the mortgage credit directive order 2015 - … annex transposition table for uk implementation of...
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1
An
nex
Tra
nsp
osi
tion
tab
le f
or
UK
im
ple
men
tati
on
of
the
Mort
gag
e C
red
it D
irec
tiv
e (2
014/1
7/E
U)
Abbre
via
tions
use
d:
“DC
IR”
mea
ns
the
Fin
anci
al S
ervic
es a
nd M
arket
s A
ct 2
000 (
Dis
closu
re o
f C
onfi
den
tial
Info
rmat
ion)
Reg
ula
tions
2001 (
S.I
. 2001/2
188);
“EO
” m
eans
the
Fin
anci
al S
ervic
es a
nd M
arket
s A
ct 2
000 (
Exem
pti
on O
rder
) 2001 (
S.I
. 2001/1
201);
“EP
RR
” m
eans
the
Fin
anci
al S
ervic
es a
nd M
arket
s A
ct 2
000 (
EE
A P
assp
ort
Rig
hts
) R
egula
tions
2001 (
S.I
. 2001/2
511);
“FS
MA
” m
eans
the
Fin
anci
al S
ervic
es a
nd M
arket
s A
ct 2
000 (
c. 8
);
“MC
DO
” m
eans
the
Mort
gag
e C
redit
Dir
ecti
ve
Ord
er 2
015;
“RA
O”
mea
ns
the
Fin
anci
al S
ervic
es a
nd M
arket
s A
ct 2
000 (
Reg
ula
ted A
ctiv
itie
s) O
rder
2001 (
S.I
. 2001/5
44).
R
efer
ence
s to
FC
A r
ule
s ar
e to
rule
s to
be
mad
e by t
he
Fin
anci
al C
onduct
Auth
ori
ty u
nder
Chap
ter
1 o
f P
art
1 o
f th
e F
inan
cial
Ser
vic
es a
nd M
arket
s A
ct 2
000.
Ref
eren
ces
to P
RA
rule
s ar
e to
rule
s to
be
mad
e by t
he
Pru
den
tial
Reg
ula
tion A
uth
ori
ty u
nder
that
Chap
ter
Ch
ap
ter
1
How
tra
nsp
ose
d
Subje
ct m
atte
r, s
cope,
def
init
ions
and c
om
pet
ent
auth
ori
ties
Art
icle
1
Su
bje
ct m
att
er
This
Dir
ecti
ve
lays
dow
n a
com
mon f
ram
ework
for
cert
ain a
spec
ts o
f th
e la
ws,
reg
ula
tions
and a
dm
inis
trat
ive
pro
vis
ions
of
the
Mem
ber
Sta
tes
conce
rnin
g a
gre
emen
ts c
over
ing c
redit
for
consu
mer
s se
cure
d b
y a
mort
gag
e or
oth
erw
ise
rela
ting t
o r
esid
enti
al i
mm
ovab
le
pro
per
ty, in
cludin
g a
n o
bli
gat
ion t
o c
arry
out
a cr
edit
wort
hin
ess
asse
ssm
ent
bef
ore
gra
nti
ng a
cre
dit
, as
a b
asis
for
the
dev
elopm
ent
of
effe
ctiv
e under
wri
ting s
tandar
ds
in r
elat
ion t
o r
esid
enti
al i
mm
ovab
le p
roper
ty i
n t
he
Mem
ber
Sta
tes,
and f
or
cert
ain p
ruden
tial
and
super
vis
ory
req
uir
emen
ts, in
cludin
g f
or
the
esta
bli
shm
ent
and s
uper
vis
ion o
f cr
edit
inte
rmed
iari
es, ap
poin
ted r
epre
senta
tives
and n
on-
cred
it i
nst
ituti
ons.
No t
ransp
osi
tion r
equir
ed
Art
icle
2
Lev
el o
f H
arm
on
isati
on
1.
This
Dir
ecti
ve
shal
l not
pre
clude
Mem
ber
Sta
tes
from
mai
nta
inin
g o
r in
troduci
ng m
ore
str
ingen
t pro
vis
ions
in o
rder
to p
rote
ct
consu
mer
s, p
rovid
ed t
hat
such
pro
vis
ions
are
consi
sten
t w
ith t
hei
r obli
gat
ions
under
Unio
n l
aw.
No t
ransp
osi
tion r
equir
ed
2.
Notw
ithst
andin
g p
arag
raph 1
, M
ember
Sta
tes
shal
l not
mai
nta
in o
r in
troduce
in t
hei
r nat
ional
law
pro
vis
ions
div
ergin
g f
rom
those
laid
dow
n i
n A
rtic
le 1
4(2
) an
d A
nnex
II
Par
t A
wit
h r
egar
d t
o s
tandar
d p
re-c
ontr
actu
al i
nfo
rmat
ion t
hro
ugh a
Euro
pea
n S
tandar
dis
ed
Info
rmat
ion S
hee
t (E
SIS
) an
d A
rtic
le 1
7(1
) to
(5),
(7)
and (
8)
and A
nnex
I w
ith r
egar
d t
o a
com
mon, co
nsi
sten
t U
nio
n s
tandar
d f
or
the
calc
ula
tion o
f th
e an
nual
per
centa
ge
rate
of
char
ge
(AP
RC
).
No t
ransp
osi
tion r
equir
ed
2
2.
Notw
ithst
andin
g p
arag
raph 1
, M
ember
Sta
tes
shal
l not
mai
nta
in o
r in
troduce
in t
hei
r nat
ional
law
pro
vis
ions
div
ergin
g f
rom
those
laid
dow
n i
n A
rtic
le 1
4(2
) an
d A
nnex
II
Par
t A
wit
h r
egar
d t
o s
tandar
d p
re-c
ontr
actu
al i
nfo
rmat
ion t
hro
ugh a
Euro
pea
n S
tandar
dis
ed
Info
rmat
ion S
hee
t (E
SIS
) an
d A
rtic
le 1
7(1
) to
(5),
(7)
and (
8)
and A
nnex
I w
ith r
egar
d t
o a
com
mon, co
nsi
sten
t U
nio
n s
tandar
d f
or
the
calc
ula
tion o
f th
e an
nual
per
centa
ge
rate
of
char
ge
(AP
RC
).
No t
ransp
osi
tion r
equir
ed
Art
icle
3
Sco
pe
1. T
his
Dir
ecti
ve
shal
l ap
ply
to:
(a)
cred
it a
gre
emen
ts w
hic
h a
re s
ecure
d e
ither
by a
mort
gag
e or
by a
noth
er c
om
par
able
sec
uri
ty c
om
monly
use
d i
n a
Mem
ber
Sta
te o
n
resi
den
tial
im
mo
vab
le p
roper
ty o
r se
cure
d b
y a
rig
ht
rela
ted t
o r
esid
enti
al i
mm
ovab
le p
roper
ty;
and
Art
icle
61 R
AO
, as
amen
ded
by p
arag
raph
4(2
1)
of
Sch
edule
1 t
o
MC
DO
(b)
cred
it a
gre
emen
ts t
he
purp
ose
of
whic
h i
s to
acq
uir
e or
reta
in p
roper
ty r
ights
in l
and o
r in
an e
xis
ting o
r pro
ject
ed b
uil
din
g.
Art
.60 R
AO
2. T
his
Dir
ecti
ve
shal
l not
apply
to:
(a)
Equit
y r
elea
se c
redit
agre
emen
ts w
her
e th
e cr
edit
or:
i) c
ontr
ibute
s a
lum
p s
um
, per
iodic
pay
men
ts o
r oth
er f
orm
s of
cred
it d
isburs
emen
t in
ret
urn
for
a su
m d
eriv
ing f
rom
the
futu
re s
ale
of
a re
siden
tial
im
mo
vab
le p
roper
ty o
r a
right
rela
ting t
o r
esid
enti
al i
mm
ovab
le p
roper
ty;
and
ii)
wil
l not se
ek r
epay
men
t of
the
cred
it u
nti
l th
e occ
urr
ence
of
one
or
more
spec
ifie
d lif
e ev
ents
of
the
consu
mer
, as
def
ined
by M
ember
Sta
tes,
unle
ss t
he
consu
mer
bre
aches
his
contr
actu
al o
bli
gat
ions
whic
h a
llow
s th
e cr
edit
or
to t
erm
inat
e th
e cr
edit
agre
emen
t;
FC
A R
ule
s
(b)
cred
it a
gre
emen
ts w
her
e th
e cr
edit
is
gra
nte
d b
y a
n e
mplo
yer
to h
is e
mplo
yee
s as
a s
econdar
y a
ctiv
ity w
her
e su
ch a
cre
dit
agre
emen
t
is o
ffer
ed f
ree
of
inte
rest
or
at a
n A
PR
C l
ow
er t
han
those
pre
vai
ling o
n t
he
mar
ket
and n
ot
off
ered
to t
he
publi
c gen
eral
ly;
Sec
tion 2
2(1
) F
SM
A (
this
lendin
g w
ould
not
be
“by
way
of
busi
nes
s”)
(c)
cred
it a
gre
emen
ts w
her
e th
e cr
edit
is
gra
nte
d f
ree
of
inte
rest
and w
ithout
any o
ther
char
ges
exce
pt
those
that
rec
over
cost
s dir
ectl
y
rela
ted t
o t
he
secu
ring o
f th
e cr
edit
;
Sec
tion 2
2(1
) F
SM
A (
this
lendin
g w
ould
not
be
“by
way
of
busi
nes
s”)
(d)
cre
dit
agre
emen
ts i
n t
he
form
of
an o
ver
dra
ft f
acil
ity a
nd w
her
e th
e cr
edit
has
to b
e re
pai
d w
ithin
one
month
; F
CA
rule
s
(e)
cred
it a
gre
emen
ts w
hic
h a
re t
he
outc
om
e of
a se
ttle
men
t re
ached
in c
ourt
or
bef
ore
anoth
er s
tatu
tory
auth
ori
ty;
Sec
tion 2
2(1
) F
SM
A (
this
lendin
g w
ould
not
be
“by
way
of
busi
nes
s”)
(f)
cre
dit
agre
emen
ts w
hic
h r
elat
e to
the
def
erre
d p
aym
ent,
fre
e of
char
ge,
of
an e
xis
ting d
ebt
and w
hic
h d
o n
ot
fall
wit
hin
the
scope
of
poin
t (a
) of
par
agra
ph 1
.
Sec
tion 2
2(1
) F
SM
A (
this
lendin
g w
ould
not
be
“by
way
of
busi
nes
s”)
3. M
ember
Sta
tes
may
dec
ide
not
to a
pply
:
(a)
Art
icle
s 11 a
nd 1
4 a
nd A
nnex
II
to c
redit
agre
emen
ts f
or
consu
mer
s, s
ecure
d b
y a
mort
gag
e or
by a
noth
er c
om
par
able
sec
uri
ty
com
monly
use
d i
n a
Mem
ber
Sta
te o
n r
esid
enti
al i
mm
ovab
le p
roper
ty o
r se
cure
d b
y a
rig
ht
rela
ted t
o r
esid
enti
al i
mm
ovab
le p
roper
ty,
Not
use
d –
not
rele
van
t to
lendin
g i
n t
he
UK
3
the
purp
ose
of
whic
h i
s not
to a
cquir
e or
reta
in t
he
right
to r
esid
enti
al i
mm
ovab
le p
roper
ty,
pro
vid
ed t
hat
the
Mem
ber
Sta
tes
apply
to
such
cre
dit
agre
emen
ts A
rtic
les
4 a
nd 5
of
and A
nnex
es I
I an
d I
II t
o D
irec
tive
2008/4
8/E
C;
(b)
this
Dir
ecti
ve
to c
redit
agre
emen
ts w
hic
h r
elat
e to
an i
mm
ovab
le p
roper
ty w
her
e th
e cr
edit
agre
emen
t pro
vid
es t
hat
the
imm
ovab
le
pro
per
ty c
annot
at a
ny t
ime
be
occ
upie
d a
s a
house
, ap
artm
ent
or
anoth
er p
lace
of
resi
den
ce b
y t
he
consu
mer
or
a fa
mil
y m
em
ber
of
the
consu
mer
and i
s to
be
occ
upie
d a
s a
house
, ap
artm
ent
or
anoth
er p
lace
of
resi
den
ce o
n t
he
bas
is o
f a
renta
l ag
reem
ent;
Art
.72I
RA
O, in
sert
ed b
y
par
agra
ph 4
(28)
of
Sch
edule
1 t
o M
CD
O
(c)
this
Dir
ecti
ve
to c
redit
agre
emen
ts w
hic
h r
elat
e to
cre
dit
s gra
nte
d t
o a
res
tric
ted p
ubli
c under
a s
tatu
tory
pro
vis
ion w
ith a
gen
eral
inte
rest
purp
ose
, fr
ee o
f in
tere
st o
r at
low
er b
orr
ow
ing r
ates
than
those
pre
vai
ling o
n t
he
mar
ket
or
on o
ther
ter
ms
whic
h a
re m
ore
favoura
ble
to t
he
consu
mer
than
those
pre
vai
ling o
n t
he
mar
ket
and a
t borr
ow
ing r
ates
not
hig
her
than
those
pre
vai
ling o
n t
he
mar
ket
;
Art
icle
s 60E
to 6
0H
A a
nd
72G
RA
O, as
inse
rted
and
amen
ded
by p
arag
raph
4(1
5)
to (
19)
and (
27)
of
Sch
edule
1 t
o M
CD
O
Par
agra
ph 4
8 o
f S
ched
ule
to E
O, as
am
ended
by
par
agra
ph 5
of
Sch
edule
1
to M
CD
O
(d)
this
Dir
ecti
ve
to b
ridgin
g l
oan
s;
Art
icle
61A
(1)(
b)
RA
O,
inse
rted
by p
arag
raph 4
(22)
of
Sch
edule
1 t
o M
CD
O
(e)
this
Dir
ecti
ve
to c
redit
agre
emen
ts w
her
e th
e cr
edit
or
is a
n o
rgan
isat
ion w
ithin
the
scope
of
Art
icle
2(5
) of
Dir
ecti
ve
2008/4
8/E
C.
Art
icle
61A
(2)(
a) R
AO
,
inse
rted
by par
agra
ph
4(2
2)
of
Sch
edule
1 t
o
MC
DO
4. M
ember
Sta
tes
whic
h u
se t
he
opti
on r
efer
red t
o i
n p
oin
t (b
) of
par
agra
ph 3
shal
l en
sure
the
appli
cati
on o
f an
appro
pri
ate
fram
ework
at a
nat
ional
lev
el f
or
this
type
of
cred
it.
Par
t 3 M
CD
O, in
cludin
g
Sch
edule
2
5. M
ember
Sta
tes
whic
h u
se t
he
opti
on r
efer
red t
o i
n p
oin
t (c
) or
(e)
of
par
agra
ph 3
shal
l en
sure
the
appli
cati
on o
f ad
equat
e al
tern
ativ
e
arra
ngem
ents
to e
nsu
re c
onsu
mer
s re
ceiv
e ti
mel
y info
rmat
ion o
n the
mai
n f
eatu
res,
ris
ks
and c
ost
s of
such
cre
dit
agre
emen
ts a
t th
e pre
-
contr
actu
al s
tage
and t
hat
adver
tisi
ng o
f su
ch c
redit
agre
emen
ts i
s fa
ir, cl
ear
and n
ot
mis
lead
ing.
Art
icle
s 60G
(2A
)(b)(
iii)
and (
8),
60H
A(2
)(c)
61A
(2)(
b)
and (
c) a
nd
72G
(6)
RA
O, as
am
ended
by p
arag
raph 4
of
Sch
edule
1 t
o M
CD
O
Par
agra
ph 4
8(1
B)
of
Sch
edule
to E
O, as
inse
rted
4
17
OJ
L 1
82, 29.6
.2013, p. 1
9.
by p
arag
raph 5
(3)
of
Sch
edule
1 t
o M
CD
O
Art
icle
4
Def
init
ion
s
For
the
purp
ose
s of
this
Dir
ecti
ve,
the
foll
ow
ing d
efin
itio
ns
shal
l ap
ply
: A
rtic
le 2
(2)(
a) M
CD
O
(1)
'Consu
mer
' mea
ns
a co
nsu
mer
as
def
ined
in p
oin
t (a
) of
Art
icle
3 o
f D
irec
tive
2008/4
8/E
C.
Art
icle
4(1
) M
CD
O
(2)
'Cre
dit
or' m
eans
a nat
ura
l or
legal
per
son w
ho g
rants
or
pro
mis
es t
o g
rant
cred
it f
alli
ng w
ithin
the
scope
of
Art
icle
3 i
n t
he
cours
e
of
his
tra
de,
busi
nes
s or
pro
fess
ion.
Not
expre
ssly
tra
nsp
ose
d i
n
any s
ingle
pro
vis
ion. “B
y
way
of
busi
nes
s” i
n s
ecti
on
22(1
) F
SM
A i
s re
levan
t.
(3)
'Cre
dit
agre
emen
t' m
eans
an a
gre
emen
t w
her
eby a
cre
dit
or
gra
nts
or
pro
mis
es t
o g
rant,
to a
consu
mer
, a
cred
it f
alli
ng w
ithin
the
scope
of
Art
icle
3 i
n t
he
form
of
a def
erre
d p
aym
ent,
loan
or
oth
er s
imil
ar f
inan
cial
acc
om
modat
ion.
Not
expre
ssly
tra
nsp
ose
d i
n
any s
ingle
pro
vis
ion.
Dif
fere
nt
types
of
agre
emen
t ar
e dea
lt w
ith i
n
dif
fere
nt
pro
vis
ions.
Art
icle
60B
RA
O i
s re
levan
t.
(4)
'Anci
llar
y s
ervic
e' m
eans
a se
rvic
e off
ered
to t
he
consu
mer
in c
onju
nct
ion w
ith t
he
cred
it a
gre
emen
t.
FC
A r
ule
s
(5)
'Cre
dit
inte
rmed
iary
' m
eans
a nat
ura
l or
legal
per
son w
ho i
s not
acti
ng a
s a
cred
itor
or
nota
ry a
nd n
ot
mer
ely i
ntr
oduci
ng,
eith
er
dir
ectl
y o
r in
dir
ectl
y,
a co
nsu
mer
to a
cre
dit
or
or
cred
it i
nte
rmed
iary
, an
d w
ho,
in t
he
cours
e of
his
tra
de,
busi
nes
s or
pro
fess
ion,
for
rem
uner
atio
n, w
hic
h m
ay t
ake
a pec
unia
ry f
orm
or
any o
ther
agre
ed f
orm
of
finan
cial
consi
der
atio
n:
(a)
pre
sents
or
off
ers
cred
it a
gre
emen
ts t
o c
onsu
mer
s;
(b)
assi
sts
consu
mer
s by u
nder
takin
g p
repar
atory
work
or
oth
er p
re-c
ontr
actu
al a
dm
inis
trat
ion i
n r
espec
t of
cred
it a
gre
emen
ts o
ther
than
as
refe
rred
to i
n p
oin
t (a
); o
r
(c)
concl
udes
cre
dit
agre
emen
ts w
ith c
onsu
mer
s on b
ehal
f of
the
cred
itor.
Sec
tion 4
17(1
) F
SM
A, as
amen
ded
by p
arag
raph 1
(8)
of
Sch
edule
1 t
o M
CD
O
(6)
'Gro
up' m
eans
a gro
up o
f cr
edit
ors
whic
h a
re t
o b
e co
nso
lidat
ed f
or
the
purp
ose
s of
dra
win
g u
p c
onso
lidat
ed a
ccounts
, as
def
ined
in D
irec
tive
2013/3
4/E
U o
f th
e E
uro
pea
n P
arli
amen
t an
d o
f th
e C
ounci
l of
26 J
une
2013 o
n the
annual
fin
anci
al s
tate
men
ts, c
onso
lidat
ed
finan
cial
sta
tem
ents
and r
elat
ed r
eport
s of
cert
ain t
ypes
of
under
takin
gs
17.
FC
A r
ule
s
(7)
'Tie
d c
redit
inte
rmed
iary
' mea
ns
any c
redit
inte
rmed
iary
who a
cts
on b
ehal
f of
and u
nder
the
full
and u
nco
ndit
ional
res
ponsi
bil
ity
of:
(a)
only
one
cred
itor;
(b)
only
one
gro
up;
or
Art
icle
2(2
)(a)
MC
DO
5
(c)
a num
ber
of
cred
itors
or
gro
ups
whic
h d
oes
not
repre
sent
the
maj
ori
ty o
f th
e m
arket
.
(8)
‘Appoin
ted r
epre
senta
tive’
mea
ns
a nat
ura
l or
legal
per
son w
ho p
erfo
rms
acti
vit
ies
refe
rred
to i
n p
oin
t 5 t
hat
is
acti
ng o
n b
ehal
f of
and u
nder
the
full
and u
nco
ndit
ional
res
ponsi
bil
ity o
f only
one
cred
it i
nte
rmed
iary
.
Sec
tion 3
9(2
) F
SM
A
(9)
'Cre
dit
inst
ituti
on' m
eans
cred
it i
nst
ituti
on a
s def
ined
in p
oin
t 1 o
f A
rtic
le 4
(1)
of
Reg
ula
tion (
EU
) N
o 5
75/2
013.
FC
A r
ule
s
(10)
'Non
-cre
dit
inst
ituti
on' m
eans
any c
redit
or
that
is
not
a cr
edit
inst
ituti
on.
FC
A r
ule
s
(11)
'Sta
ff' m
eans:
(a)
any n
atura
l per
son w
ork
ing f
or
the
cred
itor,
or
cred
it inte
rmed
iary
who is
dir
ectl
y e
ngag
ed in the
acti
vit
ies
cover
ed b
y this
Dir
ecti
ve
or
who h
as c
onta
cts
wit
h c
onsu
mer
s in
the
cours
e of
acti
vit
ies
cover
ed b
y t
his
Dir
ecti
ve;
(b)
any n
atura
l per
son w
ork
ing f
or
an a
ppoin
ted r
epre
senta
tive
who h
as c
onta
cts
wit
h c
onsu
mer
s in
the
cours
e of
acti
vit
ies
cover
ed b
y
this
Dir
ecti
ve;
(c)
any n
atura
l per
son d
irec
tly m
anag
ing o
r su
per
vis
ing t
he
nat
ura
l per
sons
refe
rred
to i
n p
oin
ts (
a) a
nd (
b).
FC
A r
ule
s
(12)
‘Tota
l am
ount
of
cred
it’
mea
ns
the
tota
l am
ount
of
cred
it a
s def
ined
in p
oin
t (l
) of
Art
icle
3 o
f D
irec
tive
2008/4
8/E
C.
FC
A r
ule
s
(13)
'Tota
l co
st o
f th
e cr
edit
to t
he
consu
mer
' m
eans
the
tota
l co
st o
f th
e cr
edit
to t
he
consu
mer
as
def
ined
in p
oin
t (g
) of
Art
icle
3 o
f
Dir
ecti
ve
2008/4
8/E
C i
ncl
udin
g t
he
cost
of
val
uat
ion o
f pro
per
ty w
her
e su
ch v
aluat
ion i
s nec
essa
ry t
o o
bta
in t
he
cred
it b
ut
excl
udin
g
regis
trat
ion f
ees
for
the
tran
sfer
of
ow
ner
ship
of
the
imm
ovab
le p
roper
ty.
It e
xcl
udes
any c
har
ges
pay
able
by t
he
consu
mer
for
non-
com
pli
ance
wit
h t
he
com
mit
men
ts l
aid d
ow
n i
n t
he
cred
it a
gre
emen
t.
FC
A r
ule
s
(14)
'Tota
l am
ount
pay
able
by t
he
consu
mer
' m
eans
the
tota
l am
ount
pay
able
by t
he
consu
mer
as
def
ined
in p
oin
t (h
) of
Art
icle
3 o
f
Dir
ecti
ve
2008/4
8/E
C.
FC
A r
ule
s
(15)
'Annual
per
centa
ge
rate
of
char
ge'
(A
PR
C)
mea
ns
the
tota
l co
st o
f th
e cr
edit
to t
he
consu
mer
, ex
pre
ssed
as
an a
nnual
per
centa
ge
of
the
tota
l am
ount
of
cred
it,
wher
e ap
pli
cable
, in
cludin
g t
he
cost
s re
ferr
ed t
o i
n A
rtic
le 1
7(2
) an
d e
quat
es,
on a
n a
nnual
bas
is,
to t
he
pre
sent
val
ue
of
all
futu
re o
r ex
isti
ng c
om
mit
men
ts (
dra
wdow
ns,
rep
aym
ents
and c
har
ges
) ag
reed
by t
he
cred
itor
and t
he
consu
mer
.
FC
A r
ule
s
(16)
'Borr
ow
ing r
ate'
mea
ns
the
borr
ow
ing r
ate
as d
efin
ed i
n p
oin
t (j
) of
Art
icle
3 o
f D
irec
tive
2008/4
8/E
C.
FC
A r
ule
s
(17)
'Cre
dit
wort
hin
ess
asse
ssm
ent'
mea
ns
the
eval
uat
ion o
f th
e pro
spec
t fo
r th
e deb
t obli
gat
ion r
esult
ing f
rom
the
cred
it a
gre
emen
t to
be
met
.
FC
A r
ule
s
(18)
'Dura
ble
med
ium
' mea
ns
dura
ble
med
ium
as
def
ined
in p
oin
t (m
) of
Art
icle
3 o
f D
irec
tive
2008/4
8/E
C.
FC
A r
ule
s
(19)
'Ho
me
Mem
ber
Sta
te' m
eans:
(a)
wher
e th
e cr
edit
or
or
cred
it i
nte
rmed
iary
is
a nat
ura
l per
son, th
e M
ember
Sta
te i
n w
hic
h h
is h
ead o
ffic
e is
sit
uat
ed;
(b)
wher
e th
e cr
edit
or
or
cred
it i
nte
rmed
iary
is
a le
gal
per
son, th
e M
ember
Sta
te i
n w
hic
h i
ts r
egis
tere
d o
ffic
e is
sit
uat
ed o
r, i
f under
its
nat
ional
law
it
has
no r
egis
tere
d o
ffic
e, t
he
Mem
ber
Sta
te i
n w
hic
h i
ts h
ead o
ffic
e is
sit
uat
ed.
