51999AP0190

A4-0190/99

Proposal for a European Parliament and Council Directive concerning the distance marketing of consumer financial services and amending Council Directive 90/619/EEC and Directives 97/7/EC and 98/27/EC (COM(98)0468 - C4-0647/98 - 98/0245(COD))

The proposal was approved with the following amendments:

(Amendment 1)

First citation

>Original text>

Having regard to the Treaty establishing the European Community, and in particular Article 57(2) and Articles 66 and 100a thereof,

>Text following EP vote>

Having regard to the Treaty establishing the European Community, and in particular Articles 47(2), 55, 95

and 153 thereof,

(Amendment 2)

Recital 3

>Original text>

(3) Whereas, within the framework of the internal market, it is in the interest of consumers to have access without discrimination to the widest possible range of financial services available in the Community so that they can choose those that are best suited to their needs; whereas in order to safeguard freedom of choice, which is an essential consumer right, a certain degree of protection is required in order to enhance their confidence in distance selling;

>Text following EP vote>

(3)

Whereas, within the framework of the internal market, it is in the interest of consumers to have access without discrimination to the widest possible range of financial services available in the Community so that they can choose those that are best suited to their needs; whereas in order to safeguard freedom of choice, which is an essential consumer right, a high level of consumer protection is required in order to enhance consumer confidence in distance selling;

(Amendment 3)

Recital 5

>Original text>

(5) Whereas the establishment of a legal framework governing the distance marketing of financial services should contribute to promoting the advent of the information society and the development of electronic commerce;

>Text following EP vote>

(5)

Whereas given the immaterial nature of financial services they are particularly suited to be concluded at a distance and whereas the establishment of a legal framework governing the distance marketing of financial services is necessary to increase the confidence of consumers in the use of the new techniques for the distance purchasing of financial services, such as electronic commerce;

(Amendment 4)

Recital 8

>Original text>

(8) Whereas the adoption by the Member States of conflicting or different consumer protection rules governing the distance marketing of consumer financial services would impede the functioning of the internal market and competition between firms in the market; whereas it is therefore necessary to enact common rules at Community level in this area;

>Text following EP vote>

(8)

Whereas the adoption by the Member States of conflicting or different consumer protection rules governing the distance marketing of consumer financial services would impede the functioning of the internal market and competition between firms in the market; whereas it is therefore necessary to enact common rules at Community level in this area, consistent with no reduction in overall consumer protection in any Member State;

(Amendment 7)

Recital 11

>Original text>

(11) Whereas, in accordance with the principles of subsidiarity and proportionality as set out in Article 3b of the Treaty, the objectives of this Directive cannot be sufficiently achieved by the Member States and can therefore be better achieved by the Community; whereas it is necessary by also sufficient to enact measures which allow consumers to inform themselves and to consider the proposed contractual terms and conditions, as well as measures to ensure that those rights are respected; whereas it is also appropriate to enact measures to protect consumers against the high-pressure selling of financial services and against certain unsolicited uses of means of distance communication; whereas consumers cannot fully enjoy the rights vested in them by this Directive unless appropriate arrangements are made for settling disputes;

>Text following EP vote>

(11)

Whereas, in accordance with the principles of subsidiarity and proportionality as set out in Article 3b of the Treaty, the objectives of this Directive cannot be sufficiently achieved by the Member States and can therefore be better achieved by the Community; whereas it is also appropriate to enact measures to protect consumers against the high-pressure selling of financial services and against certain unsolicited uses of means of distance communication; whereas consumers cannot fully enjoy the rights vested in them by this Directive unless appropriate arrangements are made for settling disputes;

(Amendment 42)

Recital 13

>Original text>

Whereas a single contract involving successive operations may be subject to different legal treatment in the different Member States, whereas, however, it is important that this Directive be applied in the same way in all the Member States; whereas, to this end, it is appropriate that this Directive should be considered to apply to the first of a series of successive operations, or to the first of a series of separate operations over a period of time which may be considered as forming a whole, irrespective of whether that operation or series of operations are the subject of a single contract or several successive contracts;

