PKF Attest

Economy

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Proposal for a Directive of the European Parliament and of the Council amending Directive 2011/83/EU on distance contracts for financial services and repealing Directive 2002/65/EC.

The Proposal aims to simplify and modernize the legislative framework by repealing the existing Directive 2002/65/EC on Distance Marketing of Consumer Financial Services (DMFSD) and including the relevant aspects of consumer rights in relation to distance contracts for financial services within the horizontal scope of consumer rights. The general objective of the legislation is also maintained, namely to promote the provision of financial services in the internal market while ensuring a high level of consumer protection. This objective is achieved in five different ways:

  1. Easier access to the 14-day right of withdrawal for distance contracts for financial services
    To facilitate the exercise of this right, the operator will offer a withdrawal button when the sale is made by electronic means. In addition, the operator is obliged to send a notice of the right of withdrawal if the pre-contractual information is received less than one day before the contract is concluded.
  2. Clear rules on the content, format and timing of pre-contractual information
    Modernization of electronic communication, imposing an obligation on the seller to provide certain information in advance. The information must also appear prominently on the screen and rules are introduced on the use of pop-up windows or layered links to provide information. The new rules will also ensure that the consumer has sufficient time to understand the information received, at least one day before the actual signing.
  3. Special rules to protect consumers when contracting financial services online
    The proposal obliges operators to offer fair and transparent online systems and to provide appropriate explanations when using online tools such asrobo advisors orchat boxes. There is also the option to request human intervention if the interaction with these online tools is not entirely satisfactory.
  4. Compliance
    More severe penalties will be applied to financial services contracts concluded at a distance in case of widespread cross-border infringements, with a maximum penalty of at least 4% of annual turnover.
  5. Full harmonization to ensure the same high level of consumer protection throughout the internal market
    The proposal introduces full legal harmonization by setting similar rules for all suppliers in any Member State.

The proposed directive is structured in 5 articles followed by an annex.

  • Article 1 on amendments to Directive 2011/83/EU, in addition, introduces Chapter III.a concerning rules relating to financial services contracts concluded at a distance, which encompasses:
    • Information requirements for distance contracts for consumer financial services.
    • Right of cancellation of remote contracts for financial services.
    • Payment for the service rendered prior to withdrawal.
    • Additional protection with respect to online interfaces.
  • Article 2 on transposition. Member States shall adopt and publish, not later than 24 months after their adoption, the laws, regulations and administrative provisions necessary to comply with this Directive. They shall forthwith communicate to the Commission the text of those provisions. They shall apply those provisions from 24 months after their adoption.
  • Article 3 repeals Directive 2002/65/EC with effect from 24 months after its adoption. References to the repealed Directive shall be construed as references to Directive 2011/83/EU, as amended by this Directive, and shall be read in accordance with the correlation table in the Annex to this Directive.
  • Article 4 Entry into force This Directive shall enter into force on the twentieth day following that of its publication in the OJEU.
  • Article 5 establishes that the addressees Directive shall be the Member States.

This is a Commission proposal whose rules will now be discussed by the Council and the European Parliament.

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The new Industry Law seeks not only to regulate industrial activity in Spain, but also to establish the objectives and procedures for industrial policy and promotion that will allow for the adequate, efficient and rapid adaptation and transformation of Spanish industry to cope with all these present and future changes and situations.

Likewise, its objective is to introduce the industrial safety and quality framework that allows the full development of our industries in line with market demands, while contemplating the basic rules for the organization of industrial activities by the Public Administrations, the means and procedures for coordinating the competencies of said Administrations in the field of industry, and regulating the actions of the State Administration in relation to the industrial sector.

The special circumstances of small and medium-sized industrial enterprises must also be taken into account through differential treatment that supports and encourages entrepreneurship, as well as those of mid-cap companies, which are essential for future industrial development.

