Integration of European Mortgage Credit Markets

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Integration of European Mortgage Credit Markets

Outline of the Community (European Union) legislation about Integration of European Mortgage Credit Markets

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 services > Financial services: banking

Integration of European Mortgage Credit Markets (White Paper)

Document or Iniciative

White Paper of 18 December 2007 on the Integration of EU Mortgage Credit Markets presented by the Commission [COM(2007) 807 final – not published in the Official Journal].

Summary

The integration of the European credit market is central to the European Union (EU) economy and the efficient functioning of the internal market. The Commission identifies the challenges to which an appropriate solution could be provided to remove the obstacles to integration of the market.

Objectives

The detailed examination of the barriers to the integrated market identified four objectives to strengthen competition and effectiveness of the markets, namely:

  • facilitating the cross-border supply and funding of mortgage credit. The obstacles (legal frameworks, infrastructures, etc.) should be removed. This removal should allow development of a wide range of mortgage funding instruments, while protecting consumers and preserving market stability;
  • increasing product diversity. To meet consumers’ needs, the removal of barriers to distribution and sale should encourage diversification of mortgage products, in particular to the benefit of new and innovative products;
  • improving consumer confidence. Consumers should be in a position to make an informed choice based on clear, comparable information. Lenders should assess more thoroughly borrowers’ financial capacities. In addition, they should also be given relevant advice;
  • facilitating customer mobility. The freedom of consumers to change lender requires transparency of costs and product characteristics.

Achieving the objectives

On the subject of legislation, a review will assess law-making opportunity, in particular in terms of costs and benefits in accordance with the principle of better regulation. Nevertheless, the Commission has identified three key areas to be looked at, namely:

  • early repayment. In this sensitive area, exploration of the various options will determine the possibility of developing a European regime for early repayment;
  • quality and comparability of information. Information must be structured, comprehensive, concrete and simple. In this perspective, the European Standardised Information Sheet (ESIS) will be finalised and consumer-tested to ensure uniform application throughout the EU. The extension of Annual Percentage Rates of Charge (APRCs) provided in the proposed Consumer Credit Directive on mortgage credit could also be studied;
  • responsible lending and borrowing. More responsibility should be placed on lenders to access credit information registers of all the other Member States in order to adequately assess borrowers’ creditworthiness. Impartial advice that is relevant to consumers is also essential. Legislation on the subject is also to be anticipated to guarantee them an informed choice.

To address these matters, the creation of an Expert Group on Credit Histories, support for financial literacy and the possible extension of contract law to mortgage agreements (proposed Rome I Regulation) make up the framework of application to deal with the issues covered.

In terms of valuation, land registers and foreclosure procedures, the Member States should improve the efficiency of their forced sales and land registration procedures. The Commission also intends to publish regular scoreboards on the cost and duration of land registrations and foreclosures.

In order to combat infringements, the Commission will ensure compliance with Community rules in terms of:

  • national data circulation and service provision rules on the subject of credit;
  • prohibition practised by certain Member States on including non-domestic mortgage loans in cover pools.

In terms of mortgage credit funding, experts’ reports and the turmoil of the US sub-prime market must be taken into account in order to analyse the following questions:

  • management of liquidity mismatch risk;
  • movement by lenders of credit risk off balance sheet;
  • exposure of banks to securitisation transactions;
  • transparency measures for end investors.

In accordance with the Green Paper on Retail Financial Services, the Commission also carries out other assessments, in particular of the role of non-credit institutions in credit markets, the marketing of equity release products, unfair practices (such as ‘tying’ practices) and interest rate restrictions.

Background

This White Paper continues the Communication from the Commission entitled “A single market for 21st century Europe” within the context of the turmoil of the US sub-prime market.

Related Acts

Commission Green Paper of 19 July 2005 entitled “Mortgage Credit in the EU” [COM(2005) 327 final – not published in the Official Journal].

Owing to the differences between the mortgage credit markets of the Member States, the Commission sets out a number of proposals for a European mortgage credit market.