scholarly journals Suppression of unfair sales of insurance products under the Insurance Distribution Directive

2020 ◽  
Vol 58 (3) ◽  
pp. 289-304
Author(s):  
Milica Goravica
Keyword(s):  
Financial Crisis ◽  
European Commission ◽  
Consumer Protection ◽  
Regulatory Framework ◽  
Equal Protection ◽  
Important Goal

One of the main reasons for the occurrence of the financial crisis in 2007 was certainly the sales procedure of insurance products, which, as it later turned out, were inadequate. The crisis was a signal to the European Commission that it is necessary to improve the consumer protection regarding insurance products and to improve the transparency of insurance distribution. It was necessary to provide equal protection to consumers of insurance products in the entire EU market, through the introduction of several innovations in the regulation of this sector and thus restore the confidence of consumers. In that sense, the Insurance Distribution Directive has set the suppression of unfair sales of insurance products as its most important goal. The author researched those key novelties of the Insurance Distribution Directive, which were adopted in order to prevent unfair sales of insurance products. The paper presents an analysis of new rules and aims to show how revolutionary new regulatory framework is and how much it will contribute to the fight against unfair sales of insurance products

scholarly journals Regulatory Framework for Land-Use and Consumer Protection on Inland Water Resources Towards Sustainable Development

2011 ◽  
Vol 5 (4) ◽  
pp. 209-213 ◽  
Author(s):  
Muhammad Rizal Razm ◽  
Sakina Shaik Ahma ◽  
Shamsuddin Suhor ◽  
Rahmah Ismail ◽  
Azimon Abdul Aziz ◽  
...  
Keyword(s):  
Land Use ◽  
Sustainable Development ◽  
Water Resources ◽  
Consumer Protection ◽  
Regulatory Framework ◽  
Inland Water

Credit Intermediation under the 2014 European Mortgage Credit Directive: a Call for Targeted Rules on Intermediary Remuneration

2017 ◽  
Vol 13 (1) ◽  
pp. 1-37 ◽  
Author(s):  
Michiel De Muynck ◽  
Diederik Bruloot
Keyword(s):  
Consumer Protection ◽  
Information Disclosure ◽  
Regulatory Framework ◽  
Member States ◽  
Mortgage Credit ◽  
Starting Point ◽  
Policy Objectives ◽  
Mortgage Credit Directive ◽  
Disclosure Obligations ◽  
The Way

AbstractIn February 2014 the European legislator adopted a directive on credit agreements for consumers relating to residential immovable property, which had to be implemented by the member states by March 2016. This paper starts with some fundamentals on the policy objectives underlying this so-called „Mortgage Credit Directive” (MCD) and further provides an overview of the specific regulatory framework that has been developed for credit intermediaries. This serves as the starting point for an assessment of the level of consumer protection that has been established while regulating the activities of credit intermediaries. Particular risks for credit intermediaries’ clients stem from incentives caused by the way in which they are traditionally remunerated by consumers and/or creditors. Whereas information disclosure obligations included in the MCD are an insufficient means to mitigate some potentially harmful consequences of intermediary compensation, the authors argue for the introduction of targeted remuneration regulation.

Refining the Right to Information in Vietnamese Consumer Law: Insights from Australia

2021 ◽  
Vol 16 (1) ◽  
pp. 61-83
Author(s):  
Lam Uyen Lu ◽  
Niloufer Selvadurai
Keyword(s):  
Consumer Protection ◽  
Critical Role ◽  
Consumer Welfare ◽  
Regulatory Framework ◽  
Law Reform ◽  
Legal Systems ◽  
Consumer Law ◽  
Similarities And Differences ◽  
Right To Information ◽  
The Right

AbstractIn upholding a consumer's right to information, regulations prohibiting misleading or deceptive conduct perform a critical role in supporting consumer welfare and encouraging equity in business and commerce. While Vietnam enacted a Law on Consumer Protection in 2010, its provisions in this area are limited in ambit and application. In order to improve the effectiveness of a consumer's right to information in Vietnam, it is useful to examine the Australia Consumer Law which has a sophisticated regulatory framework in this area. By comparing the laws prohibiting misleading or deceptive conduct in the Vietnamese Law on Consumer Protection and the Australia Consumer Law, this article identifies certain similarities and differences between the two legal systems, thereby clarifying shortcomings that can lead to inadequacies and inefficiencies of this area of the law and providing a platform for law reform in Vietnam.

