The European Commission has closed infringement proceedings against France after the French Government modified legislation banning sports clubs from raising capital from the public. Prior to amendment on 30 December 2006, French law forbade limited companies active in sports, including football clubs, from being listed on public stock markets, among other things. The Commission initially sent a reasoned opinion to France in December 2005, asserting that the French ban constituted an unjustified obstacle to the free movement of capital, and was thus inconsistent with the EC Treaty. As amended, the French legislation permits limited companies active in sports to raise capital from the public, including on stock markets. Finding the amendments satisfactory, the Commission announced on 24 January 2007 that it had closed its case against France.