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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 Job Trends For 2025: High-Demand And Lucrative Roles Revealed

by THEFUTURE.TEAM

February 6, 2025

The UAE’s flourishing asset management sector, bolstered by rising investor interest, regulatory advancements, and a surge in Family Offices and Ultra High Net Worth Individuals (UHNWIs), is driving demand for banking and finance talent.

Roles in fundraising and institutional sales are particularly sought after, with professionals in these fields highly valued for their regional networks and industry expertise, according to Michael Page’s UAE 2025 Salary Guides. The comprehensive report, which includes insights from 17 industries, offers an overview of current hiring trends, salary benchmarks, and the recruitment challenges businesses face.

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Banking And Finance In High Demand

The report highlights a significant need for compliance professionals, especially those with experience in Dubai Financial Services Authority (DFSA) and Financial Services Regulatory Authority (FSRA) regulations. Chief Compliance Officers and Money Laundering Reporting Officers (MLROs) are among the most lucrative roles in the sector. Jon Ede, Regional Director UAE at Michael Page, pointed out that in 2024, the UAE’s workforce grew by 9%, and the number of new companies increased by 14.5%, showing the success of the nation’s strategic initiatives.

Sales, Marketing, And IT Growth

The sales and marketing sector has seen steady growth, especially in B2B industries like technology, real estate, energy, and logistics. Roles such as Business Development Manager, Chief Commercial Officer, and Strategic Sales Director are in demand, with a premium placed on business development, key account management, and communication skills.

The IT sector, meanwhile, continues to evolve rapidly, with high demand for positions like Head of Software Development, Full-Stack Software Engineer, Agile Product Manager, Senior DevOps Engineer, and Digital Adoption Specialist. The report underscores the significant shift in the UAE talent market for digital professionals in recent years.

Navigating The Skills Shortage

The study also highlights the growing skills shortage, with businesses grappling to find candidates with the right expertise. A staggering 37% of business leaders reported challenges in finding skilled talent, while nearly a third (30%) struggled with employee retention. Nearly half (48%) of employers also cited aligning salary expectations with candidates as a key obstacle.

Ede suggests that businesses can overcome these challenges by offering competitive packages that include benefits, career development opportunities, and workplace incentives, positioning themselves as attractive employers in the competitive UAE job market.