Die demokratische Legitimation der Europäischen Wertpapier- und Marktaufsichtsbehörde und ihrer Rechtsakte

2021 ◽  
Author(s):  
Dominik Stolz
Keyword(s):  
Financial Crisis ◽  
European Commission ◽  
Constitutional Law ◽  
Democratic Legitimacy ◽  
Legislative Process ◽  
Basic Principles ◽  
Complex Processes ◽  
Demokratische Legitimation ◽  
Financial Crisis Of 2008

The key matter of this book is a phenomenon not only at EU level which is now analyzed from a European and constitutional law perspective: Non-elected expert bodies are significantly involved in the legislative process. With respect to increasingly complex processes and detailed issues, and bearing in mind the experience of the financial crisis of 2008/2009, bodies like the European Commission and Parliament are relinquishing far-reaching powers. Regarding ESMA the question arises whether basic principles of democratic legitimacy have been violated. Therefore, which standard is to be applied at EU level? In other words: Is it the end that justifies the means?

Lessons from the Crisis

2010 ◽  
Author(s):  
Jean Tirole
Keyword(s):  
Public Policy ◽  
Financial Crisis ◽  
Real Estate ◽  
Consumer Protection ◽  
Financial Regulation ◽  
Financial Sector ◽  
System Reform ◽  
Financial Reforms ◽  
Mortgage Crisis ◽  
Regulatory Failure

This chapter aims to contribute to the debate on financial system reform. The first part describes what is perceived to be a massive regulatory failure, a breakdown that goes all the way from regulatory fundamentals to prudential implementation. The second part discusses some implications of recent events for financial sector regulation. It argues that to avoid a repetition of the financial crisis, we need both to change public policies that contributed to the crisis (particularly the mortgage crisis) and to institute financial reforms. Desirable reforms of public policy regarding real estate lending include promoting consumer protection and reducing subsidies. Financial regulation must also be international. The creation of supranational regulatory structures has become increasingly urgent in a world in which institutions and counterparties are truly international.

The Challenge of the Law to Electronic Commerce

2011 ◽  
pp. 383-410
Author(s):  
Severine Dusollier ◽  
Laetitia Rolin Jacquemyns
Keyword(s):  
Electronic Commerce ◽  
European Commission ◽  
Dispute Resolution ◽  
New Products ◽  
Regulatory Framework ◽  
Electronic Marketplace ◽  
Goods And Services ◽  
Legislative Action ◽  
Regulatory Approach ◽  
Rules Of The Game

In the Communication on Electronic Commerce of 19971 , the European Commission stressed that “in order to allow electronic commerce operators to reap the full benefits of the Single Market, it is essential to avoid regulatory inconsistencies and to ensure a coherent legal and regulatory framework for electronic commerce.” The electronic marketplace has a crucial need to know “the rules of the game”2 in order to carry out electronic commerce. Therefore, the regulatory framework has to be clear, stable and predictable, both to enable e-commerce operators to face all challenges raised by the development of new products and services and to ensure the trust and confidence of consumers in the new electronic supermarket. These are the main objectives of the legislative action of the European Commission3 which has, in recent years, laid the foundations for a consistent setting of the legal scene for electronic commerce in Europe. It is worth recalling that the action of the Commission has been and should be guided by the key principles of the EC Treaty, particularly by the concern for the Internal Market and the enhancement of the circulation of products and services. A clear consequence is that any regulatory intervention of the Commission should be directed to a further harmonization or clarification of the existing rules in order to lift the uncertainties and discrepancies in national policies which might impede the free circulation of electronic goods and services. Other key concerns of the European Commission are to refrain from over-regulating electronic markets and businesses and to remain open to a self-regulatory approach and alternative dispute resolution. This last guideline is particularly followed in the recent Draft Directive on electronic commerce4 .

