Press Release: Internal Market: Commission moves against 16 Member States for failure to implement EU legislation on financial services

The European Commission on 3 August 2005 decided to pursue infringement procedures against 16 Member States for failure to implement various Financial Services Directives. The Commission was to formally ask Belgium, Czech Republic, Greece, Spain, France, Ireland, Cyprus, Latvia, Luxemburg, Hungary, Netherlands, Poland, Portugal, Finland, Sweden and the United Kingdom to implement quickly the necessary legislation in a total of 57 cases covering Directives on market abuse. These requests were to take the form of 'reasoned opinions', the second stage of the infringement procedure under Article 226 of the EC Treaty.

• Primary Source

European Commission: DG Internal Market and Services: Financial Services: Securities and Investment Funds: Market abuse http://ec.europa.eu/comm/internal_market/securities/abuse/index_en.htm

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