Press Release: Free movement of capital: Commission requests Poland to remove investment restrictions on open pension funds

The European Commission formally requested Poland to remove restrictions on investment by Polish Open Pension Funds (OPFs) in other Member States. The infringement procedure was initiated by a letter of formal notice in October 2007. Having analysed the reply from the Polish authorities, the Commission still considers that the investment limits in foreign assets imposed on OPFs act as restrictions to the free movement of capital in violation of EC Treaty rules. The Commission's request took the form of a reasoned opinion, the second stage of infringement procedures under Article 226 of the EC Treaty. Should the Polish authorities not take satisfactory steps to remedy the infringement of EU law within two months of receiving the reasoned opinion, the Commission may decide to refer the case to the European Court of Justice.