Directive (EU) 2021/2167 of 24 November 2021 on credit servicers and credit purchasers and amending Directives 2008/48/EC and 2014/17/EU (the “Directive”) which will regulate the sale, purchase and servicing of non-performing loans originated by EU Banks should have been transposed in all Member States by end of 2023. Until now, only a small number of EU Member States (Denmark, Germany, Ireland, Greece, France, Croatia and Sweden) have managed to comply with this deadline.
Indeed, draft law No. 8185 (the "Draft Law") was submitted to the Luxembourg Parliament (Chambre des Députés) on 24 March 2023 and is currently under review by the Conseil d’Etat. For further information on the Draft Law, we refer you to our previous newsletter.
Market participants are eagerly awaiting the approval of the final Draft Law so that they can properly assess the impact the new rules will have on their business lines.
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