Edited by Andrea Miglionico, Associate Professor, School of Law, University of Reading, UK

‘This Commentary on the EU’s Non-Performing Loans Directive is both impressive and reliable. Its clarity and structure are particularly valuable, promoting a better understanding of this complex, important, yet often overlooked instrument for practitioners, regulators, and scholars alike. It turns the Directive into a practical and accessible resource, one that anyone engaging with EU financial regulation and credit markets will benefit from keeping close at hand.’

• CONTENTSTable of cases xxiiiTable of legislation xxivIntroduction xvTITLE I SUBJECT MATTER, SCOPE AND DEFINITIONSArticle 1 Subject matter 2Andrea MiglionicoArticle 2 Scope 8Andrea MiglionicoArticle 3 Definitions 16Andrea MiglionicoTITLE II CREDIT SERVICERS1 Authorisation of Credit ServicersArticle 4 General requirements 25Andrea MiglionicoArticle 5 Requirements for granting an authorisation 29Andrea MiglionicoArticle 6 Ability to hold funds 35Andrea MiglionicoArticle 7 Procedure for authorisation of credit servicers 40Andrea MiglionicoArticle 8 Withdrawal of authorisation 46Georgios PsaroudakisArticle 9 List or register of authorised credit servicers 54Georgios PsaroudakisArticle 10 Relationship with the borrower, communication of the transfer and subsequentcommunications 57Georgios PsaroudakisArticle 11 Contractual relationship between a credit servicer and a credit purchaser 63Georgios PsaroudakisArticle 12 Outsourcing by a credit servicer 68Georgios Psaroudakis2 Cross-border Credit Servicing ActivitiesArticle 13 Freedom to provide credit servicing activities in a host Member State 76Andrea MiglionicoArticle 14 Supervision of credit servicers that provide cross-border services 82Andrea MiglionicoTITLE III CREDIT PURCHASERSArticle 15 Right to information regarding a creditor’s rights under a non-performing creditagreement or the non-performing credit agreement itself 92Kyriaki VasileiouArticle 16 Implementing technical standards for data templates 98Kyriaki VasileiouArticle 17 Obligations of credit purchasers 104Kyriaki VasileiouArticle 18 Use of credit servicers or other entities 110Kyriaki VasileiouArticle 19 Representative of a third-country credit purchaser 113Kyriaki VasileiouArticle 20 Transfer of a creditor’s rights under a non-performing credit agreement, or of thenon-performing credit agreement itself, by a credit purchaser and communication to thecompetent authorities 116Kyriaki VasileiouTITLE IV SUPERVISIONArticle 21 Supervision by competent authorities 120Andreas Kokkinis and Shunqi YangArticle 22 Supervisory role and powers of competent authorities 127Andreas Kokkinis and Shunqi YangArticle 23 Administrative penalties and remedial measures 134Andreas Kokkinisand Shunqi YangTITLE V SAFEGUARDS AND DUTY TO COOPERATEArticle 24 Complaints 142Andreas Kokkinis and Shunqi YangArticle 25 Personal data protection 147Andreas Kokkinis and Shunqi YangArticle 26 Cooperation between competent authorities 150Andreas Kokkinis and Shunqi YangTITLE VI AMENDMENTSArticle 27 Amendments to Directive 2008/48/EC 156Andrea MiglionicoArticle 28 Amendments to Directive 2014/17/EU 162Andrea MiglionicoTITLE VII FINAL PROVISIONSArticle 29 Committee 169Andrea MiglionicoArticle 30 Evaluation 174Andrea MiglionicoArticle 31 Review clause 178Andrea MiglionicoArticle 32 Transposition 183Andrea MiglionicoArticle 33 Entry into force 188Andrea MiglionicoArticle 34 Addressees 192Andrea Miglionico

Edited by Andrea Miglionico, Associate Professor, School of Law, University of Reading, UK

‘This Commentary on the EU’s Non-Performing Loans Directive is both impressive and reliable. Its clarity and structure are particularly valuable, promoting a better understanding of this complex, important, yet often overlooked instrument for practitioners, regulators, and scholars alike. It turns the Directive into a practical and accessible resource, one that anyone engaging with EU financial regulation and credit markets will benefit from keeping close at hand.’

