The European Parliament has approved amendments to the European Commission's proposal for reform of the Brussels I Regulation (EC/44/2001) (the Regulation). The Regulation establishes a set of EU rules that determine which court has jurisdiction in cross-border disputes and how court judgments issued in one EU Member State are recognised and enforced in another EU country.
The European Commission published its proposal for the reform of the Regulation in December 2010. It proposes, inter alia, to abolish the "exequatur" procedure which requires companies to first go through a costly and time-consuming procedure in courts to get a judgment in civil and commercial matters recognised in another EU country. (See our Client Bulletin of 18 January 2011 for more information).
The draft legislation will now pass to the Council for final adoption, which is expected to take place at the next Council of Justice Ministers in December 2012.