Par
agra
ph 9
of
Sch
edule
3
to F
SM
A
(20)
'Host
Mem
ber
Sta
te' m
eans
the
Mem
ber
Sta
te, oth
er t
han
the
hom
e M
ember
Sta
te, in
whic
h t
he
cred
itor
or
cred
it i
nte
rmed
iary
has
a bra
nch
or
pro
vid
es s
ervic
es.
Par
agra
ph 1
1 o
f S
ched
ule
3
to F
SM
A
(21)
'Ad
vis
ory
ser
vic
es' m
ean
s th
e pro
vis
ion o
f per
sonal
rec
om
men
dat
ions
to a
consu
mer
in r
espec
t of
one
or
more
tra
nsa
ctio
ns
rela
ting
to c
redit
agre
emen
ts a
nd c
onst
itute
s a
separ
ate
acti
vit
y f
rom
the
gra
nti
ng o
f a
cred
it a
nd f
rom
the
cred
it inte
rmed
iati
on a
ctiv
itie
s se
t out
in p
oin
t 5.
Sec
tion 4
17(1
) F
SM
A, as
amen
ded
by p
arag
raph 1
(8)
of
Sch
edule
1 t
o M
CD
O
6
(22)
‘Com
pet
ent
auth
ori
ty’
mea
ns
an a
uth
ori
ty d
esig
nat
ed a
s co
mpet
ent
by a
Mem
ber
Sta
te i
n a
ccord
ance
wit
h A
rtic
le 5
. P
arag
raphs
9 a
nd 1
1 o
f
Sch
edule
3 t
o F
SM
A
(23)
‘Bri
dgin
g l
oan
’ m
eans
a cr
edit
agre
emen
t ei
ther
of
no f
ixed
dura
tion o
r w
hic
h i
s due
to b
e re
pai
d w
ithin
12 m
onth
s, u
sed b
y t
he
consu
mer
as
a te
mpora
ry f
inan
cing s
olu
tion w
hil
e tr
ansi
tionin
g t
o a
noth
er f
inan
cial
arr
angem
ent
for
the
imm
ovab
le p
roper
ty.
Art
icle
61A
(6)
RA
O,
inse
rted
by p
arag
raph 4
(22)
of
Sch
edule
1 t
o M
CD
O
(24)
‘Conti
ngen
t li
abil
ity o
r guar
ante
e’ m
eans
a cr
edit
agre
emen
t w
hic
h a
cts
as a
guar
ante
e to
anoth
er s
epar
ate
but an
cill
ary tra
nsa
ctio
n,
and w
her
e th
e ca
pit
al s
ecure
d a
gai
nst
an i
mm
ovab
le p
roper
ty i
s only
dra
wn d
ow
n i
f an
even
t or
even
ts s
pec
ifie
d i
n t
he
contr
act
occ
ur.
FC
A r
ule
s
(25)
‘Shar
ed e
quit
y c
redit
agre
emen
t’ m
eans
a cr
edit
agre
emen
t w
her
e th
e ca
pit
al r
epay
able
is
bas
ed o
n a
contr
actu
ally
set
per
centa
ge
of
the
val
ue
of
the
imm
ovab
le p
roper
ty a
t th
e ti
me
of
the
capit
al r
epay
men
t or
repay
men
ts.
FC
A r
ule
s
(26)
'Tyin
g p
ract
ice'
mea
ns
the
off
erin
g o
r th
e se
llin
g o
f a
cred
it a
gre
emen
t in
a p
ackag
e w
ith o
ther
dis
tinct
fin
anci
al p
roduct
s or
serv
ices
wher
e th
e cr
edit
agre
emen
t is
not
mad
e av
aila
ble
to t
he
consu
mer
sep
arat
ely.
FC
A r
ule
s
(27)
'Bundli
ng p
ract
ice'
mean
s th
e off
erin
g o
r th
e se
llin
g o
f a
cred
it a
gre
emen
t in
a p
ackag
e w
ith o
ther
dis
tinct
fin
anci
al p
roduct
s or
serv
ices
wher
e th
e cr
edit
agre
emen
t is
als
o m
ade
avai
lable
to t
he
consu
mer
sep
arat
ely b
ut
not
nec
essa
rily
on t
he
sam
e te
rms
or
condit
ions
as w
hen
off
ered
bundle
d w
ith t
he
anci
llar
y s
ervic
es.
FC
A r
ule
s
(28)
‘Fore
ign c
urr
ency
loan
’ m
eans
a cr
edit
agre
emen
t w
her
e th
e cr
edit
is:
(a)
den
om
inat
ed i
n a
curr
ency
oth
er t
han
that
in w
hic
h t
he
consu
mer
rec
eives
the
inco
me
or
hold
s th
e as
sets
fro
m w
hic
h t
he
cred
it i
s to
be
repai
d;
or
(b)
den
om
inat
ed i
n a
curr
ency
oth
er t
han
that
of
the
Mem
ber
Sta
te i
n w
hic
h t
he
consu
mer
is
resi
den
t.
FC
A r
ule
s
Art
icle
5
Com
pet
ent
au
thori
ties
1.
Mem
ber
Sta
tes
shal
l des
ignat
e th
e nat
ional
com
pet
ent
auth
ori
ties
em
pow
ered
to e
nsu
re t
he
appli
cati
on a
nd e
nfo
rcem
ent
of
this
Dir
ecti
ve
and s
hal
l en
sure
that
they
are
gra
nte
d inves
tigat
ing a
nd e
nfo
rcem
ent pow
ers
and a
deq
uat
e re
sourc
es n
eces
sary
for
the
effi
cien
t
and e
ffec
tive
per
form
ance
of
thei
r duti
es.
The
auth
ori
ties
ref
erre
d t
o i
n t
he
firs
t su
bpar
agra
ph s
hal
l be
eith
er p
ubli
c au
thori
ties
or
bodie
s re
cognis
ed b
y n
atio
nal
law
or
by p
ubli
c
auth
ori
ties
expre
ssly
em
pow
ered
for
that
purp
ose
by n
atio
nal
law
. T
hey
shal
l not
be
cred
itors
, cr
edit
inte
rmed
iari
es o
r ap
poin
ted
repre
senta
tives
.
MC
DO
and F
SM
A
gen
eral
ly
2.
Mem
ber
Sta
tes
shal
l en
sure
that
com
pet
ent
auth
ori
ties
, al
l per
sons
who w
ork
or
who h
ave
work
ed f
or
the
com
pet
ent
auth
ori
ties
, as
wel
l as
audit
ors
and e
xper
ts inst
ruct
ed b
y the
com
pet
ent au
thori
ties
, are
bound b
y the
obli
gat
ion o
f pro
fess
ional
sec
recy
. No c
onfi
den
tial
info
rmat
ion w
hic
h t
hey
may
rec
eive
in t
he
cours
e of
thei
r duti
es m
ay b
e div
ulg
ed t
o a
ny p
erso
n o
r au
thori
ty w
hat
soev
er,
save
in
sum
mar
y o
r ag
gre
gat
e fo
rm,
wit
hout
pre
judic
e to
cas
es c
over
ed b
y c
rim
inal
law
or
by t
his
Dir
ecti
ve.
This
shal
l not,
how
ever
, pre
ven
t
the
com
pet
ent
auth
ori
ties
fro
m e
xch
angin
g o
r tr
ansm
itti
ng c
onfi
den
tial
info
rmat
ion i
n a
ccord
ance
wit
h n
atio
nal
and U
nio
n l
aw.
Sec
tions
348,
349 a
nd 3
52
FS
MA
DC
IR,
as
am
ended
by
par
agra
ph 8
of
Sch
edule
1 to
MC
DO
3.
Mem
ber
Sta
tes
shal
l en
sure
that
the
auth
ori
ties
des
ignat
ed a
s co
mpet
ent
for
ensu
ring t
he
appli
cati
on a
nd e
nfo
rcem
ent
of
Art
icle
s 9,
29, 32, 33, 34 a
nd 3
5 o
f th
is D
irec
tive
are
eith
er o
r both
of
the
foll
ow
ing:
No t
ransp
osi
tion r
equir
ed
7
(a)
com
pet
ent
auth
ori
ties
as
def
ined
in A
rtic
le 4
(2)
of
Reg
ula
tion (
EU
) N
o 1
093/2
010;
(b)
auth
ori
ties
oth
er t
han
the
com
pet
ent
auth
ori
ties
ref
erre
d t
o i
n p
oin
t (a
) pro
vid
ed t
hat
nat
ional
law
s, r
egula
tions
or
adm
inis
trat
ive
pro
vis
ions
requir
e th
ose
auth
ori
ties
to c
ooper
ate
wit
h t
he
com
pet
ent
auth
ori
ties
ref
erre
d t
o i
n p
oin
t (a
) w
hen
ever
nec
essa
ry i
n o
rder
to
carr
y o
ut
thei
r duti
es u
nder
this
Dir
ecti
ve,
incl
udin
g f
or
the
purp
ose
s of
co-o
per
atin
g w
ith t
he
Euro
pea
n S
uper
vis
ory
Auth
ori
ty
(Euro
pea
n B
ankin
g A
uth
ori
ty)
(EB
A)
as r
equir
ed u
nder
this
Dir
ecti
ve.
4.
Mem
ber
Sta
tes
shal
l in
form
the
Com
mis
sion a
nd E
BA
of
the
des
ignat
ion o
f th
e co
mpet
ent
auth
ori
ties
and a
ny c
han
ges
ther
eto,
indic
atin
g a
ny d
ivis
ion o
f th
e re
spec
tive
duti
es b
etw
een d
iffe
rent
com
pet
ent
auth
ori
ties
. T
he
firs
t su
ch n
oti
fica
tion s
hal
l be
mad
e as
soon a
s poss
ible
and a
t th
e la
test
on 2
1 M
arch
2016.
No t
ransp
osi
tion r
equir
ed
5. T
he
com
pet
ent
auth
ori
ties
shal
l ex
erci
se t
hei
r pow
ers
in c
onfo
rmit
y w
ith n
atio
nal
law
eit
her
:
(a)
dir
ectl
y u
nder
thei
r ow
n a
uth
ori
ty o
r under
the
super
vis
ion o
f th
e ju
dic
ial
auth
ori
ties
; or
(b)
by a
ppli
cati
on t
o c
ourt
s w
hic
h a
re c
om
pet
ent
to g
rant
the
nec
essa
ry d
ecis
ion,
incl
udin
g,
wher
e ap
pro
pri
ate,
by a
ppea
l, i
f th
e
appli
cati
on t
o g
rant
the
nec
essa
ry d
ecis
ion i
s not
succ
essf
ul,
exce
pt
for
Art
icle
s 9, 29, 32,3
3, 34 a
nd 3
5.
FS
MA
gen
eral
ly, in
par
ticu
lar
Par
t 1A
6.
Wher
e th
ere
is m
ore
than
one
com
pet
ent
auth
ori
ty o
n t
hei
r te
rrit
ory
, M
ember
Sta
tes
shal
l en
sure
that
thei
r re
spec
tive
duti
es a
re
clea
rly d
efin
ed a
nd t
hat
those
auth
ori
ties
coll
abora
te c
lose
ly s
o t
hat
they
can
dis
char
ge
thei
r re
spec
tive
duti
es e
ffec
tivel
y.
Sec
tions
3D
to 3
H F
SM
A
7.
The
Com
mis
sion s
hal
l publi
sh a
lis
t of
the
com
pet
ent
auth
ori
ties
in t
he
Off
icia
l Jo
urn
al o
f th
e E
uro
pea
n U
nio
n a
t le
ast
once
a y
ear,
and u
pdat
e it
conti
nuousl
y o
n i
ts w
ebsi
te.
No t
ransp
osi
tion r
equir
ed
Ch
ap
ter
2
Fin
anci
al e
duca
tion
Art
icle
6
Fin
an
cial
edu
cati
on
of
con
sum
ers
1.
Mem
ber
Sta
tes
shal
l pro
mote
mea
sure
s th
at s
upport
the
educa
tion o
f co
nsu
mer
s in
rel
atio
n t
o r
esponsi
ble
borr
ow
ing a
nd d
ebt
man
agem
ent,
in p
arti
cula
r in
rel
atio
n t
o m
ort
gag
e cr
edit
agre
emen
ts.
Cle
ar a
nd g
ener
al i
nfo
rmat
ion o
n t
he
cred
it g
ranti
ng p
roce
ss i
s
nec
essa
ry i
n o
rder
to g
uid
e co
nsu
mer
s, e
spec
iall
y t
hose
who t
ake
out
a m
ort
gag
e cr
edit
for
the
firs
t ti
me.
In
form
atio
n r
egar
din
g t
he
guid
ance
that
consu
mer
org
anis
atio
ns
and n
atio
nal
auth
ori
ties
may
pro
vid
e to
consu
mer
s, i
s al
so n
eces
sary
.
Sec
tion 3
S o
f, a
nd S
ched
ule
1A
to, F
SM
A 2
000
2. T
he
Com
mis
sion s
hal
l publi
sh a
n a
sses
smen
t of
the
finan
cial
educa
tion a
vai
lable
to c
onsu
mer
s in
the
Mem
ber
Sta
tes
and i
den
tify
exam
ple
s of
bes
t pra
ctic
es w
hic
h c
ould
be
furt
her
dev
eloped
in o
rder
to i
ncr
ease
the
finan
cial
aw
aren
ess
of
consu
mer
s.
No t
ransp
osi
tion r
equir
ed
Ch
ap
ter
3
Condit
ions
appli
cable
to c
redit
ors
, cr
edit
inte
rmed
iari
es a
nd a
ppoin
ted r
epre
senta
tives
Art
icle
7
Con
du
ct o
f b
usi
nes
s ob
ligati
on
s w
hen
pro
vid
ing c
red
it t
o c
on
sum
ers
1.
Mem
ber
Sta
tes
shal
l re
quir
e th
at w
hen
man
ufa
cturi
ng c
redit
pro
duct
s or
gra
nti
ng,
inte
rmed
iati
ng o
r pro
vid
ing a
dvis
ory
ser
vic
es o
n
cred
it a
nd,
wher
e ap
pro
pri
ate,
anci
llar
y s
ervic
es t
o c
onsu
mer
s or
when
exec
uti
ng a
cre
dit
agre
emen
t, t
he
cred
itor,
cre
dit
inte
rmed
iary
or
appoin
ted r
epre
senta
tive
acts
hones
tly,
fair
ly,
tran
spar
entl
y a
nd p
rofe
ssio
nal
ly,
takin
g a
ccount
of
the
rights
and i
nte
rest
s of
the
consu
mer
s. I
n r
elat
ion t
o t
he
gra
nti
ng,
inte
rmed
iati
ng o
r pro
vis
ion o
f ad
vis
ory
ser
vic
es o
n c
redit
and,
wher
e ap
pro
pri
ate,
of
anci
llar
y
FC
A r
ule
s, w
hic
h a
pply
to:
- le
ndin
g u
nder
art
icle
s 60B
and 6
1 R
AO
8
serv
ices
the
acti
vit
ies
shal
l be
bas
ed o
n i
nfo
rmat
ion a
bout
the
consu
mer
's c
ircu
mst
ance
s an
d a
ny s
pec
ific
req
uir
emen
t m
ade
know
n b
y
a co
nsu
mer
and o
n r
easo
nab
le a
ssum
pti
ons
about
risk
s to
the
consu
mer
's s
ituat
ion o
ver
the
term
of
the
cred
it a
gre
emen
t. I
n r
elat
ion t
o
such
pro
vis
ion o
f ad
vis
ory
ser
vic
es, th
e ac
tivit
y s
hal
l in
addit
ion b
e bas
ed o
n t
he
info
rmat
ion r
equir
ed u
nder
poin
t (a
) of
Art
icle
22(3
).
- in
term
edia
tion a
nd
advis
ory
ser
vic
es u
nder
arti
cles
25A
, 36A
, 53A
and
53E
RA
O
Pri
nci
pal
s ar
e re
sponsi
ble
for
appoin
ted
repre
senta
tives
’ co
mpli
ance
purs
uan
t to
sec
tion 3
9
FS
MA
, as
am
ended
by
par
agra
ph 1
(2)
of
Sch
edule
1 t
o M
CD
O
2.
Mem
ber
Sta
tes
shal
l en
sure
that
the
man
ner
in w
hic
h c
redit
ors
rem
uner
ate
thei
r st
aff
and c
redit
inte
rmed
iari
es a
nd t
he
man
ner
in
whic
h c
redit
inte
rmed
iari
es r
emuner
ate
thei
r st
aff
and a
ppoin
ted r
epre
senta
tives
do n
ot
imped
e co
mpli
ance
wit
h t
he
obli
gat
ion s
et o
ut
in p
arag
raph 1
.
FC
A r
ule
s
3.
Mem
ber
Sta
tes
shal
l en
sure
that
, w
hen
est
abli
shin
g a
nd a
pply
ing r
emuner
atio
n p
oli
cies
for
staf
f re
sponsi
ble
for
the
asse
ssm
ent
of
cred
itw
ort
hin
ess,
cre
dit
ors
com
ply
wit
h t
he
foll
ow
ing p
rinci
ple
s in
a w
ay a
nd t
o t
he
exte
nt
that
is
appro
pri
ate
to t
hei
r si
ze,
inte
rnal
org
anis
atio
n a
nd t
he
nat
ure
, sc
ope
and c
om
ple
xit
y o
f th
eir
acti
vit
ies:
(a)
the
rem
uner
atio
n p
oli
cy i
s co
nsi
sten
t w
ith a
nd p
rom
ote
s so
und a
nd e
ffec
tive
risk
man
agem
ent
and d
oes
not
enco
ura
ge
risk
-tak
ing
that
exce
eds
the
level
of
tole
rate
d r
isk o
f th
e cr
edit
or;
(b)
the
rem
uner
atio
n p
oli
cy i
s in
lin
e w
ith t
he
busi
nes
s st
rate
gy,
obje
ctiv
es,
val
ues
and l
ong-t
erm
inte
rest
s of
the
cred
itor,
and
inco
rpora
tes
mea
sure
s to
avoid
confl
icts
of
inte
rest
, in
par
ticu
lar
by p
rovid
ing t
hat
rem
uner
atio
n i
s not
conti
ngen
t on t
he
num
ber
or
pro
port
ion o
f ap
pli
cati
ons
acce
pte
d.
FC
A r
ule
s
4.
Mem
ber
Sta
tes
shal
l en
sure
that
wher
e cr
edit
ors
, cr
edit
inte
rmed
iari
es o
r ap
poin
ted r
epre
senta
tives
pro
vid
e ad
vis
ory
ser
vic
es t
he
rem
uner
atio
n s
truct
ure
of
the
staf
f in
volv
ed d
oes
not
pre
judic
e th
eir
abil
ity t
o a
ct i
n t
he
consu
mer
's b
est
inte
rest
and i
n p
arti
cula
r is
not
conti
ngen
t on s
ales
tar
get
s. I
n o
rder
to a
chie
ve
that
goal
, M
ember
Sta
tes
may
in a
ddit
ion b
an c
om
mis
sions
pai
d b
y t
he
cred
itor
to t
he
cred
it i
nte
rmed
iary
.
FC
A r
ule
s
5.
Mem
ber
Sta
tes
may
pro
hib
it o
r im
pose
res
tric
tions
on p
aym
ents
fro
m a
consu
mer
to a
cre
dit
or
or
cred
it i
nte
rmed
iary
pri
or
to t
he
concl
usi
on o
f a
cred
it a
gre
emen
t.
FC
A r
ule
s
Art
icle
8
Ob
ligati
on
to p
rovid
e in
form
ati
on
fre
e of
charg
e to
con
sum
ers
Mem
ber
Sta
tes
shal
l en
sure
that
, w
hen
info
rmat
ion i
s pro
vid
ed t
o c
onsu
mer
s in
com
pli
ance
wit
h t
he
requir
emen
ts s
et o
ut
in t
his
Dir
ecti
ve,
such
info
rmat
ion i
s pro
vid
ed w
ithout
char
ge
to t
he
consu
mer
.
FC
A r
ule
s
Art
icle
9
9
Kn
ow
led
ge
an
d c
om
pet
ence
req
uir
emen
ts f
or
staff
1.
Mem
ber
Sta
tes
shal
l en
sure
that
cre
dit
ors
, cr
edit
inte
rmed
iari
es a
nd a
ppoin
ted r
epre
senta
tives
req
uir
e th
eir
staf
f to
poss
ess
and t
o
kee
p u
p-t
o-d
ate
an a
ppro
pri
ate
level
of
know
ledge
and c
om
pet
ence
in r
elat
ion t
o t
he
man
ufa
cturi
ng,
the
off
erin
g o
r gra
nti
ng o
f cr
edit
agre
emen
ts,
the
carr
yin
g o
ut
of
cred
it i
nte
rmed
iati
on a
ctiv
itie
s se
t out
in p
oin
t 5 o
f A
rtic
le 4
or
the
pro
vis
ion o
f ad
vis
ory
ser
vic
es.
Wher
e th
e co
ncl
usi
on o
f a
cred
it a
gre
emen
t in
cludes
an a
nci
llar
y s
ervic
e, a
ppro
pri
ate
know
ledge
and c
om
pet
ence
in r
elat
ion t
o t
hat
anci
llar
y s
ervic
e sh
all
be
requir
ed.
FC
A r
ule
s
2.
Exce
pt
in t
he
circ
um
stan
ces
refe
rred
to i
n p
arag
raph 3
, hom
e M
ember
Sta
tes
shal
l es
tabli
sh m
inim
um
know
ledge
and c
om
pet
ence
requir
emen
ts f
or
cred
itors
’, c
redit
inte
rmed
iari
es’
and a
ppoin
ted r
epre
senta
tives
’ st
aff
in a
ccord
ance
wit
h the
pri
nci
ple
s se
t out in
Annex
III.
FC
A r
ule
s
3. W
her
e a
cred
itor
or
cred
it i
nte
rmed
iary
pro
vid
es i
ts s
ervic
es w
ithin
the
terr
itory
of
one
or
more
oth
er M
ember
Sta
tes:
(i)
thro
ugh a
bra
nch
, the
host
Mem
ber
Sta
te s
hal
l be
resp
onsi
ble
for
esta
bli
shin
g the
min
imu
m k
now
ledge
and c
om
pet
ence
req
uir
emen
ts
appli
cable
to t
he
staf
f of
a bra
nch
;
(ii)
under
the
free
dom
to p
rovid
e se
rvic
es,
the
hom
e M
ember
Sta
te s
hal
l be
resp
onsi
ble
for
esta
bli
shin
g t
he
min
imum
know
ledge
and
com
pet
ence
req
uir
emen
ts a
ppli
cable
to the
staf
f in
acc
ord
ance
wit
h A
nnex
III
, how
ever
host
Mem
ber
Sta
tes
may
est
abli
sh the
min
imum
know
ledge
and c
om
pet
ence
req
uir
emen
ts f
or
those
req
uir
emen
ts r
efer
red t
o i
n p
oin
ts (
b),
(c)
, (e
) an
d (
f) o
f par
agra
ph 1
of
Annex
III
.
FC
A r
ule
s
4.
Mem
ber
Sta
tes
shal
l en
sure
that
com
pli
ance
wit
h t
he
requir
emen
ts o
f par
agra
ph 1
is
super
vis
ed b
y t
he
com
pet
ent
auth
ori
ties
, an
d
that
the
com
pet
ent
auth
ori
ties
hav
e pow
ers
to r
equir
e cr
edit
ors
, cr
edit
inte
rmed
iari
es a
nd a
ppoin
ted r
epre
senta
tives
to p
rovid
e su
ch
evid
ence
as
the
com
pet
ent
auth
ori
ty d
eem
s nec
essa
ry t
o e
nab
le s
uch
super
vis
ion.
Sec
tion 1
L a
nd P
art
9
FS
MA
and F
CA
rule
s
5.
For
the
effe
ctiv
e su
per
vis
ion o
f cr
edit
ors
and c
redit
inte
rmed
iari
es p
rovid
ing t
hei
r se
rvic
es w
ithin
the
terr
itory
of
oth
er M
ember
Sta
tes
under
the
free
dom
to p
rovid
e se
rvic
es, th
e co
mpet
ent
auth
ori
ties
of
the
host
and t
he
hom
e M
ember
Sta
tes
shal
l co
oper
ate
close
ly
for
the
effe
ctiv
e su
per
vis
ion a
nd e
nfo
rcem
ent
of
the
min
imum
know
ledge
and c
om
pet
ence
req
uir
emen
ts o
f th
e host
Mem
ber
Sta
te. F
or
that
purp
ose
they
may
del
egat
e ta
sks
and r
esponsi
bil
itie
s to
eac
h o
ther
.
Sec
tions
195 a
nd 3
54A
FS
MA
Ch
ap
ter
4
Info
rmat
ion a
nd p
ract
ices
pre
lim
inar
y t
o t
he
concl
usi
on o
f th
e cr
edit
agre
emen
t
Art
icle
10
Gen
eral
pro
vis
ion
s ap
pli
cab
le t
o a
dver
tisi
ng a
nd
mark
etin
g
Wit
hout
pre
judic
e to
D
irec
tive
2005/2
9/E
C,
Mem
ber
S
tate
s sh
all
requir
e th
at an
y ad
ver
tisi
ng an
d m
arket
ing co
mm
unic
atio
ns
conce
rnin
g c
redit
agre
emen
ts a
re f
air,
cle
ar a
nd n
ot m
isle
adin
g. In
par
ticu
lar,
word
ing that
may
cre
ate
fals
e ex
pec
tati
ons
for
a co
nsu
mer
regar
din
g t
he
avai
labil
ity o
r th
e co
st o
f a
cred
it s
hal
l be
pro
hib
ited
.
