Showing papers on "Directive published in 2003"

Directive functions of autobiographical memory: the guiding power of the specific episode.

Abstract: Vivid memories of personal experiences provide models for present activities and contribute to successful problem solving and adaptation. The memories serve important directive functions: they inform, guide, motivate, and inspire. Yet directive functions have received less emphasis in the research literature than social or self functions. Explanations for this relative neglect are explored. Case studies and systematic research illustrate the prominence of memory directives in everyday life. Empirical studies that have compared memory functions are examined critically, reasons why directive functions may be underestimated using existing methods are discussed, and ideas for future research are outlined.

The Water Framework Directive: a new directive for a changing social, political and economic European framework

Abstract: This article examines the intricate process of developing the European Union's Water Framework Directive. It sees the Directive as a response to recent economic, political and social changes related to water management, including the shift from government to governance, the liberalization of water markets and the emergence of a new set of institutions, actors, etc. and their respective relations (i.e. social capital). The article focuses on the key points of disagreement between the Council of Ministers and the European Parliament that threatened to prevent the Directive from being materialized and interprets this controversy as the culmination of conflicting interests between different actors at the local, national and European levels. Finally, it asserts the increasingly important role of the nation state in the decision-making and implementation of the Directive and sets this against recent arguments about the death of the State.

Surviving the deadline: The transposition of EU directives in the Netherlands

Abstract: By focusing on the speed of transposition of European directives in the Netherlands, this article evaluates the claim made by various researchers and EU politicians that there is an EU implementation deficit. It has the twofold objective of assessing the timeliness of transposition and explaining delays, using the technique of survival analysis. The main finding is that almost 60 percent of the directives are transposed late, i.e. after the deadline specified by the directive. There hence exists an implementation deficit in the Netherlands. Various legal and political variables combine to explain the time needed for transposition, the most important of which are the legal instrument used, the responsible ministry and the EU decision-making procedure.

The EU Water Framework Directive: part 1. European policy‐making and the changing topography of lobbying

Abstract: This paper is a history of the making of the European Union's Water Framework Directive (WFD). It will be followed by a second paper, which analyses the relationship between the innovations of the WFD and a range of different interest groups. This directive is of particular interest to commentators on EU policy-making because it was created through the co-decision process, in which the Council of Ministers and the European Parliament have joint influence over the final text. Following substantive differences in position between the two bodies the WFD was finalized through a conciliation process in June 2000. This change in the practice of European decision-making has allowed non-governmental organizations new opportunities to participate in water policy-making and to have a greater influence on EU directives. It is argued that the environmental lobby has adapted swiftly to these changes and used them to considerable advantage in pursuit of its own goals. The passage of the legislation between 1998 and 2000 is described, paying careful attention to who participated in the process of amending the draft directive and what major amendments were made. Copyright © 2003 John Wiley & Sons, Ltd and ERP Environment.

Solving Problems of ‘Fit’ at the Expense of Problems of ‘Interplay’? The Spatial Reorganisation of Water Management Following the EU Water Framework Directive

Abstract: This paper deals with a particular type of institutional change: the policy-driven reform of supranational environmental legislation and its anticipated impact on existing national, regional and local institutions of resource management. It takes as an example the EU Water Framework Directive (WFD), which came into force in December 2000, and investigates how the future introduction of river basin management across the EU is likely to affect the spatial organisation of water management within Member States. For students of institutional and environmental change the WFD is intriguing and illuminating for two reasons. Firstly, by institutionalising at a supranational level the concept of river basin management the Directive raises important issues of compatibility with well-established national and sub-national institutions of water management, particularly those not organised around river basins. Secondly, by establishing the river basin as the spatial unit for future water management the Directive follows a powerful ecosystem logic of managing water according to biophysical, rather than political-administrative, boundaries.

Short communication Proposed development of Sediment Quality Guidelines under the European Water Framework Directive: a critique

Abstract: The Water Framework Directive is the most important piece of water legislation in Europe for many years and will substantially influence the environmental regulation of chemicals, including human and veterinary pharmaceuticals. The development of Sediment Environmental Quality Standards (EQSs) is called for by the Directive, and proposals have been made for achieving this. However, these proposals are technically controversial and could have considerable logistical consequences. This paper describes the background to the Directive and lists questions that must be answered before Sediment EQS derivation is undertaken. Possible answers to these questions are then provided. The main problems with current proposals to the EC are that mandatory ‘pass/fail’ standards assume that approaches for setting sediment standards are more reliable than is the case, and that suspended sediments are a more appropriate sampling medium than settled sediments for assessing the general risk of sediment-bound chemicals to wildlife. # 2003 Elsevier Science Ireland Ltd. All rights reserved.

