REPORTS
Law 4779/2021 restricts the free movement of capital as defined in Article 63 TFEU – Infringement: INFR(2022)4080
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).
Article 63 TFEU explicitly prohibits all restrictions on the transfer of funds between Member States and between Member States and third countries. Furthermore, it prohibits all restrictions on payments both between Member States and between Member States and third countries. This ensures the free movement of capital in the EU.
However, as stated in the “September infringements package: main decisions/29-9-2022”, Greek legislation currently prohibits the holder of a license for pay satellite radio and television services and its shareholders, associated persons and affiliates to participate in, or to control, any other radio or television content provider active through terrestrial free or pay radio or TV networks. The Commission considers this to introduce an unjustified restriction to the free movement of capital and the freedom of establishment set out in Articles 63 and 49 TFEU, preventing potential investors from investing in radio or television content providers active through terrestrial free or pay radio or TV networks. The Commission has therefore sent a letter of formal notice to Greece INFR(2022)4080]. Without a satisfactory response by Greece within two months, the Commission may decide to send a reasoned opinion.
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 European Commission sent a letter of formal notice calling on Greece to comply with Article 63 TFEU (on the free movement of capital) and to bring the provisions of Law 4779/2021 into line with it.
Bank Account number: 1100 0232 0016 560
IBAN: GR56 0140 1100 1100 0232 0016 560
BIC: CRBAGRAA
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