Brussels, 8 October 2009
Internal Market: Commission takes action to ensure that Belgium, Greece, Ireland, Italy and Poland implement EU laws
The European Commission has taken action to ensure that agreed Internal Market legislation is implemented in Belgium, Greece, Ireland, Italy and Poland. The Commission will refer Belgium, Greece and Italy to the European Court of Justice over non-implementation of the Directive on simplifying reporting requirements for mergers and divisions. The Commission has also decided, under Article 228 of the EC Treaty, to send letters of formal notice requesting Ireland and Poland to implement previous judgements of the European Court of Justice in the areas of, respectively, anti-money laundering and the Markets in Financial Instruments Directive (MiFID). If there is no satisfactory reply within two months, the Commission may send a further reasoned opinion and then refer the case to the European Court of Justice with the proposal to impose a fine.
Simplifying reporting requirements for mergers and divisions – Belgium, Greece, Italy
The Commission has decided to refer Belgium, Greece and Italy to the European Court of Justice over failure to implement into national law an Internal Market Directive on simplifying reporting requirements for mergers and divisions.
The Directive modifies the reporting requirements on companies by removing the obligation of drawing up an independent expert report in case of mergers or divisions if all shareholders renounce to it. The Directive was adopted in 2007 and once fully implemented, more than 600,000 public limited liability companies will no longer have to order costly expert reports concerning the draft terms of mergers or divisions of small enterprises.
The transposition deadline for the Directive was December 2008.
Anti-money laundering – Ireland
The Commission has decided, under Article 228 of the EC Treaty, to send a letter of formal notice to Ireland over its failure to execute a judgement of the European Court of Justice in May 2009 concerning non-implementation of the 3 rd Anti-Money Laundering Directive.
The Third Anti-Money Laundering Directive adopted in 2005 builds on existing EU legislation and incorporates into EU law the June 2003 revision of the Forty Recommendations of the Financial Action Task Force (FATF), the international standard setter in the fight against money laundering and terrorist financing. The Directive tightens the EU anti-money laundering regime currently applicable to the financial sector as well as lawyers, notaries, accountants, real estate agents and casinos. The scope of the Directive is broadened also to encompass trust and company service providers as well as all providers of goods, when payments are made in cash in excess of €15,000. In addition, the Directive requires the application of the anti-money laundering tools (identification and verification of customers' identity, record keeping, training of personnel, etc.) to the fight against terrorist financing, and introduces additional requirements and safeguards for situations of higher risk (e.g. trading with correspondent banks situated outside the EU).
The transposition deadline for the Directive was 15 December 2007.
Markets in Financial Instruments Directive – Poland
The Commission has decided, under Article 228 of the EC Treaty, to send a letter of formal notice to Poland requesting information on the measures they have taken to comply with the judgement of the European Court of Justice of 19.03.2008 (C-143/08) regarding non-implementation of the implementing Directive 2006/73/EC for the Markets in Financial Instruments Directive (MiFID). To date, Poland has not notified the Commission that it has taken the measures necessary to implement the ruling of the Court. The MiFID implementing Directive should have been implemented by all Member States by 31 January 2007.
MiFID creates a legal framework for the provision of investment services in the EU by establishing authorisation and operating conditions for investment firms and regulated markets. A key feature of the regime is the ability for investment firms to use the authorisation obtained in one Member State to provide financial services in another Member State. The benefits of this regime cannot be fully realised by firms from Member States that have not transposed the Directives, and also by firms from other Member States wishing to operate on the territory of Member States that are late in transposing.
The latest information on infringement proceedings concerning all Member States can be found at: