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Brussels, 18 January 1999

Financial services: Proceedings before European Court of Justice against France and Luxembourg

The Commission has decided to bring an action before the European Court of Justice against France, which has failed to transpose into national law a Directive aimed at reinforcing prudential supervision in the fields of credit institutions, insurance, investment firms and undertakings for collective investment in transferable securities (UCITS), and against Luxembourg, which has transposed it only in part.

The Directive in question (95/26/EC), known as the "post-BCCI Directive", should have been transposed by 18 July 1996. However, France has not yet transposed it for any sector. In the case of Luxembourg, the Directive has been transposed solely in respect of insurance.

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