Offshore fund centre Luxembourg could face EU court

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Offshore fund centre Luxembourg could be referred to the European Union’s Court of Justice for failing to notify the European Commission over measure to implement a regulatory directive.

Luxembourg – along with Belgium, France, Greece, Poland and Portugal – could be referred to the Court of Justice if it does not notify the Commission of measures to implement rules in the financial services sector within two months.

The rules relate to the powers of the three European regulators the European Securities & Markets Authority, European Banking Authority and European Insurance & Occupational Pensions Authority.

All EU member states were due to implement the directive no later than 31 December 2011.

The European Commission has also requested Greece and Poland implement Ucits IV directives, or face the court, with a deadline for notification of implication set for 30 June 2011.