Luxembourg, 22/07/2004 (Agence Europe) - France should have transposed the European directive of 26 July 2000 on financial transparency between Member States and enterprise by 31 July 2001. For not having done so, the Court of Justice finds it guilty of failing to comply.
The French government did not challenge the fact that it had not taken the transposition measures necessary but pointed out that a proposal of legislation and a draft decree for application of that legislation were soon to be adopted.
The directive amends a first directive which, in 1980 (No 723/EC) compelled Member States to ensure transparency while providing for certain financial information to be kept by Member States and for the possibility of communicating such information to the Commission upon request. The second directive takes into account the opening up to competition of certain sectors of the economy.