On 10 September 2014, the EC published a mission letter from Jean-Claude Juncker, Commission President-elect, to Jonathan Hill, Commissioner-designate for Financial Stability, Financial Services and Capital Markets Union. In the letter, Mr Juncker sets out what he expects from Mr Hill as a member of the Commission, as well as specific goals that Mr Hill will be responsible for reaching during his mandate, which include contributing to ensure the safety and modernisation of the EU regulatory framework on digital and electronic payments, to facilitate online purchases. The safety and appropriateness of certain virtual currencies should also be addressed and, where appropriate, relevant policy measures should be proposed.
What this means for you
While online purchases are increasingly popular in the EU, the EC aims at imposing a much stricter control of financial institutions in this respect. Focus will be placed on the regulatory framework on digital and electronic payments and firms may be subject to bigger challenges when it comes to the provision of such services.