Regulation: A piece of legislation that regulates the EU and has direct effect for all EU citizens (of the member states).

Directive: Allows each Member State to adapt the regulation based on its legislation.

Law 11/2018 Obliges to report the EINFs. Report together with the annual accounts (financial statements), March and June, and submitted in July. There are no consequences for non-compliance under this law.

The Capital Companies Act, indicates that if there are breaches in the filing of the EINFs or EIFs, the directors (CEO and committee) can be held accountable.

Types of penalties: 5% of annual turnover, double the profits earned, or 10 million.