Comments on the European Commission Green Paper — ‘Financial services: Meeting consumers' expectations’
| Pages | 107-114 |
| Date | 01 February 1997 |
| Published date | 01 February 1997 |
| DOI | https://doi.org/10.1108/eb024915 |
| Author | Marc Dassesse |
| Subject Matter | Accounting & finance |
Comments on the European Commission
Green Paper — 'Financial services: Meeting
consumers' expectations'
Marc Dassesse
Received: 16th December, 1996
McKenna and Cuneo LLP, 56 Rue des Colonies (Box 14).
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Journal of Financial Regulation and Compliance Volume 5 Number 2
Mark Dassesse is Professor at the Faculty
of Law and at the Institute for European
Studies of the Free University of Brussels.
He is a member of the Brussels Bar and a
partner at McKenna & Cuneo, LLP. He has
written numerous articles in the field of
EC
tax law and banking and EC financial law
and is co-author of 'EC Banking Law' pub-
lished by Lloyds of London Press.
ABSTRACT
This paper is a text of the report which the
author presented on 6 November 1996, as
Reporter for the Financial Services Industry,
on the
occasion
of
the
hearing
organised
by the
European Commission in respect of the Green
Paper.
INTRODUCTION
Securities transactions and investment ser-
vices business are conducted by both credit
institutions (banks) and investment services
firms. This paper deals, therefore, with
issues that are common to both categories
of institution (hereafter referred to as finan-
cial institutions).
The aim of the present paper is to tackle
some issues that appear to be at the root of:
(i) the great many specific difficulties faced
by certain financial institutions or by cer-
tain categories of financial institution in the
conduct of their business; and (ii) certain of
the complaints raised by consumer organi-
sations. The paper, therefore, will seek to
tackle the root cause of the difficulties aris-
ing rather than any specific examples
thereof.
KEY UNDERLYING ISSUES
There are two main issues:
— to what extent difficulties highlighted
by consumer organisations are the
result of the 'single passport' financial
services directives (which facilitate the
cross-border provision of financial
services 'within the territory' of another
member state)
— to what extent the cross-border provi-
sion of financial services amounts, in
practice, to the cross-border provision
of financial services within the territory
of the member state of the consumer. If
this is not the case, such services,
although having a cross-border char-
acter (on the basis that the service
provider and the recipient are estab-
lished in different member states), will
not fall within the scope of the single
passport financial services
directives.1
Journal of Financial Regulation
and Compliance, Vol. 5, No. 2,
1997,
pp. 107-114
© Henry Stewart Publications,
1358-1988
Page 107
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