Press Release: Company law and corporate governance: Commission takes action to ensure that five Member States implement EU laws

The European Commission decided to pursue infringement procedures against five Member States for failure to implement into national law an Internal Market Directive in the area of company law and corporate governance. The Commission will send reasoned opinions to Belgium, Cyprus, Greece, Hungary and Italy over non-implementation of a Directive simplifying reporting requirements in case of a merger or a division. A reasoned opinion is 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.