Press Release: Company law and corporate governance: Commission takes action to ensure that France, Italy and Poland implement transparency obligations of listed companies

The European Commission decided to pursue infringement procedures against three Member States for failure to implement into national law certain Directives regarding transparency obligations of listed companies. Poland will be referred to the European Court of Justice over non-implementation of the Directive on transparency obligations of listed companies. The transposition deadline for the Directive was 20 January 2007. A reasoned opinion will be sent to France and Italy over non-implementation of the general implementing measures to the Transparency Directive supplementing the EU legal framework. The transposition deadline was 8 March 2008. 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.