Within the European Union, the granting of concessions by public bodies is subject to regulation. Works concessions have been subject to award rules for some time as Directive 2004/18/EC of the European Parliament and of the European Council on public procurement applied to works concessions, and the award of services concessions with a cross-border interest has been subject to the principles of the Treaty on the Functioning of the European Union. However, the European Parliament and the European Council issued a further Directive 2014/23/EU on the award of concession contracts on 26 February 2014,[4] which required EU member states to introduce national legislation covering the award of concession contracts in excess of EUR 5,186,000 awarded on or after 18 April 2016.