The European Commission has brought sanctions against the Czech Republic for its failure to implement the IORP Directive. The Commission has referred the case to the European Court of Justice, following a ruling in January 2010 that stated the country must implement the directive, having missed the initial 2005 deadline. As a result of its non-compliance, the country has been ordered to pay a €5,000-a-day fine between January last year and the conclusion of the current hearing in front of the ECJ.
An additional €22,000 a day fine will be imposed between the second court ruling's conclusion and the final implementation of the directive. Chantal Hughes, spokeswoman for Michel Barnier, commissioner for internal market and services, condemned the country's failure: "It is more than a year since the EU Court of Justice ruled the Czech Republic had failed to fully implement EU pension fund rules," she said.
"As the Czech law has still not been amended, the Commission has now asked the Court to impose financial sanctions. The Commission hopes the Czech authorities will amend their legislation to bring it fully into line with EU law."
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