Directive 2023/2673 - Amendment of Directive 2011/83/EU as regards financial services contracts concluded at a distance - Main contents
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Directive (EU) 2023/2673 of the European Parliament and of the Council of 22 November 2023 amending Directive 2011/83/EU as regards financial services contracts concluded at a distance and repealing Directive 2002/65/EC| Legal instrument | Directive |
|---|---|
| Number legal act | Directive 2023/2673 |
| Original proposal | COM(2022)204  |
| CELEX number i | 32023L2673 |
| Document | 22-11-2023; Date of signature |
|---|---|
| Signature | 22-11-2023 |
| Effect | 18-12-2023; Entry into force Date pub. +20 See Art 4 |
| Deadline | 31-07-2030; See Art 2.3 |
| End of validity | 31-12-9999 |
| Transposition | 19-12-2025; At the latest Adoption See Art 2.1 19-06-2026; Application See Art 2.1 |
Official Journal of the European Union |
EN Series L |
2023/2673 |
28.11.2023 |
DIRECTIVE (EU) 2023/2673 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 22 November 2023
amending Directive 2011/83/EU as regards financial services contracts concluded at a distance and repealing Directive 2002/65/EC
(Text with EEA relevance)
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 114 thereof,
Having regard to the proposal from the European Commission,
After transmission of the draft legislative act to the national parliaments,
After consulting the European Central Bank,
Having regard to the opinion of the European Economic and Social Committee (1),
Acting in accordance with the ordinary legislative procedure (2),
Whereas:
(1) |
Directive 2002/65/EC of the European Parliament and of the Council (3) lays down rules at Union level concerning the distance marketing of consumer financial services. At the same time Directive 2011/83/EU of the European Parliament and of the Council (4) lays down, among others, rules applicable to distance contracts for the sale of goods and provision of services concluded between a trader and a consumer. |
(2) |
Article 169(1) and Article 169(2), point (a), of the Treaty on the Functioning of the European Union (TFEU) provide that the Union is to contribute to the attainment of a high level of consumer protection through the measures adopted pursuant to Article 114 thereof. Article 38 of the Charter of Fundamental Rights of the European Union (the ‘Charter’) provides that Union policies are to ensure a high level of consumer protection. |
(3) |
Within the framework of the internal market, in order to safeguard freedom of choice, a high degree of consumer protection in the area of financial services contracts concluded at a distance is required in order to enhance consumer trust and confidence in distance selling. |
(4) |
Ensuring the same high level of consumer protection across the internal market is best achieved through full harmonisation. Full harmonisation is necessary in order to ensure that all consumers in the Union enjoy a high and equivalent level of protection of their interests and to create a well-functioning internal market. Member States should therefore not be allowed to maintain or introduce provisions in their national legislation, other than those laid down in this Directive, with respect to aspects covered by this Directive, unless otherwise provided for in this Directive. Where no such harmonised provisions exist, Member States should remain free to maintain or introduce provisions in their national legislation. |
(5) |
Directive 2002/65/EC has been the subject of different reviews. Those reviews revealed that the progressive introduction of Union sector-specific legislation has led to significant overlaps of that legislation with Directive 2002/65/EC, and that digitalisation exacerbated some aspects that are not fully addressed by that Directive. |
(6) |
Digitalisation has contributed to market developments that were not foreseen at the time of the adoption of Directive 2002/65/EC. In fact, the rapid technological developments since then have brought significant changes to the financial services market. Although many sector-specific legal acts have been adopted at Union level, financial services offered to consumers have evolved and diversified considerably. New products have appeared, in particular in the online environment, and their use continues to develop, often in a fast and unpredicted manner. In this regard, the horizontal application of Directive 2002/65/EC remains relevant. The application of that Directive to consumer financial services not regulated by sector-specific Union... |
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