79The rules deriving from the combined application of Article 3(1) of Law 5/1995 and the royal decrees relating to the relevant undertakings in the petroleum, telecommunications and electricity sectors do not satisfy those criteria. The ‘assets or shareholdings necessary for the attainment of the undertaking's object and which are defined as such’, to which Article 3(l)(b) of Law 5/1995 refers, are precisely defined only in certain of the decrees. The voluntary winding-up, demerger or merger of the undertaking or a change in its object, to which subparagraphs (a) and (c) of Article 3(1) refer, are not, unlike the decisions at issue in Commission v Belgium (paragraph 50), decisions concerning specific management matters but decisions fundamental to the life of an undertaking. Similarly, the administrative authority's power to intervene is not in this case, as it was in the case relating to the Kingdom of Belgium, subject to any condition fettering the authority's discretion. The fact that it appears to be possible to bring legal proceedings against such decisions makes no difference to that finding, since neither the law nor the decrees at issue provide the national courts' with sufficiently precise criteria to enable them to review the way in which the administrative authority exercises its discretion.
Source: EUR-Lex, © European Union, 1998-2026. Reuse authorised under Decision 2011/833/EU.