FC
A r
ule
s
Art
icle
11
Sta
ndar
d i
nfo
rmat
ion t
o b
e in
cluded
in a
dver
tisi
ng
1. M
ember
Sta
tes
shal
l en
sure
that
any a
dver
tisi
ng c
once
rnin
g c
redit
agre
emen
ts w
hic
h i
ndic
ates
an i
nte
rest
rat
e or
any f
igure
s re
lati
ng
to t
he
cost
of
the
cred
it t
o t
he
consu
mer
incl
udes
the
stan
dar
d i
nfo
rmat
ion i
n a
ccord
ance
wit
h t
his
Art
icle
.
FC
A r
ule
s
10
Mem
ber
Sta
tes
may
pro
vid
e th
at t
he
firs
t su
bpar
agra
ph s
hal
l not
apply
wher
e nat
ional
law
req
uir
es t
he
indic
atio
n o
f th
e A
PR
C i
n
adver
tisi
ng c
once
rnin
g c
redit
agre
emen
ts w
hic
h d
oes
not
indic
ate
an i
nte
rest
rat
e or
any f
igure
s re
lati
ng t
o a
ny c
ost
of
cred
it t
o t
he
consu
mer
wit
hin
the
mea
nin
g o
f th
e fi
rst
subpar
agra
ph.
FC
A r
ule
s
2. T
he
stan
dar
d i
nfo
rmat
ion s
hal
l sp
ecif
y i
n a
cle
ar, co
nci
se a
nd p
rom
inen
t w
ay:
(a)
the
iden
tity
of
the
cred
itor
or,
wher
e ap
pli
cable
, th
e cr
edit
inte
rmed
iary
or
appoin
ted r
epre
senta
tive;
F
CA
rule
s
(b)
wher
e ap
pli
cable
, th
at t
he
cred
it a
gre
emen
t w
ill
be
secu
red
by a
mort
gage
or
anoth
er c
om
par
able
sec
uri
ty c
om
monly
use
d i
n a
Mem
ber
Sta
te o
n r
esid
enti
al i
mm
ovab
le p
roper
ty o
r by a
rig
ht
rela
ted t
o r
esid
enti
al i
mm
ovab
le p
roper
ty;
FC
A r
ule
s
(c)
the
borr
ow
ing r
ate,
indic
atin
g w
het
her
this
is
fixed
or
var
iable
or
a co
mbin
atio
n o
f both
, to
get
her
wit
h p
arti
cula
rs o
f an
y c
har
ges
incl
uded
in t
he
tota
l co
st o
f th
e cr
edit
to t
he
consu
mer
;
FC
A r
ule
s
(d)
the
tota
l am
ount
of
cred
it;
F
CA
rule
s
(e)
the
AP
RC
whic
h s
hal
l be
incl
uded
in t
he
adver
tise
men
t at
lea
st a
s pro
min
entl
y a
s an
y i
nte
rest
rat
e;
FC
A r
ule
s
(f)
wher
e ap
pli
cable
, th
e dura
tion o
f th
e cr
edit
agre
emen
t;
FC
A r
ule
s
(g)
wher
e ap
pli
cable
, th
e am
ount
of
the
inst
alm
ents
; F
CA
rule
s
(h)
wher
e ap
pli
cable
, th
e to
tal
amount
pay
able
by t
he
consu
mer
; F
CA
rule
s
(i)
wher
e ap
pli
cable
, th
e num
ber
of
inst
alm
ents
; F
CA
rule
s
(j)
wher
e ap
pli
cable
, a
war
nin
g r
egar
din
g t
he
fact
that
poss
ible
flu
ctuat
ions
of
the
exch
ange
rate
could
aff
ect
the
amount
pay
able
by
the
consu
mer
.
FC
A r
ule
s
3.
The
info
rmat
ion l
iste
d i
n p
arag
raph 2
, oth
er t
han
that
lis
ted i
n p
oin
ts (
a),
(b)
or
(j)
ther
eof,
shal
l be
spec
ifie
d b
y m
eans
of
a
repre
senta
tive
exam
ple
and s
hal
l ad
her
e to
that
rep
rese
nta
tive
exam
ple
thro
ughout.
Mem
ber
Sta
tes
shal
l ad
opt
crit
eria
for
det
erm
inin
g
a re
pre
senta
tive
exam
ple
.
FC
A r
ule
s
4. W
her
e th
e co
ncl
usi
on o
f a
contr
act
regar
din
g a
n a
nci
llar
y s
ervic
e, i
n p
arti
cula
r in
sura
nce
, is
com
puls
ory
in o
rder
to o
bta
in t
he
cred
it
or
to o
bta
in i
t on t
he
term
s an
d c
ondit
ions
mar
ket
ed,
and t
he
cost
of
that
ser
vic
e ca
nnot
be
det
erm
ined
in a
dvan
ce,
the
obli
gat
ion t
o
ente
r in
to t
hat
contr
act
shal
l be
stat
ed i
n a
cle
ar, co
nci
se a
nd p
rom
inen
t w
ay, to
get
her
wit
h t
he
AP
RC
.
FC
A r
ule
s
5. T
he
info
rmat
ion r
efer
red t
o i
n p
arag
raphs
2 a
nd 4
shal
l be
easi
ly l
egib
le o
r cl
earl
y a
udib
le a
s ap
pro
pri
ate,
dep
endin
g o
n t
he
med
ium
use
d f
or
adver
tisi
ng.
FC
A r
ule
s
6.
Mem
ber
Sta
tes
may
req
uir
e th
e in
clusi
on o
f a
conci
se a
nd p
roport
ionat
e w
arnin
g c
once
rnin
g s
pec
ific
ris
ks
asso
ciat
ed w
ith c
redit
agre
emen
ts. T
hey
shal
l noti
fy t
hose
req
uir
emen
ts t
o t
he
Com
mis
sion w
ithout
del
ay.
FC
A r
ule
s
7. T
his
Art
icle
shal
l be
wit
hout
pre
judic
e to
Dir
ecti
ve
2005/2
9/E
C.
FC
A r
ule
s
Art
icle
12
Tyin
g a
nd
bu
nd
lin
g p
ract
ices
1. M
ember
Sta
tes
shal
l al
low
bundli
ng p
ract
ices
but
shal
l pro
hib
it t
yin
g p
ract
ices
. F
CA
rule
s
2.
Notw
ithst
andin
g p
arag
raph 1
, M
ember
Sta
tes
may
pro
vid
e th
at c
redit
ors
can
req
ues
t th
e co
nsu
mer
or
a fa
mil
y m
em
ber
or
close
rela
tion o
f th
e co
nsu
mer
to:
FC
A r
ule
s
11
(a)
open
or
mai
nta
in a
pay
men
t or
a sa
vin
gs
acco
unt,
wher
e th
e only
purp
ose
of
such
an a
ccount
is t
o a
ccum
ula
te c
apit
al t
o r
epay
the
cred
it, t
o s
ervic
e th
e cr
edit
, to p
ool re
sourc
es to o
bta
in the
cred
it, or
to p
rovid
e ad
dit
ional
sec
uri
ty f
or
the
cred
itor
in the
even
t of
def
ault
;
(b)
purc
has
e or
kee
p a
n i
nves
tmen
t pro
duct
or
a pri
vat
e pen
sion p
roduct
, w
her
e su
ch p
roduct
whic
h p
rim
aril
y o
ffer
s th
e in
ves
tor
an
inco
me
in r
etir
emen
t se
rves
als
o t
o p
rovid
e ad
dit
ional
sec
uri
ty f
or
the
cred
itor
in t
he
even
t of
def
ault
or
to a
ccum
ula
te c
apit
al t
o r
epay
the
cred
it, to
ser
vic
e th
e cr
edit
or
to p
ool
reso
urc
es t
o o
bta
in t
he
cred
it;
(c)
concl
ude
a se
par
ate
cred
it a
gre
emen
t in
conju
nct
ion w
ith a
shar
ed-e
quit
y c
redit
agre
emen
t to
obta
in t
he
cred
it.
3. N
otw
ithst
andin
g p
arag
raph 1
, M
ember
Sta
tes
may
all
ow
tyin
g p
ract
ices
when
the
cred
itor
can d
emonst
rate
to its
com
pet
ent au
thori
ty
that
the
tied
pro
duct
s or
cate
gori
es o
f pro
duct
off
ered
, on t
erm
s an
d c
ondit
ions
sim
ilar
to e
ach o
ther
, w
hic
h a
re n
ot
mad
e av
aila
ble
separ
atel
y, re
sult
in a
cle
ar b
enef
it to the
consu
mer
s ta
kin
g d
ue
acco
unt of
the
avai
labil
ity a
nd the
pri
ces
of
the
rele
van
t pro
duct
s off
ered
on t
he
mar
ket
. T
his
par
agra
ph s
hal
l only
apply
to p
roduct
s w
hic
h a
re m
arket
ed a
fter
20 M
arch
2014.
FC
A r
ule
s
4.
Mem
ber
Sta
tes
may
all
ow
cre
dit
ors
to r
equir
e th
e co
nsu
mer
to h
old
a r
elev
ant
insu
rance
poli
cy r
elat
ed t
o t
he
cred
it a
gre
emen
t. I
n
such
cas
es M
ember
Sta
tes
shal
l en
sure
that
the
cred
itor
acce
pts
the
insu
rance
poli
cy f
rom
a s
uppli
er d
iffe
rent
to h
is p
refe
rred
suppli
er
wher
e su
ch p
oli
cy h
as a
lev
el o
f guar
ante
e eq
uiv
alen
t to
the
one
the
cred
itor
has
pro
pose
d.
FC
A r
ule
s
Art
icle
13
Gen
eral
info
rmati
on
1. M
ember
Sta
tes
shal
l en
sure
that
cle
ar a
nd c
om
pre
hen
sible
gen
eral
info
rmat
ion a
bout cr
edit
agre
emen
ts is
mad
e av
aila
ble
by c
redit
ors
or,
wher
e ap
pli
cable
, by tie
d c
redit
inte
rmed
iari
es o
r th
eir
appoin
ted r
epre
senta
tives
at al
l ti
mes
on p
aper
or
on a
noth
er d
ura
ble
med
ium
or
in el
ectr
onic
fo
rm.
In ad
dit
ion,
Mem
ber
S
tate
s m
ay pro
vid
e th
at gen
eral
in
form
atio
n is
m
ade
avai
lable
by non-t
ied cr
edit
inte
rmed
iari
es.
FC
A r
ule
s
Such
gen
eral
info
rmat
ion s
hal
l in
clude
at l
east
the
foll
ow
ing:
FC
A r
ule
s
(a)
the
iden
tity
and t
he
geo
gra
phic
al a
ddre
ss o
f th
e is
suer
of
the
info
rmat
ion;
FC
A r
ule
s
(b)
the
purp
ose
s fo
r w
hic
h t
he
cred
it m
ay b
e use
d;
FC
A r
ule
s
(c)
the
form
s of
secu
rity
, in
cludin
g, w
her
e ap
pli
cable
, th
e poss
ibil
ity f
or
it t
o b
e lo
cate
d i
n a
dif
fere
nt
Mem
ber
Sta
te;
FC
A r
ule
s
(d)
the
poss
ible
dura
tion o
f th
e cr
edit
agre
emen
ts;
FC
A r
ule
s
(e)
types
of
avai
lable
borr
ow
ing r
ate,
indic
atin
g w
het
her
fix
ed o
r var
iable
or
both
, w
ith a
short
des
crip
tion o
f th
e ch
arac
teri
stic
s of
a
fixed
and v
aria
ble
rat
e, i
ncl
udin
g r
elat
ed i
mpli
cati
ons
for
the
consu
mer
;
FC
A r
ule
s
(f)
wher
e fo
reig
n c
urr
ency
loan
s ar
e av
aila
ble
, an
indic
atio
n o
f th
e fo
reig
n c
urr
ency
or
curr
enci
es,
incl
udin
g a
n e
xpla
nat
ion o
f th
e
impli
cati
ons
for
the
consu
mer
wher
e th
e cr
edit
is
den
om
inat
ed i
n a
fore
ign c
urr
ency
;
FC
A r
ule
s
(g)
a re
pre
senta
tive
exam
ple
of
the
tota
l am
ount
of
cred
it,
the
tota
l co
st o
f th
e cr
edit
to t
he
consu
mer
, th
e to
tal
amount
pay
able
by t
he
consu
mer
and t
he
AP
RC
;
FC
A r
ule
s
(h)
an i
ndic
atio
n o
f poss
ible
furt
her
cost
s, n
ot
incl
uded
in t
he
tota
l co
st o
f th
e cr
edit
to t
he
consu
mer
, to
be
pai
d i
n c
onnec
tion w
ith a
cred
it a
gre
emen
t;
FC
A r
ule
s
(i)
the
range
of
dif
fere
nt
opti
ons
avai
lable
for
reim
burs
ing t
he
cred
it to the
cred
itor,
incl
udin
g t
he
num
ber
, fr
equen
cy a
nd a
mount of
the
regula
r re
pay
men
t in
stal
men
ts;
FC
A r
ule
s
12
(j)
wher
e ap
pli
cable
, a
clea
r an
d c
onci
se s
tate
men
t th
at c
om
pli
ance
wit
h t
he
term
s an
d c
ondit
ions
of
the
cred
it a
gre
emen
t does
not
guar
ante
e re
pay
men
t of
the
tota
l am
ount
of
cred
it u
nder
the
cred
it a
gre
emen
t;
FC
A r
ule
s
(k)
a des
crip
tion o
f th
e co
ndit
ions
dir
ectl
y r
elat
ing t
o e
arly
rep
aym
ent;
F
CA
rule
s
(l)
whet
her
a v
aluat
ion o
f th
e pro
per
ty i
s nec
essa
ry a
nd,
wher
e ap
pli
cable
, w
ho i
s re
sponsi
ble
for
ensu
ring t
hat
the
val
uat
ion i
s ca
rrie
d
out,
and w
het
her
any r
elat
ed c
ost
s ar
ise
for
the
consu
mer
;
FC
A r
ule
s
(m)
indic
atio
n o
f an
cill
ary s
ervic
es t
he
consu
mer
is
obli
ged
to a
cquir
e in
ord
er t
o o
bta
in t
he
cred
it o
r to
obta
in i
t on t
he
term
s an
d
condit
ions
mar
ket
ed a
nd,
wher
e ap
pli
cable
, a
clar
ific
atio
n t
hat
the
anci
llar
y s
ervic
es m
ay b
e purc
has
ed f
rom
a p
rovid
er t
hat
is
not
the
cred
itor;
and
FC
A r
ule
s
(n)
a gen
eral
war
nin
g c
once
rnin
g p
oss
ible
conse
quen
ces
of
non-c
om
pli
ance
wit
h t
he
com
mit
men
ts l
inked
to t
he
cred
it a
gre
emen
t.
FC
A r
ule
s
2.
Mem
ber
Sta
tes
may
obli
ge
the
cred
itors
to i
ncl
ude
oth
er t
ypes
of
war
nin
gs
whic
h a
re r
elev
ant
in a
Mem
ber
Sta
te. T
hey
shal
l noti
fy
those
req
uir
emen
ts t
o t
he
Com
mis
sion w
ithout
del
ay.
FC
A r
ule
s
Art
icle
14
Pre
-con
tract
ual
info
rmati
on
1. M
ember
Sta
tes
shal
l en
sure
that
the
cred
itor
and, w
her
e ap
pli
cable
, th
e cr
edit
inte
rmed
iary
or
appoin
ted r
epre
senta
tive,
pro
vid
es t
he
consu
mer
wit
h t
he
per
sonal
ised
info
rmat
ion n
eeded
to c
om
par
e th
e cr
edit
s av
aila
ble
on t
he
mar
ket
, as
sess
thei
r im
pli
cati
ons
and m
ake
an i
nfo
rmed
dec
isio
n o
n w
het
her
to c
oncl
ude
a cr
edit
agre
emen
t:
(a)
wit
hout
undue
del
ay a
fter
the
consu
mer
has
giv
en t
he
nec
essa
ry i
nfo
rmat
ion o
n h
is n
eeds,
fin
anci
al s
ituat
ion a
nd p
refe
rence
s in
acco
rdan
ce w
ith A
rtic
le 2
0;
and
(b)
in g
ood t
ime
bef
ore
the
consu
mer
is
bound b
y a
ny c
redit
agre
emen
t or
off
er.
FC
A r
ule
s
2. T
he
per
sonal
ised
info
rmat
ion r
efer
red t
o i
n p
arag
raph 1
, on p
aper
or
on a
noth
er d
ura
ble
med
ium
, sh
all
be
pro
vid
ed b
y m
eans
of
the
ES
IS, as
set
out
in A
nnex
II.
FC
A r
ule
s
3.
Mem
ber
Sta
tes
shal
l en
sure
that
when
an o
ffer
bin
din
g o
n t
he
cred
itor
is p
rovid
ed t
o t
he
consu
mer
, it
shal
l be
pro
vid
ed o
n p
aper
or
on a
noth
er d
ura
ble
med
ium
and a
ccom
pan
ied b
y a
n E
SIS
wher
e:
(a)
no E
SIS
has
bee
n p
rovid
ed t
o t
he
consu
mer
pre
vio
usl
y;
or
(b)
the
char
acte
rist
ics
of
the
off
er a
re d
iffe
rent
from
the
info
rmat
ion c
onta
ined
in t
he
ES
IS p
revio
usl
y p
rovid
ed.
FC
A r
ule
s
4. M
ember
Sta
tes
may
pro
vid
e fo
r th
e obli
gat
ory
pro
vis
ion o
f th
e E
SIS
bef
ore
the
pro
vis
ion o
f an
off
er b
indin
g o
n t
he
cred
itor.
Wher
e
a M
ember
Sta
te s
o p
rovid
es, it
shal
l re
quir
e th
at t
he
ES
IS s
hal
l only
be
requir
ed t
o b
e pro
vid
ed a
gai
n w
her
e poin
t (b
) of
par
agra
ph 3
is
met
.
FC
A r
ule
s
5. M
ember
Sta
tes
whic
h b
efore
20 M
arch
2014
hav
e im
ple
men
ted a
n i
nfo
rmat
ion s
hee
t th
at m
eets
equiv
alen
t in
form
atio
n r
equir
emen
ts
to t
hose
set
out
in A
nnex
II
may c
onti
nue
to u
se i
t fo
r th
e purp
ose
s of
this
Art
icle
unti
l 21 M
arch
2019.
FC
A r
ule
s
6.
Mem
ber
Sta
tes
shal
l sp
ecif
y a
tim
e per
iod o
f at
lea
st s
even
day
s duri
ng w
hic
h t
he
consu
mer
wil
l hav
e su
ffic
ient
tim
e to
com
par
e
off
ers,
ass
ess
thei
r im
pli
cati
ons
and m
ake
an i
nfo
rmed
dec
isio
n.
FC
A r
ule
s
13
Mem
ber
Sta
tes
shal
l sp
ecif
y t
hat
the
tim
e per
iod r
efer
red t
o i
n t
he
firs
t su
bpar
agra
ph s
hal
l be
eith
er a
ref
lect
ion p
erio
d b
efore
the
concl
usi
on o
f th
e cr
edit
agre
emen
t or
a per
iod f
or
exer
cisi
ng a
rig
ht
of
wit
hdra
wal
aft
er t
he
concl
usi
on o
f th
e cr
edit
agre
emen
t or
a
com
bin
atio
n o
f th
e tw
o.
Wher
e a
Mem
ber
Sta
te s
pec
ifie
s a
refl
ecti
on p
erio
d b
efore
the
concl
usi
on o
f a
cred
it a
gre
emen
t:
(a)
the
off
er s
hal
l be
bin
din
g o
n t
he
cred
itor
for
the
dura
tion o
f th
e re
flec
tion p
erio
d;
and
(b)
the
consu
mer
may
acc
ept
the
off
er a
t an
y t
ime
duri
ng t
he
refl
ecti
on p
erio
d.
Mem
ber
Sta
tes
may
pro
vid
e th
at c
onsu
mer
s ca
nnot
acce
pt
the
off
er f
or
a per
iod n
ot
exce
edin
g t
he
firs
t 10 d
ays
of
the
refl
ecti
on p
erio
d.
Wher
e th
e borr
ow
ing r
ate
or
oth
er c
ost
s ap
pli
cable
to t
he
off
er a
re d
eter
min
ed o
n t
he
bas
is o
f th
e se
llin
g o
f under
lyin
g b
onds
or
oth
er
long-t
erm
fundin
g inst
rum
ents
, M
ember
Sta
tes
may
pro
vid
e th
at the
borr
ow
ing r
ate
or
oth
er c
ost
s m
ay v
ary f
rom
that
sta
ted in the
off
er
in a
ccord
ance
wit
h t
he
val
ue
of
the
under
lyin
g b
ond o
r oth
er l
ong-t
erm
fundin
g i
nst
rum
ent.
Wher
e th
e co
nsu
mer
has
a r
ight
of
wit
hdra
wal
in a
ccord
ance
wit
h t
he
seco
nd s
ubpar
agra
ph o
f th
is p
arag
raph,
Art
icle
6 o
f D
irec
tive
2002/6
5/E
C s
hal
l not
apply
.
7.
The
cred
itor
and,
wher
e ap
pli
cable
, th
e cr
edit
inte
rmed
iary
or
appoin
ted r
epre
senta
tive
who h
as s
uppli
ed t
he
ES
IS t
o t
he
consu
mer
shal
l be
dee
med
to h
ave
fulf
ille
d the
requir
emen
ts r
egar
din
g info
rmat
ion p
rovis
ion to the
consu
mer
pri
or
to the
concl
usi
on o
f a
dis
tance
contr
act
as l
aid d
ow
n i
n A
rtic
le 3
(1)
of
Dir
ecti
ve
2002/6
5/E
C a
nd s
hal
l be
dee
med
to s
atis
fy t
he
requir
emen
ts o
f A
rtic
le 5
(1)
of
that
Dir
ecti
ve
only
wher
e th
ey h
ave
at l
east
suppli
ed t
he
ES
IS p
rior
to t
he
concl
usi
on o
f th
e co
ntr
act.
FC
A r
ule
s
8.
Mem
ber
Sta
tes
shal
l not
modif
y t
he
ES
IS m
odel
oth
er t
han
as
pro
vid
ed f
or
in A
nnex
II.
An
y a
ddit
ional
info
rmat
ion w
hic
h t
he
cred
itor
or,
wher
e ap
pli
cable
, th
e cr
edit
inte
rmed
iary
or
appoin
ted r
epre
senta
tive,
may p
rovid
e to
the
consu
mer
or
is r
equir
ed to p
rovid
e
to t
he
consu
mer
by n
atio
nal
law
shal
l be
giv
en i
n a
sep
arat
e docu
men
t w
hic
h m
ay b
e an
nex
ed t
o t
he
ES
IS.
FC
A r
ule
s
9.
The
Com
mis
sion s
hal
l be
empow
ered
to a
dopt
del
egat
ed a
cts
in a
ccord
ance
wit
h A
rtic
le 4
0 t
o a
men
d t
he
stan
dar
d w
ord
ing i
n P
art
A o
f A
nnex
II
or
the
inst
ruct
ions
in P
art
B t
her
eof
to a
ddre
ss t
he
nee
d f
or
info
rmat
ion o
r w
arnin
gs
conce
rnin
g n
ew p
roduct
s th
at w
ere
not
mar
ket
ed b
efore
20 M
arch
2014. S
uch
del
egat
ed a
cts
shal
l how
ever
not
chan
ge
the
stru
cture
or
form
at o
f th
e E
SIS
.
No t
ransp
osi
tion r
equir
ed
10.
In t
he
case
of
voic
e te
lephony c
om
munic
atio
ns,
as
refe
rred
to i
n A
rtic
le 3
(3)
of
Dir
ecti
ve
2002/6
5/E
C, th
e des
crip
tion o
f th
e m
ain
char
acte
rist
ics
of
the
finan
cial
ser
vic
e to
be
pro
vid
ed p
urs
uan
t to
the
seco
nd i
nden
t of
poin
t (b
) of
Art
icle
3(3
) of
that
Dir
ecti
ve
shal
l
incl
ude
at l
east
the
item
s re
ferr
ed t
o i
n s
ecti
ons
2 t
o 5
of
Par
t A
of
Annex
II
to t
his
Dir
ecti
ve.
FC
A r
ule
s
11. M
ember
Sta
tes
shal
l en
sure
that
at le
ast w
her
e no r
ight of
wit
hdra
wal
exis
ts the
cred
itor
or,
wher
e ap
pli
cable
, the
cred
it inte
rmed
iary
or
appoin
ted r
epre
senta
tive
pro
vid
es t
he
consu
mer
wit
h a
copy o
f th
e dra
ft c
redit
agre
emen
t, a
t th
e ti
me
of
the
pro
vis
ion o
f an
off
er
bin
din
g o
n the
cred
itor.
Wher
e a
right of
wit
hdra
wal
exis
ts, M
ember
Sta
tes
shal
l en
sure
that
the
cred
itor
or,
wher
e ap
pli
cable
, th
e cr
edit
inte
rmed
iary
or
appoin
ted r
epre
senta
tive
off
ers
to p
rovid
e th
e co
nsu
mer
wit
h a
copy o
f th
e dra
ft c
redit
agre
emen
t at
the
tim
e of
the
pro
vis
ion o
f an
off
er b
indin
g o
n t
he
cred
itor.
FC
A r
ule
s
Art
icle
15
Info
rmati
on
req
uir
emen
ts c
on
cern
ing c
red
it i
nte
rmed
iari
es a
nd
ap
poin
ted
rep
rese
nta
tives
14
1.
