1. Member States shall ensure that the consumer has a period of 14 calendar days to withdraw from a contract without penalty and without giving any reason. That period shall be extended to 30 calendar days in distance contracts relating to personal pension operations.

The withdrawal period referred to in the first subparagraph shall begin either:

(a) from the day of the conclusion of the distance contract, or

(b) from the day on which the consumer receives the contractual terms and conditions and the information in accordance with Article 16a, if that is later than the date in point (a) of this subparagraph.

If the consumer has not received the contractual terms and conditions and the information in accordance with Article 16a, the withdrawal period shall in any event expire 12 months and 14 days after the conclusion of the distance contract. This shall not apply if the consumer has not been informed about his or her right of withdrawal in accordance with Article 16a(1), point (p).

2. The right of withdrawal shall not apply to the following:

(a) consumer financial services whose price depends on fluctuations in the financial market outside the trader’s control, which might occur during the withdrawal period, such as services related to: