emendrix

Art. 9

European Securities and Markets Authority Regulation · 32010R1095 · every event for this act · on EUR-Lex

Tasks related to consumer protection and financial activities

2 changes recorded across 2 events, newest first.

in force 2024-12-24 MODIFIED+0 −3

Amended by Regulation (EU) 2024/2987 32024R2987 · Regulation (EU) 2023/1114 32023R1114

applies from: unchanged

Sources disagree about what is listed, not about the text — the text comparison found this change; the EU's own amendment metadata does not list it. Both are shown; neither is overruled.

In point (e) of Article 9(1)(1), the trailing word "and" that followed the semicolon has been removed, leaving the list punctuation adjusted with no wording change to the substance of the point.

Cited: Art. 9, v1 · Art. 9, v2

text before / after

02010R1095-20220812 → 02010R1095-20241230

Article 9 Tasks related to consumer protection and financial activities 1. The Authority shall take a leading role in promoting transparency, simplicity and fairness in the market for consumer financial products or services across the internal market, including by: (a) collecting, analysing and reporting on consumer trends, such as the development of costs and charges of retail financial services and products in Member States; (aa) undertaking in-depth thematic reviews of market conduct, building a common understanding of markets practices in order to identify potential problems and analyse their impact; (ab) developing retail risk indicators for the timely identification of potential causes of consumer and investor harm; (b) reviewing and coordinating financial literacy and education initiatives by the competent authorities; (c) developing training standards for the industry; and (d) contributing to the development of common disclosure rules; (e) contributing to a level playing field in the internal market where consumers and other users of financial services have fair access to financial services and products; and (f) coordinating mystery shopping activities of competent authorities, if applicable. 2. The Authority shall monitor new and existing financial activities and may adopt guidelines and recommendations with a view to promoting the safety and soundness of markets, and convergence and effectiveness … 394 unchanged words … assess the need to prohibit or restrict certain types of financial activity or practice and, where there is such a need, inform the Commission and the competent authorities in order to facilitate the adoption of any such prohibition or restriction.

in force 2020-01-01 MODIFIED

Amended by Regulation (EU) 2019/2175 32019R2175

applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)

dates added to the text: 2016-04-27

Paragraph 1 gains new points on retail cost and charge trends, thematic market conduct reviews, retail risk indicators, a level-playing-field goal, and coordination of mystery shopping, alongside the existing points on consumer trends, financial literacy, training standards and disclosure rules.

Paragraph 4 renames the committee to cover consumer protection as well as financial innovation, widens its membership to consumer-protection authorities, adds a cooperation duty with the European Data Protection Board and a possible role for national data protection authorities as observers, and paragraph 2 adds effectiveness of supervisory practices to the convergence goal.

Paragraph 5 extends the temporary-prohibition power to marketing, distribution or sale of products or instruments causing significant financial damage to customers or consumers, changes the review interval from three months with automatic expiry to six months with possible annual renewal after two renewals based on impact analysis, and adds the competent authorities alongside the Commission as recipients of information on prohibiting or restricting a financial activity or practice.

Cited: Art. 9, v1 · Art. 9, v2

text before / after, on the event page →