Mem
ber
Sta
tes
shal
l en
sure
that
in g
ood t
ime
bef
ore
the
carr
yin
g o
ut
of
any o
f th
e cr
edit
inte
rmed
iati
on a
ctiv
itie
s se
t out
in p
oin
t 5
of
Art
icle
4, th
e cr
edit
inte
rmed
iary
or
appoin
ted r
epre
senta
tive
shal
l pro
vid
e th
e co
nsu
mer
wit
h a
t le
ast
the
foll
ow
ing i
nfo
rmat
ion o
n
pap
er o
r on a
noth
er d
ura
ble
med
ium
:
FC
A r
ule
s
(a)
the
iden
tity
and t
he
geo
gra
phic
al a
ddre
ss o
f th
e cr
edit
inte
rmed
iary
; F
CA
rule
s
(b)
the
regis
ter
in w
hic
h h
e has
bee
n incl
uded
, th
e re
gis
trat
ion n
um
ber
, w
her
e ap
pli
cable
, an
d the
mea
ns
for
ver
ifyin
g s
uch
reg
istr
atio
n;
FC
A r
ule
s
(c)
whet
her
the
cred
it i
nte
rmed
iary
is
tied
to o
r w
ork
s ex
clusi
vel
y f
or
one
or
more
cre
dit
ors
. W
her
e th
e cr
edit
inte
rmed
iary
is
tied
to o
r
work
s ex
clusi
vel
y f
or
one
or
more
cre
dit
ors
, it
shal
l pro
vid
e th
e nam
es o
f th
e cr
edit
ors
for
whic
h i
t is
act
ing.
The
cred
it i
nte
rmed
iary
may d
iscl
ose
that
it
is i
ndep
enden
t w
her
e it
mee
ts t
he
condit
ions
laid
dow
n i
n a
ccord
ance
wit
h A
rtic
le 2
2(4
);
FC
A r
ule
s
(d)
whet
her
the
cred
it i
nte
rmed
iary
off
ers
advis
ory
ser
vic
es;
FC
A r
ule
s
(e)
the
fee,
wher
e ap
pli
cable
, pay
able
by the
consu
mer
to the
cred
it inte
rmed
iary
for
its
serv
ices
or
wher
e th
is is
not poss
ible
, the
met
hod
for
calc
ula
ting t
he
fee;
FC
A r
ule
s
(f)
the
pro
cedure
s al
low
ing c
onsu
mer
s or
oth
er inte
rest
ed p
arti
es to r
egis
ter
com
pla
ints
inte
rnal
ly a
bout cr
edit
inte
rmed
iari
es a
nd, w
her
e
appro
pri
ate,
the
mea
ns
by w
hic
h r
ecours
e to
out-
of-
court
com
pla
int
and r
edre
ss p
roce
dure
s ca
n b
e so
ught;
FC
A r
ule
s
(g)
wher
e ap
pli
cable
, th
e ex
iste
nce
and w
her
e know
n t
he
amount
of
com
mis
sions
or
oth
er induce
men
ts, pay
able
by t
he
cred
itor
or
thir
d
par
ties
to t
he
cred
it i
nte
rmed
iary
for
thei
r se
rvic
es i
n r
elat
ion t
o t
he
cred
it a
gre
emen
t. W
her
e th
e am
ount
is n
ot
know
n a
t th
e ti
me
of
dis
closu
re t
he
cred
it i
nte
rmed
iary
shal
l in
form
the
consu
mer
that
the
actu
al a
mount
wil
l be
dis
close
d a
t a
late
r st
age
in t
he
ES
IS.
FC
A r
ule
s
2.
Cre
dit
inte
rmed
iari
es w
ho a
re n
ot
tied
but
who r
ecei
ve
com
mis
sion f
rom
one
or
more
cre
dit
ors
shal
l, a
t th
e co
nsu
mer
’s r
eques
t,
pro
vid
e in
form
atio
n o
n t
he
var
iati
on i
n l
evel
s of
com
mis
sion p
ayab
le b
y t
he
dif
fere
nt
cred
itors
pro
vid
ing t
he
cred
it a
gre
emen
ts b
eing
off
ered
to t
he
consu
mer
. T
he
consu
mer
shal
l be
info
rmed
that
he
has
the
right
to r
eques
t su
ch i
nfo
rmat
ion.
FC
A r
ule
s
3. W
her
e th
e cr
edit
inte
rmed
iary
char
ges
a f
ee t
o t
he
consu
mer
and a
ddit
ional
ly r
ecei
ves
com
mis
sion f
rom
the
cred
itor
or
a th
ird p
arty
,
the
cred
it i
nte
rmed
iary
shal
l ex
pla
in t
o t
he
consu
mer
whet
her
or
not
the
com
mis
sion w
ill
be
off
set
agai
nst
the
fee,
eit
her
in p
art
or
in
full
.
FC
A r
ule
s
4.
Mem
ber
Sta
tes
shal
l en
sure
that
the
fee,
if
any,
pay
able
by t
he
consu
mer
to t
he
cred
it i
nte
rmed
iary
for
its
serv
ices
is
com
munic
ated
to t
he
cred
itor
by t
he
cred
it i
nte
rmed
iary
, fo
r th
e purp
ose
of
calc
ula
ting o
f th
e A
PR
C.
FC
A r
ule
s
5. M
ember
Sta
tes
shal
l re
quir
e cr
edit
inte
rmed
iari
es to e
nsu
re that
in a
ddit
ion to the
dis
closu
res
requir
ed b
y this
Art
icle
, th
eir
appoin
ted
repre
senta
tive
dis
close
s to
the
consu
mer
the
capac
ity in w
hic
h h
e is
act
ing a
nd the
cred
it inte
rmed
iary
he
is r
epre
senti
ng w
hen
conta
ctin
g
or
bef
ore
dea
ling w
ith a
ny c
onsu
mer
.
FC
A r
ule
s
Art
icle
16
Ad
equ
ate
exp
lan
ati
on
s
1. M
ember
Sta
tes
shal
l en
sure
that
cre
dit
ors
and, w
her
e ap
pli
cable
, cr
edit
inte
rmed
iari
es o
r ap
poin
ted r
epre
senta
tives
pro
vid
e ad
equat
e
expla
nat
ions
to t
he
consu
mer
on the
pro
pose
d c
redit
agre
emen
ts a
nd a
ny a
nci
llar
y s
ervic
es, in
ord
er to p
lace
the
consu
mer
in a
posi
tion
enab
ling h
im t
o a
sses
s w
het
her
the
pro
pose
d c
redit
agre
emen
ts a
nd a
nci
llar
y s
ervic
es a
re a
dap
ted t
o h
is n
eeds
and f
inan
cial
sit
uat
ion.
The
expla
nat
ions
shal
l, w
her
e ap
pli
cable
, in
clude
in p
arti
cula
r:
(a)
the
pre
-contr
actu
al i
nfo
rmat
ion t
o b
e pro
vid
ed i
n a
ccord
ance
wit
h:
FC
A r
ule
s
15
(i)
Art
icle
14 i
n t
he
case
of
cred
itors
;
(ii)
A
rtic
les
14 a
nd 1
5 i
n t
he
case
of
cred
it i
nte
rmed
iari
es o
r ap
poin
ted r
epre
senta
tives
;
(b)
the
esse
nti
al c
har
acte
rist
ics
of
the
pro
duct
s pro
pose
d;
(c)
the
spec
ific
eff
ects
the
pro
duct
s pro
pose
d m
ay h
ave
on t
he
consu
mer
, in
cludin
g t
he
conse
quen
ces
of
def
ault
in p
aym
ent
by t
he
consu
mer
; an
d
(d)
wher
e an
cill
ary s
ervic
es a
re b
undle
d w
ith a
cre
dit
agre
emen
t, w
het
her
eac
h c
om
ponen
t of
the
bundle
can
be
term
inat
ed s
epar
atel
y
and t
he
impli
cati
ons
for
the
consu
mer
of
doin
g s
o.
2. M
ember
Sta
tes
may
adap
t th
e m
anner
by w
hic
h a
nd t
he
exte
nt
to w
hic
h t
he
expla
nat
ions
refe
rred
to i
n p
arag
raph 1
is
giv
en, as
wel
l
as b
y w
hom
it
is g
iven
, to
the
circ
um
stan
ces
of
the
situ
atio
n i
n w
hic
h t
he
cred
it a
gre
emen
t is
off
ered
, th
e per
son t
o w
hom
it
is o
ffer
ed
and t
he
nat
ure
of
the
cred
it o
ffer
ed.
FC
A r
ule
s
Ch
ap
ter
5
Annual
per
centa
ge
rate
of
char
ge
Art
icle
17
Calc
ula
tion
of
the
AP
RC
1. T
he
AP
RC
shal
l be
calc
ula
ted i
n a
ccord
ance
wit
h t
he
mat
hem
atic
al f
orm
ula
set
out
in A
nnex
I.
FC
A r
ule
s
2. T
he
cost
s of
open
ing a
nd m
ainta
inin
g a
spec
ific
acc
ount,
of
usi
ng a
mea
ns
of
pay
men
t fo
r both
tra
nsa
ctio
ns
and d
raw
dow
ns
on t
hat
acco
unt
and o
f oth
er c
ost
s re
lati
ng t
o p
aym
ent
tran
sact
ions
shal
l be
incl
uded
in t
he
tota
l co
st o
f cr
edit
to t
he
consu
mer
when
ever
the
open
ing o
r m
ainta
inin
g o
f an
acc
ount
is o
bli
gat
ory
in o
rder
to o
bta
in t
he
cred
it o
r to
obta
in i
t on t
he
term
s an
d c
ondit
ions
mar
ket
ed.
FC
A r
ule
s
3. T
he
calc
ula
tion o
f th
e A
PR
C s
hal
l be
bas
ed o
n t
he
assu
mpti
on t
hat
the
cred
it a
gre
emen
t is
to r
emai
n v
alid
for
the
per
iod a
gre
ed a
nd
that
the
cred
itor
and t
he
consu
mer
wil
l fu
lfil
thei
r obli
gat
ions
under
the
term
s an
d b
y t
he
dat
es s
pec
ifie
d i
n t
he
cred
it a
gre
emen
t.
FC
A r
ule
s
4.
In t
he
case
of
cred
it a
gre
emen
ts c
onta
inin
g c
lause
s al
low
ing v
aria
tions
in t
he
borr
ow
ing r
ate
and,
wher
e ap
pli
cable
, in
the
char
ges
conta
ined
in the
AP
RC
but unquan
tifi
able
at th
e ti
me
of
calc
ula
tion, th
e A
PR
C s
hal
l be
calc
ula
ted o
n the
assu
mpti
on that
the
borr
ow
ing
rate
and o
ther
char
ges
wil
l re
mai
n f
ixed
in r
elat
ion t
o t
he
level
set
at
the
concl
usi
on o
f th
e co
ntr
act.
FC
A r
ule
s
5.
For
cred
it a
gre
emen
ts f
or
whic
h a
fix
ed b
orr
ow
ing r
ate
is a
gre
ed i
n r
elat
ion t
o t
he
init
ial
per
iod o
f at
lea
st f
ive
yea
rs,
at t
he
end o
f
whic
h a
neg
oti
atio
n o
n t
he
borr
ow
ing r
ate
takes
pla
ce t
o a
gre
e on a
new
fix
ed r
ate
for
a fu
rther
mat
eria
l per
iod,
the
calc
ula
tion o
f th
e
addit
ional
, il
lust
rati
ve
AP
RC
dis
close
d i
n t
he
ES
IS s
hal
l co
ver
only
the
init
ial
fixed
rat
e per
iod a
nd s
hal
l be
bas
ed o
n t
he
assu
mpti
on
that
, at
the
end o
f th
e fi
xed
borr
ow
ing r
ate
per
iod, th
e ca
pit
al o
uts
tandin
g i
s re
pai
d.
FC
A r
ule
s
6.
Wher
e th
e cr
edit
agre
emen
t al
low
s fo
r var
iati
ons
in t
he
borr
ow
ing r
ate,
Mem
ber
Sta
tes
shal
l en
sure
that
the
consu
mer
is
info
rmed
of
the
poss
ible
im
pac
ts o
f var
iati
ons
on t
he
amounts
pay
able
and o
n t
he
AP
RC
at
leas
t by m
eans
of
the
ES
IS.
This
shal
l be
done
by
pro
vid
ing t
he
consu
mer
wit
h a
n a
ddit
ional
AP
RC
whic
h i
llust
rate
s th
e poss
ible
ris
ks
linked
to a
sig
nif
ican
t in
crea
se i
n t
he
borr
ow
ing
rate
. W
her
e th
e borr
ow
ing r
ate
is n
ot
capped
, th
is i
nfo
rmat
ion s
hal
l be
acco
mpan
ied b
y a
war
nin
g h
ighli
ghti
ng t
hat
the
tota
l co
st o
f th
e
cred
it to t
he
consu
mer
, sh
ow
n b
y t
he
AP
RC
, m
ay c
han
ge.
This
pro
vis
ion s
hal
l not ap
ply
to c
redit
agre
emen
ts w
her
e th
e borr
ow
ing r
ate
is f
ixed
for
an i
nit
ial
per
iod o
f at
lea
st f
ive
yea
rs,
at t
he
end o
f w
hic
h a
neg
oti
atio
n o
n t
he
borr
ow
ing r
ate
takes
pla
ce i
n o
rder
to a
gre
e
on a
new
fix
ed r
ate
for
a fu
rther
mat
eria
l per
iod, fo
r w
hic
h a
n a
ddit
ional
, il
lust
rati
ve
AP
RC
is
pro
vid
ed f
or
in t
he
ES
IS.
FC
A r
ule
s
16
7. W
her
e ap
pli
cable
, th
e ad
dit
ional
ass
um
pti
ons
set
out
in A
nnex
I s
hal
l be
use
d i
n c
alcu
lati
ng t
he
AP
RC
. F
CA
rule
s
8. T
he
Com
mis
sion s
hal
l be
empow
ered
to a
dopt
del
egat
ed a
cts
in a
ccord
ance
wit
h A
rtic
le 4
0 i
n o
rder
to a
men
d t
he
rem
arks
or
updat
e
the
assu
mpti
ons
use
d t
o c
alcu
late
the
AP
RC
as
set
out
in A
nnex
I, in
par
ticu
lar
if t
he
rem
arks
or
assu
mpti
ons
set
out
in t
his
Art
icle
and
in A
nnex
I d
o n
ot
suff
ice
to c
alcu
late
the
AP
RC
in a
unif
orm
man
ner
or
are
no l
onger
adap
ted t
o t
he
com
mer
cial
sit
uat
ion o
n t
he
mar
ket
.
No t
ransp
osi
tion r
equir
ed
Ch
ap
ter
6
Cre
dit
wort
hin
ess
asse
ssm
ent
Art
icle
18
Ob
ligati
on
to a
sses
s th
e cr
edit
wort
hin
ess
of
the
con
sum
er
1. M
ember
Sta
tes
shal
l en
sure
that
, bef
ore
concl
udin
g a
cre
dit
agre
emen
t, t
he
cred
itor
mak
es a
thoro
ugh a
sses
smen
t of
the
consu
mer
's
cred
itw
ort
hin
ess.
That
ass
essm
ent
shal
l ta
ke
appro
pri
ate
acco
unt
of
fact
ors
rel
evan
t to
ver
ifyin
g t
he
pro
spec
t of
the
consu
mer
to m
eet
his
obli
gat
ions
under
the
cred
it a
gre
emen
t.
FC
A r
ule
s
2.
Mem
ber
Sta
tes
shal
l en
sure
that
the
pro
cedure
s an
d i
nfo
rmat
ion o
n w
hic
h t
he
asse
ssm
ent
is b
ased
are
est
abli
shed
, docu
men
ted a
nd
mai
nta
ined
.
FC
A r
ule
s
3.
The
asse
ssm
ent
of
cred
itw
ort
hin
ess
shal
l not
rely
pre
dom
inan
tly o
n t
he
val
ue
of
the
resi
den
tial
im
movab
le p
roper
ty e
xce
edin
g t
he
amount
of
the
cred
it o
r th
e as
sum
pti
on t
hat
the
resi
den
tial
im
mo
vab
le p
roper
ty w
ill
incr
ease
in v
alue
unle
ss t
he
purp
ose
of
the
cred
it
agre
emen
t is
to c
onst
ruct
or
renovat
e th
e re
siden
tial
im
mo
vab
le p
roper
ty.
FC
A r
ule
s
4.
Mem
ber
Sta
tes
shal
l en
sure
that
wher
e a
cred
itor
concl
udes
a c
redit
agre
emen
t w
ith a
consu
mer
the
cred
itor
shal
l not
subse
quen
tly
cance
l or
alte
r th
e cr
edit
agre
emen
t to
the
det
rim
ent
of
the
consu
mer
on t
he
gro
unds
that
the
asse
ssm
ent
of
cred
itw
ort
hin
ess
was
inco
rrec
tly c
onduct
ed.
This
par
agra
ph s
hal
l not
apply
wher
e it
is
dem
onst
rate
d t
hat
the
consu
mer
know
ingly
wit
hhel
d o
r fa
lsif
ied t
he
info
rmat
ion w
ithin
the
mea
nin
g o
f A
rtic
le 2
0.
FC
A r
ule
s
5. M
ember
Sta
tes
shal
l en
sure
that
:
(a)
the
cred
itor
only
mak
es t
he
cred
it a
vai
lable
to t
he
consu
mer
wher
e th
e re
sult
of
the
cred
itw
ort
hin
ess
asse
ssm
ent
indic
ates
that
the
obli
gat
ions
resu
ltin
g f
rom
the
cred
it a
gre
emen
t ar
e li
kel
y t
o b
e m
et i
n t
he
man
ner
req
uir
ed u
nder
that
agre
emen
t;
FC
A r
ule
s
(b)
in a
ccord
ance
wit
h A
rtic
le 1
0 o
f D
irec
tive
95/4
6/E
C, th
e cr
edit
or
info
rms
the
consu
mer
in a
dvan
ce that
a d
atab
ase
is to b
e co
nsu
lted
; F
CA
rule
s
(c)
wher
e th
e cr
edit
appli
cati
on i
s re
ject
ed t
he
cred
itor
info
rms
the
consu
mer
wit
hout
del
ay o
f th
e re
ject
ion a
nd, w
her
e ap
pli
cable
, th
at
the
dec
isio
n i
s bas
ed o
n a
uto
mat
ed p
roce
ssin
g o
f dat
a. W
her
e th
e re
ject
ion i
s bas
ed o
n t
he
resu
lt o
f th
e dat
abas
e co
nsu
ltat
ion,
the
cred
itor
shal
l in
form
the
consu
mer
of
the
resu
lt o
f su
ch c
onsu
ltat
ion a
nd o
f th
e par
ticu
lars
of
the
dat
abas
e co
nsu
lted
.
FC
A r
ule
s
6.
Mem
ber
Sta
tes
shal
l en
sure
that
the
consu
mer
’s c
redit
wort
hin
ess
is r
e-as
sess
ed o
n t
he
bas
is o
f updat
ed i
nfo
rmat
ion b
efore
any
signif
ican
t in
crea
se i
n t
he
tota
l am
ount
of
cred
it i
s gra
nte
d a
fter
the
concl
usi
on o
f th
e cr
edit
agre
emen
t unle
ss s
uch
addit
ional
cre
dit
was
envis
aged
and i
ncl
uded
in t
he
ori
gin
al c
redit
wort
hin
ess
asse
ssm
ent.
FC
A r
ule
s
7. T
his
Art
icle
shal
l be
wit
hout
pre
judic
e to
Dir
ecti
ve
95/4
6/E
C.
FC
A r
ule
s
Art
icle
19
Pro
per
ty v
alu
ati
on
17
1. M
ember
Sta
tes
shal
l en
sure
that
rel
iable
sta
ndar
ds
for
the
val
uat
ion o
f re
siden
tial
im
mo
vab
le p
roper
ty f
or
mort
gag
e le
ndin
g p
urp
ose
s
are
dev
eloped
wit
hin
thei
r te
rrit
ory
. M
ember
Sta
tes
shal
l re
quir
e cr
edit
ors
to e
nsu
re t
hat
those
sta
ndar
ds
are
use
d w
her
e th
ey c
arry
out
a pro
per
ty v
aluat
ion o
r to
tak
e re
asonab
le s
teps
to e
nsu
re t
hat
those
sta
ndar
ds
are
appli
ed w
her
e a
val
uat
ion i
s co
nduct
ed b
y a
thir
d
par
ty.
Wher
e nat
ional
auth
ori
ties
are
res
ponsi
ble
for
regula
ting i
ndep
enden
t ap
pra
iser
s w
ho c
arry
out
pro
per
ty v
aluat
ions
they
shal
l
ensu
re t
hat
they
com
ply
wit
h t
he
nat
ional
rule
s th
at a
re i
n p
lace
.
PR
A a
nd F
CA
rule
s
2.
Mem
ber
Sta
tes
shal
l en
sure
that
inte
rnal
and e
xte
rnal
appra
iser
s co
nduct
ing p
roper
ty v
aluat
ions
are
pro
fess
ional
ly c
om
pet
ent
and
suff
icie
ntl
y i
ndep
enden
t fr
om
the
cred
it u
nder
wri
ting p
roce
ss s
o that
they
can
pro
vid
e an
im
par
tial
and o
bje
ctiv
e val
uat
ion, w
hic
h s
hal
l
be
docu
men
ted i
n a
dura
ble
med
ium
and o
f w
hic
h a
rec
ord
shal
l be
kep
t by t
he
cred
itor.
PR
A a
nd F
CA
rule
s
Art
icle
20
Dis
closu
re a
nd
ver
ific
ati
on
of
con
sum
er i
nfo
rmati
on
1. T
he
asse
ssm
ent of
cred
itw
ort
hin
ess
refe
rred
to in A
rtic
le 1
8 s
hal
l be
carr
ied o
ut on the
bas
is o
f in
form
atio
n o
n the
consu
mer
's inco
me
and e
xpen
ses
and o
ther
fin
anci
al a
nd e
conom
ic c
ircu
mst
ance
s w
hic
h i
s nec
essa
ry,
suff
icie
nt
and p
roport
ionat
e. T
he
info
rmat
ion s
hal
l
be
obta
ined
by t
he
cred
itor
from
rel
evan
t in
tern
al o
r ex
tern
al s
ourc
es,
incl
udin
g t
he
consu
mer
, an
d i
ncl
udin
g i
nfo
rmat
ion p
rovid
ed t
o
the
cred
it inte
rmed
iary
or
appoin
ted r
epre
senta
tive
duri
ng the
cred
it a
ppli
cati
on p
roce
ss. T
he
info
rmat
ion s
hal
l be
appro
pri
atel
y v
erif
ied,
incl
udin
g t
hro
ugh r
efer
ence
to i
ndep
enden
tly v
erif
iable
docu
men
tati
on w
hen
nec
essa
ry.
FC
A r
ule
s
2.
Mem
ber
Sta
tes
shal
l en
sure
that
cre
dit
inte
rmed
iari
es o
r ap
poin
ted r
epre
senta
tives
acc
ura
tely
subm
it t
he
nec
essa
ry i
nfo
rmat
ion
obta
ined
fro
m t
he
consu
mer
to t
he
rele
van
t cr
edit
or
to e
nab
le t
he
cred
itw
ort
hin
ess
asse
ssm
ent
to b
e ca
rrie
d o
ut.
FC
A r
ule
s
3.
Mem
ber
Sta
tes
shal
l en
sure
that
cre
dit
ors
spec
ify i
n a
cle
ar a
nd s
trai
ghtf
orw
ard w
ay a
t th
e pre
-contr
actu
al p
has
e th
e nec
essa
ry
info
rmat
ion a
nd i
ndep
enden
tly v
erif
iable
evid
ence
that
the
consu
mer
nee
ds
to p
rovid
e an
d t
he
tim
efra
me
wit
hin
whic
h t
he
consu
mer
nee
ds
to p
rovid
e th
e in
form
atio
n.
Such
req
ues
t fo
r in
form
atio
n s
hal
l be
pro
port
ionat
e an
d l
imit
ed t
o w
hat
is
nec
essa
ry t
o c
onduct
a
pro
per
cre
dit
wort
hin
ess
asse
ssm
ent.
Mem
ber
Sta
tes
shal
l al
low
cre
dit
ors
to s
eek c
lari
fica
tion o
f th
e in
form
atio
n r
ecei
ved
in r
esponse
to t
hat
req
ues
t w
her
e nec
essa
ry t
o e
nab
le t
he
asse
ssm
ent
of
cred
itw
ort
hin
ess.
Mem
ber
Sta
tes
shal
l not al
low
a c
redit
or
to ter
min
ate
the
cred
it a
gre
emen
t on the
gro
unds
that
the
info
rmat
ion p
rovid
ed b
y the
consu
mer
bef
ore
the
concl
usi
on o
f th
e cr
edit
agre
emen
t w
as i
nco
mple
te.
The
seco
nd s
ubpar
agra
ph s
hal
l not
pre
ven
t M
ember
Sta
tes
from
all
ow
ing t
he
term
inat
ion o
f th
e cr
edit
agre
emen
t by t
he
cred
itor
wher
e
it i
s dem
onst
rate
d t
hat
the
consu
mer
know
ingly
wit
hhel
d o
r fa
lsif
ied t
he
info
rmat
ion.
FC
A r
ule
s
4.
Mem
ber
Sta
tes
shal
l hav
e m
easu
res
in p
lace
to e
nsu
re t
hat
consu
mer
s ar
e aw
are
of
the
nee
d t
o p
rovid
e co
rrec
t in
form
atio
n i
n
resp
onse
to t
he
reques
t re
ferr
ed t
o i
n t
he
firs
t su
bpar
agra
ph o
f par
agra
ph 3
and t
hat
such
info
rmat
ion i
s as
com
ple
te a
s nec
essa
ry t
o
conduct
a p
roper
cre
dit
wort
hin
ess
asse
ssm
ent.
The
cred
itor,
cre
dit
inte
rmed
iary
or
appoin
ted r
epre
senta
tive
shal
l w
arn t
he
consu
mer
that
, w
her
e th
e cr
edit
or
is u
nab
le t
o c
arry
out
an a
sses
smen
t of
cred
itw
ort
hin
ess
bec
ause
the
consu
mer
choose
s not
to p
rovid
e th
e
info
rmat
ion o
r ver
ific
atio
n n
eces
sary
for
an a
sses
smen
t of
cred
itw
ort
hin
ess,
the
cred
it c
annot be
gra
nte
d. T
hat
war
nin
g m
ay b
e pro
vid
ed
in a
sta
ndar
dis
ed f
orm
at.
