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Christiana Stilianidou 10 • 12 • 2021

Non transposition of Directive (EU) 2020/1504 on crowdfunding services providers by Greece: INFR(2021)0218

Christiana Stilianidou
Non transposition of Directive (EU) 2020/1504 on crowdfunding services providers by Greece: INFR(2021)0218
10 • 12 • 2021

The European Commission sent a letter of formal notice and a subsequent reasoned opinion to Greece in the context of infringement proceedings as per Article 258 TFEU, calling on it to comply with the provisions of Directive 2020/1504 and to update national laws exempting entities authorised under the Regulation on European Crowdfunding service providers.

1. Each Member State of the European Union shall apply EU law and take appropriate action to that end. The European Commission is the body responsible for detecting possible breaches of EU law.

The deadline for transposing these rules into national law expired on May 10, 2021. However, as stated in the “December infringement package: main decision/2-12-2021” Greece has failed to notify the national measures taken to transpose the above directive into national law. [infringement number: INFR (2021) 0218]. For this reason, the Commission first sent a letter of formal notice to Greeceon 23-7-2021 and then a reasoned opinion on 2-12-2021, calling on the country to update its legal framework and transpose the provisions of this Directive into national law.

Where is the problem with the rule of law?

The application of EU law is an obligation of the Member States of the European Union.

If possible breaches of EU law are detected, the European Commission may take a series of actions against that Member State to ensure the correct and full application of EU law by initiating infringement proceedings in accordance with Articles 258 and 260 of the TFEU. 

In this case, the European Commission sent a reasoned opinion to Greece due to non-transposition of the provisions of Directive 2020/1504 into national law, calling on the country to update its legal framework.

Christiana Stilianidou
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