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European Corporate Law

Article-by-Article Commentary
Editors:
Publisher:
 2021

Summary

Die europäischen Richtlinien zum Gesellschaftsrecht haben zum Ziel, die Wettbewerbsfähigkeit von Unternehmen innerhalb der EU vergleichbar auszugestalten, Aktionäre sowie andere Wettbewerbersteilnehmende effektiv zu schützen und den Binnen- und Außenhandel zu erleichtern und abzusichern. Der neue Kommentar bietet eine fundierte Expertenanalyse zu allen rechtlichen Fragen rund um das EU-Gesellschaftsrecht.

Praxisnah dargestellt, untersuchen die Autorinnen und Autoren Artikel für Artikel die folgenden europäischen Richtlinien:

Richtlinie über bestimmte Aspekte des Gesellschaftsrechts (2017/1132/EU), einschließlich

- Publizität (frühere Publizitätsrichtlinie 2009/101/EG)

- Zweigniederlassungen (frühere Zweigniederlassungsrichtlinie 89/666/EWG)

- Kapitalschutz und Kapitaländerung (frühere Kapitalrichtlinie 2012/30/EU)

- Verschmelzung national und grenzüberschreitend (frühere Fusionsrichtlinie 2011/35/EU und frühere Verschmelzungs-Richtlinie 2005/56/EG)

- Spaltung national und grenzüberschreitend (frühere Spaltungsrichtlinie 82/891/EWG)

- Formwechsel grenzüberschreitend

Bilanzrichtlinie (2013/34/EU) und Abschlussprüferrichtlinie (2006/43/EG)

Richtlinie über Einzelunternehmen mit beschränkter Haftung (2009/102/EG)

Richtlinie über Übernahmeangebote (2004/25/EG)

Aktionärsrechterichtlinie (2007/36/EG)

Damit bietet der Kommentar für Gesellschaftsrechtler, Unternehmensjuristen, Anwaltskanzleien und alle grenzüberschreitend agierenden Unternehmen eine unentbehrliche Hilfe.

Autorinnen und Autoren:

Dr. Klaus Bader, NortonRoseFulbright, München | Dr. Martin Bialluch, Max-Planck Institut für ausländisches und internationales Privatrecht Hamburg | Dr. Andreas Börner, NortonRoseFulbright, München | Dr. Jan P. Brosius, LL.M. (King’s College London), VOIGT WUNSCH HOLLER, Hamburg | Larissa Furtwengler, MJC Rechtsanwälte, Mannheim | David Günther, Leuphana Law School Lüneburg | Dr. Simon Jobst, Maître en droit, Universität München | Prof. Dr. Dr. h.c. Peter Kindler, Universität München | Karsten Kühnle, NortonRoseFulbright, Frankfurt | Dr. Michael Lamsa, Taylor Wessing, Frankfurt/Main | Prof. Dr. Dieter Leuering, Flick Gocke Schaumburg, Bonn | Prof. Dr. Jan Lieder, LL.M. (Harvard), Universität Freiburg | Dr. Silja Maul, MJC Rechtsamwälte, Mannheim | Prof. Dr. Hanno Merkt, LL.M. (Chicago), Universität Freiburg | Dr. Tobias De Raet, lindenpartners, Berlin | Prof. Dr. Alexander Schall, M.Jur. (Oxon), Leuphana Law School Lüneburg.

Das Werk ist Teil der IEBL-Reihe: Kommentare zum Internationalen und Europäischen Wirtschaftsrecht: https://www.iebl.nomos.de

Keywords

Bibliographic data

Copyright year
2021
ISBN-Print
978-3-8487-3691-1
ISBN-Online
978-3-8452-7990-9
Publisher
Nomos, Baden-Baden
Language
English
Pages
1055
Product type
Edited Book

