E.C. To Investigate Tax-Exempt Savings Accounts

Law360, New York (June 7, 2006, 12:00 AM EDT) -- The European Commission is pursuing two investigations centered on so-called “savings books” distributed by three French banking networks, amid concerns that the way the books are distributed hinders competition and that past payments to one of the banking networks may violate E.C. prohibitions against state aid.

“Both sets of proceedings should be seen in the context of the Commission’s efforts to increase competition and widen consumer choice in the financial services sector” said Competition Commissioner Neelie Kroes.

In one case, the E.C. has initiated infringement proceedings...
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