FC
A r
ule
s
5.
This
Art
icle
shal
l be
wit
hout
pre
judic
e to
Dir
ecti
ve
95/4
6/E
C, in
par
ticu
lar
Art
icle
6 t
her
eof.
F
CA
rule
s
Ch
ap
ter
7
18
Dat
abas
e ac
cess
Art
icle
21
Data
base
acc
ess
1. E
ach M
ember
Sta
te s
hal
l en
sure
acc
ess
for
all
cred
itors
fro
m a
ll M
ember
Sta
tes
to d
atab
ases
use
d in t
hat
Mem
ber
Sta
te f
or
asse
ssin
g
the
cred
itw
ort
hin
ess
of
consu
mer
s an
d f
or
the
sole
purp
ose
of
monit
ori
ng c
onsu
mer
s' c
om
pli
ance
wit
h t
he
cred
it o
bli
gat
ions
over
the
life
of
the
cred
it a
gre
emen
t. T
he
condit
ions
for
such
acc
ess
shal
l be
non-d
iscr
imin
atory
.
2.
Par
agra
ph 1
shal
l ap
ply
both
to d
atab
ases
whic
h a
re o
per
ated
by p
rivat
e cr
edit
bure
aux o
r cr
edit
ref
eren
ce a
gen
cies
and t
o p
ubli
c
regis
ters
.
FC
A r
ule
s fo
r pri
vat
e
dat
abas
es (
consu
mer
cre
dit
refe
rence
agen
cies
are
regula
ted b
y t
he
FC
A
purs
uan
t to
art
icle
89B
RA
O)
No l
egis
lati
ve
chan
ge
nee
ded
to e
nab
le a
cces
s to
publi
c re
cord
s su
ch a
s
county
court
judgm
ents
3.
This
Art
icle
shal
l be
wit
hout
pre
judic
e to
Dir
ecti
ve
95/4
6/E
C.
FC
A r
ule
s
Ch
ap
ter
8
Advis
ory
ser
vic
es
Art
icle
22
Sta
nd
ard
s fo
r ad
vis
ory
ser
vic
es
1. M
ember
Sta
tes
shal
l en
sure
that
the
cred
itor,
cre
dit
inte
rmed
iary
or
appoin
ted r
epre
senta
tive
expli
citl
y i
nfo
rms
the
consu
mer
, in
the
conte
xt
of
a giv
en t
ransa
ctio
n, w
het
her
advis
ory
ser
vic
es a
re b
eing o
r ca
n b
e pro
vid
ed t
o t
he
consu
mer
.
FC
A r
ule
s
2.
Mem
ber
Sta
tes
shal
l en
sure
that
bef
ore
the
pro
vis
ion o
f ad
vis
ory
ser
vic
es o
r, w
her
e ap
pli
cable
, th
e co
ncl
usi
on o
f a
contr
act
for
the
pro
vis
ion o
f ad
vis
ory
ser
vic
es,
the
cred
itor,
cre
dit
inte
rmed
iary
or
appoin
ted r
epre
senta
tive
pro
vid
es t
he
consu
mer
wit
h t
he
foll
ow
ing
info
rmat
ion o
n p
aper
or
anoth
er d
ura
ble
med
ium
:
FC
A r
ule
s
(a)
whet
her
the
reco
mm
endat
ion w
ill
be
bas
ed o
n c
onsi
der
ing o
nly
thei
r ow
n p
roduct
ran
ge
in a
ccord
ance
wit
h p
oin
t (b
) of
par
agra
ph
3 o
r a
wid
e ra
nge
of
pro
duct
s fr
om
acr
oss
the
mar
ket
in a
ccord
ance
wit
h p
oin
t (c
) of
par
agra
ph 3
so t
hat
the
consu
mer
can
under
stan
d
the
bas
is o
n w
hic
h t
he
reco
mm
endat
ion i
s m
ade;
FC
A r
ule
s
(b)
wher
e ap
pli
cable
, th
e fe
e pay
able
by t
he
consu
mer
for
the
advis
ory
ser
vic
es o
r, w
her
e th
e am
ount
cannot
be
asce
rtai
ned
at
the
tim
e
of
dis
closu
re, th
e m
ethod u
sed f
or
its
calc
ula
tion.
The
info
rmat
ion r
efer
red t
o i
n p
oin
ts (
a) a
nd (
b)
of
the
firs
t su
bpar
agra
ph m
ay b
e pro
vid
ed t
o t
he
consu
mer
in t
he
form
of
addit
ional
pre
-contr
actu
al i
nfo
rmat
ion.
FC
A r
ule
s
3.
Wher
e ad
vis
ory
ser
vic
es a
re p
rovid
ed t
o c
onsu
mer
s, M
ember
Sta
tes
shal
l en
sure
, in
addit
ion t
o t
he
requir
emen
ts s
et o
ut
in A
rtic
les
7 a
nd 9
, th
at:
FC
A r
ule
s
(a)
cred
itors
, cr
edit
inte
rmed
iari
es o
r ap
poin
ted r
epre
senta
tives
obta
in the
nec
essa
ry info
rmat
ion r
egar
din
g the
consu
mer
’s p
erso
nal
and
FC
A r
ule
s
19
finan
cial
sit
uat
ion, his
pre
fere
nce
s an
d o
bje
ctiv
es s
o a
s to
enab
le the
reco
mm
endat
ion o
f su
itab
le c
redit
agre
emen
ts. S
uch
an a
sses
smen
t
shal
l be
bas
ed o
n i
nfo
rmat
ion t
hat
is
up t
o d
ate
at t
hat
mo
men
t in
tim
e an
d s
hal
l ta
ke
into
acc
ount
reas
onab
le a
ssum
pti
ons
as t
o r
isks
to
the
consu
mer
’s s
ituat
ion o
ver
the
term
of
the
pro
pose
d c
redit
agre
emen
t;
(b)
cred
itors
, ti
ed c
redit
inte
rmed
iari
es o
r ap
poin
ted r
epre
senta
tives
of
tied
cre
dit
inte
rmed
iari
es c
onsi
der
a s
uff
icie
ntl
y l
arge
num
ber
of
cred
it a
gre
emen
ts i
n t
hei
r pro
duct
ran
ge
and r
ecom
men
d a
suit
able
cre
dit
agre
emen
ts o
r se
ver
al s
uit
able
cre
dit
agre
emen
ts f
rom
amon
g t
hei
r pro
duct
ran
ge
for
the
consu
mer
’s n
eeds,
fin
anci
al s
ituat
ion a
nd p
erso
nal
cir
cum
stan
ces;
FC
A r
ule
s
(c)
non-t
ied c
redit
inte
rmed
iari
es o
r ap
poin
ted r
epre
senta
tives
of
non-t
ied c
redit
inte
rmed
iari
es c
onsi
der
a s
uff
icie
ntl
y l
arge
num
ber
of
cred
it a
gre
emen
ts a
vai
lable
on t
he
mar
ket
and r
ecom
men
d a
suit
able
cre
dit
agre
emen
t or
sever
al s
uit
able
cre
dit
agre
emen
ts a
vai
lable
on t
he
mar
ket
for
the
consu
mer
’s n
eeds,
fin
anci
al s
ituat
ion a
nd p
erso
nal
cir
cum
stan
ces;
FC
A r
ule
s
(d)
cred
itors
, cr
edit
inte
rmed
iari
es o
r ap
poin
ted r
epre
senta
tives
act
in t
he
bes
t in
tere
sts
of
the
consu
mer
by:
(i)
info
rmin
g t
hem
selv
es a
bout
the
consu
mer
's n
eeds
and c
ircu
mst
ance
s; a
nd
(ii)
re
com
men
din
g s
uit
able
cre
dit
agre
emen
ts i
n a
ccord
ance
wit
h p
oin
ts (
a), (b
) an
d (
c);
and
FC
A r
ule
s
(e)
cred
itors
, cr
edit
inte
rmed
iari
es o
r ap
poin
ted r
epre
senta
tives
giv
e th
e co
nsu
mer
a r
ecord
on p
aper
or
on a
noth
er d
ura
ble
med
ium
of
the
reco
mm
endat
ion p
rovid
ed.
FC
A r
ule
s
4. M
ember
Sta
tes
may
pro
hib
it the
use
of
the
term
"ad
vic
e" a
nd "
advis
or"
or
sim
ilar
ter
ms
when
the
advis
ory
ser
vic
es a
re b
eing p
rovid
ed
to c
onsu
mer
s by c
redit
ors
, ti
ed c
redit
inte
rmed
iari
es o
r ap
poin
ted r
epre
senta
tives
of
tied
cre
dit
inte
rmed
iari
es.
Wher
e M
ember
Sta
tes
do n
ot
pro
hib
it t
he
use
of
the
term
'ad
vic
e' a
nd 'a
dvis
or',
they
shal
l im
pose
the
foll
ow
ing c
ondit
ions
on t
he
use
of
the
term
"in
dep
enden
t ad
vic
e" o
r "i
ndep
enden
t ad
vis
or"
by c
redit
ors
, cr
edit
inte
rmed
iari
es o
r ap
poin
ted r
epre
senta
tives
pro
vid
ing
advis
ory
ser
vic
es:
(a)
cred
itors
, cr
edit
inte
rmed
iari
es o
r ap
poin
ted r
epre
senta
tives
shal
l co
nsi
der
a s
uff
icie
ntl
y lar
ge
num
ber
of
cred
it a
gre
emen
ts a
vai
lable
on t
he
mar
ket
; an
d
(b)
cred
itors
, cr
edit
inte
rmed
iari
es o
r ap
poin
ted r
epre
senta
tives
shal
l not
be
rem
uner
ated
for
those
advis
ory
ser
vic
es b
y o
ne
or
more
cred
itors
.
Poin
t (b
) of
the
seco
nd s
ubpar
agra
ph s
hal
l ap
ply
only
wher
e th
e num
ber
of
cred
itors
consi
der
ed i
s le
ss t
han
a m
ajori
ty o
f th
e m
arket
.
Mem
ber
Sta
tes
may
im
pose
more
str
ingen
t re
quir
emen
ts i
n r
elat
ion t
o t
he
use
of
the
term
s "i
ndep
enden
t ad
vic
e" o
r "i
ndep
enden
t
advis
or"
by c
redit
ors
, cr
edit
inte
rmed
iari
es o
r ap
poin
ted r
epre
senta
tives
, in
cludin
g a
ban
on r
ecei
vin
g r
emuner
atio
n f
rom
a c
redit
or.
FC
A r
ule
s
5.
Mem
ber
Sta
tes
may
pro
vid
e fo
r an
obli
gat
ion f
or
cred
itors
, cr
edit
inte
rmed
iari
es a
nd a
ppoin
ted r
epre
senta
tives
to w
arn a
consu
mer
when
, co
nsi
der
ing t
he
consu
mer
's f
inan
cial
sit
uat
ion, a
cred
it a
gre
emen
t m
ay i
nduce
a s
pec
ific
ris
k f
or
the
consu
mer
.
FC
A r
ule
s
6. M
ember
Sta
tes
shal
l en
sure
that
advis
ory
ser
vic
es a
re o
nly
pro
vid
ed b
y c
redit
ors
, cr
edit
inte
rmed
iari
es o
r ap
poin
ted r
epre
senta
tives
.
Mem
ber
Sta
tes
may
dec
ide
not
to a
pply
the
firs
t su
bpar
agra
ph t
o p
erso
ns:
(a)
carr
yin
g o
ut
the
cred
it i
nte
rmed
iati
on a
ctiv
itie
s se
t out
in p
oin
t 5 o
f A
rtic
le 4
or
pro
vid
ing a
dvis
ory
ser
vic
es w
her
e th
ose
act
ivit
ies
are
carr
ied o
ut
or
serv
ices
are
pro
vid
ed i
n a
n i
nci
den
tal
man
ner
in t
he
cours
e of
a pro
fess
ional
act
ivit
y a
nd t
hat
act
ivit
y i
s re
gula
ted b
y
legal
or
regula
tory
pro
vis
ions
or
a co
de
of
ethic
s gover
nin
g t
he
pro
fess
ion w
hic
h d
o n
ot
excl
ude
carr
yin
g o
ut
of
those
act
ivit
ies
or
the
pro
vis
ion o
f th
ose
ser
vic
es;
Sec
tions
19 a
nd 2
0 F
SM
A
and a
rtic
les
53A
, 53E
, 67
RA
O, as
am
ended
by
par
agra
ph 4
of
Sch
edule
1
to M
CD
O
20
(b)
pro
vid
ing a
dvis
ory
ser
vic
es i
n t
he
conte
xt
of
manag
ing e
xis
ting d
ebt
whic
h a
re i
nso
lven
cy p
ract
itio
ner
s w
her
e th
at a
ctiv
ity i
s
regula
ted b
y l
egal
or
regula
tory
pro
vis
ions
or
publi
c or
volu
nta
ry d
ebt
advis
ory
ser
vic
es w
hic
h d
o n
ot
oper
ate
on a
com
mer
cial
bas
is;
or
(c)
pro
vid
ing a
dvis
ory
ser
vic
es w
ho a
re n
ot
cred
itors
, cr
edit
inte
rmed
iari
es o
r ap
poin
ted r
epre
senta
tives
wher
e su
ch p
erso
ns
are
adm
itte
d a
nd s
uper
vis
ed b
y c
om
pet
ent
auth
ori
ties
in a
ccord
ance
wit
h t
he
requir
emen
ts f
or
cred
it i
nte
rmed
iari
es u
nder
this
Dir
ecti
ve.
Per
sons
ben
efit
ing f
rom
the
wai
ver
in t
he
seco
nd s
ubpar
agra
ph s
hal
l not
ben
efit
fro
m t
he
right
refe
rred
to i
n A
rtic
le 3
2(1
) to
pro
vid
e
serv
ices
for
the
enti
re t
erri
tory
of
the
Unio
n.
7.
This
Art
icle
shal
l be
wit
hout
pre
judic
e to
Art
icle
16 a
nd t
o M
ember
Sta
tes'
com
pet
ence
to e
nsu
re t
hat
ser
vic
es a
re m
ade
avai
lable
to c
onsu
mer
s to
hel
p t
hem
under
stan
d t
hei
r fi
nan
cial
nee
ds
and w
hic
h t
ypes
of
pro
duct
s ar
e li
kel
y t
o m
eet
those
nee
ds.
No t
ransp
osi
tion r
equir
ed
Ch
ap
ter
9
Fore
ign c
urr
ency
loan
s an
d v
aria
ble
rat
e lo
ans
Art
icle
23
Fore
ign
cu
rren
cy l
oan
s
1.
Mem
ber
Sta
tes
shal
l en
sure
that
, w
her
e a
cred
it a
gre
emen
t re
late
s to
a f
ore
ign c
urr
ency
loan
, an
appro
pri
ate
regula
tory
fra
mew
ork
is i
n p
lace
at
the
tim
e th
e cr
edit
agre
emen
t is
concl
uded
to a
t le
ast
ensu
re t
hat
:
(a)
the
consu
mer
has
a r
ight
to c
onver
t th
e cr
edit
agre
emen
t in
to a
n a
lter
nat
ive
curr
ency
under
spec
ifie
d c
ondit
ions;
or
(b)
ther
e ar
e oth
er a
rran
gem
ents
in p
lace
to l
imit
the
exch
ange
rate
ris
k t
o w
hic
h t
he
consu
mer
is
expose
d u
nder
the
cred
it a
gre
emen
t.
FC
A r
ule
s
2. T
he
alte
rnat
ive
curr
ency
ref
erre
d t
o i
n p
oin
t (a
) of
par
agra
ph 1
shal
l be
eith
er:
(a)
the
curr
ency
in w
hic
h t
he
consu
mer
pri
mar
ily r
ecei
ves
inco
me
or
hold
s as
sets
fro
m w
hic
h t
he
cred
it i
s to
be
repai
d,
as i
ndic
ated
at
the
tim
e th
e m
ost
rec
ent
cred
itw
ort
hin
ess
asse
ssm
ent
in r
elat
ion t
o t
he
cred
it a
gre
emen
t w
as m
ade;
or
(b)
the
curr
ency
of
the
Mem
ber
Sta
te i
n w
hic
h t
he
consu
mer
eit
her
was
res
iden
t at
the
tim
e th
e cr
edit
agre
emen
t w
as c
oncl
uded
or
is
curr
entl
y r
esid
ent.
Mem
ber
Sta
tes
may
spec
ify w
het
her
both
of
the
choic
es r
efer
red t
o i
n p
oin
ts (
a) a
nd (
b)
of
the
firs
t su
bpar
agra
ph a
re a
vai
lable
to t
he
consu
mer
or
only
one
of
them
or
may a
llow
cre
dit
ors
to s
pec
ify w
het
her
both
of
the
choic
es r
efer
red t
o i
n p
oin
ts (
a) a
nd (
b)
of
the
firs
t
subpar
agra
ph a
re a
vai
lable
to t
he
consu
mer
or
only
one
of
them
.
FC
A r
ule
s
3. W
her
e a
consu
mer
has
a r
ight
to c
onver
t th
e cr
edit
agre
emen
t in
to a
n a
lter
nat
ive
curr
ency
in a
ccord
ance
wit
h p
oin
t (a
) of
par
agra
ph
1,
the
Mem
ber
Sta
tes
shal
l en
sure
that
the
exch
ange
rate
at
whic
h t
he
conver
sion i
s ca
rrie
d o
ut
is t
he
mar
ket
exch
ange
rate
appli
cable
on t
he
day
of
appli
cati
on f
or
conver
sion u
nle
ss o
ther
wis
e sp
ecif
ied i
n t
he
cred
it a
gre
emen
t.
FC
A r
ule
s
4.
Mem
ber
Sta
tes
shal
l en
sure
that
wher
e a
consu
mer
has
a f
ore
ign c
urr
ency
loan
, th
e cr
edit
or
war
ns
the
consu
mer
on a
reg
ula
r bas
is
on p
aper
or
on a
noth
er d
ura
ble
med
ium
at le
ast w
her
e th
e val
ue
of
the
tota
l am
ount pay
able
by the
consu
mer
whic
h r
emai
ns
outs
tandin
g
or
of
the
regula
r in
stal
men
ts v
arie
s by m
ore
than
20 %
fro
m w
hat
it
would
be
if t
he
exch
ange
rate
bet
wee
n t
he
curr
ency
of
the
cred
it
agre
emen
t an
d t
he
curr
ency
of
the
Mem
ber
Sta
te a
ppli
cable
at
the
tim
e of
the
concl
usi
on o
f th
e cr
edit
agre
emen
t w
ere
appli
ed.
The
war
nin
g s
hal
l in
form
the
consu
mer
of
a ri
se i
n t
he
tota
l am
ount
pay
able
by t
he
consu
mer
, se
t out
wher
e ap
pli
cable
the
right
to c
onver
t
FC
A r
ule
s
21
to a
n a
lter
nat
ive
curr
ency
and t
he
condit
ions
for
doin
g s
o a
nd e
xpla
in a
ny o
ther
appli
cable
mec
han
ism
for
lim
itin
g t
he
exch
ange
rate
risk
to w
hic
h t
he
consu
mer
is
expose
d.
5. M
ember
Sta
tes
may
furt
her
reg
ula
te f
ore
ign c
urr
ency
loan
s pro
vid
ed t
hat
such
reg
ula
tion i
s not
appli
ed w
ith r
etro
spec
tive
effe
ct.
FC
A r
ule
s
6.
The
arra
ngem
ents
appli
cable
under
this
Art
icle
shal
l be
dis
close
d t
o t
he
consu
mer
in t
he
ES
IS a
nd i
n t
he
cred
it a
gre
emen
t. W
her
e
ther
e is
no p
rovis
ion i
n t
he
cred
it a
gre
emen
t to
lim
it t
he
exch
ange
rate
ris
k t
o w
hic
h t
he
consu
mer
is
expose
d t
o a
flu
ctuat
ion i
n t
he
exch
ange
rate
of
less
than
20 %
, th
e E
SIS
shal
l in
clude
an i
llust
rati
ve
exam
ple
of
the
impac
t of
a 20 %
flu
ctuat
ion i
n t
he
exch
ange
rate
.
FC
A r
ule
s
Art
icle
24
Vari
ab
le r
ate
cre
dit
s
Wher
e th
e cr
edit
agre
emen
t is
a v
aria
ble
rat
e cr
edit
, M
ember
Sta
tes
shal
l en
sure
that
: F
CA
rule
s
(a)
any i
ndex
es o
r re
fere
nce
rat
es u
sed t
o c
alcu
late
the
borr
ow
ing r
ate
are
clea
r, a
cces
sible
, obje
ctiv
e an
d v
erif
iable
by t
he
par
ties
to
the
cred
it a
gre
emen
t an
d t
he
com
pet
ent
auth
ori
ties
; an
d
FC
A r
ule
s
(b)
his
tori
cal
reco
rds
of
index
es f
or
calc
ula
ting t
he
borr
ow
ing r
ates
are
mai
nta
ined
eit
her
by t
he
pro
vid
ers
of
thes
e in
dex
es o
r th
e
cred
itors
.
FC
A r
ule
s
Ch
ap
ter
10
Sound e
xec
uti
on o
f cr
edit
agre
emen
ts a
nd r
elat
ed r
ights
Art
icle
25
Earl
y r
epaym
ent
1. M
ember
Sta
tes
shal
l en
sure
that
the
consu
mer
has
a r
ight
to d
isch
arge
full
y o
r par
tial
ly h
is o
bli
gat
ions
under
a c
redit
agre
emen
t pri
or
to the
expir
y o
f th
at a
gre
emen
t. I
n s
uch
cas
es, th
e co
nsu
mer
shal
l be
enti
tled
to a
red
uct
ion in the
tota
l co
st o
f th
e cr
edit
to the
consu
mer
,
such
red
uct
ion c
onsi
stin
g o
f th
e in
tere
st a
nd t
he
cost
s fo
r th
e re
mai
nin
g d
ura
tion o
f th
e co
ntr
act.
FC
A r
ule
s
2. M
ember
Sta
tes
may
pro
vid
e th
at t
he
exer
cise
of
the
right
refe
rred
to i
n p
arag
raph 1
is
subje
ct t
o c
erta
in c
ondit
ions.
Such
condit
ions
may i
ncl
ude
tim
e li
mit
atio
ns
on t
he
exer
cise
of
the
right,
a d
iffe
rent
trea
tmen
t dep
endin
g o
n t
he
type
of
the
borr
ow
ing r
ate
or
on t
he
mo
men
t th
e co
nsu
mer
exer
cise
s th
e ri
ght,
or
rest
rict
ions
wit
h r
egar
d t
o t
he
circ
um
stan
ces
under
whic
h t
he
right
may
be
exer
cise
d.
FC
A r
ule
s
3. M
ember
Sta
tes
may
pro
vid
e th
at the
cred
itor
is e
nti
tled
to f
air
and o
bje
ctiv
e co
mpen
sati
on, w
her
e ju
stif
ied, fo
r poss
ible
cost
s dir
ectl
y
linked
to t
he
earl
y r
epay
men
t but
shal
l not
impose
a s
anct
ion o
n t
he
consu
mer
. In
that
reg
ard,
the
com
pen
sati
on s
hal
l not
exce
ed t
he
finan
cial
loss
of
the
cred
itor.
Subje
ct t
o t
hose
condit
ions
Mem
ber
Sta
tes
may
pro
vid
e th
at t
he
com
pen
sati
on m
ay n
ot
exce
ed a
cer
tain
level
or
be
allo
wed
only
for
a ce
rtai
n p
erio
d o
f ti
me.
FC
A r
ule
s
4. W
her
e a
consu
mer
see
ks
to d
isch
arge
his
obli
gat
ions
under
a c
redit
agre
emen
t pri
or
to t
he
expir
y o
f th
e ag
reem
ent,
the
cred
itor
shal
l
pro
vid
e th
e co
nsu
mer
wit
hout del
ay a
fter
rec
eipt of
the
reques
t, o
n p
aper
or
on a
noth
er d
ura
ble
med
ium
, w
ith the
info
rmat
ion n
eces
sary
to c
onsi
der
that
opti
on.
That
info
rmat
ion s
hal
l at
lea
st q
uan
tify
the
impli
cati
ons
for
the
consu
mer
of
dis
char
gin
g h
is o
bli
gat
ions
pri
or
to the
expir
y o
f th
e cr
edit
agre
emen
t an
d c
lear
ly s
et o
ut an
y a
ssum
pti
ons
use
d. A
ny a
ssum
pti
ons
use
d s
hal
l be
reas
onab
le a
nd just
ifia
ble
.
FC
A r
ule
s
5.
Wher
e th
e ea
rly r
epay
men
t fa
lls
wit
hin
a p
erio
d f
or
whic
h t
he
borr
ow
ing r
ate
is f
ixed
Mem
ber
Sta
tes
may
pro
vid
e th
at t
he
exer
cise
of
the
right
refe
rred
to i
n p
arag
raph 1
is
subje
ct t
o t
he
exis
tence
of
a le
git
imat
e in
tere
st o
n t
he
par
t of
the
consu
mer
.
FC
A r
ule
s
Art
icle
26
22
Fle
xib
le a
nd
rel
iab
le m
ark
ets
1. M
ember
Sta
tes
shal
l hav
e ap
pro
pri
ate
mec
han
ism
s in
pla
ce to e
nsu
re that
the
clai
m a
gai
nst
the
secu
rity
is
enfo
rcea
ble
by o
r on b
ehal
f
of
cred
itors
. M
ember
Sta
tes
shal
l en
sure
that
cre
dit
ors
kee
p a
ppro
pri
ate
reco
rds
conce
rnin
g t
he
types
of
imm
ovab
le p
roper
ty a
ccep
ted
as a
sec
uri
ty a
s w
ell
as t
he
rela
ted m
ort
gag
e under
wri
ting p
oli
cies
use
d.
