Press Release: Free movement of capital: Commission opens an infringement procedure against Italy on the issue of acquisition of stakes in domestic banks

The European Commission on 14 December 2005 decided to send Italy a formal request to submit its observations on provisions in its national regulatory framework applying to supervisory decisions on the acquisition of stakes in domestic Italian banks by other EU banks. The European Commission was concerned that this framework could allow for the exercising of supervisory authority which lacked procedural transparency and could create legal uncertainty.