Procedure completed
Role | Committee | Rapporteur | Shadows |
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Opinion | ECON | KESTELIJN-SIERENS Marie-Paule (Mimi) (ELDR) | |
Lead | ENVI | MARINUCCI Elena (PSE) | |
Opinion | JURI | FLORIO Luigi Andrea (UPE) |
Legal Basis RoP 132
Activites
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1997/03/17
Final act published in Official Journal
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1997/02/20
Decision by Parliament, 1st reading/single reading
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T4-0058/1997
summary
In adopting the report by Mrs Elena MARINUCCI (PSE, It) Parliament noted that the Green Paper clearly showed that there were imbalances on the market for financial services and that the consumer was the weaker party in the contractual relationship. It considered, however, that the Commission could not concentrate solely on distance selling and new electronic means of payment and believed a thorough analysis of consumer protection was required in the area of legislation on banking, securities and insurance. Parliament called on the Commission to act more strictly against fiscal measures that obstruct the operation of the internal market. It hoped to see a common non-discriminatory definition of the concept of the 'general good' and called on the Commission to act on its draft communication on the freedom to provide services and the interest of the general good in the Second Banking Directive. Parliament also called for: - a proposal for a directive on non-regulated financial intermediaries, - amendment of the directive on cross-border transfers to take account of the disappearance of exchange transactions, - action to be taken on its resolution on the settlement of claims arising from traffic accidents occurring outside the claimant's country of origin, - action by the Commission against Member States that impose a no-claim discount scale for motor vehicle insurance as the uniform and compulsory system under national legislation, - investigation of how general minimum provision for insurance contracts could be harmonized without jeopardizing the existing range of insurance products. Parliament called for information of consumers and transparency of markets and prices, protection of the contractual rights of the weaker party, quality and safety of financial products, competence and integrity of intermediaries and access to basic services. �
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T4-0058/1997
summary
- 1997/02/19 Debate in Parliament
- 1997/02/17 Vote in committee, 1st reading/single reading
- #1969
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1996/11/25
Council Meeting
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1969
summary
Commissioner Bonino informed the Council of the results of the Commission's consultations on the Green Paper, presented in May 1996. These consultations involved relevant organisations in banking, finance and insurance sectors as well as consumer associations. The Council took note of the Commission's intention to reflect on the appropriate follow-up to these consultations. �
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1969
summary
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1996/07/03
Committee referral announced in Parliament, 1st reading/single reading
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1996/05/22
Non-legislative basic document published
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COM(1996)0209
summary
OBJECTIVE: the objective of the Green Paper is to open a debate at European level designed to assess whether the current Community rules guarantee that consumers enjoy the advantages of the single market in the field of financial services (banking, insurance, trading in securities etc.), particularly where the distance selling of financial services across frontiers is concerned. CONTENT: the Commission's Green Paper covers a number of consumer policy issues in the financial services sector, including distance selling, a rapidly expanding sector involving more and more complex activities. The analysis is restricted to a number of problems encountered by private consumers, who generally require a higher level of protection than other categories of users who are more experienced or more able to defend their interests themselves. In Part I, the Commission sets out the extent to which Community legislation already takes account of the interests of consumers of financial services. It emphasizes that all the directives relating to financial services include provisions designed to ensure that the consumer receives correct and comprehensive information, to afford them legal protection and to guarantee their right of access to systems of redress. Furthermore, all those directives endeavour as a general rule to maintain the stability and trustworthiness of the financial services sector by means of the imposition of minimum prudential rules and strict minimum capital requirements. Part II of the Green Paper is devoted to an analysis of a number of problems already encountered by consumers and which need to be reviewed in order for the appropriate measures to resolve such problems to be defined. Among those problems, the Commission refers principally to the refusal to sell financial services to non-residents, the inadequacy of the information supplied and fraudulent activities of some unscrupulous intermediaries. Finally, Part III of the Green Paper considers prospects for development in the methods of selling financial services, in particular distance selling, which implies a special need for consumer information. In this context, special attention will be paid to the clarity and adequacy of information given to consumers before and after the conclusion of the contract. The need for written confirmation will be assessed in this context. The possible need to introduce cooling-off periods in respect of contracts relating to financial services is another important issue. Furthermore, the extent to which the offering of financial services to consumers without their prior consent gives rise to particular problems will have to be reviewed (e.g. supply without the explicit consent of the consumer and the unsolicited use of certain means of communication at a distance such as automatic calling machines and facsimile machines). The Commission notes that several studies begun in 1996 are currently being carried out with a view to evaluating the early results and the impact of the single market in the financial services sector. Their findings will be available in a few months' time. Where gaps or problems are encountered, the Commission will consider what response is called for, including, where necessary, new legislation or changes to existing texts. In the meantime, all interested parties are invited to give their opinions on the issues tackled in the Green Paper by 15 October 1996.�
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COM(1996)0209
summary
Documents
- Non-legislative basic document published: COM(1996)0209
- Debate in Council: 1969
- Committee report tabled for plenary, single reading: A4-0048/1997
- Debate in Parliament: Debate in Parliament
- Decision by Parliament, 1st reading/single reading: T4-0058/1997
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