The ESIS is one of the components of the European Mortgage Directive expected to be implemented by all EU member states which calls on intermediaries to disclose all the essential information involved in a mortgage transaction very similar to the Key Facts Information document which exists in the UK.
BIPAR is lobbying to the European Parliament that member states should be able to maintain any equivalent documents so long as they reach a minimum standard, which includes the KFI document.
Rebekka De Nie, legal advisor at BIPAR, said that members of the European Parliament often didn’t understand how their directives would conflict with local markets.
De Nie said: “It’s unknown why the European Commission is making these propositions. Many do not understand the local markets.
“BIPAR is lobbying to introduce more flexibility in the directive particularly on matters where local markets already have an established equivalent regulatory structure like the UK.”
