The European Commission recently launched an in-depth consultation designed to review the EU company law framework with an emphasis on developing it for the future in light of the current economic, social and political climate. Comment is sought on the objectives and scope of EU company law, codification of the existing law, cross-border mobility, corporate groups and the capital maintenance regime.
On 20 February 2012, the European Commission launched an in-depth consultation (Consultation) concerning the development of EU company law. Matters on which views are sought include the objectives and scope of EU company law, codification of the existing law, cross-border mobility, corporate groups and the capital maintenance regime. The Consultation is designed to allow wide public participation to reveal and identify the strengths and weaknesses of existing legislation and the scope of desired amendments.
The European Commission believes that EU company law is essential to protect, and provide legal certainty to, shareholders, creditors and other stakeholders throughout the EU Member States. As such, it plays a key role in creating and maintaining the single market. Currently, EU company law consists of three regulations enabling the establishment of European Companies (SEs), European Economic Interest Groups (EEIGs) and European Cooperative Societies (SCEs), together with 15 directives which harmonise fundamental company rules across all EU Member States. Legal concepts, including takeover bids, mergers and divisions, shareholder rights, financial reporting and public company maintenance of capital, have been harmonised across the economic area, with a view to facilitate cross-border trade.
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