After controversial trilogue negotiations, the Council and the EU Parliament formally endorsed the CRD on 4 and 24 November, respectively, and the CRD was published in the Official Journal on 4 December 2020.
Read more in our blog post.
Member States had to implement the CRD into national legislation by 25 December 2022. However, hardly any EU member state transposed the CRD into national law on time. As a result, the EU Commission launched the first stage of infringement proceedings against 24 Member States, sending them letters of formal notice for failure to implement the CRD.
Read more in our blog post.
After the expiry of the implementation period, Member States have six further months, i.e. until 25 June 2023, to ensure that their implementing acts enter into force. If they fail to do so, not only will they risk being taken to the European Court of Justice, but this may also trigger discussions about the direct effect of the CRD.
Katrien Baetens
Senior Managing Associate, Luxembourg
Maaike Roem
Associate, The Netherlands
Francesco Amatori
Managing Associate, Italy