The Law must address, at least, the following aspects:

I. INDUSTRIAL POLICY AND PROMOTION
It is the function of the Public Administrations to establish the public policies and industrial promotion policies that facilitate, promote and develop industrial modernization, development and competitiveness. A fundamental objective of the law will be the incorporation of instruments of support and encouragement to facilitate the establishment of programs for industrial support, promotion, modernization, sustainability and competitiveness, and tools to contribute to the strengthening of industry and facilitate its adaptation to new and growing requirements, such as: logistic and energy costs, those associated with the circular economy, sustainability, environmental requirements or the protection of consumers and users, so as to enable the Public Administrations to collaborate and influence essential aspects for the future of industry. Industrial policy must contemplate harmonious development and social and territorial cohesion, and address business growth, professional training and qualification, the strengthening of vocational training and the adaptation of university degrees, as well as gender equality and equal opportunities to improve the conditions of industrial companies.

II. REINDUSTRIALIZATION
In order to strengthen the European industrial base, it is necessary that the Public Administrations propose mechanisms and instruments for reindustrialization and the guarantee of a level playing field in the Single Mark and with the rest of the world, reinforcing standardization and accredited conformity assessment, and protecting intellectual and industrial rights.

Strengthening Europe's strategic autonomy and industrial sovereignty is one of the considerations included in the new European industrial model and policies must be developed to address strategic dependencies while safeguarding a competitive industry in a global market.

III. CLIMATE NEUTRALITY AND CIRCULAR ECONOMY
International commitments, especially European, mark specific lines of the need to establish an industry committed to the objectives of sustainable development towards climate neutrality and a more circular economy. Industry has a relevant role to play in what constitutes this challenge and opportunity under the European Green Pact, in particular specific support for the modernization and decarbonization of energy-intensive industries; the promotion of new industrial processes and cleaner technologies, the contribution to industrial competitiveness; the development of regulatory policies, public procurement, fair competition and full participation of SMEs.

It should also facilitate the establishment of a more circular economy by aligning with the European Action Plan for the Circular Economy with the support of industrial promotion policies and the development of innovative models to reduce dependence on raw materials, supporting reuse, repair and recycling.

IV. DIGITAL TRANSFORMATION (DIGITIZATION)
Digital technologies have revolutionized and are drastically changing the industrial context in all links of its value chain. The standard must address the impact of automation and digitization on industry and production processes. The standard will address the modernization of communications and their interconnectivity, as well as their interoperability while addressing cybersecurity.

V. INDUSTRIAL SAFETY AND QUALITY
It is the responsibility of the Public Administrations to control the regulatory compliance of industrial safety activities aimed at preventing and limiting risks, for which reason aspects of market surveillance must be contemplated, reinforcing the figure of the civil servant, as well as the promotion of plans and campaigns for checking the safety conditions of industrial products. Furthermore, within the framework of the competences attributed to the General State Administration, the creation of a public entity in charge of, among others, the homologation of vehicles, the coordination of market surveillance activities, as well as the carrying out of studies on industrial safety, is proposed.

Industrial quality is one of the basic pillars to ensure and promote industrial competitiveness. Public administrations are responsible for ensuring a quality infrastructure for standardization, accreditation, metrology (scientific, applied and legal) and conformity assessment activities (testing, inspection, certification, validation and verification, among others).

VI. GOVERNANCE
It is necessary to reflect on the instruments of coordination with the different agents, entities, technological centers, universities, competent Public Administrations involved in industrial promotion and development, necessary for the analysis, reflection, evaluation and impulse of industrial policies.

The prior consultation will be open until May 17, 2022.

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Public Hearing on the Preliminary Draft Bill on accessibility requirements for certain products and services transposing into Spanish law Directive (EU) 2019/882 of the European Parliament and of the Council of 17 April 2019.

The preliminary draft law fully transposes Directive (EU) 2019/882 of the European Parliament and of the Council of 17 April 2019 on accessibility requirements for products and services, which seeks to put an end to the fragmentation of the market for accessible products and services, create economies of scale, facilitate cross-border trade and mobility and help economic operators to focus their resources on innovation, as existing disparities between Member States constitute barriers to the free movement of these products and services, and distort effective competition in the internal market.

