On Thursday 8 November, the European Commission decided to suspend two actions against Spain for the country's failure to implement financial services legislation.
Its first decision focuses on the referral to the EU Court of Justice on 19 July (see EUROPE 12066) for the non-adoption of the national measures needed to fully transpose the revised directive on markets in financial instruments (MiFID II).
On 1 October 2018, Spain notified a royal decree law transposing most of the missing provisions, the Commission says, adding that the rest of the transposition should be done by the end of November.
The Commission also decided to suspend the execution of Spain's referral to the Court of Justice of the EU for failure to fully implement EU rules on prudential supervision of credit institutions and investment firms (see EUROPE 12066).
Its decision is motivated by the fact that the Spanish authorities have submitted to the Commission several draft measures that would ensure full transposition of the prudential banking rules, together with a timeline for their adoption between November and December that would permit a solution before a possible Court judgment.
The Commission nevertheless warns that if these measures are not adopted as planned, the stay of the proceedings may be reconsidered. (Original version in French by Marion Fontana)