EU Urges Romania To Simplify Merger & Division Rules
The European Commission Thursday said Romania and four other states have failed to comply with their obligation to implement simplified rules on mergers and divisions and requested the five countries take action to transpose an EU directive into their national legislations.
“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.
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