>Text following EP vote>

Whereas a single contract involving successive operations may be subject to different legal treatment in the different Member States, whereas, however, it is important that this Directive be applied in the same way in all the Member States; whereas, to this end, it is appropriate that this Directive should be considered to apply to the first

operation;

(Amendment 9)

Recital 14

>Original text>

(14) Whereas by covering a service-provision scheme organised by the financial services provider, this Directive aims to exclude from its scope services provided on a strictly occasional basis and outside a commercial structure dedicated to the conclusion of distance contracts;

>Text following EP vote>

Deleted

(Amendment 10)

Recital 16

>Original text>

(16) Whereas the use of means of distance communications must not lead to an unwarranted restriction on the information provided to the client; whereas in the interest of transparency this Directive lays down the requirements needed to ensure that an appropriate level of information is provided to the consumer both before and after conclusion of the contract; whereas the consumer must receive, before conclusion of the contract, the contractual terms and conditions so that he can properly appraise the offer and hence make a well informed choice; whereas the contractual terms and conditions may not be unilaterally modified for a period of 14 days in order to give the consumer time for reflection;

>Text following EP vote>

(16)

Whereas the use of means of distance communications must not lead to an unwarranted restriction on the information provided to the client; whereas in the interest of transparency this Directive lays down the requirements needed to ensure that an appropriate level of information is provided to the consumer both before and after conclusion of the contract; whereas the consumer should receive, before conclusion of the contract, the contractual terms and conditions and a summary of the most important contractual terms and conditions, so that he can properly appraise the offer and hence make a well informed choice; whereas the supplier must specify how long his offer applies as it stands;

(Amendment 11)

Recital 17

>Original text>

(17) Whereas provision should be made for a right of withdrawal on the part of the consumer, without penalty and without having to furnish grounds, whenever the contract has been concluded by the consumer without his having received, at the time of conclusion of the contract, the contractual terms and conditions applicable to it, or whenever he has been unfairly induced to conclude the contract during the reflection period set out in this Directive;

>Text following EP vote>

(17)

Whereas provision should be made for a right of withdrawal on the part of the consumer, without penalty and without having to furnish grounds;

(Amendment 12)

Recital 18

>Original text>

(18) Whereas provision should be made for a reinforcement of the right of consumers to withdraw from contracts relating to mortgages, life insurance and personal pension operations;

>Text following EP vote>

Deleted

(Amendment 13)

Recital 19

>Original text>

(19) Whereas consumers should be protected against unsolicited sales; whereas consumers should be exempt from any obligation in the case of unsolicited supplies, the absence of a reply not being construed as signifying consent on their part; whereas, however, this rule should be without prejudice to the tacit renewal of contracts validly concluded between the parties;

>Text following EP vote>

(19)

Whereas consumers should be protected against unsolicited services; whereas consumers should be exempt from any obligation in the case of unsolicited services, the absence of a reply not being construed as signifying consent on their part; whereas, however, this rule should be without prejudice to the tacit renewal of contracts validly concluded between the parties;

(Amendment 14)

Recital 26a (new)

>Original text>

>Text following EP vote>

(26a) Whereas with a view to optimum protection of the consumer, it is important that the consumer should be adequately informed of the provisions of this Directive and of any codes of conduct existing in this area;

(Amendment 57)

Article 1(1a) (new)

>Original text>

>Text following EP vote>

1a. In order to promote the cross-border marketing of financial services and to protect consumers in cross-border purchases of financial services, Member States may not adopt provisions other than those laid down in this Directive in the fields harmonised by this Directive.

(Amendment 43)

Article 1(2)

>Original text>

2. In the case of contracts for financial services comprising successive operations or a series of separate operations performed over time, the provisions of this Directive shall apply only to the first operation, irrespective of whether those operations are deemed by national law to form part of a single contract or individual separate contracts.

>Text following EP vote>

2.

In the case of contracts for financial services comprising successive operations or a series of separate operations performed over time, the provisions of this Directive shall apply only to the first operation.