Regulation of Swaps

2019 ◽  
pp. 249-286
Author(s):  
Alan N. Rechtschaffen
Keyword(s):  
Financial Crisis ◽  
Financial Institutions ◽  
Consumer Protection ◽  
Federal Reserve ◽  
Regulatory Regime ◽  
Wall Street ◽  
Regulatory Oversight ◽  
Consumer Protection Act ◽  
Reporting Requirements ◽  
Derivatives Markets

Former Federal Reserve Chairman Ben S. Bernanke classified derivatives as a “vulnerability” of the financial system that led to the financial crisis. He explained that derivatives concentrated risk within particular financial institutions and markets without sufficient regulatory oversight. The Wall Street Reform and Consumer Protection Act—Dodd-Frank—constituted a seismic shift in the regulation of financial institutions and markets in a massive effort to address regulatory shortcomings in derivatives markets. This chapter discusses the Dodd-Frank regulatory regime. Topics covered include the Dodd-Frank and derivatives trading; jurisdiction and registration; clearing, exchange, capital and margin, and reporting requirements; analysis of the provisions of Dodd-Frank on derivatives trading; rationale behind the exemptions and exclusions; the Lincoln Rule; Futures Commission Merchants; and criticisms of Dodd-Frank's derivatives trading provisions.

The Financial Crisis

2019 ◽  
pp. 1-12
Author(s):  
Alan N. Rechtschaffen
Keyword(s):  
Financial Crisis ◽  
Stock Market ◽  
Financial Markets ◽  
Economic Impact ◽  
Free Fall ◽  
Regulatory Framework ◽  
Subprime Lending ◽  
Crisis Period ◽  
The U.S ◽  
Trump Administration

This chapter discusses the origins of the 2007 financial crisis, subprime lending, and government-sponsored entities. It argues that the events driving financial markets to the precipice of collapse during the global financial meltdown gave rise to a regulatory framework that may have been a rational response to a market in free fall, but need to be reassessed in an era of recovery. In 2018, the U.S. economy may be, by many measures, viewed as wholly recovered from the economic impact of the crisis. The stock market is trading at record highs, having erased all the losses of the crisis period and then some. With this recovery, the Trump administration seeks to restrain the regulatory burden imposed during the crisis.

scholarly journals Reflections on English Law Schemes of Arrangement in Distress and Proposals for Reform

2018 ◽  
Vol 15 (3) ◽  
pp. 472-502 ◽  
Author(s):  
Sarah Paterson
Keyword(s):  
Financial Crisis ◽  
European Commission ◽  
Debt Restructuring ◽  
Reform Agenda ◽  
Crucial Question ◽  
The Future ◽  
Corporate Insolvency ◽  
The Government ◽  
The Uk

The English scheme of arrangement process has, in many ways, proved a reliable friend to distressed companies and their majority finance creditors in the decade following the financial crisis. However, experience of using the scheme process to achieve a debt restructuring has highlighted a number of areas where it could be improved for the present, or to make it more adaptable in the future. This article was written at a time when the Insolvency Service had launched a review of the corporate insolvency framework in the UK (and published many of the responses which it has received to the consultation), and the European Commission had published a proposal for a new Directive setting minimum harmonisation standards for restructuring law. Both the consultation and the proposal have significant implications for the reform agenda, and the Government has published its response to the UK consultation just as this article is going to press. This paper focuses on the introduction of a preliminary moratorium as a gateway to restructuring efforts, the crucial question of how to value the enterprise if a cram down mechanism is introduced and the role of the insolvency practitioner in the scheme context.

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