Adherence to advance directives in critical care decision making: vignette study

Abstract: Objective To explore health professionals' decision making in a critical care scenario when there is an advance directive. Design Qualitative study. Setting Scotland. Participants Interviewees (n = 12) comprising general practitioners, hospital specialists, and nurses, and six focus groups (n = 34 participants) comprising general practitioners, geriatricians (consultants and specialist registrars), hospital nurses, and hospice nurses. Results When presented with an advance directive that applied to the same hypothetical scenario, health professionals came to divergent conclusions as to the "right thing to do." Arguments opposing treatment centred on the supremacy of autonomy as an ethical principle. Other arguments were that the decision to treat was consistent with the terms of the advance directive, or that, notwithstanding the advance directive, the patient's quality of life was sufficient to warrant treatment. Conclusion Advance directives are open to widely varying interpretation. Some of this variability is related to the ambiguity of the directive's terminology whereas some is related to the willingness of health professionals to make subjective value judgments concerning quality of life.

Interest in Psychiatric Advance Directives Among High Users of Crisis Services and Hospitalization

Abstract: Objectives: This study examined rates of interest in creating psychiatric advance directives among individuals at risk of psychiatric crises in which these directives might be used and variables associated with interest in the directives. Methods: The participants were 303 adults with serious and persistent mental illnesses who were receiving community mental health services and who had experienced at least two psychiatric crises in the previous two years. Case managers introduced the concepts of the directives and assessed participants’ interest. The associations between interest in the directives and demographic characteristics, psychiatric symptoms, level of functioning, diagnosis, history of hospitalizations, history of outpatient commitment orders, support for the directives by case managers, and site differences were examined. Results: Interest in creating a directive was expressed by 161 participants (53 percent). Variables significantly associated with interest were support for the directives by a participant’s case manager and having no outpatient commitment orders in the previous two years. Reasons for interest included using the directives in anticipation of additional crises and as a vehicle to help ensure provision of preferred treatment. Conclusions: Substantial interest in psychiatric advance directives was shown among individuals with serious and persistent mental illness. The results strongly suggested that attitudes of clinicians about psychiatric advance directives are associated with interest in the directives among these individuals. Therefore, it is important to educate clinicians and address their concerns about the directives so that they can more comfortably support creating the documents. A shift in values may also be necessary to more consistently recognize and honor patients’ treatment preferences as specified in the directives. (Psychiatric Services 54:981–986, 2003)

Opting Out of the 48-Hour Week: Employer Necessity or Individual Choice? An Empirical Study of the Operation of Article 18(1)(b) of the Working Time Directive in the UK

Abstract: The EU Working Time Directive has so far had little impact on an ingrained culture of long-hours working in the UK. Case studies suggest that the use of individual opt-outs from the 48-hour limit on weekly working time is a principal reason for this. However, removal of the individual opt-out (currently under consideration at EU level) is unlikely to make much difference to UK practice in the absence of a wider review of working time policy. In particular, the UK’s individualised system of workplace bargaining is currently ill-placed to adapt to a continental European model of working time regulation.

What do Representatives Think of the Practices of European Works Councils? Views from Six Countries

Abstract: This article presents findings from a survey of European Works Council (EWC) representatives from six countries, exploring variations in terms of their nationality, whether they are office-holders and the country of originof their multinational employer. There is widespread dissatisfaction with the current practices of EWCs, particularly regarding the scope of the agenda and the quality of information and consultation. In addition, there is widespread support for revision of the Directive, particularly in areas that will improve thequality of information and consultation.

The Use of Advance Directives in a Population of Asian Indian Hindus

Abstract: Advance directives are a way to communicate the kind of care that people desire at the end of life. Recent research shows that ethnic minorities have been found to complete advance directives significantly less often than Caucasians, and no information was available regarding advance directives in the Asian Indian population. To address this shortcoming, this descriptive exploratory design sampled a community sample of 45 Asian Indian Hindus. Being female and having an individualistic decision-making style were significantly positively correlated with advance directive completion. Having strong religious affiliation and a family decision-making style were significantly negatively correlated with advance directive completion. The results of this study provide needed information regarding the Asian Indian population and how Hinduism affects advance directives.

