Collective Commentary about the New Package Travel Directive

742 COLLECTIVE COMMENTARY ABOUT THE NEW PACKAGE TRAVEL DIRECTIVE clearly establish a specific limitation period. As for the provisions giving effect to laconic provisions of the Directive, specifically those on insolvency protection, enforcement and penalties, these are quite detailed and can overall be characterized as adequate. Investigative and enforcement powers are extensive and penalties (especially, in the form of administrative fines) are high enough to be deterring. In relation to insolvency protection, the Law contains detailed provisions providing for two specific security-related arrangements, namely insurance and a guarantee by a financial institution. In relation to the latter, there is a specified minimum amount that has to be covered, while no such requirement exists in the case of the former. Moreover, there are certain issues not sufficiently clarified by the said provisions, such as the process for claim submission and handling (by the Approved Body). Finally, Cyprus has not exercised any of the options allowed to Member States by the Directive, however this has not in all cases been at the expense of consumer protection. The maximum harmonization nature of the Directive has not been violated either, as the Law does not seem to go beyond the Directive. All in all, there are no serious problems with the Cypriot implementation of the Directive and any identified issues can certainly be addressed in a future amendment of the Law. As the Law does not appear to have been applied by the courts or enforced by the Consumer Protection Service yet, it remains to be seen how its provisions will eventually be shaped by relevant administrative decisions and/or case law.