Press Release: Free movement of capital: Commission refers Spain to the Court of Justice for restrictions on investment in energy companies

The European Commission on 4 April 2006 decided to refer Spain to the European Court of Justice with respect to certain provisions of Spanish legislation that limit the voting rights of investments by state companies in the energy sector. The Commission considered that these provisions constituted unjustified restrictions on the free movement of capital in violation of EC Treaty rules (Articles 56). The procedure was independent of the Real Decreto-Ley 4/2006 of 24 February 2006 and the possible acquisition of Endesa.