Planning and the European Union Water Framework directive

Abstract: This paper is concerned with stimulating debate amongst land-use planning practitioners and researchers in relation to the possible consequences of the European Union Water Framework Directive. The potentially far-reaching ramifications for the Town and Country Planning system in England and Wales are examined in detail, presenting the case that planning, at all spatial scales, may have to give both water and environmental concerns greater consideration than has hitherto been the case. Furthermore, in the imminent future the planning system will need to begin the process of formulating policies in line with the aspirations of the Directive.

The new European directive on in vitro diagnostics.

Abstract: The Directive on in vitro Diagnostic Medical Devices (IVDD 98/79/EC) was officially adopted by the European Union (EU) on December 7, 1998. The IVDD aims to supplement the legal framework of the European Community, which governs the conditions for the placing on the market of medical devices, by extending the already implemented legislation to the category of in vitro diagnostic medical devices (IVDs). They consist of those devices, including reagents and reagent products, calibrator materials or instruments, as well as specimen receptacles, intended by the manufacturer for the in vitro analysis of specimens derived from the human body. This directive has introduced at the European level common regulatory requirements across Europe for the safety, quality and performance of in vitro diagnostics (IVDs), incorporating them into medical device legislation. It harmonizes the conformity assessment procedures to be applied by manufacturers before they place IVDs on the market. For certain products expressly specified in the directive, of which the most important are used for the evaluation of the safety of blood supply and patient testing, the manufacturer will have to take into account in their performance evaluation the so-called "Common Technical Specifications" (CTS). These are needed to establish the performance characteristics of the IVDs in evaluation and have the same status as harmonized standards. In the meantime, the IVD directive has been transposed into national law in all EU countries. During a transitional period ending in December 2003, manufacturers will have the option of following pre-existing national regulatory processes or taking their IVDs through the new procedures as specified in the directive. Following this, starting from 7th December 2003, adherence to the directive regulations will become mandatory, and only IVDs bearing the "Communautes Europeennes (CE) mark" can then be sold in the EU.

The Legal Protection of Databases

Abstract: Mark Davison examines several legal models designed to protect databases, considering in particular the EU Directive, the history of its adoption and its transposition into national laws. He compares the Directive with a range of American legislative proposals, as well as the principles of misappropriation that underpin them. In addition, the book also contains a commentary on the appropriateness of the various models in the context of moves for an international agreement on the topic. This book will be of interest to academics and practitioners, including those involved with databases and other forms of new media.

Advance Directives and Patient-Physician Communication

Abstract: ADVANCE DIRECTIVES PROVIDE A LEGAL MEANS FOR PATIENTS to state treatment preferences in advance, should they later become unable to participate in decisions about their care. In 1990, Congress adopted the Patient Self Determination Act, which sought to increase the use of advance directives. However, a 1999 study of members of a health maintenance organization found that only one-third of patients aged 65 years or older reported having filed an advance directive. Although such decisions may later be made by others acting as proxies, their judgments of patients’ treatment preferences may not be accurate. Through communication with their patients about advance directives, physicians can play a key role in making advance directives a more effective part of patient care. In the previously cited study, only 15% of patients reported having been asked about their advance care preferences by a physician or nurse, although patients were 3 times more likely to establish an advance directive if they have been asked about their wishes. Many physicians fail to initiate such discussions because they may worry about spending too much time on them, but in fact such discussions average less than 3 minutes in length. Physicians may also fear that patients are uncomfortable discussing issues surrounding their own mortality. In contrast to this assumption, one study found that 93% of outpatients and 89% of the general public were interested in discussing advance directives, with young and healthy individuals expressing as much interest as older, less healthy people. A retrospective study of decedents in a Midwestern community found that 85% had had advance directives, and suggested that the unusually high rate of use was the result of an extensive educational program on end-of-life planning. This implies that advance directives can be both widely used and effective, provided the resources exist to increase patient awareness. While increasing advance directives is an important goal, a greater challenge lies in modifying them to better reflect patient preferences. Advance directive forms that are standard in US health care facilities ask patients general questions, which may or may not be applicable to a patient’s individual circumstances. In addition, patients often misunderstand their options to refuse or withdraw treatment or to choose palliative care. It is possible that even with an advanced directive in place, patients may not receive the care they would want. Patients must be educated about treatment options in order to make well-informed decisions about their future care. A simple way to accomplish this goal is to focus on the acceptability of potential treatment outcomes to the patient. A recent qualitative study of elderly individuals found they were more concerned with functional outcome than with the medical techniques used to achieve that outcome. One method of assessing the acceptability of treatment is to use scenario-based decision aids describing different treatment options and their potential outcomes. Assessing patients’ understanding and willingness to accept potential treatment outcomes increases the likelihood of informed consent and enhances the utility of advance directives. In some cases, advance care decisions are made by someone other than the patient. The accuracy of proxy judgments can be enhanced when the patient and his or her proxy have discussed advance care issues. This is in accord with research demonstrating that patients consider planning advance care to be a social interaction between loved ones, rather than simply a matter of signing forms. Promoting collaboration between family members and loved ones may minimize the ambiguity often found in advance directives, and may better prepare surrogates to make treatment decisions. Physicians can take an active part in this process by encouraging their patients to discuss advance care issues with their chosen surrogates. Although systemic changes such as computerized reminders can encourage physicians to integrate advanced planning directives in their routine patient care, such discussions will still require meaningful communication with patients. Through such discussions, physicians have the opportunity to play a central role in increasing both the effectiveness and use of advance directives.

