eu mortgage credit market December 18, 2007
Posted by Bradley in : Uncategorized , comments closedMeanwhile, the mortgage credit white paper, also published today says this:
Taking out a mortgage credit is an important decision for any consumer. The Commission believes that there can be no efficient market without confident and empowered consumers, who are able to seek out and choose the best mortgage product for their needs, regardless of the location of the mortgage lender. In order to make an appropriate choice, consumers require clear, correct, complete and comparable information on different mortgage products.
The Commission considers it essential that mortgage lenders lend responsibly, in particular by thoroughly assessing the borrowers’ ability to pay instalments in the context of the transaction envisaged. They can do such an assessment in a variety of ways, for example by consulting a database. Irresponsible lending and mis-selling of mortgage loans by mortgage lenders or unscrupulous credit intermediaries can, as illustrated by the current sub-prime turmoil, have a negative impact on the economy at large.
Good advice, including legal advice, is an important element in enhancing consumer confidence. It is distinct from information, which is merely a description of the product. The Commission wishes to promote high-level mortgage advice standards, whilst recognising that not all consumers need the same level of advice.
eu financial education December 18, 2007
Posted by Bradley in : Uncategorized , comments closedFrom the EU Commission’s Communication on Financial Education, published today:
The current difficulties in the US sub-prime mortgage market, where many consumers have taken on mortgages beyond their means owing, in part, to a lack of understanding of product features, serve as a reminder of the magnitude of the problem. Member States should play a central role but the EU can assist them.
Education can solve some, but not all, problems of this sort. Borrowers who are determined to lie about their assets and income to obtain mortgage loans won’t necessarily be deterred from such behaviour by more financial education.
gambling services December 17, 2007
Posted by Bradley in : Uncategorized , comments closedAccording to the FT, today the:
European Union accepted a US offer to open some other services markets as compensation for shutting foreign companies out of America’s lucrative gambling industry.
The USTR announcement is short, and not very informative:
“We are pleased to confirm that the United States has reached agreement in the GATS Article XXI process with Canada, the EU and Japan. The agreement involves commitments to maintain our liberalized markets for warehousing services, technical testing services, research and development services and postal services relating to outbound international letters. These commitments meet our WTO obligation under GATS Article XXI to make a compensatory adjustment in our WTO services commitments. We now enter a 45-day period in which the remaining claimants have a right to request arbitration. We will continue to discuss this matter with the other claimants to explain how our proposal is consistent with our WTO obligations.”
commencement december 2007 December 16, 2007
Posted by Bradley in : Uncategorized , comments closedUM Law had its December 2007 commencement ceremony today to celebrate the achievements of our graduates. The speaker was Frank Angones, an alumnus of the school and the current President of the Florida Bar.
eu fundamental rights December 14, 2007
Posted by Bradley in : Uncategorized , comments closedThe Charter of Fundamental Rights of the EU was published in the Official Journal today (together with Explanations relating to the Charter of Fundamental Rights).
credit market turmoil December 13, 2007
Posted by Bradley in : Uncategorized , comments closedIt’s like being on the other side of the looking glass: while Calculated Risk reports that people are raiding their 401(k)s “to pay bills”, it looks as though the UK Government may be going to nationalise Northern Rock (and see Peston’s Picks here on this topic).
miamibeach411.com party December 12, 2007
Posted by Bradley in : Uncategorized , comments closedIn between thinking about exams and plastic snowmen and the transnational credit crunch I went to the MiamiBeach411.com seasonal party at Tuscan Steak described at Discourse.net, Sex and the Beach, Stuck on the Palmetto, Fanless, A Mom, A Blog and the Life In Between, All Purpose Dark, and Restaurant Gal.
