Activities of Ashley FOX related to 2011/0062(COD)
Shadow opinions (1)
OPINION on the proposal for a directive of the European Parliament and of the Council on credit agreements relating to residential property
Amendments (21)
Amendment 126 #
Proposal for a directive
Article 2 – paragraph 2 – point a
Article 2 – paragraph 2 – point a
(a) Credit agreements which will eventually be repaid from the sale proceeds of an immovable propertyere the creditor: i) contributes a lump sum, periodic payments or other forms of credit disbursement in return for a sum deriving from the sale of an immovable property or a right relating to immovable property; and ii) will not seek full repayment of the credit until the occurrence of one or more specified life events defined in Member States (equity release).
Amendment 128 #
Proposal for a directive
Article 2 – paragraph 2 – point b a (new)
Article 2 – paragraph 2 – point b a (new)
(ba) if a Member State so chooses with regard to some or all of its provisions, to credit agreements which relate to loans granted to a restricted public under a statutory provision with a general interest purpose, and at lower interest rates than those prevailing on the market or free of interest or on other terms which are more favourable to the consumer than those prevailing on the market and at interest rates not higher than those prevailing on the market.
Amendment 129 #
Proposal for a directive
Article 2 – paragraph 2 – point b b (new)
Article 2 – paragraph 2 – point b b (new)
(bb) if a Member State so chooses with regard to some or all of its provisions, credit agreements where the property is not to be occupied as a dwelling by the consumer or his relative.
Amendment 130 #
Proposal for a directive
Article 2 – paragraph 2 – point b c (new)
Article 2 – paragraph 2 – point b c (new)
(bc) if a Member State so chooses with regard to some or all of its provisions, to credit agreements entered into by a consumer with an annual net income of no less than EUR 1 500 000 or net assets of no less than EUR 2 000 000.
Amendment 131 #
Proposal for a directive
Article 2 – paragraph 2 – point b d (new)
Article 2 – paragraph 2 – point b d (new)
(bd) if a Member State so chooses with regard to some or all of its provisions, credit agreements where the credit is due to be repaid within 12 months.
Amendment 132 #
Proposal for a directive
Article 2 – paragraph 2 – point b e (new)
Article 2 – paragraph 2 – point b e (new)
(be) if a Member State so chooses with regard to some or all of its provisions, organisations as defined in Article 2(5) of Directive 2008/48/EC.
Amendment 153 #
Proposal for a directive
Article 4 – paragraph 1 – subparagraph 3 a (new)
Article 4 – paragraph 1 – subparagraph 3 a (new)
In the case of activity in a host Member State, supervision of the ongoing activities of creditors and credit intermediaries shall be performed by the competent authority of the host Member State. The competent authority of the home Member State shall be required to provide the competent authority of the host Member State with all relevant information. Competent authorities of the host Member State shall have the power to intervene if credit intermediaries fail to comply with their duties and responsibilities defined in this Directive. In addition, competent authorities of the host Member State shall be granted the right to refuse authorisations.
Amendment 169 #
Proposal for a directive
Article 8 – paragraph 2 – subparagraph 1 – point b
Article 8 – paragraph 2 – subparagraph 1 – point b
Amendment 171 #
Proposal for a directive
Article 8 – paragraph 2 – subparagraph 1 – point d
Article 8 – paragraph 2 – subparagraph 1 – point d
Amendment 191 #
Proposal for a directive
Article 9 – paragraph 2 – subparagraph 1
Article 9 – paragraph 2 – subparagraph 1
Member States shall ensure that the creditor and, where applicable, the credit intermediary, without undue delay after the consumer has given the necessary information on his needs, financial situation and preferences in accordance with Article 14, provides the consumer with the personalised information needed to compare the credits available on the market, assess their implications and take an informed decision on whether to conclude a credit agreement. Such information, on paper or on another durable medium, shall be provided by means of the European Standardised Information Sheet (‘ESIS’), as set out in Annex IIa standardised information sheet and free of charge. Member States shall use the European Standardised Information Sheet (‘ESIS’), as set out in Annex II unless or until a more suitable national information sheet has been developed and agreed by all stakeholders including consumer representatives.