Table of contents

ChapterPages
  1. Titelei/Inhaltsverzeichnis No access I - XXII
  2. Peter Kindler
    1. Peter Kindler
      1. Peter Kindler
        1. 1. European corporate law at a crossroads No access Peter Kindler
        2. 2. The purpose of corporate law No access Peter Kindler
      2. II. Leading Legal Systems in Continental Europe and their Influence on EU Company Law No access Peter Kindler
      3. Peter Kindler
        1. Peter Kindler
          1. a) Capital structure No access Peter Kindler
          2. Peter Kindler
            1. (i) Supervision of the management No access Peter Kindler
            2. (ii) Employee participation at the board level No access Peter Kindler
          3. c) Protection of minority interests No access Peter Kindler
          4. d) External control No access Peter Kindler
        2. 2. Capital markets law No access Peter Kindler
        3. 3. Insolvency law No access Peter Kindler
        4. 4. Company conflicts of laws (‘international company law’) and fundamental freedoms No access Peter Kindler
        5. 5. Framework for the screening of investments from non-EU countries No access Peter Kindler
    2. Peter Kindler
      1. Peter Kindler
        1. 1. Limited liability companies No access Peter Kindler
        2. 2. The focus on the public limited liability company No access Peter Kindler
        3. 3. Companies from third Countries; ‘Brexit’ No access Peter Kindler
      2. Peter Kindler
        1. 1. Types of companies involved No access Peter Kindler
        2. Peter Kindler
          1. a) Validity, representation, disclosure, limited liability, capital and capital alterations No access Peter Kindler
          2. b) Harmonised Accounting Law (Financial Statements and Approved Auditors) No access Peter Kindler
        3. Peter Kindler
          1. a) Branches and cross-border conversions No access Peter Kindler
          2. b) Mergers and divisions No access Peter Kindler
          3. c) Takeover bids No access Peter Kindler
          4. Peter Kindler
            1. (i) Overview No access Peter Kindler
            2. (ii) Financial reporting No access Peter Kindler
            3. (iii) Transparency requirements in capital markets No access Peter Kindler
            4. (iv) The preliminary draft of a Group Law Directive No access Peter Kindler
            5. (v) Conclusion No access Peter Kindler
      3. Peter Kindler
        1. Peter Kindler
          1. a) Starting point No access Peter Kindler
          2. b) Low degree of ‘Europeanization’ of the small corporation No access Peter Kindler
          3. c) State of EU legal policy No access Peter Kindler
        2. Peter Kindler
          1. a) Overview No access Peter Kindler
          2. b) Shareholders’ Right to choose between monistic and dualistic management structure No access Peter Kindler
          3. c) Capital maintenance and capital alterations No access Peter Kindler
        3. Peter Kindler
          1. a) The EU Green Paper ‘European corporate governance framework’ No access Peter Kindler
          2. b) ‘Reflection Group’ and Action Plan 2012 No access Peter Kindler
        4. Peter Kindler
          1. a) European Economic Interest Grouping (EEIG) No access Peter Kindler
          2. b) European Company (Societas Europaea – SE) No access Peter Kindler
          3. c) European Cooperative Society (Societas Cooperativa Europaea – SCE) No access Peter Kindler
          4. d) European private company (SPE) No access Peter Kindler
          5. e) Single-membered Company (SUP) No access Peter Kindler
    3. Peter Kindler
      1. Peter Kindler
        1. Peter Kindler
          1. a) Primary Law of the European Union (Treaty Law) No access Peter Kindler
          2. b) Secondary Law of the European Union (Legislation) No access Peter Kindler
        2. 2. The Member States’ level No access Peter Kindler
      2. Peter Kindler
        1. 1. EU conform interpretation of national law; primacy of application of EU law No access Peter Kindler
        2. Peter Kindler
          1. a) Principle of Conferral No access Peter Kindler
          2. b) The Influence of Majority Requirements No access Peter Kindler
        3. 3. The interpretation of European (secondary) company law No access Peter Kindler
      3. Peter Kindler
        1. Peter Kindler
          1. a) Freedom of establishment and of capital movements as the fundamental freedoms governing company law No access Peter Kindler
          2. b) Conditions of application and effects No access Peter Kindler
        2. Peter Kindler
          1. a) Full harmonisation vs. minimum harmonisation No access Peter Kindler
