Brussels, 18/12/2009 (Agence Europe) - On Wednesday 16 December 2009, the European Commission published a progress report on its draft legislation to harmonise the sale of financial services to consumers (see EUROPE 9918), examining three areas - the scope of the new rules, information to be provided before contacts are entered into and sales practices.
Whether consumer financial products are covered by the new regulation will be decided by whether their purpose is to accumulate capital....