EU Calls Out Spain On Payments, Insurance Rule Failings
Law360, London (October 10, 2019, 6:25 PM BST) -- The European Commission threatened court action against Spain on Thursday for not implementing a string of EU rules on time that are designed to supervise occupational pensions, payment services and the sale of insurance products.
The commission warned Spain that it must transpose the updated directive on Institutions for Occupational Retirement Provision, the Insurance Distribution Directive and the second Payment Services Directive. The European Union’s executive body said it will take the country to the European Court of Justice, the bloc’s top court, if Spain does not implement the three separate rules within two months.
EU directives, unlike regulations, do not...
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