Fir
st s
ente
nce
– e
xis
ting
pro
cess
es f
or
reco
ver
ing
deb
t an
d e
nfo
rcin
g s
ecuri
ty
in t
he
court
s
Sec
ond s
ente
nce
- F
CA
rule
s
2.
Mem
ber
Sta
tes
shal
l ta
ke
the
nec
essa
ry m
easu
res
to e
nsu
re a
n a
ppro
pri
ate
stat
isti
cal
monit
ori
ng o
f th
e re
siden
tial
pro
per
ty m
arket
,
incl
udin
g f
or
mar
ket
surv
eill
ance
purp
ose
s, w
her
e ap
pro
pri
ate
by e
nco
ura
gin
g the
dev
elopm
ent an
d u
se o
f sp
ecif
ic p
rice
index
es w
hic
h
may b
e publi
c or
pri
vat
e or
both
.
No t
ransp
osi
tion n
eces
sary
- su
ffic
ient
publi
cly
avai
lable
indic
es e
xis
t
Art
icle
27
Info
rmati
on
con
cern
ing c
han
ges
in
th
e b
orr
ow
ing r
ate
1. M
ember
Sta
tes
shal
l en
sure
that
the
cred
itor
info
rms
the
consu
mer
of
any c
han
ge
in t
he
borr
ow
ing r
ate,
on p
aper
or
anoth
er d
ura
ble
med
ium
, bef
ore
the
chan
ge
takes
eff
ect.
The
info
rmat
ion s
hal
l at
lea
st s
tate
the
amount
of
the
pay
men
ts t
o b
e m
ade
afte
r th
e new
borr
ow
ing r
ate
takes
eff
ect
and, in
cas
es w
her
e th
e num
ber
or
freq
uen
cy o
f th
e pay
men
ts c
han
ges
, par
ticu
lars
ther
eof.
FC
A r
ule
s
2.
How
ever
, th
e M
ember
Sta
tes
may
all
ow
the
par
ties
to a
gre
e in
the
cred
it a
gre
emen
t th
at t
he
info
rmat
ion r
efer
red t
o i
n p
arag
raph 1
is t
o b
e giv
en t
o t
he
consu
mer
per
iodic
ally
wher
e th
e ch
ange
in t
he
borr
ow
ing r
ate
is c
orr
elat
ed w
ith a
chan
ge
in a
ref
eren
ce r
ate,
the
new
ref
eren
ce r
ate
is m
ade
publi
cly a
vai
lable
by a
ppro
pri
ate
mea
ns
and t
he
info
rmat
ion c
once
rnin
g t
he
new
ref
eren
ce r
ate
is k
ept
avai
lable
in t
he
pre
mis
es o
f th
e cr
edit
or
and c
om
munic
ated
per
sonal
ly t
o t
he
consu
mer
toget
her
wit
h t
he
amount
of
new
per
iodic
inst
alm
ents
.
FC
A r
ule
s
3.
Cre
dit
ors
may
conti
nue
to i
nfo
rm c
onsu
mer
s per
iodic
ally
wher
e th
e ch
ange
in t
he
borr
ow
ing r
ate
is n
ot
corr
elat
ed w
ith a
chan
ge
in
a re
fere
nce
rat
e w
her
e th
is w
as a
llow
ed u
nder
nat
ional
law
bef
ore
20 M
arch
2014.
FC
A r
ule
s
4.
Wher
e ch
anges
in t
he
borr
ow
ing r
ate
are
det
erm
ined
by w
ay o
f au
ctio
n o
n t
he
capit
al m
arket
s an
d i
t is
ther
efore
im
poss
ible
for
the
cred
itor
to i
nfo
rm t
he
consu
mer
of
any c
han
ge
bef
ore
the
chan
ge
takes
eff
ect,
the
cred
itor
shal
l, in g
ood tim
e bef
ore
the
auct
ion, in
form
the
consu
mer
on p
aper
or
on a
noth
er d
ura
ble
med
ium
of
the
upco
min
g p
roce
dure
and p
rovid
e an
indic
atio
n o
f how
the
borr
ow
ing r
ate
could
be
affe
cted
.
FC
A r
ule
s
Art
icle
28
Arr
ears
an
d f
ore
closu
re
1.
Mem
ber
Sta
tes
shal
l ad
opt
mea
sure
s to
enco
ura
ge
cred
itors
to e
xer
cise
rea
sonab
le f
orb
eara
nce
bef
ore
fore
closu
re p
roce
edin
gs
are
init
iate
d.
FC
A r
ule
s an
d t
he
Pre
-
Act
ion P
roto
col
for
Poss
essi
on C
laim
s bas
ed o
n
23
Mort
gag
e or
Hom
e
Purc
has
e P
lan A
rrea
rs i
n
Res
pec
t of
Res
iden
tial
Pro
per
ty
2.
Mem
ber
Sta
tes
may
req
uir
e th
at,
wher
e th
e cr
edit
or
is p
erm
itte
d t
o d
efin
e an
d i
mpose
char
ges
on t
he
consu
mer
ari
sing f
rom
the
def
ault
, th
ose
char
ges
are
no g
reat
er t
han
is
nec
essa
ry t
o c
om
pen
sate
the
cred
itor
for
cost
s it
has
incu
rred
as
a re
sult
of
the
def
ault
.
FC
A r
ule
s
3. M
ember
Sta
tes
may
all
ow
cre
dit
ors
to im
pose
addit
ional
char
ges
on the
consu
mer
in the
even
t of
def
ault
. In
that
cas
e M
ember
Sta
tes
shal
l pla
ce a
cap
on t
hose
char
ges
.
FC
A r
ule
s
4. M
ember
Sta
tes
shal
l not pre
ven
t th
e par
ties
to a
cre
dit
agre
emen
t fr
om
expre
ssly
agre
eing t
hat
ret
urn
or
tran
sfer
to the
cred
itor
of
the
secu
rity
or
pro
ceed
s fr
om
the
sale
of
the
secu
rity
is
suff
icie
nt
to r
epay
the
cred
it.
FC
A r
ule
s
5. W
her
e th
e pri
ce o
bta
ined
for
the
imm
ovab
le p
roper
ty a
ffec
ts the
amount ow
ed b
y the
consu
mer
Mem
ber
Sta
tes
shal
l hav
e pro
cedure
s
or
mea
sure
s to
enab
le t
he
bes
t ef
fort
s pri
ce f
or
the
fore
close
d i
mm
ovab
le p
roper
ty t
o b
e obta
ined
.
FC
A r
ule
s
Wher
e af
ter
fore
closu
re p
roce
edin
gs
outs
tandin
g d
ebt
rem
ains,
Mem
ber
Sta
tes
shal
l en
sure
that
mea
sure
s to
fac
ilit
ate
repay
men
t in
ord
er t
o p
rote
ct c
onsu
mer
s ar
e put
in p
lace
.
FC
A r
ule
s
Ch
ap
ter
11
Req
uir
emen
ts f
or
esta
bli
shm
ent
and s
uper
vis
ion o
f cr
edit
inte
rmed
iari
es a
nd a
ppoin
ted r
epre
senta
tives
Art
icle
29
Ad
mis
sion
of
cred
it i
nte
rmed
iari
es
1. C
redit
inte
rmed
iari
es s
hal
l be
duly
adm
itte
d t
o c
arry
out
all
or
par
t of
the
cred
it i
nte
rmed
iati
on a
ctiv
itie
s se
t out
in p
oin
t 5 o
f A
rtic
le
4 o
r to
pro
vid
e ad
vis
ory
ser
vic
es b
y a
com
pet
ent
auth
ori
ty i
n t
hei
r hom
e M
ember
Sta
te.
Wher
e a
Mem
ber
Sta
te a
llow
s ap
poin
ted
repre
senta
tives
under
Art
icle
31,
such
an a
ppoin
ted r
epre
senta
tive
shal
l not
nee
d t
o b
e ad
mit
ted a
s a
cred
it i
nte
rmed
iary
under
this
Art
icle
.
Art
icle
s 25A
and 3
6A
RA
O
as a
men
ded
by p
arag
raph
4(4
) of
Sch
edule
1 M
CD
O,
and s
ecti
on 3
9 F
SM
A a
s a
s
amen
ded
by p
arag
raph 1
(2)
of
Sch
edule
1 M
CD
O
2.
Mem
ber
Sta
tes
shal
l en
sure
that
the
adm
issi
on o
f cr
edit
inte
rmed
iari
es i
s m
ade
subje
ct t
o f
ulf
ilm
ent
of
at l
east
the
foll
ow
ing
pro
fess
ional
req
uir
emen
ts i
n a
ddit
ion t
o t
he
requir
emen
ts p
rovid
ed f
or
in A
rtic
le 9
:
(a)
Cre
dit
inte
rmed
iari
es s
hal
l hold
pro
fess
ional
indem
nit
y insu
rance
cover
ing the
terr
itori
es in w
hic
h they
off
er s
ervic
es, or
som
e oth
er
com
par
able
guar
ante
e ag
ainst
lia
bil
ity a
risi
ng f
rom
pro
fess
ional
neg
ligen
ce. H
ow
ever
, fo
r ti
ed c
redit
inte
rmed
iari
es, th
e hom
e M
ember
Sta
te m
ay p
rovid
e th
at s
uch
insu
rance
or
com
par
able
guar
ante
e ca
n b
e pro
vid
ed b
y a
cre
dit
or
for
whic
h t
he
cred
it i
nte
rmed
iary
is
empow
ered
to a
ct.
FC
A r
ule
s
Pow
ers
are
del
egat
ed to the
Com
mis
sion to a
dopt an
d, w
her
e nec
essa
ry a
men
d, re
gula
tory
tec
hnic
al s
tandar
ds
to s
tipula
te the
min
imum
monet
ary a
mount of
the
pro
fess
ional
indem
nit
y insu
rance
or
com
par
able
guar
ante
e re
ferr
ed to in the
firs
t par
agra
ph o
f th
is p
oin
t. T
hose
regula
tory
tec
hnic
al s
tandar
ds
shal
l be
adopte
d i
n a
ccord
ance
wit
h A
rtic
les
10 t
o 1
4 o
f R
egula
tion (
EU
) N
o 1
093/2
010.
No t
ransp
osi
tion r
equir
ed
24
EB
A s
hal
l dev
elop d
raft
reg
ula
tory
tec
hnic
al s
tandar
ds
to s
tipula
te t
he
min
imum
monet
ary a
mount
of
the
pro
fess
ional
indem
nit
y
insu
rance
or
com
par
able
guar
ante
e re
ferr
ed t
o i
n t
he
firs
t par
agra
ph o
f th
is p
oin
t fo
r su
bm
issi
on t
o t
he
Com
mis
sion b
y 2
1 S
epte
mber
2014. E
BA
shal
l re
vie
w, an
d i
f nec
essa
ry, dev
elop d
raft
reg
ula
tory
tec
hnic
al s
tandar
ds
to a
men
d t
he
min
imu
m m
onet
ary a
mount
of
the
pro
fess
ional
indem
nit
y i
nsu
rance
or
com
par
able
guar
ante
e re
ferr
ed t
o i
n t
he
firs
t par
agra
ph o
f th
is p
oin
t fo
r su
bm
issi
on t
o t
he
Com
mis
sion f
or
the
firs
t ti
me
by 2
1 M
arch
2018 a
nd e
ver
y t
wo y
ears
ther
eaft
er.
No t
ransp
osi
tion r
equir
ed
(b)
A n
atura
l per
son e
stab
lish
ed a
s a
cred
it inte
rmed
iary
, th
e m
em
ber
s of
the
boar
d o
f a
cred
it inte
rmed
iary
est
abli
shed
as
a le
gal
per
son
and n
atura
l per
sons
per
form
ing e
quiv
alen
t ta
sks
wit
hin
a c
redit
inte
rmed
iary
whic
h i
s a
legal
per
son b
ut
does
not
hav
e a
boar
d s
hal
l be
of
good r
epute
. A
s a
min
imu
m t
hey
shal
l hav
e a
clea
n p
oli
ce r
ecord
or
any o
ther
nat
ional
equiv
alen
t in
rel
atio
n t
o s
erio
us
crim
inal
off
ence
s li
nked
to c
rim
es a
gai
nst
pro
per
ty o
r oth
er c
rim
es r
elat
ed to f
inan
cial
act
ivit
ies
and they
shal
l not hav
e pre
vio
usl
y b
een d
ecla
red
ban
kru
pt,
unle
ss t
hey
hav
e bee
n r
ehab
ilit
ated
in a
ccord
ance
wit
h n
atio
nal
law
.
Par
agra
ph 3
D o
f S
ched
ule
6 t
o F
SM
A
(c)
A n
atura
l per
son e
stab
lish
ed a
s a
cred
it inte
rmed
iary
, th
e m
ember
s of
the
boar
d o
f a
cred
it inte
rmed
iary
est
abli
shed
as
a le
gal
per
son
and n
atura
l per
sons
per
form
ing e
quiv
alen
t ta
sks
wit
hin
a c
redit
inte
rmed
iary
whic
h i
s a
legal
per
son b
ut
does
not
hav
e a
boar
d s
hal
l
poss
ess
the
appro
pri
ate
level
of
know
ledge
and c
om
pet
ence
in r
elat
ion t
o c
redit
agre
emen
ts.
The
hom
e M
ember
Sta
te s
hal
l es
tabli
sh
the
appro
pri
ate
level
of
know
ledge
and c
om
pet
ence
in a
ccord
ance
wit
h t
he
pri
nci
ple
s se
t out
in A
nnex
III
.
FC
A r
ule
s
3. M
ember
Sta
tes
shal
l en
sure
that
the
crit
eria
est
abli
shed
in o
rder
for
cred
it inte
rmed
iari
es’
or
cred
itors
’ st
aff
to m
eet th
eir
pro
fess
ional
requir
emen
ts a
re m
ade
publi
c.
FC
A r
ule
s
4. M
ember
Sta
tes
shal
l en
sure
that
all
adm
itte
d c
redit
inte
rmed
iari
es, w
het
her
est
abli
shed
as
nat
ura
l or
legal
per
sons,
are
ente
red i
nto
a
regis
ter
wit
h a
com
pet
ent
auth
ori
ty i
n t
hei
r hom
e M
ember
Sta
te.
Mem
ber
Sta
tes
shal
l en
sure
that
the
regis
ter
of
cred
it i
nte
rmed
iari
es
is k
ept
up t
o d
ate
and i
s publi
cly a
vai
lable
onli
ne.
The
regis
ter
of
cred
it i
nte
rmed
iari
es s
hal
l co
nta
in a
t le
ast
the
foll
ow
ing i
nfo
rmat
ion:
(a)
the
nam
es o
f th
e per
sons
wit
hin
the
man
agem
ent
who a
re r
esponsi
ble
for
the
inte
rmed
iati
on b
usi
nes
s. M
ember
Sta
tes
may
req
uir
e
the
regis
trat
ion o
f al
l nat
ura
l per
sons
who e
xer
cise
a c
lien
t-fa
cing f
unct
ion i
n a
n u
nder
takin
g t
hat
purs
ues
the
acti
vit
y o
f cr
edit
inte
rmed
iati
on;
(b)
the
Mem
ber
Sta
tes
in w
hic
h t
he
cred
it i
nte
rmed
iary
conduct
s busi
nes
s under
the
rule
s on t
he
free
dom
of
esta
bli
shm
ent
or
on t
he
free
dom
to p
rovid
e se
rvic
es a
nd o
f w
hic
h t
he
cred
it i
nte
rmed
iary
has
info
rmed
the
com
pet
ent
auth
ori
ty o
f th
e hom
e M
ember
Sta
te i
n
acco
rdan
ce w
ith A
rtic
le 3
2(3
);
(c)
whet
her
the
cred
it i
nte
rmed
iary
is
tied
or
not.
Mem
ber
Sta
tes
that
dec
ide
to a
vai
l th
emse
lves
of
the
opti
on r
efer
red t
o i
n A
rtic
le 3
0 s
hal
l en
sure
that
the
regis
ter
indic
ates
the
cred
itor
on w
hose
beh
alf
the
tied
cre
dit
inte
rmed
iary
act
s.
Mem
ber
Sta
tes
that
dec
ide
to a
vai
l th
emse
lves
of
the
opti
on r
efer
red t
o i
n A
rtic
le 3
1 s
hal
l en
sure
that
the
regis
ter
indic
ates
the
cred
it
inte
rmed
iary
or
in t
he
case
of
an a
ppoin
ted r
epre
senta
tive
of
a ti
ed c
redit
inte
rmed
iary
, th
e cr
edit
or
on w
hose
beh
alf
the
appoin
ted
repre
senta
tives
act
s.
Sec
tion 3
47 F
SM
A a
s
amen
ded
by p
arag
raph 1
(7)
of
Sch
edule
1 t
o M
CD
O
5. M
ember
Sta
tes
shal
l en
sure
that
: P
arag
raph 2
B o
f S
ched
ule
6
to F
SM
A
25
(a)
any c
redit
inte
rmed
iary
whic
h i
s a
legal
per
son h
as i
ts h
ead o
ffic
e in
the
sam
e M
ember
Sta
te a
s it
s re
gis
tere
d o
ffic
e if
under
its
nat
ional
law
it
has
a r
egis
tere
d o
ffic
e;
(b)
any c
redit
inte
rmed
iary
whic
h i
s not
a le
gal
per
son o
r an
y c
redit
inte
rmed
iary
whic
h i
s a
legal
per
son b
ut
under
its
nat
ional
law
has
no r
egis
tere
d o
ffic
e has
its
hea
d o
ffic
e in
the
Mem
ber
Sta
te i
n w
hic
h i
t ac
tual
ly c
arri
es o
n i
ts m
ain b
usi
nes
s.
6. E
ach M
ember
Sta
te s
hal
l es
tabli
sh a
sin
gle
info
rmat
ion p
oin
t to
all
ow
quic
k a
nd e
asy p
ubli
c ac
cess
to i
nfo
rmat
ion f
rom
the
nat
ional
regis
ter,
whic
h s
hal
l be
com
pil
ed e
lect
ronic
ally
and k
ept
const
antl
y u
pdat
ed. T
hes
e in
form
atio
n p
oin
ts s
hal
l pro
vid
e th
e id
enti
fica
tion
det
ails
of
the
com
pet
ent
auth
ori
ties
of
each
Mem
ber
Sta
te.
FC
A’s
kee
pin
g o
f th
e
reco
rd u
nder
sec
tion 3
47
FS
MA
mee
ts t
hes
e
requir
emen
ts
EB
A s
hal
l publi
sh o
n i
ts w
ebsi
te r
efer
ence
s or
hyper
links
to t
hat
info
rmat
ion p
oin
t.
No t
ransp
osi
tion r
equir
ed
7. H
om
e M
em
ber
Sta
tes
shal
l en
sure
that
all
adm
itte
d c
redit
inte
rmed
iari
es a
nd a
ppoin
ted r
epre
senta
tives
com
ply
wit
h the
requir
emen
ts
def
ined
in p
arag
raph 2
on a
conti
nuin
g b
asis
. T
his
par
agra
ph s
hal
l be
wit
hout
pre
judic
e to
Art
icle
s 30 a
nd 3
1.
FC
A r
ule
s
8.
Mem
ber
Sta
tes
may
dec
ide
not
to a
pply
this
Art
icle
to p
erso
ns
carr
yin
g o
ut
the
cred
it i
nte
rmed
iati
on a
ctiv
itie
s se
t out
in p
oin
t 5 o
f
Art
icle
4 w
her
e th
ose
act
ivit
ies
are
carr
ied o
ut
in a
n i
nci
den
tal
man
ner
in t
he
cours
e of
a pro
fess
ional
act
ivit
y a
nd t
hat
act
ivit
y i
s
regula
ted b
y l
egal
or
regula
tory
pro
vis
ions
or
a co
de
of
ethic
s gover
nin
g t
he
pro
fess
ion w
hic
h d
o n
ot
excl
ude
the
carr
yin
g o
ut
of
those
acti
vit
ies.
Sec
tion 3
27 F
SM
A
9. T
his
Art
icle
shal
l not ap
ply
to c
redit
inst
ituti
ons
auth
ori
sed in a
ccord
ance
wit
h D
irec
tive
2013/3
6/E
U o
r to
oth
er f
inan
cial
inst
ituti
ons
whic
h u
nder
nat
ional
law
are
subje
ct t
o a
n e
quiv
alen
t au
thori
sati
on a
nd s
uper
vis
ion r
egim
e.
FC
A r
ule
s
Art
icle
30
Cre
dit
in
term
edia
ries
tie
d t
o o
nly
on
e cr
edit
or
1.
Wit
hout
pre
judic
e to
Art
icle
31(1
), M
ember
Sta
tes
may
all
ow
tie
d c
redit
inte
rmed
iari
es s
pec
ifie
d i
n p
oin
t (a
) of
poin
t 7 o
f A
rtic
le 4
to b
e ad
mit
ted b
y c
om
pet
ent
auth
ori
ties
thro
ugh t
he
cred
itor
on w
hose
beh
alf
the
tied
cre
dit
inte
rmed
iary
is
excl
usi
vel
y a
ctin
g.
In s
uch
cas
es,
the
cred
itor
shal
l re
mai
n f
ull
y a
nd u
nco
ndit
ional
ly r
esponsi
ble
for
any a
ctio
n o
r om
issi
on o
n t
he
par
t of
the
tied
cre
dit
inte
rmed
iary
that
is
acti
ng o
n b
ehal
f of
the
cred
itor
in a
reas
reg
ula
ted b
y t
his
Dir
ecti
ve.
Mem
ber
Sta
tes
shal
l re
quir
e th
e cr
edit
or
to
ensu
re t
hat
those
tie
d c
redit
inte
rmed
iari
es c
om
ply
wit
h a
t le
ast
the
pro
fess
ional
req
uir
emen
ts s
et o
ut
in A
rtic
le 2
9(2
).
Opti
on n
ot
use
d
2. W
ithout
pre
judic
e to
Art
icle
34, cr
edit
ors
shal
l m
onit
or
the
acti
vit
ies
of
tied
cre
dit
inte
rmed
iari
es s
pec
ifie
d i
n p
oin
t (a
) of
poin
t 7 o
f
Art
icle
4 in o
rder
to e
nsu
re that
they
conti
nue
to c
om
ply
wit
h this
Dir
ecti
ve.
In p
arti
cula
r, the
cred
itor
shal
l be
resp
onsi
ble
for
monit
ori
ng
com
pli
ance
wit
h t
he
know
ledge
and c
om
pet
ence
req
uir
emen
ts o
f th
e ti
ed c
redit
inte
rmed
iary
and i
ts s
taff
.
FC
A r
ule
s
Art
icle
31
Ap
poin
ted
rep
rese
nta
tives
1. M
ember
Sta
tes
may
dec
ide
to a
llow
a c
redit
inte
rmed
iary
to a
ppoin
t ap
poin
ted r
epre
senta
tives
. S
ecti
on 3
9 F
SM
A a
s
amen
ded
by p
arag
raph 1
(2)
Sch
edule
1 t
o M
CD
O
Wher
e th
e ap
poin
ted r
epre
senta
tive
is a
ppoin
ted b
y a
tie
d c
redit
inte
rmed
iary
spec
ifie
d i
n p
oin
t (a
) of
poin
t 7 o
f A
rtic
le 4
, th
e cr
edit
or
shal
l re
mai
n f
ull
y a
nd u
nco
ndit
ional
ly r
esponsi
ble
for
any a
ctio
n o
r om
issi
on o
n t
he
par
t of
the
appoin
ted r
epre
senta
tive
that
is
acti
ng
Sec
tion 3
9(4
) F
SM
A
26
on b
ehal
f of
that
tie
d c
redit
inte
rmed
iary
in a
reas
reg
ula
ted b
y t
his
Dir
ecti
ve.
In
oth
er c
ases
the
cred
it i
nte
rmed
iary
shal
l re
mai
n f
ull
y
and u
nco
ndit
ional
ly r
esponsi
ble
for
any a
ctio
n o
r om
issi
on o
n t
he
par
t of
the
appoin
ted r
epre
senta
tive
acti
ng o
n b
ehal
f of
the
cred
it
inte
rmed
iary
in a
reas
reg
ula
ted b
y t
his
Dir
ecti
ve.
2. T
he
cred
it i
nte
rmed
iari
es s
hal
l en
sure
that
thei
r ap
poin
ted r
epre
senta
tives
com
ply
at
leas
t w
ith t
he
pro
fess
ional
req
uir
emen
ts s
et o
ut
in A
rtic
le 2
9(2
). H
ow
ever
, th
e hom
e M
ember
Sta
te m
ay p
rovid
e th
at t
he
pro
fess
ional
indem
nit
y i
nsu
rance
or
a co
mpar
able
guar
ante
e
can b
e pro
vid
ed b
y a
cre
dit
inte
rmed
iary
for
whic
h t
he
appoin
ted r
epre
senta
tive
is e
mpow
ered
to a
ct.
FC
A r
ule
s
3. W
ithout
pre
judic
e to
Art
icle
34, cr
edit
inte
rmed
iari
es s
hal
l m
onit
or
the
acti
vit
ies
of
thei
r ap
poin
ted r
epre
senta
tives
in o
rder
to e
nsu
re
full
com
pli
ance
wit
h t
his
Dir
ecti
ve.
In p
arti
cula
r, t
he
cred
it i
nte
rmed
iari
es s
hal
l be
resp
onsi
ble
for
monit
ori
ng c
om
pli
ance
wit
h t
he
know
ledge
and c
om
pet
ence
req
uir
emen
ts o
f th
e ap
poin
ted r
epre
senta
tives
and t
hei
r st
aff.
FC
A r
ule
s
4.
