EC to launch probe against Poland

The European Commission will refer six EU member states to the Court of Justice of the EU for failing to transpose EU rules on Bank Recovery and Resolution. One of them is Poland, a press release read. The executive arm of the EU has decided to refer the Czech Republic, Luxembourg, the Netherlands, Poland, Romania and Sweden to the Court of Justice of the European Union (the Court) for "failing to implement the Bank Recovery and Resolution Directive (BRRD)," the press release informed. This Directive (2014/59/EU) is a centre-piece of the regulatory framework that was put in place to create a safer and sounder financial sector in the wake of the financial crisis, the EC pointed out. The EC sent a reasoned opinion to the 11 states on May 28, asking them to transpose the BRRD. "As full transposition of the new rules did not occur in six EU Member States, they are now being referred to the Court," the commission explained. Referrals to the Court imply the imposition of, at least, a daily penalty payment until full transposition has taken place. The Commission may withdraw the probe if a state implements the EU rules in question.