Brussels, 22/11/2012 (Agence Europe) - On Wednesday 21 November, the European Commission took another step in the infringement procedures begun against six different countries.
Electronic money. Belgium has been taken to the European Court of Justice for failing to implement Directive (2009/110/EC) for introducing electronic money, which should have been applied since the end of April last year. If the European Court of Justice reaches a decision, Belgium may be obliged to pay a daily fine of €59,212.80 until it has fully implemented the directive. This is a natural penalty takes into account the duration and seriousness of the infringement, as well as the size of the country concerned.
EBA. Six member states (Belgium, France, Greece, Luxembourg, Poland and Portugal) have all received a reasoned opinion and now have two months to send the Commission their respective national measures transposing Directive (2010/78/EC). This directive means that several European legislative texts should now be the responsibility of the European Banking Authority (EBA). It has been applicable since the end of 2011.
Investment funds. The Commission has sent Poland and Greece a reasoned opinion in which it calls on them to provide it with notification of their respective national measures to transpose Directive (2009/65/EC) and their measures for putting this directive into practice. The deadline for notification was at the end of June 2011 at the latest. This directive introduces rules for setting up and managing Undertakings for Collective Investment in Transferable Securities (UCITS), particularly in the area of cross-border distribution of these investment funds. (MB/transl.fl)