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On 6 April 2006, the Commission adopted a Communication CS DA DE EL ES ET FI FR HU IT LT LV MT NL PL PT SK SL SV which informs the European Parliament and the Council on the state of play regarding the review of the application of Directive 2002/65. The Directive foresees an obligation for the Commission to report to the European Parliament and the Council, not later than 9 April 2006, on the problems facing both consumers and suppliers seeking to buy and sell financial services, and to submit, where appropriate, proposals to amend or further harmonise in particular the provisions on information and right of withdrawal.

The Communication explains that, due to late implementation by a large majority of Member States, a report on this review will not be submitted in 2006. The Communication further outlines the next steps, including a study as groundwork for the report. It announces that , on this basis, a comprehensive Commission report could be issued in 2008.

The study launched in February 2006 on the impact of the mentioned Directive on the conclusion of cross-border financial service contracts between professionals and consumers has not been awarded. A respective results notice has been published in the Official Journal of the European Union on 10 June 2006 (OJ: 2006/2 109-115955).

 

 
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