Press Release: Financial services: Commission takes action to ensure that 10 Member States implement EU rules

The European Commission has taken action to ensure that agreed Internal Market legislation is implemented in a total of 10 Member States. The Commission has decided to refer Belgium, Ireland, Greece and Luxembourg to the European Court of Justice as they have failed to fully implement into their national laws the latest Directive in the field of accounting within the prescribed deadline. The United Kingdom will also receive a reasoned opinion concerning the lack of transposition of this Directive on the territory of Gibraltar.

In addition, the Commission has decided to send reasoned opinions to Greece, Spain, Italy, the Netherlands, Poland, Portugal and the United Kingdom for failure to implement Directive 2007/44/EC, which lays down the procedures and criteria for the prudential assessment of acquisitions and increase of holdings in the financial sector. Reasoned opinions are the second stage of the infringement procedure laid down in Article 226 of the EC Treaty. If there is no satisfactory reply within two months, the Commission may refer the matter to the European Court of Justice.

Finally, the Commission has decided, under Article 228 of the EC Treaty, to ask Belgium for full information on its execution of a previous judgment of the European Court of Justice concerning implementation of a Directive on prevention of money laundering and terrorist financing.

• Primary Source