Amendment 199 #
Proposal for a directive
Article 9 – paragraph 3 – subparagraph 1
Article 9 – paragraph 3 – subparagraph 1
Amendment 200 #
Proposal for a directive
Article 9 – paragraph 3 – subparagraph 2 – point d
Article 9 – paragraph 3 – subparagraph 2 – point d
Amendment 201 #
Proposal for a directive
Article 9 – paragraph 3 – subparagraph 2 – point e
Article 9 – paragraph 3 – subparagraph 2 – point e
Amendment 211 #
Proposal for a directive
Article 11 – paragraph 1
Article 11 – paragraph 1
Member States shall ensure that creditors and, where applicable, credit intermediaries provide adequate explanations to the consumer on the proposed credit agreement(s) and any ancillary service(s), in order to place the consumer in a position enabling him to assess whether the proposed credit agreements are adapted to his needs and financial situation. An adequate explanation shall include the provision of personalised information on the essential characteristics of the credits on offer, without however formulating any recommendation. Creditors and, where applicable, credit intermediaries shall accurately assess the level of knowledge and experience with credit of the consumer by any means necessary so as to enable the creditor or the intermediary to determine the level of explanations to be given to the consumer and adjust such explanations accordingly.
Amendment 219 #
Proposal for a directive
Article 13 – paragraph 2
Article 13 – paragraph 2
Amendment 255 #
Proposal for a directive
Article 17 – paragraph 2 – point a
Article 17 – paragraph 2 – point a
(a) consider a sufficiently large number of credit agreements available on the market so as to enabledisclose to the consumer the range of credit agreements they consider so that the consumer understands the basis of the recommendation of the most suitable credit agreements for the consumer'’s needs, financial situation and personal circumstances;
Amendment 272 #
Proposal for a directive
Article 19 – paragraph 4
Article 19 – paragraph 4
4. Member States shall ensure that authorised credit intermediaries are subject to supervision of their ongoing activities by their relevant homest competent authority as referred to in Article 4. Host competent authorities shall have the power to intervene if authorised credit intermediaries fail to comply with their duties and responsibilities defined in this Directive. Host competent authorities shall have the right to refuse a passport access if they have justifiable reason to doubt that the accessing intermediaries comply with the preconditions defined in this Directive.
Amendment 274 #
Proposal for a directive
Article 22 – paragraph 2 – subparagraph 2 a (new)
Article 22 – paragraph 2 – subparagraph 2 a (new)
Where a credit intermediary has a branch in a Member State other than its home Member State, the competent authority of the Member State in which the branch is located shall assume responsibility for ensuring that the services provided by the branch within its territory comply with the obligations laid down in Articles 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 17 and 18 and in measures adopted pursuant thereto. The competent authority of the Member State in which the branch is located shall have the right to examine branch arrangements and to request such changes as are strictly needed to enable the competent authority to enforce the obligations under Articles 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 17 and 18 and measures adopted pursuant thereto with respect to the services and/or activities provided by the branch within its territory.
Amendment 275 #
Proposal for a directive
Article 22 – paragraph 4 – introductory part
Article 22 – paragraph 4 – introductory part
4. Where the host Member State has clear and demonstrable grounds for concluding that a credit intermediary acting within its territory under the freedom to provide services or through a branch is in breach of the obligations set out in this Directive which do not confer powers on the competent authority of the host Member State, it shall refer those findings to the competent authority of the home Member State which shall take the appropriate measures. In cases where, despite measures taken by the competent authority of the home Member State, a credit intermediary persists in acting in a manner that is clearly prejudicial to the interests of host Member State consumers or the orderly functioning of markets, the following shall apply:
Amendment 276 #
Proposal for a directive
Article 22 – paragraph 4 a (new)
Article 22 – paragraph 4 a (new)
4a. Where the competent authorities of a host Member State ascertain that a credit intermediary that has a branch within its territory is in breach of the legal or regulatory provisions adopted in that State pursuant to those provisions of this Directive which confer powers on the host Member State's competent authorities, those authorities shall require the credit intermediary concerned to put an end to its irregular situation. In cases where, despite measures taken by the competent authority of the host Member State, a credit intermediary persists in acting in a manner that is clearly prejudicial to the interests of host Member State consumers or the orderly functioning of markets, the following shall apply: (a) The competent authority of the host Member State, after informing the competent authority of the home Member State shall take all the appropriate measures needed in order to protect consumers and the proper functioning of the markets including by preventing the offending credit intermediaries from initiating any further transactions within their territories. The Commission shall be informed of such measures without undue delay (b) In addition, the competent authority of the host Member State may refer the matter to the EBA and request its assistance in accordance with Article 19 of Regulation (EU) No 1093/2010. In that case, the EBA may act in accordance with the powers conferred on it by that Article.
Amendment 281 #
Proposal for a directive
Article 31 – paragraph 2 – point a
Article 31 – paragraph 2 – point a
(a) an assessment of consumer satisfaction with the ESIS and the use thereof;