Services Standards: Defining the Core Consumer Elements ... - ANEC

Services Standards
looking for more and better ways to save costs and increase the quality. As a
philosophical concept, best practice enshrines the idea of an open-ended
constant learning process.
a) Impact on standardisation of services
Best practice combines two elements: the definition of a content and the open
learning process. That is why best practice cannot and should not just be
confined to “the best possible content or result” but to establish a procedural
framework which enables constant improvement.
2. Best practice in investment directives
The concept of best practice seems to appear for the first time in the regulation
on investment services. This is not at all the surprising, taking into account the
business origin of the concept. The notion has to be concretised at its sources
so to say before it is possible to give it shape in the field of standardisation.
Whilst the European Commission has not laid down and clarified generally, i.e.
notwithstanding the circumstances, what it means, best practice is constantly
used, reiterated and shaped within the Lamfalussy procedure.
In Directive 2004/39/EC on financial instruments 291 best practice appears in the
recitals, in the articles, all in all twelve times. Directive 2006/73/EC 292
implementing Directive 2004/39/EC on financial instruments mentions best
interests, best possible result, best execution obligation, best deal, best
handling, all in all 41 times.
Directive 2004/39/EC only formulates programmatic targets, such as investment
in the best interests, achieving best results, taking best execution obligation. At
that level the content remains rather vague. However, the concept takes shape
at the second level of the Lamfalussy procedure within Directive 2006/73/EC.
Best practice is defined as a set of mandatory obligations to be imposed via the
Member States on the investment firms. They set out a regulatory framework in
which the investment activities are embedded. There is less attention in the two
Directives on how to organise the open learning process.
a) Impact on standardisation of services
So far financial services is the only area where the EC legislator explicitly refers
to the notion of best practice in various contexts. This might be regarded as a
291 OJ L 145, 30.4.2004, 1.
292 OJ L 241, 2.9.2006, 26.
93