          2. b) Direct effect No access Peter Kindler
        1. Peter Kindler
          1. Peter Kindler
            1. 1. Overview No access Peter Kindler
            2. 2. Goal of the codification No access Peter Kindler
          2. Peter Kindler
            1. 1. Formation of public limited liability companies; maintenance and alteration of their capital No access Peter Kindler
            2. 2. Disclosure, validity of obligations and the nullity of companies limited by shares No access Peter Kindler
            3. 3. Online formation of companies and registration of branches; online filing of documents and information No access Peter Kindler
            4. 4. Disclosure requirements in respect of branches No access Peter Kindler
            5. 5. Internal mergers of public limited liability companies No access Peter Kindler
            6. 6. Cross-border conversions, cross-border mergers and cross-border divisions of limited liability companies No access Peter Kindler
            7. 7. Internal division of public limited liability companies No access Peter Kindler
          1. Jan P. Brosius
            1. I. Overview No access Jan P. Brosius
            2. II. Historical Background No access Jan P. Brosius
            3. III. Scope of Company Types No access Jan P. Brosius
            4. IV. Name of the Company No access Jan P. Brosius
            5. V. Exceptions No access Jan P. Brosius
          2. Jan P. Brosius
            1. I. Overview No access Jan P. Brosius
            2. II. Purpose No access Jan P. Brosius
            3. III. Historical Background No access Jan P. Brosius
            4. Jan P. Brosius
              1. 1. The statutes or the instrument of incorporation of the company No access Jan P. Brosius
              2. Jan P. Brosius
                1. a) The type and name of the company No access Jan P. Brosius
                2. b) The objects of the company No access Jan P. Brosius
                3. c) The amount of the subscribed capital No access Jan P. Brosius
                4. d) The amount of the authorised capital No access Jan P. Brosius
                5. e) Information regarding the company’s bodies and its members No access Jan P. Brosius
                6. f) The duration of the company, except where this is indefinite No access Jan P. Brosius
            5. V. Legal Consequences No access Jan P. Brosius
            6. VI. Minimum Provision No access Jan P. Brosius
            7. VII. Direct application No access Jan P. Brosius
          3. Jan P. Brosius
            1. I. Overview No access Jan P. Brosius
            2. II. Purpose No access Jan P. Brosius
            3. III. Historical Background No access Jan P. Brosius
            4. Jan P. Brosius
              1. 1. Separate document No access Jan P. Brosius
              2. 2. Information to be provided No access Jan P. Brosius
            5. V. Legal Consequences No access Jan P. Brosius
            6. VI. Minimum Provision No access Jan P. Brosius
            7. VII. Direct Application No access Jan P. Brosius
          4. Jan P. Brosius
            1. I. Historical Background No access Jan P. Brosius
            2. II. Purpose No access Jan P. Brosius
            3. III. Scope No access Jan P. Brosius
            4. IV. Exception No access Jan P. Brosius
            5. V. Direct application No access Jan P. Brosius
          5. Jan P. Brosius
            1. I. Overview No access Jan P. Brosius
            2. II. Historical Background No access Jan P. Brosius
            3. III. Purpose No access Jan P. Brosius
            4. IV. Material scope No access Jan P. Brosius
            5. V. Minimum Provision No access Jan P. Brosius
            6. VI. Direct Effect No access Jan P. Brosius
          1. Alexander Schall, David Günther
            1. Alexander Schall, David Günther
              1. 1. First Directive 68/151/EEC No access Alexander Schall, David Günther
              2. 2. Amending Directive 2003/58/EC – Electronic Register No access Alexander Schall, David Günther
              3. 3. Codification 2009/101/EC No access Alexander Schall, David Günther
              4. 4. Amending Directive 2012/17/EU – Connection of the European registers No access Alexander Schall, David Günther
              5. 5. Consolidation Directive 2017/1132/EU – Unification of company directives No access Alexander Schall, David Günther
              6. 6. Amendment Directive 2019/1151/EU – Company Law Package No access Alexander Schall, David Günther
            2. Alexander Schall, David Günther
              1. 1. Scope No access Alexander Schall, David Günther
