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European Commission Calls for Harmonisation of Credit Purchasers Directive

by THEFUTURE.TEAM

July 26, 2024

The European Commission has issued a call to Cyprus and 11 other EU member states to fully transpose the Directive on credit servicers and credit purchasers into national law. This directive aims to standardise operations for credit purchasers and servicers across the EU, ensuring borrower rights are protected. Cyprus, along with Belgium, Bulgaria, Spain, Italy, Lithuania, Hungary, the Netherlands, Austria, Poland, Portugal, and Finland, must address this compliance issue within two months or face potential referral to the Court of Justice of the European Union.

Background and Significance

The Directive 2021/2167 is pivotal in facilitating a cohesive operational environment for credit purchasers and servicers throughout the EU. It mandates these entities to act with fairness and professionalism, ensuring that borrowers are not subjected to harassment or undue influence. The harmonisation of these rules is essential for maintaining a stable financial environment and safeguarding consumer rights.

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Infringement Procedures and Compliance

The European Commission’s infringement procedures include sending letters of formal notice to member states that fail to comply with EU legislation. This recent notice to Cyprus and the other 11 states is part of a broader package addressing various compliance issues across the EU. Should the states fail to meet the requirements within the specified timeframe, the Commission may escalate the matter, potentially leading to judicial proceedings and fines.

Broader Implications

This call for harmonisation extends beyond credit purchasers. The Commission has also addressed non-compliance in areas such as the Bank Recovery and Resolution Directive and waste collection and recycling targets, highlighting ongoing challenges in achieving uniform regulatory standards across the EU. For Cyprus, aligning with these directives is crucial not only for legal compliance but also for maintaining investor confidence and fostering a stable economic environment.

UAE Embarks On 2031 National Investment Strategy To Boost Annual Foreign Inflows

by News Editor

March 11, 2025

The UAE has set a bold vision with its National Investment Strategy 2031, targeting an elevation in annual foreign investment inflows from AED112 billion ($30.5 billion) in 2023 to AED240 billion ($65.4 billion) by 2031. His Highness Sheikh Mohammed bin Rashid Al Maktoum highlighted the strategy’s goal to transform the UAE into a premier global investment hub. Aiming to swell the foreign direct investment stock from AED800 billion to AED2.2 trillion, this strategy focuses on key sectors: industry, financial services, transport and logistics, renewable energy, and telecommunications.

Key Initiatives And Economic Contributions

The approved strategy includes 12 new programs and 30 distinct initiatives, such as the Financial Sector Development and the Investment Offices Promotion Incubator. Currently, foreign direct investment contributes significantly to the GDP, with predictions to increase its share to over 30% of the total investments by 2031.

Dive deeper into the global market shifts in Wall Street Tumbles Amid Trade Tensions.

Technological And Digital Advancements

The strategy outlines the UAE’s vision to become a digital economy powerhouse by 2031, intending to enhance the digital economy’s current contribution to GDP from 9.7% to 19.4%. The Industrial Technology Transformation Index (ITTI) will also play a pivotal role in gauging technological advances and sustainability practices.

The introduction of a remote work system and the launch of the National Green Certificates Program further highlight the UAE’s efforts to harness global talent and promote sustainable development.