Advance care planning among residents in long-term care.

Abstract: This study was conducted to determine whether two types of advance directives exist for individuals residing in long-term care facilities. Findings were based on data from the Medical Expenditure Panel Study-Nursing Home Component (MEPS-NHC), a survey using a two-stage stratified probability sample of nursing homes and residents to produce valid national estimates of the nursing home population in the United States. The two types of advance directives included basic, i.e., living will or do-not-resuscitate (DNR) order, and progressive (do-not-hospitalize order or orders restricting feeding, medication, or other treatment). Approximately 59 percent of long-term care residents had a basic advance directive, 9 percent have a progressive directive, and 60 percent have some type of directive. Logistic regression results indicate that the factors associated with the likelihood of each type of directive differ considerably, and only two variables (African American ethnicity and less time in the facility) were associated with a reduced likelihood of having either type of directive. Our results indicate that the two proposed types of advance directives are distinct with regard to the variables predicting each.

High performance workplaces: the role of employee involvement in a modern economy evidence on the EU directive establishing a general framework for informing and consulting employees

Abstract: This paper contains evidence submitted on the DTI green paper ''High Performance Workplaces: The Role of Employee Involvement in a Modern Economy: A Discussion Paper''. This follows on the EU Directive establishing a General Framework for Informing and Consulting Employees. The comments proceed as follows. The first section places the development of representative systems in Britain in a broad historical perspective, arguing that there have been a number of missed opportunities in the past in this area. The second section then maps the current situation - it deals with what British workers obtain by way of representation in general and information and consultation in particular. This is compared broadly in the third section with arrangements in three other major countries, the US, Germany, and France, where we suggest there are important lessons to be learnt. The fourth then deals with what British workers say they want. In the fifth section, we speculate about various scenarios and likely future developments. In the final section, answers are provided to some of the specific questions posed in the consultative document.

The European Company Statute: Employee Involvement - and Beyond

Abstract: Employee representation in managerial decision-making in its broader sense has to distinguish between two basic forms. At the ’lower’ (or plant) level different forms exist across the European Union (ETUC 1998, EIRR 2001 a and b for details). Mostly we find works councils or workplace committees, in some cases also union delegates and/or shop stewards. At the ’upper’ (or company) level, Member States provisions on employees’ board-level involvement also differ to a considerable or even wider degree: There are so-called monistic as well as dualistic systems of corporate governance or, in another terminology, single-tier versus dual-tier systems of management structure and employee involvement on the board. In the latter variant, activities and performance of the management board are monitored and controlled by an additional organ, the supervisory board (Austria, Denmark, Germany, Greece, Netherlands, Portugal). This basic distinction is missing within the first form, the socalled board (or board of directors) system (Ireland, Luxembourg, Spain, Sweden, also Italy and the UK). Some countries (such as Finland and France) are characterised by a combination of both systems (Timmesfeld, 1994; Group of Experts, 1997; Schulten et al., 1998 for details). All in all, differences in existing national regulations at the ’upper’ level are even greater than at the ’lower’ level as far as scope, management and supervisory structure, coverage, degree and intensity of employee involvement are concerned—not to mention the enormous variety of national ’customs and practices’ that have developed over time and are definitely going to persist (Carley, 1998). At the supranational level, this great diversity of ’joint regulation’ is of particular interest. The Directive ’On the establishment of a European Works Council or a procedure in Community-scale undertakings and Community-scale groups of undertakings for the purposes of informing and consulting employees’ (94/95 EG) (hereafter

