S.L. 330.7 Art. 7Right of withdrawal.

(1) In every distance contract, a consumer shall have a period of fourteen calendar days to withdraw from the distance contract without incurring any penalty and without having to give any reason:

Provided that this period shall be extended to thirty calendar days where the distance contract relates to long term business contracts of insurance covered by Directive 2002/83/EC and to personal pension arrangements.

(2) The period for exercising this right of withdrawal shall commence:

(a) from the day of the conclusion of the distance contract, except in the case of long term business contracts of insurance covered by Directive 2002/83/EC, where the time limit commences from the time when the consumer is informed in writing on paper or on another durable medium available and accessible to the consumer that the distance contract has been concluded, or

(b) from the day on which the consumer receives the contractual terms and conditions and the information in accordance with regulation 6(1) and (2), where this date is later than the date referred to in paragraph (a).

(3) The right of withdrawal shall not apply to:

(a) financial services whose price depends on fluctuations in the financial market outside the suppliers control, which may occur during the withdrawal period, such as services related to foreign exchange, money market instruments, transferable securities, units in collective investment undertakings, financial futures contracts, including equivalent cash-settled instruments, forward interest-rate agreements, interest-rate, currency and equity swaps and options to acquire or dispose of any instruments referred to in this point including equivalent cash-settled instruments and including in particular options on currency and on interest rates;

(b) travel and baggage insurance policies or similar short-term insurance policies of less than one month’s duration;

(c) distance contracts whose performance has been fully completed by both parties at the consumer’s express request before the consumer exercises the right of withdrawal.

(4) Where the consumer exercises the right of withdrawal, the consumer shall, before the expiry of the relevant deadline, notify this withdrawal to the supplier by means which can be proved in accordance with national law and in accordance with the practical instructions given to the consumer in accordance with regulation 5(1)(c)(iv). The relevant deadline shall be deemed to have been observed if the notification, if it is on paper or on another durable medium available and accessible to the recipient, is dispatched before the deadline expires.

(5) This regulation does not apply to credit agreements cancelled under the conditions of article 6(4) of Directive 97/7/EC or article 7 of Directive 94/47/EC of the European Parliament and of the Council of 26 October 1994 on the protection of purchasers in respect of certain aspects of contracts relating to the purchase of the right to use immovable properties on a timeshare basis.

(6) Where to a distance contract of a given financial service another distance contract has been attached concerning services provided by the supplier or by a third party on the basis of an agreement between the third party and the supplier, this additional distance contract shall be cancelled, without any penalty, if the consumer exercises the right of withdrawal as provided for in regulation 7(1).

(7) The provisions of this regulation are without prejudice to the provisions of any other laws or regulations governing the cancellation or termination or non-enforceability of a distance contract or the right of a consumer to fulfil the contractual obligations before the time fixed in the distance contract. This applies irrespective of the conditions for and the legal effects of the winding-up of the distance contract.