Thursday, 24 July 2014

EU Council on access to banking services and e-signatures

Yesterday the EU Council of Ministers adopted the Directive on the transparency and comparability of payment account fees, payment account switching and access to a basic payment account. As we have previously mentioned (Easy money), this new Directive aims to increase the transparency of payments in the EU, as well as ensure that EU citizens are able to open a basic account in any Member State regardless whether they are resident in it or what their financial situations looks like. The implementation deadline for the Member States is two years. (The right to a basic account for all European citizens: Commission welcomes Council adoption)

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The Council has also adopted a new Regulation on electronic identification, which aims at improving online cross-border transactions by enhancing trust in electronic transactions (see earlier post: Parliament endorsing proposed EU e-signature). It will allow parties involved in e-commerce to easily recognised and authenticate electronic transactions, and this mutual recognition is planned to occur in 2018. (Council adopts electronic identification rules)

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