On July 19, the European Commission (EC) issued a press release, announcing that it has referred Spain and Slovenia to the Court of Justice of the European Union (ECJ) for their failure to fully enact the revised Markets in Financial Instruments Directive (MiFID II) and certain MiFID II implementing legislation. The deadline for implementation by all EU member states was January 3, 2018.

On the same day, the EC separately confirmed that it has referred Spain to the ECJ for its failure to fully implement the EU Capital Requirements Directive (CRD IV) into national law. EU member states had until December 31, 2013 to do so. Following the EC’s formal request to transpose the CRD IV into national law in January 2015 and issuance of a reasoned opinion in January 2018, Spain has not subsequently notified the EC of the relevant missing measures.

The EC’s press release regarding the failure to implement MiFID II is available here.

The EC’s press release with respect to Spain’s failure to implement the CRD IV is available here.