THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Directive 2014/17/EU of the European Parliament and of the Council of 4 February 2014 on credit agreements for consumers relating to residential immovable property and amending Directive 2008/48/EC and 2013/36/EU and Regulation (EU) No 1093/2010 [OJ L 60, 28.2.2014, p. 34], and in particular the second subparagraph of Article 29(2)(a) thereof,
Whereas:
(1) Article 29(2)(a) of Directive 2014/17/EU requires credit intemediaries to hold a professional indemnity insurance ('PII') covering the territories in which they offer services, or some other comparable guarantee against liability arising from professional negligence.
(2) While the requirement for credit intermediaries in the mortgages sector to hold PII or comparable guarantee is a novel regulatory requirement at Union level, that requirement exists at national level in certain Member States. Indeed, those jurisdictions wit
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