On November 19, 2015, the European Commission announced that it had referred Luxembourg to the Court of Justice of the EU for failing to transpose the EU Directive on reducing over-reliance on credit ratings into national legislation. The Directive was due to be transposed by all EU Member States by December 21, 2014. The referral follows a written notice served on Luxembourg by the Commission in January 2015 and an Opinion filed in June 2015. According to the Directive, investors should not overly rely on credit ratings when assessing the risks related to investments made by institutions for occupational retirement provision, Undertakings for the Collective Investment in Transferable Securities and Alternative Investment Funds.

The announcement is available at: http://europa.eu/rapid/press-release_IP-15-6010_en.htm