19/07/2018 (Agence Europe) – The European Commission will take action against Spain before the Court of Justice of the EU over its failure to abide by its obligation fully to implement the directive (2013/36/EU) on equity requirements. It considers that the following provisions of the directive are still missing from Spanish law: - the competencies and powers of assessment for the supervisors of investment companies; - the imposition of administrative penalties on banks in breach of anti-money-laundering rules; - early warning mechanisms in the event of infringements of the rules on equity; - the rules on the integrity and independence of board members; - the requirement to diversify the composition of banks' boards to guarantee their competence. The member state had until the end of 2013 fully to transpose the EU rules. (MB)