Among the objectives of the draft bill is, on the one hand, to guarantee that the products and services included in its scope of application comply with the accessibility requirements necessary to optimize their foreseeable use in an autonomous manner by persons with disabilities. On the other hand, to contribute to the correct functioning of the internal market in the European Union through the approximation of the Spanish legal, regulatory and administrative provisions with the rest of the Member States, in relation to the accessibility requirements for certain products and services, in particular by eliminating and avoiding obstacles to the free circulation of products and services derived from divergences in the accessibility requirements among the Member States.

The public hearing ends on April 25, 2022.

We offer regulatory advisory services in a business environment in which it is essential to have as much information as possible to support decision making. From the Regulation & Public Policy Group we are able to help manage business regulatory risk through our regulatory monitoring and regulatory intelligence services.

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On March 29, 2022, the Council of Ministers approved Royal Decree-Law 6/2022, of March 29, 2022, published in the BOE on the same day, adopting urgent measures within the framework of the National Plan of response to the economic and social consequences of the war in Ukraine, approved yesterday by the Council of Ministers.

The plan will mobilize 16,000 million euros, with 6,000 million euros in aid and tax rebates and 10,000 million euros in ICO credits, and is organized in five axes:

  1. Families, workers and displaced persons.
  2. Economic and business fabric.
  3. Transportation.
  4. Cybersecurity.
  5. Energy.

Among the main topics discussed were:

  • Aid to families and workers.
  • Limitation of rents.
  • A 15% increase in the minimum living income.
  • Electricity social voucher for 1.9 million households.
  • New line of 10,000 million in ICO guarantees.
  • Aid for the agricultural and fishing sector.
  • Aid to the electro-intensive and gas-intensive industry.
  • Incentives to the cultural industry.
  • More than 1,000 million to the transportation sector.
  • Promotion of renewable energies.
  • Social security contributions for companies.
  • Facilities to Ukrainian refugees.
  • Reception of refugees.
  • Protection of vulnerable people.
  • Measures in the educational field.
  • Energy efficiency of the Administration.
  • Measures for the assurance of food labeling.

The 160-page Royal Decree-Law is structured in an expository part and an operative part, consisting of four titles, divided into 51 articles, 20 additional provisions, 8 transitory provisions, one derogatory provision and 43 final provisions.

The regulation enters into force the day after its publication in the BOE.

Since it is a Royal Decree-Law, the Congress of Deputies must vote on its validation or repeal within the next 30 days. In the event of a vote on its validation, this may be in all its terms or its processing as a bill may be agreed, which could give rise to the introduction of modifications to the text through amendments by the parliamentary groups.

Our Regulation & Public Policy team has analyzed the contents of the Royal Decree-Law and has prepared an analysis of the same:

Access to the document

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Royal Decree 210/2022, of March 22, establishing the rules governing the Youth Cultural Voucher (Bono Cultural Joven).

The purpose of the Royal Decree is to regulate the aid program called Bono Cultural Joven, provided for in the one hundred and twenty-second additional provision of Law 22/2021, of December 28, of the General State Budget for the year 2022, aimed at facilitating the access of young audiences to culture.

As a pillar of the regulation, it establishes that spending should be distributed and diversified among three different sectors, with maximum amounts for each.

  • The voucher is expected to subsidize live arts, cultural heritage and audiovisual arts up to a maximum of 200 euros per beneficiary. It will be distributed among tickets and season tickets for performing arts, live music, cinema, museums, libraries, exhibitions and performing, literary, musical or audiovisual festivals.
  • In addition, the program includes subsidies for cultural products in physical support up to a maximum of 100 euros: books; magazines, newspapers, or other periodicals; video games, musical scores, records, CDs, DVDs or Blu-ray.
  • 100 for digital or online consumption: subscriptions and rentals to music, reading or audio-reading or audiovisual platforms, purchase of audio books, purchase of digital books (e-books), subscription to download multimedia files (podcasts), subscriptions to online video games, digital subscriptions to newspapers, magazines or other periodicals. Such subscriptions will be limited to a maximum of four.

The Bono Cultural Joven will be of exclusive use in establishments or institutions adhered to the program, that provide services in Spain and that, in a professional and habitual manner, carry out activities of sale or provision of cultural products, activities and services.