“The Commission has acted to ensure that five member states (Cyprus, Italy, Romania, Slovenia and Spain) comply with their obligation to implement simplified rules on mergers and divisions,” the EU’s executive body said in a statement.
The five countries had until June 30, 2011 to implement the EU Directive 2009/109 as regards reporting and documentation requirements in the case of mergers and divisions.
“The Commission’s request to the member states concerned takes the form of a reasoned opinion. If the national authorities do not reply satisfactorily within two months, the Commission may refer the matter to the Court of Justice,” the statement noted.
The EU directive aims to reduce the administrative burdens on European public limited liability companies in the area of mergers and divisions.