Brussels, 16/12/2008 (Agence Europe) - The European Commission has announced that it will publish a White Paper at the beginning of 2009 for improving the protection of citizens investing in retail financial products (life assurance, private equity funds and structured products). This is contained in the communication on progress on implementation of the new internal market strategy, annexed to the Lisbon package adopted on Tuesday 16 December (see other article). It includes initiatives taken on consumer protection (proposal on contract law, public consultation on collective appeal rights) and announces the forthcoming publication of the second consumer goods and services scoreboard.
The Commission believes that the economic crisis heightens the need for a rapid implementation of the internal market strategy (EUROPE 9547) and calls on member states to step up their efforts by the end of 2009 to set up the internal services market. Transposition of the services directive demonstrates the importance of close cooperation between European and national administrative bodies in promoting a homogenous application of European rules (EUROPE 9790). A recommendation on the Commission and member state partnership will come out in 2009. In January, the Internal Market Information System (IMI) will be extended to the services directive.
Company law: the Commission underlines the importance of the Private European Company (PEC) status as a way of promoting small and medium-sized enterprises' cross-border business activities. It has announced that it will be proposing the exemption of micro-enterprises from certain accounting obligations and the revision of the 2000/35/EC directive on payment deadlines. A pilot project will also be launched on the entry into force of dates set out in European enterprise legislation. Knowledge and innovation: the Commission repeated its commitment to improve patents in Europe. It has finally announced the “New Knowledge for New Jobs” initiative and a Green Paper on youth cross-border mobility. (M.B./transl.rh)