Brussels, 12 January 1998
Financial services: Commission pursues infringement proceedings against Belgium, Spain and the United Kingdom
The European Commission has decided to pursue infringement proceedings under Article 169 of the EC Treaty against Belgium, Spain and the United Kingdom for incorrect transposal or failure to transpose certain financial services Directives. It has in this connection decided to initiate proceedings in the Court of Justice against Belgium for incomplete transposal of the third non-life insurance Directive as regards insurance against accidents at work and against Spain for failure to transpose the Directive on the annual accounts and consolidated accounts of insurance undertakings. In the case of the United Kingdom, it has decided to issue a reasoned opinion (the second stage in infringement proceedings) since the UK authorities have failed to notify measures implementing five financial services Directives in Gibraltar.
Belgium - accidents at work
Under Belgian legislation on the supervision of insurance companies, insurance against accidents at work is excluded from the scope of the third non-life Directive (92/49/EEC). The Commission considers that such risks are covered by the Directive where they are insured by private insurance companies.
Spain - Directive on annual accounts of insurance undertakings
The Commission has decided to initiate proceedings against Spain in the Court of Justice for failure to notify national implementing measures transposing the Directive on the annual accounts and consolidated accounts of insurance undertakings (91/674/EEC). This Directive came into force on 1 January 1994. To date, Spain has notified only general provisions, which require to be supplemented by more detailed implementing measures. Transposal of this Directive, therefore, remains far from incomplete in Spain.
United Kingdom - Gibraltar
The Commission has decided to issue a reasoned opinion to the United Kingdom for failure to notify national implementing measures transposing, within the territory of Gibraltar, the Directives relating to undertakings for collective investment in transferable securities (UCITS) (85/611/EEC), insider dealing (89/592/EEC), investment services in the securities field (93/22/EEC), the information to be published when a major holding in a listed company is acquired or disposed of (88/627/EEC) and the prospectus to be published when transferable securities are offered to the public (89/298/EEC). The deadlines for implementing these Directives were 1 October 1989 for Directive 85/611/EEC, 1 January 1991 for Directive 88/627/EEC, 17 April 1991 for Directive 89/298/EEC, 1 June 1992 for Directive 89/592/EEC and 1 July 1992 for Directive 93/22/EEC. If no satisfactory reply is received within two months of receipt of the reasoned opinion, the Commission may decide to bring the matter before the Court of Justice.