(Amendments 40 and 44)

Article 1(2a) (new)

>Original text>

>Text following EP vote>

2a. The provisions of Articles 3 to 11 of this Directive shall not apply to contracts in which the consumer's declaration is made with the assistance of a notary public.

(Amendment 45)

Article 2(a)

>Original text>

(a) 'distance contract` means any contract concerning financial services concluded between a supplier and a consumer under an organised distance sales or service-provision scheme run by the supplier, who, for the purpose of that contract, makes use of means of distance communication up to and including the time at which the contract is concluded;

>Text following EP vote>

(a)

'distance contract` means any contract concerning financial services between a supplier and a consumer in which the supplier, for the purpose of that contract, makes exclusive use of means of distance communication up to and including the time at which the contract is concluded;

(Amendment 46)

Article 2(b)

>Original text>

(b) 'financial service¨ means any service relating to the activities of credit institutions, insurance companies or investment firms, as referred to in Council Directives 89/646/EEC, 93/22/EEC, 73/239/EEC and 79/267/EEC; an indicative list of those services is provided in the Annex;

>Text following EP vote>

(b)

'financial service¨ means any service relating to the activities of credit institutions, insurance companies or investment firms, as referred to in Council Directives 85/611/EEC(1), 89/646/EEC, 93/22/EEC, 73/239/EEC and 79/267/EEC and amendments thereto; an indicative list of those services is provided in the Annex;

- ---------------------

(1) OJ L 375, 31.12.1985, p. 3

(Amendment 19)

Article 2(d)

>Original text>

(d) 'consumer' means any natural person resident in the territory of the Community who, in contracts covered by this Directive, is acting for purposes which are outside his trade, business or profession;

>Text following EP vote>

(d)

'consumer' means any natural person who, in contracts covered by this Directive, is acting for purposes which are outside his trade, business or profession;

(Amendment 20)

Article 2(f)

>Original text>

(f) 'durable medium' means any instrument enabling the consumer to store information, without himself having to record this information, and in particular floppy disks, CD-ROMs, and the hard drive of the consumer's computer on which electronic mail is stored;

>Text following EP vote>

(f)

'durable medium' means any instrument enabling the consumer to store and/or print information, without himself having to record this information, and in particular floppy disks, CD-ROMs, and the hard drive of the consumer's computer on which electronic mail is stored; the medium must be such as to allow the information stored to be printed by the consumer and rendered into permanent form; the durable medium may be used only if it can be proved to be secure against any form of manipulation, in particular with regard to content and the contracting parties;

(Amendment 21)

Article 3, title and (1) and (2)

>Original text>

Right of reflection before conclusion of the contract

>Text following EP vote>

Communication of contractual terms and conditions

>Original text>

1. Before conclusion of a distance contract, the supplier shall communicate all the contractual terms and conditions to the consumer in writing or in a durable medium available and accessible to him. The supplier may not unilaterally modify these terms for a period of fourteen days.

>Text following EP vote>

1.

Before conclusion of a distance contract, the supplier shall communicate all the contractual terms and conditions to the consumer in writing or, if the consumer agrees, in a durable medium available and accessible to him.

>Original text>

The parties may agree on a longer period.

However, consumers may conclude the contract before expiry of the period referred to in the first subparagraph or the agreed period.

The consumer's silence at the end of the reflection period shall not be construed as signifying his consent.

>Text following EP vote>

A summary of the most important contractual terms and conditions in language easily understood by the consumer shall be attached to the contractual terms and conditions.

This summary shall include the following information:

(a) the identity and address of the supplier;

>Original text>

>Text following EP vote>

(b) the main characteristics of the financial service;

>Original text>

>Text following EP vote>

(c) the price of the financial service including all taxes;

>Original text>

>Text following EP vote>

(d) the arrangements for payment, delivery or performance of the contract;

>Original text>

>Text following EP vote>

(e) the existence and duration of a right of withdrawal within the meaning of Article 4;

>Original text>

>Text following EP vote>

(f) the cost of using the means of distance communication, where it is calculated other than at the basic rate;

>Original text>

>Text following EP vote>

(g) the period for which the offer or the price remains valid;

>Original text>

>Text following EP vote>

(h) where appropriate, the minimum duration of the contract in the case of financial services to be performed permanently or recurrently;

>Original text>

>Text following EP vote>

(i) information on cancelling the contract;

>Original text>

>Text following EP vote>

(j) the applicable law and complaints and redress procedure including the address of the supervisory authority to which the consumer may address any complaints;

>Original text>

>Text following EP vote>

(k) the address of the contact point, established in the consumer's Member State in accordance with Directive --/--/-- on certain legal aspects of electronic commerce in the internal market, from which consumers and service providers can obtain information on their contractual rights and obligations and receive assistance in the event of disputes;

>Original text>

2. The periods referred to in paragraph 1 shall be calculated from the day on which the consumer receives the contractual terms and conditions in writing or in a durable medium available and accessible to him.

>Text following EP vote>

2. The information referred to in paragraph 1, the commercial purpose of which must be made clear, shall be provided in a clear and comprehensible manner in any way appropriate to the means of distance communication used, with due regard, in particular, to the principles of good faith in commercial transactions, and the principles governing the protection of those who are unable, pursuant to the legislation of the Member States, to give their consent, such as minors.

>Original text>

>Text following EP vote>

2a. The consumer's silence shall not be construed as signifying his consent.

(Amendments 38, 39/rev., 22, 48, 49 and 50 )

Article 4, title and (1) to (3)

>Original text>

Right of withdrawal after conclusion of the contract

>Text following EP vote>

Right of withdrawal

>Original text>

1. Where the contract has been concluded at the consumer's request before the contractual terms and conditions have been communicated to him by the supplier, the supplier shall communicate the contract to the consumer in writing or in a durable medium available and accessible to him once the contract has been concluded.

The consumer has a right of withdrawal for 14 days, without incurring any penalty and without having to indicate his grounds. This period shall be extended to 30 days in the case of contracts relating to mortgages, life assurance or personal pension operations.

>Text following EP vote>

1. The consumer may, without stating his reasons and without having to pay contract penalties, withdraw from the contract within 30 days

(a) of the conclusion of the contract or,

(b) notwithstanding the terms of Article 3, where the contract is concluded, at the consumer's specific request, before the contractual terms and conditions have been received by the consumer in durable form, the provisions of this Article with regard to an unconditional right of withdrawal shall be deemed to apply from the date of their receipt.The withdrawal period shall be calculated from the day on which the consumer receives the contractual terms and conditions.

>Original text>

The right of withdrawal shall not apply to contracts concerning:

>Text following EP vote>

The right of withdrawal shall not apply to:

>Original text>

>Text following EP vote>

(-a) the financial services referred to in point 2 of the Annex, where the consumer has received the information referred to in Article 3 and the full terms and conditions prior to the conclusion of the contract;

>Original text>

(a) the financial services referred to in points 5 and 7 of the Annex, whose price depends on market fluctuations outside the supplier's control;

>Text following EP vote>

(a) contracts on the financial services referred to in points 5 and 7 of the Annex, the prices of which are subject to fluctuations over which the supplier has no influence;

>Original text>

(b) non-life insurance policies of less than one month's duration.

>Text following EP vote>

(b)

non-life insurance contracts valid for less than one month, unless the consumer does not receive the contractual terms and conditions before the contract is concluded;

>Original text>

>Text following EP vote>

(ba) contracts concerning the provision of financial services, execution of which commenced, with the consent of the consumer, before the end of the relevant period referred to in the first subparagraph.

>Original text>

2. Where the contract is concluded by the consumer during the reflection period provided for in Article 3 and he has been unfairly induced to do so by the supplier, the consumer shall have a right of withdrawal for fourteen days without incurring any charge or penalty, and without prejudice to his right to seek compensation for the damage he has suffered.

>Text following EP vote>

2.

