The main infringements refer to the accounting Directive, rules for the prudential assessment of acquisitions in the financial sector and the prevention of money laundering and terrorist financing.
The main infringements refer to the accounting Directive, rules for the prudential assessment of acquisitions in the financial sector and the prevention of money laundering and terrorist financing.
Accounting Directive – Belgium, Ireland, Greece, Luxembourg and United Kingdom
This Directive (2006/46/EEC), among other issues, increases the maximum thresholds that may be applied by Member States in determining which companies may be exempted from certain disclosure requirements. It also extends the disclosure requirements for companies on material transactions with related parties such as key management members and spouses of board members, and on arrangements that do not appear in the balance sheet such as transactions or agreements which companies may have with entities. Furthermore, an annual corporate governance statement as a specific and clearly identifiable section of the annual report also has to be disclosed.
Rules for the prudential assessment of acquisitions in the financial sector – Greece, Spain, Italy, Netherlands, Poland, Portugal and United Kingdom
This Directive tightened the procedures that Member States' supervisory authorities have to follow and determined the criteria they must apply, when assessing proposed mergers and acquisitions (M&A) or increase of capital participations in the banking, insurance and securities sectors. The deadline for transposing the Directive expired on 21 March 2009. Greece, the Netherlands, Poland and Portugal have not yet adopted any measure implementing the Directive in national law, while Spain and Italy have only partially implemented it. The United Kingdom has not yet implemented the Directive for Gibraltar.
Prevention of money laundering and terrorist financing – Belgium
The Commission has decided to send a letter of formal notice to Belgium under Article 228 of the EC Treaty following a recent Court of Justice judgment concerning Belgium's failure to implement the definition of politically exposed person as well as the technical criteria for simplified customer due diligence procedures and for exemption on grounds of a financial activity (Directive 2005/60/EC). This measure is part of the EU's efforts to combat money-laundering practices. The transposition deadline itself had already expired on 15 December 2007.
© European Commission
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