Capital Markets & Financial Regulation

(Financial Regulation briefing – February 2017)

 

The European Directive 2014/17 on credit agreements for consumers relating to residential immovable property and the recent law 4438/2016 transposing it into the Greek legal order, aim at establishing a pan-European framework for responsible lending and borrowing, for the restoration of consumer confidence in retail financial services, as well as for safeguarding financial stability in view of the increase of non-performing loans. The new framework will introduce a range of obligations for creditors and credit intermediaries referring to the pre - contractual phase, as well as following the conclusion of the credit agreement.

(Financial Regulation briefing – April 2016)

 

Law 4354/2015 has set the starting point for the implementation of the policy for the external management and tranfer of Non-Performing Loans (NPLs) in Greece. The legislator aims at supporting the Greek banks in relation to their NPL portfolios by facilitating their cooperation with expert NPL-management companies. Those companies should have the know-how, experience and expertise to effectively manage NPLs and achieve significant recovery rates on behalf of the banks. Further, the legislator clearly indicates the orientation towards a secondary market for NPLs. Even though transfers of NPL portfolios have not yet been trigerred, the framework is in place and its application is expected sooner or later. Since the entry into force of Law 4354/2015, the relevant regulatory and supervisory regime has been evolving, calling for a consistent application and interpretation. The current regime is expected to further develop in the near future, thus, interested parties should always seek expert legal advice in this regard.

(Capital Markets briefing – October 2015)

 

On 30 September 2015 and following the public consultation it had launched in February 2015, the European Commission published its Action Plan on building a Capital Markets Union (CMU), an initiative which is expected to appear in the Commission’s legislative work for the following years and until 2019.

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