Where the contract is concluded by the consumer and he has been unfairly induced to do so by the supplier, the contract may be cancelled with all the legal effects that this entails pursuant to the law applicable to the contract, without prejudice to the consumer's right to seek compensation for the damage he has suffered.

>Original text>

When suppliers communicate objective information to the consumer on prices of financial services that depend on market fluctuations, this shall not be considered as an unfair inducement.

>Text following EP vote>

When suppliers communicate objective information to the consumer on prices of financial services that depend on market fluctuations, this shall not be considered as an unfair inducement.

>Original text>

The withdrawal period shall run from the conclusion of the contract.

>Text following EP vote>

>Original text>

3. The consumer shall exercise his right of withdrawal by notifying the supplier to this effect in writing or in a durable medium available and accessible to the supplier.

>Text following EP vote>

3.

The consumer shall exercise his right of withdrawal by notifying the supplier to this effect in writing.

(Amendment 23)

Article 5

>Original text>

1. Where the consumer exercises his right of withdrawal under Article 4(1), he may be required to pay, without any undue delay, only:

>Text following EP vote>

1.

Where the consumer exercises his right of withdrawal under Article 4(1), he may be required to pay, without any undue delay, only

either:

>Original text>

(a) the price of the financial service actually provided by the supplier, where that price can be determined by the supplier before conclusion of the contract;

>Text following EP vote>

(a)

the price of the financial service actually provided by the supplier, where that price can be determined by the supplier before conclusion of the contract; or

>Original text>

(b) the part of the total price of the financial service covered by the contract on a pro rata basis for the period between the day on which the contract was concluded and the day on which he exercises his right of withdrawal, where the price cannot be determined by the supplier before conclusion of the contract.

>Text following EP vote>

(b)

the part of the total price of the financial service covered by the contract on a pro rata basis for the period between the day on which the contract was concluded and the day on which he exercises his right of withdrawal, where the price cannot be determined by the supplier before conclusion of the contract.

>Original text>

>Text following EP vote>

In either point (a) or point (b) the amount payable may not be such that it could be construed as a penalty.

>Original text>

2. The supplier shall inform the consumer, before the conclusion of the contract, in any way appropriate to the means of distance communication used, of the price or the amount used as a basis for calculating the price which he will be required to pay pursuant to paragraph 1 if he exercises his right of withdrawal.

>Text following EP vote>

2.

The supplier shall inform the consumer, before the conclusion of the contract, in any way appropriate to the means of distance communication used, in the case of point (a) of the price or, in the case of point (b), of the amount used as a basis for calculating the price which he will be required to pay pursuant to paragraph 1 if he exercises his right of withdrawal.

>Original text>

Unless he can prove that the consumer was duly informed about the price, the supplier may not require the consumer to pay any amount where he exercises his right of withdrawal.

>Text following EP vote>

Unless he can prove that the consumer was duly informed about the price, the supplier may not require the consumer to pay any amount where he exercises his right of withdrawal.

>Original text>

3. The supplier shall, without any undue delay, return to the consumer any sums he has received from him on conclusion of the distance contract, except for the sums referred to in paragraph 1.

>Text following EP vote>

3.

The supplier shall, without any undue delay and at the latest within fourteen days, return to the consumer any sums he has received from him on conclusion of the distance contract, except for the sums referred to in paragraph 1.

(Amendment 51)

Article 7

>Original text>

Communication of the contractual terms and conditions provided for in Articles 3 and 4 may be effected in writing or in a durable medium available and accessible to the consumer, notwithstanding any other provision which provides that such communication may only be in writing.

>Text following EP vote>

Communication of the contractual terms and conditions provided for in Articles 3 and 4

shall be effected in writing or, subject to the consumer's consent, in a durable medium available and accessible to the consumer and in a clear and comprehensible way.

(Amendment 25)

Article 8

>Original text>

1. If the financial service which is the subject of the contract is partly or totally unavailable, the supplier shall duly inform the consumer without any undue delay.

>Text following EP vote>

1.