eu: freedom of establishment v freedom to strike December 12, 2007
Posted by Bradley in : Uncategorized , comments closedThe ECJ decided the Viking line case yesterday, in a rather convoluted, splitting-the-baby sort of decision (EU Law Blog says the “judgment is a rich one that rewards careful reading.”) The International Transport Workers Federation and the Finnish Seamen’s Union and Viking Line, a ferry operator, disagreed about whether Viking should be able to reflag a ferry (the Rosella) from Finland to Estonia, which would have the result of displacing the collective bargaining agreement and reduce the crew’s wages. When negotiations broke down and the FSU threatened to bring strike action, Viking went to court (initially in Finland and then later in England) to try to stop the strike action, and argued that the planned strike action would interfere with its right to establishment under Art. 43 of the EC Treaty and that it was an unlawful restriction on freedom of movement for workers and freedom to provide services under Articles 39 EC and 49 EC. The Trades Unions argued in response that the right to take collective action was a fundamental right. The English Court of Appeal made a preliminary reference to the ECJ.
The ECJ stated that collective action is in principle within the scope of Art. 43, and that:
the right to take collective action, including the right to strike, must … be recognised as a fundamental right which forms an integral part of the general principles of Community law the observance of which the Court ensures, [but] the exercise of that right may none the less be subject to certain restrictions. As is reaffirmed by Article 28 of the Charter of Fundamental Rights of the European Union, those rights are to be protected in accordance with Community law and national law and practices. In addition… under Finnish law the right to strike may not be relied on, in particular, where the strike is contra bonos mores or is prohibited under national law or Community law.
However, Art. 43 was “capable of conferring rights on a private undertaking which may be relied on against a trade union or an association of trade unions”. But “the right to take collective action for the protection of workers is a legitimate interest which, in principle, justifies a restriction of one of the fundamental freedoms guaranteed by the Treaty”. If the collective action were designed to protect jobs and conditions of employment which were in fact under threat and were proportional in respect to the threat (ie the union did not have at its disposal other means to resolve the issues which were less restrictive of the right to establishment), the national court could decide that the collective action did not violate Art 43.
Thus:
Article 43 EC is to be interpreted to the effect that collective action such as that at issue in the main proceedings, which seeks to induce an undertaking whose registered office is in a given Member State to enter into a collective work agreement with a trade union established in that State and to apply the terms set out in that agreement to the employees of a subsidiary of that undertaking established in another Member State, constitutes a restriction within the meaning of that article. That restriction may, in principle, be justified by an overriding reason of public interest, such as the protection of workers, provided that it is established that the restriction is suitable for ensuring the attainment of the legitimate objective pursued and does not go beyond what is necessary to achieve that objective.
The ITF welcomed the recognition of the right to collective action without really recognising the limiting language in the judgment. The BBC headline was “Blow for unions in EU labour row”.
virtual money in australia (not) December 12, 2007
Posted by Bradley in : Uncategorized , comments closedToday’s announcement from ASIC states:
ASIC has acted to end the sale of Virtual Money ATM cards in Australia. The cards, which operate similarly to a debit card, enabled consumers to deposit money to a local Australian bank account, for later withdrawal or transfer to another Virtual Money cardholder, anywhere in the world.
Following concerns about the operation of Texas-based Virtual Money Inc in Australia, ASIC determined that the company was selling cards to retail consumers without an Australian financial services licence (AFSL) as required by the Corporations Act.
ASIC considers products like the Virtual Money ATM card to be non-cash payment facilities; a type of financial product. People who deal in such products with Australian consumers must hold an AFSL.
miami in december December 10, 2007
Posted by Bradley in : Uncategorized , comments closedAs a child in the UK, I remember reading about Christmas picnics on the beach in Australia, but I never thought I would live somewhere where a picnic on the beach in December would be possible. I know people go swimming in the Serpentine in London at Christmas, and in other parts of the UK, but that is different! I now live in Miami, where the weather (so long as we don’t have oddly timed hurricanes) is perfect in December. But all over Miami there are these inflatable snowmen and sparkly reindeer and fake snow. Merrick Park, near the Coral Gables City Hall, is “transformed into a winter wonderland”. It can’t just be for the snowbirds.