| Author (Corporate) | Council of the European Union, European Parliament |
|---|---|
| Series Title | Official Journal of the European Union |
| Series Details | 2023/2673 |
| Publication Date | 28/11/2023 |
| Content Type | Blog & Commentary, Legislation, Policy-making |
Summary:Directive (EU) 2023/2673 - adopted by the co-legislators on 22 November 2023 - introducing amendments to Directive 2011/83/EU concerning financial services contracts concluded at a distance, and repealing Directive 2002/65/EC. This is a text with EEA relevance. Further information:Directive 2011/83/EU - also known as the Consumer Rights Directive (CRD) - aimed to approximate certain aspects of the laws, regulations and administrative provisions of the Member States concerning contracts concluded between consumers and traders. Directive 2002/65/EC - also known as DMFSD - established common rules for the marketing of financial services by suppliers to consumers in the European Union (EU). The market significantly evolved in light of the overall digitalisation of the sector and the new types of financial services that have been developed since the rules were first introduced in 2002. Such developments were further enhanced by the impact of the COVID-19 (coronavirus) pandemic, which greatly contributed to an increase in online transactions. Directive 2002/65/EC was subject to a full evaluation, which highlighted that its relevance had been reduced due to the enactment of product-specific legislative acts over the years. Digitalisation also affected the Directive's effectiveness in reaching its objectives. However, the Directive still remained useful since its horizontal application ensured that consumers had a certain level of protection for contracts concluded at a distance for those financial products that were not yet subject to any EU legislation. This Directive modernises the Consumer Rights Directive, incorporating into it relevant articles from Directive 2002/65/EC which is otherwise repealed. It extends certain rules of the CRD to consumer financial services concluded at a distance and it introduces new provisions to ensure online fairness when consumers conclude financial services online. This draft law was tabled by the European Commission on 11 May 2022. The Council of the European Union adopted its general approach to this file on 2 March 2023. The relevant committee of the European Parliament adopted a negotiating position on 28 March. An informal agreement between the co-legislators on a compromise text for this file was reached on 6 June. This was formally endorsed by Parliament on 5 October and by the Council on 23 October. The Act was signed by the co-legislators on 22 November 2023 and published in the Official Journal on 28 November 2023. |
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| Source Link | Link to Main Source http://data.europa.eu/eli/dir/2023/2673/oj |
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| Subject Categories | Internal Markets |
| Subject Tags | Consumer Rights | Protection, Financial Services |
| International Organisations | European Union [EU] |