If the financial service which is the subject of the contract is partly or totally unavailable, the supplier shall duly inform the consumer without delay.

>Original text>

2. If the financial service is totally unavailable, the supplier shall, without any undue delay, reimburse any sum paid by the consumer.

>Text following EP vote>

2.

If the financial service is totally unavailable the supplier shall, as quickly as possible and at the latest within fourteen days, reimburse any sum paid by the consumer.

>Original text>

3. If the financial service is only partly available, the contract may only be performed with the express consent of the consumer and the supplier.

>Text following EP vote>

3.

If the financial service is only partly available, the contract may be performed with the express consent of the consumer and supplier.

>Original text>

Failing this, the supplier shall return to the consumer any sums paid by him.

>Text following EP vote>

In the absence of the consumer's express consent, the supplier shall reimburse all sums paid by the consumer as quickly as possible and at the latest within fourteen days.

>Original text>

Where the service is only partly performed, the supplier shall return to the consumer all sums relating to the part of the service which has not been performed.

>Text following EP vote>

Where the service is only partly performed, the supplier shall

, as quickly as possible and at the latest within fourteen days, return to the consumer all sums relating to the part of the service which has not been performed.

>Text following EP vote>

3a. The Member States shall take appropriate measures to ensure that the consumer:

>Text following EP vote>

- can request the cancellation of a payment in the case of fraudulent use of his debit/credit card in transactions falling within the Directive;

>Text following EP vote>

- is reimbursed in the case of fraudulent use of the payment.

(Amendment 26)

Article 8a (new)

>Original text>

>Text following EP vote>

Article 8a

In the event of the consumer exercising his rights pursuant to Article 4(1) or in the cases provided for in Article 8, and in order to avoid fraudulent use of the contract, the consumer shall, without any undue delay, return to the supplier all contractual documents communicated on conclusion of the contract.

(Amendment 27)

Article 9

>Original text>

1. Without prejudice to the legal rules of the Member States concerning the tacit extension of contracts, the distance supply of unsolicited financial services to consumers shall be prohibited.

>Text following EP vote>

Without prejudice to the legal provisions of the Member States on the tacit

renewal of contracts, consumers shall be exempt from any obligations in cases of unsolicited supplies and the absence of a response shall not constitute consent by them.

>Original text>

2. Consumers shall be exempt from any obligations in cases of unsolicited supplies and the absence of a response shall not constitute consent by them.

>Text following EP vote>

(Amendments 52 and 28)

Article 10(1) and (2), 1st subparagraph

>Original text>

1. The use of automated calling systems without human intervention (automatic calling machines) or fax machines in marketing financial services at a distance may be authorised only in respect of consumers who have already given their consent.

>Text following EP vote>

1. The use of

telephones, electronic mail, automated calling systems without human intervention (automatic calling machines) or fax machines in marketing financial services at a distance may be authorised only in respect of consumers who have already given their consent.

>Original text>

2. Member States shall take appropriate measures to ensure that communications not solicited by consumers and made with a view to selling distance financial services by means other than those referred to in paragraph 1,

>Text following EP vote>

2.

Member States shall take appropriate measures to ensure that communications not solicited by consumers and made with a view to selling distance financial services by means other than those referred to in paragraph 1 may be used only where there is no clear objection from the consumer.

>Original text>

(a) shall not be authorised if the consent of the consumer in question has not been given, or

(b) may only be used in the absence of express prior objection from consumers.

>Text following EP vote>

Member States shall lay down in their legislation that service providers shall provide efficient, free of charge, easy to access and well publicised means to allow recipients to choose not to receive unsolicited commercial communications. Member States shall ensure that the operation and enforcement of such effective opt-out systems for cross-border unsolicited communication services shall be compatible with the principles of the Treaty and shall be governed by a code of conduct at Community level to be agreed and in place within four years of this Directive coming into force.

>Original text>

>Text following EP vote>

Moreover, in the case of telephone communications, the identity of the supplier and the commercial purpose of the call shall be made explicitly clear at the beginning of any conversation with the consumer.

