Press Release: Financial services: Commission takes action against Spain (anti-money laundering), Estonia (statutory audit) and Luxembourg (market abuse)

The European Commission decided to refer Spain to the European Court of Justice over its failure to lay down effective, proportionate and dissuasive penalties in national law in relation to the EU Regulation on payer information accompanying transfers of funds. The Commission also refered Estonia to the Court of Justice over non-implementation of the Statutory Audit Directive. Finally the Commission sent a formal request to Luxembourg concerning its implementation of the Market Abuse Directive. This formal request took the form of a 'reasoned opinion', 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.