Mem
ber
Sta
tes
that
dec
ide
to a
llow
a c
redit
inte
rmed
iary
to a
ppoin
t ap
poin
ted r
epre
senta
tives
shal
l es
tabli
sh a
publi
c re
gis
ter
conta
inin
g a
t le
ast
the
info
rmat
ion r
efer
red to in A
rtic
le 2
9(4
). A
ppoin
ted r
epre
senta
tives
shal
l be
regis
tere
d in t
he
publi
c re
gis
ter
in the
Mem
ber
Sta
te w
her
e th
ey a
re e
stab
lish
ed. T
he
regis
ter
shal
l be
updat
ed o
n a
reg
ula
r bas
is. It
shal
l be
publi
cly a
vai
lable
for
consu
ltat
ion
onli
ne.
Sec
tion 3
47(1
)(hb)
FS
MA
,
inse
rted
by p
arag
raph 1
(7)
of
Sch
edule
1 t
o M
CD
O
Art
icle
32
Fre
edom
of
esta
bli
shm
ent
an
d f
reed
om
to p
rovid
e se
rvic
es b
y c
red
it i
nte
rmed
iari
es
1.
The
adm
issi
on o
f a
cred
it i
nte
rmed
iary
by t
he
com
pet
ent
auth
ori
ty o
f it
s hom
e M
ember
Sta
te a
s la
id d
ow
n i
n A
rtic
le 2
9(1
) sh
all
be
effe
ctiv
e fo
r th
e en
tire
ter
rito
ry o
f th
e U
nio
n w
ithout
furt
her
adm
issi
on b
y t
he
com
pet
ent
auth
ori
ties
of
the
host
Mem
ber
Sta
tes
bei
ng
requir
ed f
or
the
carr
yin
g o
ut
of
the
acti
vit
ies
and p
rovis
ion o
f se
rvic
es c
over
ed b
y t
he
adm
issi
on,
pro
vid
ed t
hat
the
acti
vit
ies
a cr
edit
inte
rmed
iary
inte
nds
to c
arry
out
in t
he
host
Mem
ber
Sta
tes
are
cover
ed b
y t
he
adm
issi
on.
How
ever
, cr
edit
inte
rmed
iari
es s
hal
l not
be
allo
wed
to p
rovid
e th
eir
serv
ices
in r
elat
ion t
o c
redit
agre
emen
ts o
ffer
ed b
y n
on-c
redit
inst
ituti
ons
to c
onsu
mer
s in
a M
ember
Sta
te
wher
e su
ch n
on-c
redit
inst
ituti
ons
are
not
allo
wed
to o
per
ate.
Par
agra
ph 1
5 o
f S
ched
ule
3
to F
SM
A
2.
Appoin
ted r
epre
senta
tives
appoin
ted i
n M
ember
Sta
tes
whic
h a
vai
l th
emse
lves
of
the
opti
on u
nder
Art
icle
31 a
re n
ot
allo
wed
to
carr
y o
ut par
t or
all of
the
cred
it inte
rmed
iati
on a
ctiv
itie
s se
t out in
poin
t 5 o
f A
rtic
le 4
or
to p
rovid
e ad
vis
ory
ser
vic
es in M
ember
Sta
tes
wher
e su
ch a
ppoin
ted r
epre
senta
tives
are
not
allo
wed
to o
per
ate.
No t
ransp
osi
tion r
equir
ed
3. A
ny a
dm
itte
d c
redit
inte
rmed
iary
inte
ndin
g t
o c
arry
out
busi
nes
s fo
r th
e fi
rst
tim
e in
one
or
more
Mem
ber
Sta
tes
under
the
free
dom
to p
rovid
e se
rvic
es o
r w
hen
est
abli
shin
g a
bra
nch
shal
l in
form
the
com
pet
ent
auth
ori
ties
of
its
hom
e M
ember
Sta
te.
Par
agra
phs
19 a
nd 2
0 o
f
Sch
edule
3 t
o F
SM
A a
s
amen
ded
by p
arag
raph
1(1
0)
MC
DO
Wit
hin
a p
erio
d o
f one
month
aft
er b
eing i
nfo
rmed
, th
ose
com
pet
ent
auth
ori
ties
shal
l noti
fy t
he
com
pet
ent
auth
ori
ties
of
the
host
Mem
ber
Sta
tes
conce
rned
of
the
inte
nti
on o
f th
e cr
edit
inte
rmed
iary
and s
hal
l at
the
sam
e ti
me
info
rm the
cred
it inte
rmed
iary
conce
rned
of
that
noti
fica
tion. T
hey
shal
l noti
fy the
com
pet
ent au
thori
ties
of
the
host
Mem
ber
Sta
tes
conce
rned
of
the
cred
itors
to w
hic
h the
cred
it
inte
rmed
iary
is
tied
and w
het
her
the
cred
itors
tak
e fu
ll a
nd u
nco
ndit
ional
res
ponsi
bil
ity f
or
the
cred
it inte
rmed
iary
’s a
ctiv
itie
s. T
he
host
Mem
ber
Sta
te s
hal
l use
the
info
rmat
ion r
ecei
ved
fro
m t
he
hom
e M
ember
Sta
te t
o e
nte
r th
e nec
essa
ry i
nfo
rmat
ion i
nto
its
reg
iste
r.
Sec
tion 3
47 o
f F
SM
A, a
nd
par
agra
phs
15, 19 a
nd 2
0 o
f
Sch
edule
3 t
o F
SM
A a
s
amen
ded
by p
arag
raph
1(1
0)
MC
DO
27
The
cred
it i
nte
rmed
iary
may s
tart
busi
nes
s one
month
aft
er t
he
dat
e on w
hic
h h
e w
as i
nfo
rmed
by t
he
com
pet
ent
auth
ori
ties
of
the
hom
e M
ember
Sta
te o
f th
e noti
fica
tion r
efer
red t
o i
n t
he
seco
nd s
ubpar
agra
ph.
Par
agra
phs
13 a
nd 1
4 o
f
Sch
edule
3 t
o F
SM
A a
s
amen
ded
by p
arag
raph
1(1
0)
MC
DO
4. B
efore
the
bra
nch
of
a cr
edit
inte
rmed
iary
com
men
ces
its
act
ivit
ies
or
wit
hin
tw
o m
onth
s of
rece
ivin
g t
he
noti
fica
tion r
efer
red t
o i
n
the
seco
nd s
ubpar
agra
ph o
f par
agra
ph 3
, th
e co
mpet
ent
auth
ori
ties
of
the
host
Mem
ber
Sta
te s
hal
l pre
par
e fo
r th
e su
per
vis
ion o
f th
e
cred
it i
nte
rmed
iary
in a
ccord
ance
wit
h A
rtic
le 3
4 a
nd,
if n
eces
sary
, in
dic
ate
to t
he
cred
it i
nte
rmed
iary
the
condit
ions
under
whic
h,
in
area
s not
har
monis
ed i
n U
nio
n l
aw, th
ose
act
ivit
ies
are
to b
e ca
rrie
d o
ut
in t
he
host
Mem
ber
Sta
te.
Par
agra
phs
13 a
nd 1
4 o
f
Sch
edule
3 t
o F
SM
A a
s
amen
ded
by p
arag
raph
1(1
0)
MC
DO
Art
icle
33
Wit
hd
raw
al
of
ad
mis
sion
of
cred
it i
nte
rmed
iari
es
1. T
he
com
pet
ent au
thori
ty o
f th
e hom
e M
ember
Sta
te m
ay w
ithdra
w the
adm
issi
on g
rante
d to a
cre
dit
inte
rmed
iary
in a
ccord
ance
wit
h
Art
icle
29 w
her
e su
ch a
cre
dit
inte
rmed
iary
:
(a)
expre
ssly
ren
ounce
s th
e ad
mis
sion o
r has
car
ried
out
nei
ther
cre
dit
inte
rmed
iati
on a
ctiv
itie
s se
t out
in p
oin
t 5 o
f A
rtic
le 4
nor
pro
vid
ed a
dvis
ory
ser
vic
es f
or
the
pre
cedin
g s
ix m
onth
s, u
nle
ss t
he
Mem
ber
Sta
te c
once
rned
has
pro
vid
ed f
or
adm
issi
on t
o l
apse
in
such
cas
es;
(b)
has
obta
ined
the
adm
issi
on t
hro
ugh f
alse
or
mis
lead
ing s
tate
men
ts o
r an
y o
ther
irr
egula
r m
eans;
(c)
no l
onger
fulf
ils
the
requir
emen
ts u
nder
whic
h a
dm
issi
on w
as g
rante
d;
(d)
fall
s w
ithin
any o
f th
e ca
ses
wher
e nat
ional
law
, in
res
pec
t of
mat
ters
outs
ide
the
scope
of
this
Dir
ecti
ve,
pro
vid
es f
or
wit
hdra
wal
;
(e)
has
ser
iousl
y o
r sy
stem
atic
ally
infr
inged
the
pro
vis
ions
adopte
d p
urs
uan
t to
this
Dir
ecti
ve
gover
nin
g t
he
oper
atin
g c
ondit
ions
for
cred
it i
nte
rmed
iari
es.
Sec
tion 5
5J(
6B
) F
SM
A a
s
amen
ded
by p
arag
raph 1
(3)
Sch
edule
to M
CD
O
2.
Wher
e th
e ad
mis
sion o
f a
cred
it i
nte
rmed
iary
is
wit
hdra
wn b
y t
he
com
pet
ent
auth
ori
ty o
f th
e hom
e M
ember
Sta
te,
the
latt
er s
hal
l
noti
fy t
he
com
pet
ent
auth
ori
ties
of
the
host
Mem
ber
Sta
tes
of
such
wit
hdra
wal
as
soon a
s poss
ible
and a
t th
e la
test
wit
hin
14 d
ays,
by
any a
ppro
pri
ate
mea
ns.
Par
agra
ph 2
0Z
A o
f
Sch
edule
3 t
o F
SM
A a
s
amen
ded
by p
arag
raph
1(1
0)
MC
DO
3.
Mem
ber
Sta
tes
shal
l en
sure
that
cre
dit
inte
rmed
iari
es w
hose
adm
issi
on h
as b
een w
ithdra
wn a
re d
elet
ed f
rom
the
regis
ter
wit
hout
undue
del
ay.
Sec
tion 3
47 F
SM
A a
s
amen
ded
by p
arag
raph 1
(7)
of
Sch
edule
1 t
o M
CD
O
Art
icle
34
Su
per
vis
ion
of
cred
it i
nte
rmed
iari
es a
nd
ap
poin
ted
rep
rese
nta
tives
1.
Mem
ber
Sta
tes
shal
l en
sure
that
cre
dit
inte
rmed
iari
es a
re s
ubje
ct t
o s
uper
vis
ion o
f th
eir
ongoin
g a
ctiv
itie
s by t
he
com
pet
ent
auth
ori
ties
of
the
hom
e M
ember
Sta
te.
Sec
tion 1
L o
f, a
nd
par
agra
ph 1
5 o
f S
ched
ule
3
to, F
SM
A
Hom
e M
ember
Sta
tes
shal
l pro
vid
e th
at t
ied c
redit
inte
rmed
iari
es a
re t
o b
e su
bje
ct t
o s
uper
vis
ion d
irec
tly o
r as
par
t of
the
super
vis
ion
of
the
cred
itor
on b
ehal
f of
whic
h t
hey
act
if
the
cred
itor
is a
cre
dit
inst
ituti
on a
uth
ori
sed i
n a
ccord
ance
wit
h D
irec
tive
2013/3
6/E
U o
r
FC
A r
ule
s
28
anoth
er f
inan
cial
inst
ituti
on w
hic
h u
nder
nat
ional
law
is
subje
ct t
o a
n e
quiv
alen
t au
thori
sati
on a
nd s
uper
vis
ion r
egim
e. H
ow
ever
, if
the
tied
cre
dit
inte
rmed
iary
pro
vid
es s
ervic
es i
n a
Mem
ber
Sta
te o
ther
than
the
hom
e M
ember
Sta
te, th
en t
he
tied
cre
dit
inte
rmed
iary
shal
l
be
subje
ct t
o s
uper
vis
ion d
irec
tly.
Hom
e M
em
ber
Sta
tes
whic
h a
llow
cre
dit
inte
rmed
iari
es t
o a
ppoin
t re
pre
senta
tives
in a
ccord
ance
wit
h A
rtic
le 3
1 s
hal
l en
sure
that
such
appoin
ted r
epre
senta
tives
are
subje
ct t
o s
uper
vis
ion e
ither
dir
ectl
y o
r as
par
t of
the
super
vis
ion o
f th
e cr
edit
inte
rmed
iary
on b
ehal
f of
whic
h i
t ac
ts.
2.
The
com
pet
ent
auth
ori
ties
of
the
Mem
ber
Sta
tes
in w
hic
h a
cre
dit
inte
rmed
iary
has
a b
ranch
shal
l be
resp
onsi
ble
for
ensu
ring t
hat
the
serv
ices
pro
vid
ed b
y t
he
cred
it i
nte
rmed
iary
wit
hin
its
ter
rito
ry c
om
ply
wit
h t
he
obli
gat
ions
laid
dow
n i
n A
rtic
le 7
(1)
and A
rtic
les
8, 9, 10, 11, 13, 14, 15, 16, 17, 20, 22 a
nd 3
9 a
nd i
n m
easu
res
adopte
d p
urs
uan
t th
eret
o.
Sec
tion 1
94C
FS
MA
,
inse
rted
by p
arag
raph 1
(5)
of
Sch
edule
1 t
o M
CD
O
Wher
e th
e co
mpet
ent
auth
ori
ties
of
a host
Mem
ber
Sta
te a
scer
tain
that
a c
redit
inte
rmed
iary
that
has
a b
ranch
wit
hin
its
ter
rito
ry i
s in
bre
ach o
f th
e m
easu
res
adopte
d i
n t
hat
Mem
ber
Sta
te p
urs
uan
t to
Art
icle
7(1
) an
d A
rtic
les
8,
9,
10,
11,
13,
14,
15,
16,
17,
20,
22 a
nd
39, th
ose
auth
ori
ties
shal
l re
quir
e th
e cr
edit
inte
rmed
iary
conce
rned
to p
ut
an e
nd t
o i
ts i
rreg
ula
r si
tuat
ion.
Sec
tion 1
94C
FS
MA
,
inse
rted
by p
arag
raph 1
(5)
of
Sch
edule
1 t
o M
CD
O
If t
he
cred
it i
nte
rmed
iary
conce
rned
fai
ls t
o t
ake
the
nec
essa
ry s
teps,
the
com
pet
ent
auth
ori
ties
of
the
host
Mem
ber
Sta
te s
hal
l ta
ke
all
appro
pri
ate
acti
on t
o e
nsu
re t
hat
the
cred
it i
nte
rmed
iary
conce
rned
puts
an e
nd t
o i
ts i
rreg
ula
r si
tuat
ion. T
he
nat
ure
of
that
act
ion s
hal
l
be
com
munic
ated
to t
he
com
pet
ent
auth
ori
ties
of
the
hom
e M
ember
Sta
te.
Sec
tion 1
94C
FS
MA
,
inse
rted
by p
arag
raph 1
(5)
of
Sch
edule
1 t
o M
CD
O
If,
des
pit
e th
e ac
tion t
aken
by t
he
host
Mem
ber
Sta
te,
the
cred
it i
nte
rmed
iary
per
sist
s in
bre
achin
g t
he
mea
sure
s re
ferr
ed t
o i
n t
he
firs
t
subpar
agra
ph i
n f
orc
e in
the
host
Mem
ber
Sta
te,
the
host
Mem
ber
Sta
te m
ay,
afte
r in
form
ing t
he
com
pet
ent
auth
ori
ties
of
the
hom
e
Mem
ber
Sta
te,
take
appro
pri
ate
acti
on t
o p
reven
t or
to p
enal
ise
furt
her
irr
egula
riti
es a
nd,
in s
o f
ar a
s nec
essa
ry,
to p
reven
t th
e cr
edit
inte
rmed
iary
fro
m i
nit
iati
ng a
ny f
urt
her
tra
nsa
ctio
ns
wit
hin
its
ter
rito
ry. T
he
Com
mis
sion s
hal
l be
info
rmed
of
any s
uch
act
ion w
ithout
undue
del
ay.
Sec
tion 1
94C
FS
MA
,
inse
rted
by p
arag
raph 1
(5)
of
Sch
edule
1 t
o M
CD
O
Wher
e th
e co
mpet
ent
auth
ori
ty o
f th
e hom
e M
ember
Sta
te d
isag
rees
wit
h s
uch
act
ion t
aken
by t
he
host
Mem
ber
Sta
te, it
may
ref
er t
he
mat
ter
to E
BA
and r
eques
t it
s as
sist
ance
in a
ccord
ance
wit
h A
rtic
le 1
9 o
f R
egula
tion (
EU
) N
o 1
093/2
010.
In t
hat
cas
e, E
BA
may a
ct
in a
ccord
ance
wit
h t
he
pow
ers
confe
rred
on i
t by t
hat
Art
icle
.
No t
ransp
osi
tion r
equir
ed –
right
alre
ady e
xis
ts u
nder
Reg
ula
tion (
EU
) N
o
1093/2
010
3. T
he
com
pet
ent
auth
ori
ties
of
the
Mem
ber
Sta
tes
in w
hic
h t
he
bra
nch
is
loca
ted s
hal
l hav
e th
e ri
ght
to e
xam
ine
bra
nch
arr
angem
ents
and t
o r
eques
t su
ch c
han
ges
as
are
stri
ctly
nee
ded
to f
ulf
il its
res
ponsi
bil
itie
s under
par
agra
ph 2
and to e
nab
le the
com
pet
ent
auth
ori
ties
of
the
hom
e M
ember
Sta
te to e
nfo
rce
the
obli
gat
ions
under
Art
icle
7(2
),(3
) an
d (
4)
and m
easu
res
adopte
d p
urs
uan
t th
eret
o w
ith r
espec
t
to t
he
serv
ices
pro
vid
ed b
y t
he
bra
nch
.
Sec
tions
196 a
nd 3
54A
FS
MA
4. W
her
e th
e co
mpet
ent au
thori
ty o
f th
e host
Mem
ber
Sta
te h
as c
lear
and d
emonst
rable
gro
unds
for
concl
udin
g that
a c
redit
inte
rmed
iary
acti
ng w
ithin
its
ter
rito
ry u
nder
the
free
dom
to p
rovid
e se
rvic
es i
s in
bre
ach o
f th
e obli
gat
ions
aris
ing f
rom
the
mea
sure
s ad
opte
d
purs
uan
t to
this
Dir
ecti
ve
or
that
a c
redit
inte
rmed
iary
that
has
a b
ranch
wit
hin
its
ter
rito
ry i
s in
bre
ach o
f th
e obli
gat
ions
aris
ing f
rom
the
mea
sure
s ad
opte
d p
urs
uan
t to
this
Dir
ecti
ve,
oth
er than
those
spec
ifie
d i
n p
arag
raph 2
, it
shal
l re
fer
those
fin
din
gs
to t
he
com
pet
ent
auth
ori
ty o
f th
e hom
e M
ember
Sta
te w
hic
h s
hal
l ta
ke
the
appro
pri
ate
acti
on.
Sec
tion 1
95B
FS
MA
,
inse
rted
by p
arag
raph 1
(6)
of
Sch
edule
1 t
o M
CD
O
29
Wher
e th
e co
mpet
ent
auth
ori
ty o
f th
e hom
e M
ember
Sta
te f
ails
to t
ake
any a
ctio
n w
ithin
one
month
fro
m o
bta
inin
g t
hose
fin
din
gs
or
wher
e, d
espit
e th
e ac
tion t
aken
by t
he
com
pet
ent
auth
ori
ty o
f th
e hom
e M
ember
Sta
te,
a cr
edit
inte
rmed
iary
per
sist
s in
act
ing i
n a
man
ner
that
is
clea
rly p
reju
dic
ial
to t
he
inte
rest
s of
the
host
Mem
ber
Sta
te c
onsu
mer
s or
ord
erly
funct
ionin
g o
f th
e m
arket
s, t
he
com
pet
ent
auth
ori
ty o
f th
e host
Mem
ber
Sta
te:
(a)
shal
l, a
fter
hav
ing i
nfo
rmed
the
com
pet
ent
auth
ori
ty o
f th
e hom
e M
ember
Sta
te t
ake
all
appro
pri
ate
acti
on n
eeded
to p
rote
ct
consu
mer
s an
d e
nsu
re t
he
pro
per
funct
ionin
g o
f th
e m
arket
s, i
ncl
udin
g b
y p
reven
ting t
he
off
endin
g c
redit
inte
rmed
iary
fro
m i
nit
iati
ng
any f
urt
her
tra
nsa
ctio
ns
wit
hin
its
ter
rito
ry. T
he
Com
mis
sion a
nd E
BA
shal
l be
info
rmed
of
such
act
ion w
ithout
undue
del
ay;
(b)
may
ref
er the
mat
ter
to E
BA
and r
eques
t it
s as
sist
ance
in a
ccord
ance
wit
h A
rtic
le 1
9 o
f R
egula
tion (
EU
) N
o 1
093/2
010. In
that
cas
e
EB
A m
ay a
ct i
n a
ccord
ance
wit
h t
he
pow
ers
confe
rred
on i
t by t
hat
Art
icle
.
5. M
ember
Sta
tes
shal
l pro
vid
e th
at, w
her
e a
cred
it i
nte
rmed
iary
adm
itte
d i
n a
noth
er M
ember
Sta
te h
as e
stab
lish
ed a
bra
nch
wit
hin
its
terr
itory
, th
e co
mpet
ent
auth
ori
ties
of
the
hom
e M
ember
Sta
te,
in t
he
exer
cise
of
thei
r re
sponsi
bil
itie
s an
d a
fter
hav
ing i
nfo
rmed
the
com
pet
ent
auth
ori
ties
of
the
host
Mem
ber
Sta
te, m
ay c
arry
out
on-s
ite
insp
ecti
ons
in t
hat
bra
nch
.
Par
t 11 F
SM
A a
nd F
CA
rule
s
6. T
he
allo
cati
on o
f ta
sks
bet
wee
n M
ember
Sta
tes
spec
ifie
d in this
Art
icle
shal
l be
wit
hout pre
judic
e to
the
Mem
ber
Sta
tes’
com
pet
ence
s
in r
elat
ion t
o f
ield
s not
cover
ed b
y t
his
Dir
ecti
ve
in c
onfo
rmit
y w
ith t
hei
r obli
gat
ions
under
Unio
n l
aw.
No t
ransp
osi
tion r
equir
ed
Ch
ap
ter
12
Adm
issi
on an
d s
uper
vis
ion o
f non-c
redit
inst
ituti
ons
Art
icle
35
Ad
mis
sion
an
d s
up
ervis
ion
of
non
-cre
dit
in
stit
uti
on
s
Mem
ber
Sta
tes
shal
l en
sure
that
non-c
redit
inst
ituti
ons
are
subje
ct t
o a
deq
uat
e ad
mis
sion p
roce
ss i
ncl
udin
g e
nte
ring t
he
non-c
redit
inst
ituti
on i
n a
reg
iste
r an
d s
uper
vis
ion a
rran
gem
ents
by a
com
pet
ent
auth
ori
ty.
FS
MA
gen
eral
ly, in
par
ticu
lar
sect
ions
1L
and
347
Ch
ap
ter
13
Cooper
atio
n b
etw
een c
om
pet
ent
auth
ori
ties
of
dif
fere
nt
Mem
ber
Sta
tes
Art
icle
36
Ob
ligati
on
to c
oop
erate
1.
Com
pet
ent
auth
ori
ties
of
dif
fere
nt
Mem
ber
Sta
tes
shal
l co
oper
ate
wit
h e
ach o
ther
when
ever
nec
essa
ry f
or
the
purp
ose
of
carr
yin
g
out
thei
r duti
es u
nder
this
Dir
ecti
ve,
mak
ing u
se o
f th
eir
pow
ers,
whet
her
set
out
in t
his
Dir
ecti
ve
or
in n
atio
nal
law
.
Com
pet
ent
auth
ori
ties
shal
l re
nder
ass
ista
nce
to c
om
pet
ent
auth
ori
ties
of
the
oth
er M
ember
Sta
tes.
In p
arti
cula
r, t
hey
shal
l ex
chan
ge
info
rmat
ion a
nd c
ooper
ate
in a
ny i
nves
tigat
ion o
r su
per
vis
ory
act
ivit
ies.
In o
rder
to f
acil
itat
e an
d a
ccel
erat
e co
oper
atio
n, an
d m
ore
par
ticu
larl
y t
he
exch
ange
of
info
rmat
ion, M
ember
Sta
tes
shal
l des
ignat
e one
single
com
pet
ent
auth
ori
ty a
s a
conta
ct p
oin
t fo
r th
e purp
ose
s of
this
Dir
ecti
ve.
Mem
ber
Sta
tes
shal
l co
mm
unic
ate
to t
he
Com
mis
sion
and t
o t
he
oth
er M
ember
Sta
tes
the
nam
es o
f th
e au
thori
ties
whic
h a
re d
esig
nat
ed t
o r
ecei
ve
reques
ts f
or
exch
ange
of
info
rmat
ion o
r
cooper
atio
n p
urs
uan
t to
this
par
agra
ph.
Sec
tions
349 a
nd 3
54A
FS
MA
, an
d D
CIR
as
amen
ded
by p
arag
raph 8
of
Sch
edule
1 t
o M
CD
O
30
2. M
ember
Sta
tes
shal
l ta
ke
the
nec
essa
ry a
dm
inis
trat
ive
and o
rgan
isat
ional
mea
sure
s to
fac
ilit
ate
assi
stan
ce p
rovid
ed f
or
in p
arag
raph
1.
Sec
tion 3
54A
FS
MA
3.
Com
pet
ent
auth
ori
ties
of
Mem
ber
Sta
tes
hav
ing b
een d
esig
nat
ed a
s co
nta
ct p
oin
ts f
or
the
purp
ose
s of
this
Dir
ecti
ve
in a
ccord
ance
wit
h p
arag
raph 1
shal
l w
ithout undue
del
ay s
upply
one
anoth
er w
ith the
info
rmat
ion r
equir
ed f
or
the
purp
ose
s of
carr
yin
g o
ut th
e duti
es
of
the
com
pet
ent
auth
ori
ties
, des
ignat
ed i
n a
ccord
ance
wit
h A
rtic
le 5
, se
t out
in t
he
mea
sure
s ad
opte
d p
urs
uan
t to
this
Dir
ecti
ve.
