Brussels, 23/03/2005 (Agence Europe) - The Commission has decided to send a reasoned opinion in the context of two infringement procedures, one against Portugal in the field of recognition of professional qualifications, and the other against Austria, Denmark, Finland and Sweden in the field of free movement of capital. It will send a letter of formal notice to the United Kingdom for not having completely transposed the European legislation on reorganising and closing down insurance companies.
Free movement of capital. Before their membership to the European Union, Austria, Denmark, Finland and Sweden entered into bilateral agreements with third countries allowing for the free transfer of funds for investment between signatory countries. The Commission considers that these bilateral treaties hamper the EU Council's competence to adopt, on behalf of the European Union, measures relating to capital movements between Member States and third countries.
Recognition of professional qualifications. Portugal makes it compulsory for architects from other Member States to sit an entrance examination in order to be allowed to join the Portuguese Order of Architects. Failing this, they will not be able to carry out their profession in Portugal. The Commission believes this obligation runs counter to Directive 85/384/EEC on mutual recognition of diplomas, certificates and other qualifications. Portugal does not agree.
Restructuring and closing down of insurance firms. Despite specific jurisprudence of the EU's Court of Justice (case C-164/04), the United Kingdom does not apply Directive 2001/17/EC on the reorganisation and liquidation of insurance companies in the case of Lloyd's, the largest insurance market in the world. The Commission considers that the launching of legislative work and public consultation in December 2004 was not sufficient.