The EU Federation writes to the European Commision regarding the Rome I regulation - new position paper 

 

The content of the letter is now available for our public as below

 

Amendments to Regulation (EC) No 593/2008 of the European Parliament and of the Council of 17 June 2008 on the law applicable to contractual obligations (Rome I)

 

The EU Federation for Factoring and Commercial Finance (EUF) is composed of national and international industry associations that are active in the EU. The EUF seeks to engage with Government and legislators to enhance the availability of finance to business, with a particular focus on the SME community. Furthermore, the EUF wishes to act as a platform between the factoring and commercial finance industry, and key legislative decision makers across Europe. Therefore, the EUF offers itself as a source of reference and expertise on the factoring and commercial finance industry in order to assist with the direction of existing and future finance legislation with a view to ensuring the continued provision of prudent, well structured and reasonably priced finance to businesses across the EU.

 

EU Federation leaders to present on future plans, benefits and new era thinking for factors at RFIx 2010

Following the worst recession in recent history, the factoring and receivables finance industry is at a crossroads. Choosing the right path for development strategies is now critical and may mean the difference between profitable new opportunities and failure. 

                                

This year’s Receivables Finance International conference and exhibition (RFIx)* will look at the new opportunities for factors, particularly as a result of the crisis and also the new environment that factors face.

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A call for additional financing for SME's from Europe

Members of the European Parliament agreed with representatives of the factoring and commercial finance industry that access to finance continues to be one of the most significant challenges for the creation, survival and growth of SMEs, especially those that are innovative.

 

During a gathering of representatives from the industry, as well as the banking sector, businesses, and policy makers in the European Parliament, key EU legislators discussed the important growth of the factoring and commercial finance industry and the need for sustained sources of finance for SMEs.

 

EUF position paper on Late payments directive

The EU Federation for Factoring and Commercial Finance welcomes Commission proposal to fight late payments

Summary

The EU Federation for Factoring and Commercial Finance (EUF) generally welcomes the new proposal to fight late payments as announced by the European Commission on 8 April 2009. The EUF agrees with the Commission’s overall objective of improving the cash flow of European businesses, which is of particular importance in times of economic downturn. The EUF considers the Commission's initiative as an essential step forward that needed to be taken in order to address the challenges that come with the current financial crisis and its effects on the payment discipline of debtors resulting in delayed or late payments. In particular, it helps to prevent small and medium size enterprises (SME’s), being the key players in a vibrant EU economy, from cash-flow shortages that could ultimately result in bankruptcy - all this as a result of debtors paying late.

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EU Federation for the Factoring and Commercial Finance Industry - Press release

EUF is an association of the European Factoring and Commercial Finance Industry, designed to attain common positions on key issues, with the aim of improving the conditions of the EU-based factoring and invoice financing industry.

At a time when the international factoring scene has changed tremendously, and with the growth of the industry, combined with a recent evolution towards asset-based lending, new challenges have been created. With this in mind the EUF proposes an association of European factoring and commercial finance industry representatives.

In recent years, the factoring industry has experienced an upwards increase in activity, reaching in 2007 alone a market growth of 15.01%, compared to 2006, resulting on a world total turnover of 1,176 billion employing over 80,000 people around the world. The total amount of finance provided to businesses in Europe by the Factoring and Commercial Finance Industry at the end of 2007 can be estimated at 146 billion Euros. The total turnover produced by the factoring industry in 2007 in the EU in 2007 ads up to 878 billion Euros.