Judgment of the Court (Eighth Chamber) of 14 April 2011 – Commission v Luxembourg
(Case C-390/10)
Failure of a Member State to fulfil obligations – Directive 2007/36/EC – Exercise of certain rights of shareholders in listed companies – Failure to transpose within the period prescribed
Actions for failure to fulfil obligations – Examination of the merits by the Court – Situation to be taken into consideration – Situation on expiry of the period laid down in the reasoned opinion (Art. 258 TFUE; European Parliament and Council Directive 2007/36) (see paras 11-14)
Re:
| Failure of a Member State to fulfil obligations – Failure to take or communicate, within the prescribed period, the measures necessary to comply with Directive 2007/36/EC of the European Parliament and of the Council of 11 July 2007 on the exercise of certain rights of shareholders in listed companies (OJ L 184, p. 17). |
Operative part
The Court:
1. |
| Declares that, by failing to adopt, within the prescribed period, the laws, regulations and administrative provisions necessary to comply with Directive 2007/36/EC of the European Parliament and of the Council of 11 July 2007 on the exercise of certain rights of shareholders in listed companies, the Grand Duchy of Luxembourg has failed to fulfil its obligations under that directive; |
2. |
| Orders the Grand Duchy of Luxembourg to pay the costs. |