European Property Federation

FINANCIAL SERVICES
issue	impact	status

Revision of the Insurance Mediation Directive

¤ April 2010 ¤

Could include provision for mandatory disclosure of landlords’ commissions.

Commission consultation with national supervisors ongoing.

Public consultation in 3rd or 4th quarter 2010.

Revised Directive to be tabled in 2011.

Stricter Criteria for Property Loans under the Capital Requirements Directive: EPF Position (III)

¤ April 2010 ¤

Will imply considerable restrictions on mortgage lending as well as higher financing costs for retail and commercial customers.

New Commission consultation.

Commission deadline for response: 16 April.

Stricter Criteria for Property Loans under the Capital Requirements Directive: New Commission Consultation (II)

¤ March 2010 ¤

Commission seems intent on tightening LTV limits for mortgages despite negative feedback from earlier consultation3.

New Commission consultation.

Commission deadline for response: 16 April.

Deadline for input to EPF Secretariat: 30 March.

Stricter Criteria for Property Loans under the Capital Requirements Directive (I)

¤ February 2010 ¤

Could hurt the property market, especially first-time buyers.

Commission Working Document.

EU Legislation on Derivatives Markets

¤ March 2010 ¤

Could force property companies to choose between cheaper, less effective hedging, or more expensive hedging which will further erode returns.

Commission Communication.

Legislation to be tabled end 2010.

White Paper on the Integration of EU Mortgage Credit Markets (IV)

¤ April 2008 ¤

Marginal.

White Paper announcing soft legislative initiatives on secondary aspects.

Mortgage Credit: Final report of the Mortgage Funding Expert Group (III)

¤ January 2007 ¤

Shares EPF’s views about the benefits of integrating European mortgage funding markets.

Run-up to Commission White Paper.

Green Paper on Mortgage Credit (EPF response to the Commission) (II)

¤ February 2006 ¤

Positive effect on housing finance.

Green Paper.

Investment by UCITS into Closed End Real Estate Funds

¤ November 2005 ¤

Affects the scope for real estate investment.

CESR consultation.

Green Paper on Mortgage Credit in the EU (I)

¤ August 2005 ¤

Could help expand property market.

Green Paper.

UCITS Directive Review

¤ August 2005 ¤

Covers assets eligible to be acquired by UCITS, including real estate assets.

Green Paper.

Tax-transparent Property Investment Vehicle

¤ January 2004 ¤

See Secretariat report.

Pension Fund Directive

¤ December 2002 ¤

No quantitative restrictions specific to property investment.

Common Position. Directive likely to come into affect first quarter 2003.

Changes to Capital Adequacy Rules for Credit Institutions: Impact on the Financing of Commercial Property

¤ April 2001 ¤

Render financing of commercial property purchase more difficult.

Comments must reach Commission and Basel Committee by 31 May 2001.