REPORTS
Non-compliance of Greek legislation with Directive (EU)2019/1160 infringement – INFR(2021)0408
Each Member State of the European Union must fully apply EU law. The body responsible for identifying possible violations of EU law is the European Commission. Where a Member State does not apply EU law and breaches its obligations under the EU Treaties, the European Commission may open a formal infringement procedure under Articles 258 and 260 TFEU (see details on the infringement procedure here).
The Commission has sent a reasoned opinion to Greece (INFR(2021)0408) on the grounds of failure to notify the national measures transposing the Cross-Border Distribution Directive (Directive (EU) 2019/1160), with regard to cross-border distribution of collective investment undertakings. The Cross-Border Distribution Directive aims at removing regulatory barriers to the distribution of the collective investment funds, which was one of the objectives of the Capital Markets Union. These rules aim at increasing transparency and creating a single access to information on national rules related to marketing requirements, regulatory fees and charges levied by national competent authorities. The Directive allows for simpler exit of the host market (de-notification), and permits management companies to choose more flexible and cheaper ways of communication and provision of administrative services to retail investors in other Member States.
The deadline for the transposition of these rules into national law was 2 August 2021. Without a satisfactory response from Estonia and Greece within two months, the Commission may decide to refer the matter to the Court of Justice of the European Union.
The application of EU law is an obligation of the Member States of the European Union. If infringements of EU law are identified, the European Commission may take a series of actions against the Member State concerned to ensure the correct and full application of EU law by opening infringement proceedings under Articles 258 and 260 TFEU.
In this case, the Commission is sending a reasoned opinion because the Greek State has not notified the Commission of the measures they have taken to transpose Directive (EU)2019/1160 on the cross-border distribution of collective investment undertakings.
Greece must reply to the Commission within two months.
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