Liability of Intermediary Service Providers in the EU Directive on Electronic Commerce

Abstract: I. INTRODUCTION The growth of e-commerce has been extremely rapid in recent years. By the year 2000, its worth exceeded 17 billion euro, and it is expected to reach 340 billion euro by the end of 2003. (1) These numbers reflect the importance of this factor in the construction of the internal European market. In striving for the high level of harmonization necessary for the many issues related to this industry, it is important that there be due regard for the predictable downstream effects and a method of systematic prioritization. This Article will deal with a key element in the development of e-commerce initiatives within the European Union: the liability of intermediary service providers [hereinafter ISPs]. The structure of the Article will begin with a discussion of the main aims of the EU Directive dealing with these important concepts; followed by an examination of the different levels of liability to which ISPs are exposed, the areas of liability that can be touched through ISP activities, and the diverse roles that ISPs play. Next, in describing the formulations surrounding the issue, the liability of ISPs within the activities covered by the Directive will be discussed. And finally, some recommendations to improve the Directive's effectiveness in the context of the Digital Millennium Copyright Act (2) [hereinafter DMCA] of the United States will be discussed, as the current EU Directive draws many of its provision from the DMCA. II. AIMS OF THE DIRECTIVE ON E-COMMERCE The motivation behind the EU Directive on electronic commerce is to develop information society services [hereinafter ISS], ensure legal certainty and consumer confidence through the coordination of national laws, and clarify legal concepts for the proper functioning of the internal market, in order to create a legal framework to ensure the free movement of ISS between Member States. (3) This specific "free movement of services" is part of a general principle of law in the European Economic Community [hereinafter Community], namely freedom of expression, as enshrined in Article 10(1) of the European Convention on Human Rights and Fundamental Freedoms. (4) This principle is subject only to restrictions expressed in paragraph 2 of that Article and in Article 56 (1) of the EC Treaty. (5) Specifically, the Directive's aims regarding liability issues are to streamline the functioning of the internal market, enhance the development of cross-border services, and eliminate distortions of competition through the harmonization of national provisions concerning liability of ISPs acting as intermediaries. (6) The Directive also intends to be the appropriate foundation for the establishment, through voluntary agreements between all parties concerned and encouraged by Member States, of reliable procedures for removing and disabling access to illegal information. (7) III. IMPORTANT CONCEPTS Before getting into an analysis of the Directive's provisions regarding ISP liability, it is appropriate to define the concepts for the different terms that will be dealt with throughout the remainder of this Article. First, the Directive defines "information society services" as "any service normally provided for remuneration, at a distance, by means of electronic equipment for the processing (including digital compression) and storage of data, and at the individual request of a recipient of a service." (8) Some of the activities included in the definition are the sale of goods on-line, the transmission of information via a communication network, the hosting of information provided by a recipient of the service, services which are transmitted point to point, e.g., video-on-demand and commercial communications by electronic mail, and services which are not remunerated by those who receive them, e.g., tools allowing for search, access, and retrieval of data. (9) The following terms are defined in Article 2: a "service provider" is "any natural or legal person providing an information society service," and an established service provider is a service provider who effectively pursues an economic activity using a fixed establishment for an indefinite period. …

Competitive Tendering, Out-sourcing and the Acquired Rights Directive

Abstract: In March 1997 the European Court of Justice reached a decision which necessitates a reappraisal of the application of the Acquired Rights Directive' to competitive tendering and out-sourcing. Up until that time, largely as a result of the decisions of the European Court in Spijkers, Daddy's Dance Hall, Rask and Schmidt,2 one started from the presumption that any transfer of services was likely to be caught by the Directive, and so was subject to our national Transfer of Undertakings (Protection of Employment) Regulations (TUPE).3 However, in Siizen v Zehnacker Gebaudereinigung GmbH and Lefarth GmbH4 the ECJ held that the mere loss of a service contract to a competitor cannot by itself indicate the existence of a transfer within the meaning of the Directive. The transfer of a service contract is not a transfer of a part of a business within the Directive 'if there is no concomitant transfer of significant tangible or intangible assets or the taking over by the new employer of a major part of the workforce, in terms of their numbers and skills, assigned by the predecessor to the performance of the contract'.5 The facts of Stizen were that the applicant and seven other cleaners were employed by Zehnacker and worked as cleaners at the premises of a private churchrun school, in accordance with a contract between the school and Zehnacker. The school terminated the contract with Zehnacker with effect from the end of June

