Loading ...The European Commission has decided to pursue infringement procedures against 12 member states for failure to implement into national law certain Internal Market Directives in the area of company law and corporate governance, the European Union executive announced in a press release.
The Commission will also send reasoned opinions to Belgium, Spain, Luxembourg, Portugal and Romania regarding the Directive simplifying the formation, maintenance and alteration of companies’ capital, and to the Czech Republic, Hungary, the Netherlands and Poland regarding a Directive on transparency obligations of listed companies.
A reasoned opinion is the second stage of the infringement procedure laid down in Article 226 of the EC Treaty. If there is no satisfactory reply within two months, the Commission may refer the matter to the European Court of Justice.
The Directive modifying the regime of formation, maintenance and alteration of companies’ capital was adopted in 2006. It aims at facilitating and simplifying the raising of capital and the restructuring of capital ownership in public limited liability companies. The Directive enables Member States, under certain conditions, to discharge companies from specific reporting requirements and to facilitate the restructuring of capital ownership.
It also provides for harmonised safeguards for creditors in the context of capital reduction. This Directive amends the 1976 Second Company Law Directive that co-ordinates national provisions on the formation of public limited liability companies, minimum share capital requirements, distributions to shareholders and increases and reductions in capital.
The 1976 Second Company Law Directive establishes the conditions to ensure that the capital of the company is maintained in the interest of creditors. Furthermore, it protects minority shareholders and states the principle that all shareholders who are in the same position should be treated equally.
The transposition deadline for the Directive was April 2008, the EC said in the press release.
The transposition deadline for the Directive was April 2008, the EC said in the press release.
Loading ...
Comentează acest articol