site.btaEC Opens Infringement Procedure against Bulgaria for Failure to Transpose EU Directive on Distance Financial Services Contracts

The European Commission (EC) has decided to open infringement procedures by sending a letter of formal notice to Bulgaria and 20 other Member States (Belgium, Czechia, Germany, Estonia, Greece, Spain, Croatia, Ireland, Cyprus, Latvia, Luxembourg, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Finland and Sweden) for failing to communicate complete transposition of Directive (EU) 2023/2673 on financial services contracts concluded at a distance. The Directive establishes rules enhancing the level of consumer protection for financial services sold at a distance, such as over the phone or online, notably by introducing a ‘withdrawal button' that allows consumers to withdraw from a contract with a single click, the EC said in a press release on Friday.

Member States had until December 19, 2025, to transpose the Directive into their national law. The 21 Member States mentioned now have two months to respond to the letters of formal notice and notify their complete transposition measures to the Commission, the press release added.