EUF meetings with M.E.P.'s

 

EUF members started a series of bilateral meetings with Members of the European Parliament to inform them about the creation of a representative body for the the factoring industry in EU and discuss about our latest initiatives.

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Fruitful EUF meetings in Frankfurt

As previously announced the EU Federation had two very succesfull meetings - the Members' Council and the Executive Committee in Frankfurt on 17th of March 2010.

Four new members join the EU Federation

 

EUF is happy to report that it has recently received the application forms for four new members. The Executive Committee has warmly and unanimously approved their membership.

 

  • Association Professionelle Belge des société de factoring (APBF) - Belgium
  • Österreichischer Factoring - Verband (OFV) - Austria
  • The Hellenic Factors Association (HFA) - Greece
  • Factoring & Asset based financing Association Netherlands (FAAN) - Netherlands

We wish them a lot of success and we look forward to a fruitful cooperation.

The EU Federation writes to the Council of Ministers on the proposed Council Directive amending Directive 2006/112/EC regarding VAT Treatment of Insurance and Financial Services

 

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

 

Factoring is a method of providing working capital finance to a supplier of goods and services. This is achieved by the supplier assigning and selling its accounts receivables to a factoring company. The factor will provide a range of services to its clients which can include:

1.      accepting the risk of bad debts

2.      collecting debts

3.      providing cash flow finance in respect of the debts

 

The selection, of which services will be provided by the factoring company, will depend on the terms of the contract between the supplier, as assignor, and the factor. In most cases cash flow finance will be provided by means of an immediate part payment of the debt upon its assignment in return for a discount against the purchase price, this provides immediate liquidity for the supplier.

 

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.