(Amendment 29)

Article 12(1)

>Original text>

1. Member States shall ensure that adequate and effective complaints and redress procedures for the settlement of disputes between suppliers and consumers are put in place, using existing procedures where appropriate.

>Text following EP vote>

1.

Member States shall ensure that adequate and effective complaints and redress procedures for the settlement of disputes between suppliers and consumers are put in place, using existing procedures where available.

(Amendment 30)

Article 12(3)

>Original text>

3. Member States shall encourage the public or private bodies established for the out-of-court settlement of disputes to cooperate in the resolution of cross-border disputes.

>Text following EP vote>

3.

Member States shall ensure that the public or private bodies or ombudsman's services established for the out-of-court settlement of disputes cooperate in the resolution of cross-border disputes.

(Amendment 31)

Article 12(4a) (new)

>Original text>

>Text following EP vote>

4a. Without prejudice to the specific provisions of the Brussels Convention governing insurance, actions brought by consumers pursuant to this Directive against any other party to the contract may be brought before the courts of the State on whose territory this party is domiciled or before the court of the State on whose territory the consumer is domiciled, whichever the consumer may choose.

>Original text>

>Text following EP vote>

Consumers may only be brought before the courts of the Member State on whose territory they are domiciled.

>Original text>

>Text following EP vote>

The rules established in the first and second subparagraphs may only be derogated from in conventions adopted after the emergence of the dispute, or conventions allowing consumers to bring actions before jurisdictions other than those referred to in the first subparagraph.

(Amendment 34)

Article 13a (new)

>Original text>

>Text following EP vote>

Article 13a

The private law of the Member States shall remain applicable save where this Directive explicitly provides for exceptions.

(Amendment 35)

Article 17(1), first subparagraph

>Original text>

1. Member States shall bring into force the laws, regulations and administrative provisions necessary to comply with this Directive by 30 June 2002 at the latest. They shall forthwith inform the Commission thereof.

>Text following EP vote>

1.

Member States shall bring into force the laws, regulations and administrative provisions necessary to comply with this Directive by 30 June 2001 at the latest. They shall forthwith inform the Commission thereof.

(Amendment 36)

Article 17(2a) (new)

>Original text>

>Text following EP vote>

2a. No later than four years after the entry into force of this Directive, the Commission shall submit a report to the European Parliament and the Council on the application of this Directive, accompanied by a proposal to revise the directive, if appropriate.

Legislative resolution embodying Parliament's opinion on the proposal for a European Parliament and Council Directive concerning the distance marketing of consumer financial services and amending Council Directive 90/619/EEC and Directives 97/7/EC and 98/27/EC (COM(98)0468 - C4-0647/98 - 98/0245(COD))(Codecision procedure: first reading)

The European Parliament,

- having regard to the Commission proposal to Parliament and the Council, COM(98)0468 - 98/0245(COD) ((OJ C 385, 11.12.1998, p. 10.)),

- having regard to Articles 189b(2) (now Article 251(2)), 57(2) (now Article 47(2)), 66(2) (now Article 55(2)), 129a and 100a (now Article 47(2)) of the EC Treaty (C4-0647/98), pursuant to which the Commission submitted its proposal,

- having regard to Rule 58 of its Rules of Procedure,

- whereas the proposed legal basis is inadequate and whereas reference should also be made to Article 153 of the EC Treaty,

- having regard to the report of the Committee on the Environment, Public Health and Consumer Protection and the opinions of the Committee on Economic and Monetary Affairs and Industrial Policy and the Committee on Legal Affairs and Citizens' Rights (A4-0190/99),

1. Approves the Commission proposal, subject to Parliament's amendments;

2. Calls on the Commission to alter its proposal accordingly, pursuant to Article 250(2) of the EC Treaty;

3. Calls on the Council to approve all Parliament's amendments and definitively adopt the act thus amended;

4. Points out that the Commission is required to submit to Parliament any modification it may intend to make to its proposal as amended by Parliament;

5. Instructs its President to forward this opinion to the Council and Commission.