• CONTENTSTable of cases xxiiiTable of legislation xxivIntroduction xvTITLE I SUBJECT MATTER, SCOPE AND DEFINITIONSArticle 1 Subject matter 2Andrea MiglionicoArticle 2 Scope 8Andrea MiglionicoArticle 3 Definitions 16Andrea MiglionicoTITLE II CREDIT SERVICERS1 Authorisation of Credit ServicersArticle 4 General requirements 25Andrea MiglionicoArticle 5 Requirements for granting an authorisation 29Andrea MiglionicoArticle 6 Ability to hold funds 35Andrea MiglionicoArticle 7 Procedure for authorisation of credit servicers 40Andrea MiglionicoArticle 8 Withdrawal of authorisation 46Georgios PsaroudakisArticle 9 List or register of authorised credit servicers 54Georgios PsaroudakisArticle 10 Relationship with the borrower, communication of the transfer and subsequentcommunications 57Georgios PsaroudakisArticle 11 Contractual relationship between a credit servicer and a credit purchaser 63Georgios PsaroudakisArticle 12 Outsourcing by a credit servicer 68Georgios Psaroudakis2 Cross-border Credit Servicing ActivitiesArticle 13 Freedom to provide credit servicing activities in a host Member State 76Andrea MiglionicoArticle 14 Supervision of credit servicers that provide cross-border services 82Andrea MiglionicoTITLE III CREDIT PURCHASERSArticle 15 Right to information regarding a creditor’s rights under a non-performing creditagreement or the non-performing credit agreement itself 92Kyriaki VasileiouArticle 16 Implementing technical standards for data templates 98Kyriaki VasileiouArticle 17 Obligations of credit purchasers 104Kyriaki VasileiouArticle 18 Use of credit servicers or other entities 110Kyriaki VasileiouArticle 19 Representative of a third-country credit purchaser 113Kyriaki VasileiouArticle 20 Transfer of a creditor’s rights under a non-performing credit agreement, or of thenon-performing credit agreement itself, by a credit purchaser and communication to thecompetent authorities 116Kyriaki VasileiouTITLE IV SUPERVISIONArticle 21 Supervision by competent authorities 120Andreas Kokkinis and Shunqi YangArticle 22 Supervisory role and powers of competent authorities 127Andreas Kokkinis and Shunqi YangArticle 23 Administrative penalties and remedial measures 134Andreas Kokkinisand Shunqi YangTITLE V SAFEGUARDS AND DUTY TO COOPERATEArticle 24 Complaints 142Andreas Kokkinis and Shunqi YangArticle 25 Personal data protection 147Andreas Kokkinis and Shunqi YangArticle 26 Cooperation between competent authorities 150Andreas Kokkinis and Shunqi YangTITLE VI AMENDMENTSArticle 27 Amendments to Directive 2008/48/EC 156Andrea MiglionicoArticle 28 Amendments to Directive 2014/17/EU 162Andrea MiglionicoTITLE VII FINAL PROVISIONSArticle 29 Committee 169Andrea MiglionicoArticle 30 Evaluation 174Andrea MiglionicoArticle 31 Review clause 178Andrea MiglionicoArticle 32 Transposition 183Andrea MiglionicoArticle 33 Entry into force 188Andrea MiglionicoArticle 34 Addressees 192Andrea Miglionico

Edited by Andrea Miglionico, Associate Professor, School of Law, University of Reading, UK

‘This Commentary on the EU’s Non-Performing Loans Directive is both impressive and reliable. Its clarity and structure are particularly valuable, promoting a better understanding of this complex, important, yet often overlooked instrument for practitioners, regulators, and scholars alike. It turns the Directive into a practical and accessible resource, one that anyone engaging with EU financial regulation and credit markets will benefit from keeping close at hand.’

• CONTENTSTable of cases xxiiiTable of legislation xxivIntroduction xvTITLE I SUBJECT MATTER, SCOPE AND DEFINITIONSArticle 1 Subject matter 2Andrea MiglionicoArticle 2 Scope 8Andrea MiglionicoArticle 3 Definitions 16Andrea MiglionicoTITLE II CREDIT SERVICERS1 Authorisation of Credit ServicersArticle 4 General requirements 25Andrea MiglionicoArticle 5 Requirements for granting an authorisation 29Andrea MiglionicoArticle 6 Ability to hold funds 35Andrea MiglionicoArticle 7 Procedure for authorisation of credit servicers 40Andrea MiglionicoArticle 8 Withdrawal of authorisation 46Georgios PsaroudakisArticle 9 List or register of authorised credit servicers 54Georgios PsaroudakisArticle 10 Relationship with the borrower, communication of the transfer and subsequentcommunications 57Georgios PsaroudakisArticle 11 Contractual relationship between a credit servicer and a credit purchaser 63Georgios PsaroudakisArticle 12 Outsourcing by a credit servicer 68Georgios Psaroudakis2 Cross-border Credit Servicing ActivitiesArticle 13 Freedom to provide credit servicing activities in a host Member State 76Andrea MiglionicoArticle 14 Supervision of credit servicers that provide cross-border services 82Andrea MiglionicoTITLE III CREDIT PURCHASERSArticle 15 Right to information regarding a creditor’s rights under a non-performing creditagreement or the non-performing credit agreement itself 92Kyriaki VasileiouArticle 16 Implementing technical standards for data templates 98Kyriaki VasileiouArticle 17 Obligations of credit purchasers 104Kyriaki VasileiouArticle 18 Use of credit servicers or other entities 110Kyriaki VasileiouArticle 19 Representative of a third-country credit purchaser 113Kyriaki VasileiouArticle 20 Transfer of a creditor’s rights under a non-performing credit agreement, or of thenon-performing credit agreement itself, by a credit purchaser and communication to thecompetent authorities 116Kyriaki VasileiouTITLE IV SUPERVISIONArticle 21 Supervision by competent authorities 120Andreas Kokkinis and Shunqi YangArticle 22 Supervisory role and powers of competent authorities 127Andreas Kokkinis and Shunqi YangArticle 23 Administrative penalties and remedial measures 134Andreas Kokkinisand Shunqi YangTITLE V SAFEGUARDS AND DUTY TO COOPERATEArticle 24 Complaints 142Andreas Kokkinis and Shunqi YangArticle 25 Personal data protection 147Andreas Kokkinis and Shunqi YangArticle 26 Cooperation between competent authorities 150Andreas Kokkinis and Shunqi YangTITLE VI AMENDMENTSArticle 27 Amendments to Directive 2008/48/EC 156Andrea MiglionicoArticle 28 Amendments to Directive 2014/17/EU 162Andrea MiglionicoTITLE VII FINAL PROVISIONSArticle 29 Committee 169Andrea MiglionicoArticle 30 Evaluation 174Andrea MiglionicoArticle 31 Review clause 178Andrea MiglionicoArticle 32 Transposition 183Andrea MiglionicoArticle 33 Entry into force 188Andrea MiglionicoArticle 34 Addressees 192Andrea Miglionico