Workers on the Board of the European Company

Abstract: The European Company Statute and its accompanying Directive on worker involvement in the European Company (SE) hold out the prospect of employee influence over the composition of the board of directors of the SE and even of representation on it. This article explores a number of issues which arise in the course of assessing whether that potential is likely to be realised. First, there is the question of whether the SE, which is an optional form of incorporation, will prove attractive to the managements of large companies. Second, the Directive normally requires board level participation in the SE only where this was required of a substantial proportion of the workforce who are to be employed in the SE. How does this ‘before and after’ principle work? How does the Directive deal with situations where only a part of the workforce was previously subject to mandatory worker participation? Where there is a choice between not permitting the SE to be used as an escape mechanism from national requirements and imposing participation on workers and management who were not previously subject to it, how is that choice made? Finally, how far may the employee representatives either unilaterally or in agreement with management choose something different from what the ‘before and after’ principle would require?

Issues in the development of advance directives in mental health care

Abstract: Background: Interest in advance directives in mental health care is growing internationally. There is no clear universal agreement as to what such an advance directive is or how it should function. Aim: To describe the range of issues embodied in the development of advance directives in mental health care. Method: The literature on advance directives is examined to highlight the pros and cons of different versions of advance directive. Results: Themes emerged around issues of terminology, competency and consent, the legal status of advance directives independent or collaborative directives and their content. Opinions vary between a unilateral legally enforceable instrument to a care plan agreed between patient and clinician. Conclusion: There is immediate appeal in a liberal democracy that values individual freedom and autonomy in giving weight to advance directives in mental health care. They do not, however, solve all the problems of enforced treatment and early access to treatment. They also raise new issues and highlight persistent problems. Declaration of interest: The research was funded by the Nuffield Foundation grant number MNH/00015G.

Environmental decisions and electronic democracy

Abstract: This paper gives a brief overview on new tendencies in environmental policy regarding electronic democracy, with two examples of environmental directives. The European Commission proposed Internet technology for the first time for the dissemination of the Solvent Directive (1999/13/EC), in order to display available information for the numerous affected sectors. Moreover, the possibility of an information exchange between the Commission, the Member States and approximately 400 000 companies concerned by the Directive was created. Another major topic of European Environmental Policy is the IPPC-Directive (96/61/EC), which requires an information exchange on and determination of the best available techniques for most industrial sectors in Europe. The decision making process is described in this paper, with special emphasis on the possibilities of electronic democracy. Based on these considerations, aspects of decision-making behaviour, in the context of integrated decision support for complex issues in the environmental domain, are analysed and put forth for discussion. Copyright © 2004 John Wiley & Sons, Ltd.

Leximetrics: Why the Same Laws are Longer in Some Countries than Others

Abstract: When do drafters of legal instruments specify details and when do they not? To explore this question, we develop a method called leximetrics that involves comparative quantitative analysis of legal instruments. Using data from the directive process in the European Union, we show: (i) that statute length varies systematically across countries, partially controlling for substance; (ii) that other legal instruments, such as judicial opinions and contracts, are longer in countries with long statutes; and (iii) that both of the above are correlated with a large lawyer population. This paper uses a simple agency model to explain these facts, and offers an agenda for leximetric research.

The Impact of the European Union Insurance Directives on Insurance Company Stocks

Abstract: This article examines the impact of the passage of the Second and Third Life and Non-Life European Insurance Directives on insurance firms located in 14 European Union countries, Norway, and Switzerland. The third directives have a wealth effect on the European insurance market, while the second directives do not. The Third Life Directive resulted in a wealth increase for the European insurance market, while the Third Non-Life Directive had a modest negative wealth effect. The wealth effects differ at both the country and firm level. The directives have differential impacts on firms depending on the firms’ characteristics and those of the market they operated in prior to the directives. Regression results indicate that the second directives have impacted firms in protected markets negatively, especially those with higher debt and higher returns on assets. At the time of the third directives, insurance firms benefited, even those in previously protected markets, indicating that firms may have positioned themselves in preparation for the liberalization of the laws.