Judgment of the Court (Fifth Chamber) of 24 March 2011.#European Commission v Kingdom of Spain.#Failure of a Member State to fulfil obligations - Directive 2007/36/EC - Exercise of certain rights of shareholders in listed companies - Failure to transpose within the period prescribed.#Case C-375/10.

Subject of the case

Re:

Failure of a Member State to fulfil obligations – Failure to adopt, within the period prescribed, the measures necessary to comply with Directive 2007/36/EC of the European Parliament and of the Council of 11 July 2007 on the exercise of certain rights of shareholders in listed companies (OJ 2007 L 184, p. 17).

Operative part

Operative part

The Court:

1. Declares that, by failing to adopt, within the period prescribed, the laws, regulations and administrative provisions necessary to comply with Directive 2007/36/EC of the European Parliament and of the Council of 11 July 2007 on the exercise of certain rights of shareholders in listed companies, the Kingdom of Spain has failed to fulfil its obligations under Article 15 thereof;

2. Orders the Kingdom of Spain to pay the costs.