Commission refers Spain to the CJEU for failure to implement EU rules on whistle-blowers

Background and further information:

The European Commission adopted in 2015 an implementing Directive as regards the reporting to competent authorities of actual or potential infringements of the Market Abuse Regulation - the so-called 'Whistle-blowing' Directive. This Directive is part of the Market Abuse rulebook and requires Member States to establish effective mechanisms to enable the reporting of infringements of the Market Abuse Regulation.

Member States had to enact these rules into national law by 3 July 2016. Several of them missed the deadline, including Spain, so they were requested to take action to ensure full compliance in September 2016. A lack of information on a complete enactment of the rules into national led the Commission to refer Spain to the Court of Justice.

The Market Abuse Regulation was put forward in October 2011 and formally adopted in June 2014 to strengthen and replace the original Market Abuse Directive (MAD), which was introduced in 2003. This Directive introduced a system to harmonise core concepts and rules on market abuse and to strengthen cooperation between regulators.

The European Commission decided on 13 July 2017 to refer Spain to the Court of Justice of the European Union (CJEU) for failure to notify measures for fully implementing the EU rules on whistle-blowers.

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