Com
pet
ent
auth
ori
ties
exch
angin
g i
nfo
rmat
ion w
ith o
ther
com
pet
ent
auth
ori
ties
under
this
Dir
ecti
ve
may
indic
ate
at t
he
tim
e of
com
munic
atio
n t
hat
such
info
rmat
ion m
ust
not
be
dis
close
d w
ithout
thei
r ex
pre
ss a
gre
emen
t, i
n w
hic
h c
ase
such
info
rmat
ion m
ay b
e
exch
anged
sole
ly f
or
the
purp
ose
s fo
r w
hic
h t
hose
auth
ori
ties
gav
e th
eir
agre
emen
t.
The
com
pet
ent
auth
ori
ty h
avin
g b
een d
esig
nat
ed a
s th
e co
nta
ct p
oin
t m
ay t
ransm
it t
he
info
rmat
ion r
ecei
ved
to t
he
oth
er c
om
pet
ent
auth
ori
ties
, how
ever
it
shal
l not
tran
smit
the
info
rmat
ion t
o o
ther
bodie
s or
nat
ura
l or
legal
per
sons
wit
hout
the
expre
ss a
gre
emen
t of
the
com
pet
ent
auth
ori
ties
whic
h d
iscl
ose
d i
t an
d s
ole
ly f
or
the
purp
ose
s fo
r w
hic
h t
hose
auth
ori
ties
gav
e th
eir
agre
emen
t, e
xce
pt
in
duly
just
ifie
d c
ircu
mst
ance
s in
whic
h c
ase
it s
hal
l im
med
iate
ly i
nfo
rm t
he
conta
ct p
oin
t th
at s
uppli
ed t
he
info
rmat
ion.
Sec
tions
348 a
nd 3
49
FS
MA
, an
d D
CIR
as
amen
ded
by p
arag
raph 8
of
Sch
edule
1 t
o M
CD
O
4.
A c
om
pet
ent
auth
ori
ty m
ay r
efuse
to a
ct o
n a
req
ues
t fo
r co
oper
atio
n i
n c
arry
ing o
ut
an i
nves
tigat
ion o
r su
per
vis
ory
act
ivit
y o
r to
exch
ange
info
rmat
ion a
s pro
vid
ed f
or
in p
arag
raph 3
only
wher
e:
(a)
such
an
in
ves
tigat
ion,
on
-the-
spot
ver
ific
atio
n,
super
vis
ory
ac
tivit
y or
exch
ange
of
info
rmat
ion m
ight
adver
sely
af
fect
th
e
sover
eignty
, se
curi
ty o
r publi
c poli
cy o
f th
e M
ember
Sta
te a
ddre
ssed
;
(b)
judic
ial
pro
ceed
ings
hav
e al
read
y b
een i
nit
iate
d i
n r
espec
t of
the
sam
e ac
tions
and t
he
sam
e per
sons
bef
ore
the
auth
ori
ties
of
the
Mem
ber
Sta
te a
ddre
ssed
;
(c)
final
judgem
ent
has
alr
eady b
een d
eliv
ered
in t
he
Mem
ber
Sta
te a
ddre
ssed
in r
espec
t of
the
sam
e per
sons
and t
he
sam
e ac
tions.
In the
even
t of
such
a r
efusa
l, the
com
pet
ent au
thori
ty s
hal
l noti
fy the
reques
ting c
om
pet
ent au
thori
ty a
ccord
ingly
, pro
vid
ing a
s det
aile
d
info
rmat
ion a
s poss
ible
.
Sec
tions
348, 349 a
nd
354A
FS
MA
, an
d D
CIR
as
amen
ded
by p
arag
raph 8
of
Sch
edule
1 t
o M
CD
O
Art
icle
37
Set
tlem
ent
of
dis
agre
emen
ts b
etw
een
com
pet
ent
au
thori
ties
of
dif
fere
nt
Mem
ber
Sta
tes
The
com
pet
ent
auth
ori
ties
may r
efer
the
situ
atio
n t
o E
BA
wher
e a
reques
t fo
r co
oper
atio
n,
in p
arti
cula
r th
e ex
chan
ge
of
info
rmat
ion,
has
bee
n r
ejec
ted o
r has
not
bee
n a
cted
upon w
ithin
a r
easo
nab
le t
ime,
and r
eques
t E
BA
’s a
ssis
tance
in a
ccord
ance
wit
h A
rtic
le 1
9 o
f
Reg
ula
tion (
EU
) N
o 1
093/2
010.
In s
uch
cas
es,
EB
A m
ay a
ct i
n a
ccord
ance
wit
h t
he
pow
ers
confe
rred
on i
t by t
hat
Art
icle
and a
ny
bin
din
g d
ecis
ion m
ade
by E
BA
in a
ccord
ance
wit
h t
hat
Art
icle
shal
l be
bin
din
g o
n t
he
com
pet
ent
auth
ori
ties
conce
rned
reg
ardle
ss o
f
whet
her
those
com
pet
ent
auth
ori
ties
are
mem
ber
s of
EB
A o
r not.
No t
ransp
osi
tion n
eeded
–
alre
ady p
rovid
ed f
or
in
Reg
ula
tion (
EU
) N
o
1093/2
010
Ch
ap
ter
14
Fin
al p
rovis
ions
Art
icle
38
San
ctio
ns
31
1.
Mem
ber
Sta
tes
shal
l la
y d
ow
n t
he
rule
s on s
anct
ions
appli
cable
to i
nfr
ingem
ents
of
the
nat
ional
pro
vis
ions
adopte
d o
n t
he
bas
is o
f
this
D
irec
tive
and sh
all
take
all
mea
sure
s nec
essa
ry to
en
sure
th
at th
ey ar
e im
ple
men
ted.
Those
sa
nct
ions
shal
l be
effe
ctiv
e,
pro
port
ionat
e an
d d
issu
asiv
e.
Sec
tions
23 a
nd 2
5 a
nd
Par
ts 1
4, 25 a
nd 2
6 F
SM
A
2. M
ember
Sta
tes
shal
l pro
vid
e th
at the
com
pet
ent au
thori
ty m
ay d
iscl
ose
to the
publi
c an
y a
dm
inis
trat
ive
sanct
ion that
wil
l be
impose
d
for
infr
ingem
ent
of
the
mea
sure
s ad
opte
d i
n t
he
tran
sposi
tion o
f th
is D
irec
tive,
unle
ss s
uch
dis
closu
re w
ould
ser
iousl
y j
eopar
dis
e th
e
finan
cial
mar
ket
s or
cause
dis
pro
port
ionat
e dam
age
to t
he
par
ties
involv
ed.
Par
t 14 a
nd s
ecti
on 3
91
FS
MA
Art
icle
39
Dis
pu
te r
esolu
tion
mec
han
ism
s
1.
Mem
ber
Sta
tes
shal
l en
sure
that
appro
pri
ate
and e
ffec
tive
com
pla
ints
and r
edre
ss p
roce
dure
s ar
e es
tabli
shed
for
the
out-
of-
court
sett
lem
ent
of
consu
mer
dis
pute
s w
ith c
redit
ors
, cr
edit
inte
rmed
iari
es a
nd a
ppoin
ted r
epre
senta
tives
in r
elat
ion t
o c
redit
agre
emen
ts,
usi
ng e
xis
ting b
odie
s w
her
e ap
pro
pri
ate.
Mem
ber
Sta
tes
shal
l en
sure
that
such
pro
cedure
s ar
e ap
pli
cable
to c
redit
ors
and c
redit
inte
rmed
iari
es a
nd c
over
the
acti
vit
ies
of
appoin
ted r
epre
senta
tives
.
Par
t 16 F
SM
A a
nd F
CA
rule
s
2.
Mem
ber
Sta
tes
shal
l re
quir
e th
e bodie
s re
sponsi
ble
for
the
out-
of-
court
set
tlem
ent
of
consu
mer
dis
pute
s to
cooper
ate
so t
hat
cro
ss-
bord
er d
ispute
s co
nce
rnin
g c
redit
agre
emen
ts c
an b
e re
solv
ed.
Sec
tion 3
54A
FS
MA
Art
icle
40
Exer
cise
of
the
del
egati
on
1. T
he
pow
er t
o a
dopt
del
egat
ed a
cts
is c
onfe
rred
on t
he
Com
mis
sion s
ubje
ct t
o t
he
condit
ions
laid
dow
n i
n t
his
Art
icle
. N
o t
ransp
osi
tion r
equir
ed
2. T
he
pow
er t
o a
dopt
del
egat
ed a
cts
refe
rred
to i
n A
rtic
les
14(9
) an
d 1
7(8
) sh
all
be
confe
rred
on t
he
Com
mis
sion f
or
an i
ndet
erm
inat
e
per
iod o
f ti
me
from
20 M
arch
2014.
No t
ransp
osi
tion r
equir
ed
3.
The
del
egat
ion o
f pow
er r
efer
red t
o i
n A
rtic
les
14(9
) an
d 1
7(8
) m
ay b
e re
voked a
t an
y t
ime
by t
he
Euro
pea
n P
arli
amen
t or
by t
he
Counci
l. A
dec
isio
n t
o r
evoke
shal
l put
an e
nd t
o t
he
del
egat
ion o
f th
e pow
ers
spec
ifie
d i
n t
hat
dec
isio
n.
It s
hal
l ta
ke
effe
ct t
he
day
foll
ow
ing t
he
publi
cati
on o
f th
e dec
isio
n i
n t
he
Off
icia
l Jo
urn
al o
f th
e E
uro
pea
n U
nio
n o
r at
a l
ater
dat
e sp
ecif
ied t
her
ein.
It s
hal
l not
affe
ct t
he
val
idit
y o
f an
y d
eleg
ated
act
s al
read
y i
n f
orc
e.
No t
ransp
osi
tion r
equir
ed
4. A
s so
on a
s it
adopts
a d
eleg
ated
act
, th
e C
om
mis
sion s
hal
l noti
fy i
t si
mult
aneo
usl
y t
o t
he
Euro
pea
n P
arli
amen
t an
d t
o t
he
Counci
l.
No t
ransp
osi
tion r
equir
ed
5. A
del
egat
ed a
ct a
dopte
d p
urs
uan
t to
Art
icle
s 14(9
) an
d 1
7(8
) sh
all
ente
r in
to f
orc
e only
if
no o
bje
ctio
n h
as b
een e
xpre
ssed
eit
her
by
the
Euro
pea
n P
arli
amen
t or
the
Counci
l w
ithin
a p
erio
d o
f th
ree
month
s of
noti
fica
tion o
f th
at a
ct t
o t
he
Euro
pea
n P
arli
amen
t an
d t
o
the
Counci
l or
if,
bef
ore
the
expir
y o
f th
at p
erio
d,
the
Euro
pea
n P
arli
amen
t an
d t
he
Counci
l hav
e both
info
rmed
the
Com
mis
sion t
hat
they
wil
l not
obje
ct. T
hat
per
iod s
hal
l be
exte
nded
by t
hre
e m
onth
s at
the
init
iati
ve
of
the
Euro
pea
n P
arli
amen
t or
of
the
Counci
l.
No t
ransp
osi
tion r
equir
ed
Art
icle
41
Imp
erati
ve
natu
re o
f th
is D
irec
tive
Mem
ber
Sta
tes
shal
l en
sure
that
:
(a)
consu
mer
s m
ay n
ot
wai
ve
the
rights
confe
rred
on t
hem
by n
atio
nal
law
tra
nsp
osi
ng t
his
Dir
ecti
ve;
No s
pec
ific
tra
nsp
osi
tion
requir
ed;
FS
MA
and F
CA
rule
s do n
ot
per
mit
this
32
*
OJ
ple
ase
inse
rt d
ate:
5 y
ears
aft
er e
ntr
y i
nto
forc
e of
this
Dir
ecti
ve.
(b)
the
mea
sure
s th
ey a
dopt
in t
ransp
osi
ng t
his
Dir
ecti
ve
cannot
be
circ
um
ven
ted i
n a
way
whic
h c
ould
lea
d t
o c
onsu
mer
s lo
sing t
he
pro
tect
ion g
rante
d b
y t
his
Dir
ecti
ve
as a
res
ult
of
the
way
in w
hic
h a
gre
emen
ts a
re f
orm
ula
ted,
in p
arti
cula
r by i
nte
gra
ting c
redit
agre
emen
ts f
alli
ng w
ithin
the
scope
of
this
Dir
ecti
ve
into
cre
dit
agre
emen
ts t
he
char
acte
r or
purp
ose
of
whic
h w
ould
mak
e it
poss
ible
to a
void
the
appli
cati
on o
f th
ose
mea
sure
s.
No s
pec
ific
tra
nsp
osi
tion
requir
ed;
FS
MA
and F
CA
rule
s des
igned
to e
nsu
re
this
and F
CA
super
vis
ion
would
monit
or
it
Art
icle
42
Tra
nsp
osi
tion
1. M
ember
Sta
tes
shal
l ad
opt
and p
ubli
sh, by 2
1 M
arch
2016, th
e la
ws,
reg
ula
tions
and a
dm
inis
trat
ive
pro
vis
ions
nec
essa
ry t
o c
om
ply
wit
h t
his
Dir
ecti
ve.
MC
DO
They
shal
l fo
rthw
ith c
om
munic
ate
to t
he
Com
mis
sion t
he
text
of
those
mea
sure
s.
No t
ransp
osi
tion r
equir
ed
2. M
ember
Sta
tes
shal
l ap
ply
mea
sure
s re
ferr
ed t
o i
n p
arag
raph 1
fro
m 2
1 M
arch
2016.
When
Mem
ber
Sta
tes
adopt
those
mea
sure
s, t
hey
shal
l co
nta
in a
ref
eren
ce t
o t
his
Dir
ecti
ve
or
be
acco
mpan
ied b
y s
uch
a r
efer
ence
on
the
occ
asio
n o
f th
eir
off
icia
l publi
cati
on. M
ember
Sta
tes
shal
l det
erm
ine
how
such
ref
eren
ce i
s to
be
mad
e.
Art
icle
1 M
CD
O a
nd
expla
nat
ory
note
3.
Mem
ber
Sta
tes
shal
l co
mm
unic
ate
to t
he
Com
mis
sion t
he
text
of
the
mai
n p
rovis
ions
of
nat
ional
law
whic
h t
hey
adopt
in t
he
fiel
d
cover
ed b
y t
his
Dir
ecti
ve.
No t
ransp
osi
tion r
equir
ed
Art
icle
43
Tra
nsi
tion
al
pro
vis
ion
s
1. T
his
Dir
ecti
ve
shal
l not
apply
to c
redit
agre
emen
ts e
xis
ting b
efore
21 M
arch
2016.
Art
icle
28 M
CD
O
2.
Cre
dit
inte
rmed
iari
es a
lrea
dy c
arry
ing o
ut
cred
it i
nte
rmed
iati
on a
ctiv
itie
s se
t out
in p
oin
t 5 o
f A
rtic
le 4
bef
ore
21 M
arch
2016 a
nd
whic
h h
ave
not
yet
bee
n a
dm
itte
d i
n a
ccord
ance
wit
h t
he
condit
ions
set
out
in t
he
nat
ional
law
of
the
hom
e M
ember
Sta
te t
ransp
osi
ng
this
Dir
ecti
ve
may c
onti
nue
to c
arry
out
those
act
ivit
ies
in c
om
pli
ance
wit
h n
atio
nal
law
unti
l 21 M
arch
2017.
Wher
e a
cred
it
inte
rmed
iary
rel
ies
on t
his
der
ogat
ion i
t m
ay p
erfo
rm t
he
acti
vit
ies
only
wit
hin
thei
r hom
e M
ember
Sta
te u
nle
ss i
t al
so s
atis
fies
the
nec
essa
ry l
egal
req
uir
emen
ts o
f th
e host
Mem
ber
Sta
tes.
Not
rele
van
t to
the
UK
3. C
redit
ors
, cr
edit
inte
rmed
iari
es o
r ap
poin
ted r
epre
senta
tives
per
form
ing a
ctiv
itie
s re
gula
ted b
y t
his
Dir
ecti
ve
bef
ore
20 M
arch
2014
shal
l co
mply
wit
h t
he
nat
ional
law
tra
nsp
osi
ng A
rtic
le 9
by 2
1 M
arch
2017.
FC
A r
ule
s
Art
icle
44
Rev
iew
cla
use
1.
The
Com
mis
sion s
hal
l under
take
a re
vie
w o
f th
is D
irec
tive
by …
*.
The
revie
w s
hal
l co
nsi
der
the
effe
ctiv
enes
s an
d a
ppro
pri
aten
ess
of
the
pro
vis
ions
on c
onsu
mer
s an
d t
he
inte
rnal
mar
ket
.
The
revie
w s
hal
l in
clude
the
foll
ow
ing:
No t
ransp
osi
tion r
equir
ed
33
(a)
an a
sses
smen
t of
the
use
and c
onsu
mer
under
stan
din
g o
f an
d s
atis
fact
ion w
ith t
he
ES
IS;
(b)
an a
nal
ysi
s of
oth
er p
re-c
ontr
actu
al d
iscl
osu
res;
(c)
an a
nal
ysi
s of
cross
-bord
er b
usi
nes
s by c
redit
inte
rmed
iari
es a
nd c
redit
ors
;
(d)
an a
nal
ysi
s of
the
evolu
tion o
f th
e m
arket
for
non-c
redit
inst
ituti
ons
pro
vid
ing c
redit
agre
emen
ts r
elat
ing t
o r
esid
enti
al i
mm
ovab
le
pro
per
ty;
(e)
an a
sses
smen
t on t
he
nee
d f
or
furt
her
mea
sure
s, incl
udin
g a
pas
sport
for
non-c
redit
inst
ituti
ons
pro
vid
ing c
redit
agre
emen
ts r
elat
ing
to r
esid
enti
al i
mm
ovab
le p
roper
ty;
(f)
an e
xam
inat
ion o
f th
e nee
d t
o i
ntr
oduce
addit
ional
rig
hts
and o
bli
gat
ions
wit
h r
egar
d t
o t
he
post
-co
ntr
actu
al s
tage
of
cred
it
agre
emen
ts;
(g)
an a
sses
smen
t of
whet
her
the
scope
of
this
Dir
ecti
ve
rem
ains
appro
pri
ate,
tak
ing a
ccount
of
its
impac
t on o
ther
, su
bst
ituta
ble
form
s
of
cred
it;
(h)
an a
sses
smen
t of
whet
her
addit
ional
mea
sure
s ar
e nec
essa
ry to e
nsu
re the
trac
eabil
ity o
f cr
edit
agre
emen
ts s
ecure
d a
gai
nst
res
iden
tial
imm
ovab
le p
roper
ty;
(i)
an a
sses
smen
t of
the
avai
labil
ity o
f dat
a on t
rends
in p
rice
s of
resi
den
tial
im
movab
le p
roper
ty a
nd o
n t
he
exte
nt
to w
hic
h d
ata
are
com
par
able
;
(j)
an a
sses
smen
t of
whet
her
it
conti
nues
to b
e ap
pro
pri
ate
to a
pply
Dir
ecti
ve
2008/4
8/E
C t
o u
nse
cure
d c
redit
s th
e purp
ose
of
whic
h i
s
the
renovat
ion o
f a
resi
den
tial
im
mo
vab
le p
roper
ty i
nvolv
ing a
tota
l am
ount
of
cred
it a
bove
the
max
imu
m a
mount
spec
ifie
d i
n p
oin
t
(c)
of
Art
icle
2(2
) of
that
Dir
ecti
ve;
(k)
an a
sses
smen
t of
whet
her
the
arra
ngem
ents
for
the
publi
cati
on o
f sa
nct
ions
under
Art
icle
38(2
) pro
vid
e su
ffic
ient
tran
spar
ency
;
(l)
an a
sses
smen
t of
the
pro
port
ional
ity o
f w
arnin
gs
refe
rred
to i
n A
rtic
le 1
1(6
) an
d i
n A
rtic
le 1
3(2
) an
d t
he
pote
nti
al f
or
furt
her
har
monis
atio
n o
f ri
sk w
arnin
gs.
Art
icle
45
Fu
rth
er i
nit
iati
ves
on
res
pon
sib
le l
end
ing a
nd
borr
ow
ing
By 2
1 M
arch
2019,
the
Com
mis
sion s
hal
l su
bm
it a
com
pre
hen
sive
report
ass
essi
ng t
he
wid
er c
hal
lenges
of
pri
vat
e over
-indeb
tednes
s
dir
ectl
y l
inked
to c
redit
act
ivit
y.
It w
ill
also
exam
ine
the
nee
d f
or
the
super
vis
ion o
f cr
edit
reg
iste
rs a
nd t
he
poss
ibil
ity f
or
the
dev
elopm
ent
of
more
fle
xib
le a
nd r
elia
ble
mar
ket
s. T
hat
rep
ort
shal
l be
acco
mpan
ied, w
her
e ap
pro
pri
ate,
by l
egis
lati
ve
pro
posa
ls.
No t
ransp
osi
tion r
equir
ed
Art
icle
46
Am
end
men
t to
Dir
ecti
ve
2008/4
8/E
C
In A
rtic
le 2
of
Dir
ecti
ve
2008/4
8/E
C, th
e fo
llow
ing p
arag
raph i
s in
sert
ed:
"2a.
N
otw
ithst
andin
g p
oin
t (c
) of
par
agra
ph 2
, th
is D
irec
tive
shal
l ap
ply
to u
nse
cure
d c
redit
agre
emen
ts t
he
purp
ose
of
whic
h i
s
the
renovat
ion o
f a
resi
den
tial
im
movab
le p
roper
ty i
nvolv
ing a
tota
l am
ount
of
cred
it a
bove
EU
R 7
5 0
00."
Am
endm
ents
to C
onsu
mer
Cre
dit
Act
1974 a
nd
seco
ndar
y l
egis
lati
on i
n
par
agra
phs
2, 3, 11, 13 a
nd
14 o
f S
ched
ule
1 t
o M
CD
O
Art
icle
47
34
Am
end
men
t of
Dir
ecti
ve
2013/3
6/E
U
In D
irec
tive
2013/3
6/E
U, th
e fo
llow
ing A
rtic
le i
s in
sert
ed:
"Art
icle
54a
Art
icle
s 53 a
nd 5
4 s
hal
l be
wit
hout
pre
judic
e to
the
pow
ers
of
inves
tigat
ion c
onfe
rred
on t
he
Euro
pea
n P
arli
amen
t purs
uan
t to
Art
icle
226 T
FE
U."
Not
tran
spose
d w
ith
mort
gage
pro
vis
ions
Art
icle
48
Am
end
men
t of
Reg
ula
tion
(E
U)
No 1
093/2
010
Reg
ula
tion (
EU
) N
o 1
093/2
010 i
s am
ended
as
foll
ow
s:
(1)
The
seco
nd s
ubpar
agra
ph o
f A
rtic
le 1
3(1
) is
rep
lace
d b
y t
he
foll
ow
ing:
"Wher
e th
e C
om
mis
sion a
dopts
a r
egula
tory
tec
hnic
al s
tandar
d w
hic
h i
s th
e sa
me
as t
he
dra
ft r
egula
tory
tec
hnic
al s
tandar
d s
ubm
itte
d
by t
he
Auth
ori
ty,
the
per
iod d
uri
ng w
hic
h t
he
Euro
pea
n P
arli
amen
t an
d t
he
Counci
l m
ay o
bje
ct s
hal
l be
1 m
onth
fro
m t
he
dat
e of
noti
fica
tion.
At
the
init
iati
ve
of
the
Euro
pea
n P
arli
amen
t or
the
Counci
l th
at p
erio
d s
hal
l be
exte
nded
for
an i
nit
ial
per
iod o
f 1 m
onth
and s
hal
l be
exte
ndab
le f
or
a fu
rther
per
iod o
f 1 m
onth
."
(2)
The
seco
nd s
ubpar
agra
ph o
f A
rtic
le 1
7(2
) is
rep
lace
d b
y t
he
foll
ow
ing:
"Wit
hout
pre
judic
e to
the
pow
ers
laid
dow
n i
n A
rtic
le 3
5,
the
com
pet
ent
auth
ori
ty s
hal
l, w
ithout
del
ay,
pro
vid
e th
e A
uth
ori
ty w
ith a
ll
info
rmat
ion w
hic
h t
he
Auth
ori
ty c
onsi
der
s nec
essa
ry f
or
its
inves
tigat
ion
¸ in
cludin
g a
s to
how
the
acts
ref
erre
d t
o i
n A
rtic
le 1
(2)
are
appli
ed i
n a
ccord
ance
wit
h U
nio
n l
aw."
No t
ransp
osi
tion r
equir
ed
Art
icle
49
En
try i
nto
forc
e
This
Dir
ecti
ve
shal
l en
ter
into
forc
e on the
twen
tiet
h d
ay f
oll
ow
ing that
of
its
publi
cati
on in the
Off
icia
l Jo
urn
al o
f th
e E
uro
pea
n U
nio
n.
No t
ransp
osi
tion r
equir
ed
Art
icle
50
Ad
dre
ssee
s
This
Dir
ecti
ve
is a
ddre
ssed
to t
he
Mem
ber
Sta
tes.
N
o t
ransp
osi
tion r
equir
ed
Done
at S
tras
bourg
, 4 F
ebru
ary 2
014.
No t
ransp
osi
tion r
equir
ed
An
nex
I
Calc
ula
tion
of
the
An
nu
al
Per
cen
tage
Rate
of
Ch
arg
e
[Not
repro
duce
d h
ere]
F
CA
rule
s
An
nex
II
Eu
rop
ean
Sta
nd
ard
ised
In
form
ati
on
Sh
eet
(ES
IS)
[Not
repro
duce
d h
ere]
F
CA
rule
s