15/12/2005 (Agence Europe) - The European Commission has decided to send France a reasoned opinion to formally request it to modify its legislation preventing football and other sports clubs from being listed on stock markets. The Commission acknowledges that protection of savers and the promotion of a degree of equality in sports competitions are relevant objectives of general interest, but it believes that a total ban on raising capital from the public is disproportionate to the objectives pursued and that other measures are possible that are not as restrictive for the free movement of capital. If France does not respond satisfactorily within two months, the Commission may decide to refer the case to the European Court of Justice.