The Court of Justice of the European Union ordered Slovenia to pay a fine of 750,000 euros because it did not timely transpose the amendments to the European directive from 2016 on markets in financial instruments into national legislation and because it did not inform the European Commission, the verdict announced today shows.
The European Commission sued Slovenia on this occasion in 2018, when the relevant changes to the Directive on Markets in Financial Instruments (MIFID) came into force, STA reports.
The changes relate to the protection of clients’ financial instruments and assets, which, according to the Commission’s arguments summarized in the court’s reasoning, is an important part of the system.
EU member states had until July 3, 2017 to implement the MIFID directive into national legislation and to inform the EC.
Since the Commission had not received any information from Slovenia until then, it issued a warning in September 2017. At that time, Slovenia replied that measures for transposition were being prepared and that they should be adopted by April 2018.
However, official Ljubljana informed the Commission in August 2018 that early elections had been held in Slovenia, requesting understanding for the delay, and in October of the same year, the EC assessed that Slovenia had not informed it about national measures to transpose the directive and filed a lawsuit fine.
Slovenia transposed the directive into national legislation in December 2018, and responded to the EC’s lawsuit with the view that the proposed lump sum fine was unjustified and too high, asking the court to dismiss the lawsuit.
However, the court sided with the European Commission and ordered Slovenia to pay all court costs, according to STA.
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