Romania failed to implement in its legislation the European Commission's directive on the creation, maintaining and social capital modification of commercial companies. As a result, the European Commission has begun the infringement procedures against Romania and will send a notice to authorities - this being the second step in the process. In case Romania fails to offer a satisfactory response within two months, the Commission may send the case to the European Court of Justice.
The purpose of the EC directive is to ease the social capital increase procedures and to simplify the shareholders' structure reshuffling operations. The deadline for implementing the directive was April 2008.
EC notified on the same issue Belgium, Luxembourg, Spain and Portugal.