              2. 2. Validity of obligations entered into by a company No access Alexander Schall, David Günther
              3. 3. Nullity of the company No access Alexander Schall, David Günther
              4. 4. Disclosure No access Alexander Schall, David Günther
              5. 5. Online formation No access Alexander Schall, David Günther
          2. Alexander Schall, David Günther
            1. I. Overview Article 7 para. 1 No access Alexander Schall, David Günther
            2. II. Scope of the Addressed Companies No access Alexander Schall, David Günther
            3. III. Overview Article 7 para. 2 No access Alexander Schall, David Günther
            4. IV. Underlying National Law No access Alexander Schall, David Günther
            5. V. Specification of the Pre-Incorporation Period No access Alexander Schall, David Günther
            6. VI. Examples of Member State Laws Regulating the Pre-Incorporation Period No access Alexander Schall, David Günther
          3. Alexander Schall, David Günther
            1. I. Overview No access Alexander Schall, David Günther
            2. II. Determination of Irregularities No access Alexander Schall, David Günther
            3. III. Lex Specialis No access Alexander Schall, David Günther
          4. Alexander Schall, David Günther
            1. I. Overview No access Alexander Schall, David Günther
            2. II. Organs of the Company No access Alexander Schall, David Günther
            3. III. Third Party No access Alexander Schall, David Günther
            4. Alexander Schall, David Günther
              1. 1. Restrictions via the objects (Art 9 para. 1) No access Alexander Schall, David Günther
              2. Alexander Schall, David Günther
                1. a) Exception for abuse of power of representation No access Alexander Schall, David Günther
                2. b) Conflict of interest No access Alexander Schall, David Günther
            5. V. Personal Allocation of Power of Representation by the Articles (Art 9 para. 3) No access Alexander Schall, David Günther
          5. Alexander Schall, David Günther
            1. I. Overview No access Alexander Schall, David Günther
            2. II. Minimum Standard of Official Examination No access Alexander Schall, David Günther
          6. Alexander Schall, David Günther
            1. I. Overview No access Alexander Schall, David Günther
            2. II. Grounds for Nullity No access Alexander Schall, David Günther
          7. Alexander Schall, David Günther
            1. I. Overview No access Alexander Schall, David Günther
            2. II. Effects of Nullity No access Alexander Schall, David Günther
          1. Foreword to Arts 13-28 Foreword to Arts 13-28 No access 110 - 110 Alexander Schall, David Günther, Michael Lamsa
          2. Article 13 Scope No access 110 - 111 Alexander Schall, David Günther, Michael Lamsa
          3. Article 13 a Definitions No access 111 - 111
          4. Alexander Schall, David Günther, Michael Lamsa
            1. I. Overview No access Alexander Schall, David Günther, Michael Lamsa
            2. II. Citizen of the European Union as Applicant (para. 1) No access Alexander Schall, David Günther, Michael Lamsa
            3. III. Means of Identification (para. 1 to 3) No access Alexander Schall, David Günther, Michael Lamsa
            4. IV. Personal Presence as Exception (para. 4) No access Alexander Schall, David Günther, Michael Lamsa
          5. Article 13 c General provisions on online procedures No access 114 - 114 Alexander Schall, David Günther, Michael Lamsa
          6. Article 13 d Fees for online procedures No access 114 - 115 Alexander Schall, David Günther, Michael Lamsa
          7. Article 13 e Payments No access 115 - 115 Alexander Schall, David Günther, Michael Lamsa
          8. Article 13 f Information requirements No access 115 - 116 Alexander Schall, David Günther, Michael Lamsa
          1. Alexander Schall, David Günther, Michael Lamsa
            1. I. Overview No access Alexander Schall, David Günther, Michael Lamsa
            2. II. Addressed Companies No access Alexander Schall, David Günther, Michael Lamsa
            3. III. Necessary Regulation Points for the Online Formation No access Alexander Schall, David Günther, Michael Lamsa
            4. IV. Further Simplification of the Online Formation No access Alexander Schall, David Günther, Michael Lamsa
            5. V. Physical Presence in Individual Cases No access Alexander Schall, David Günther, Michael Lamsa
          2. Alexander Schall, David Günther, Michael Lamsa
            1. I. Overview No access Alexander Schall, David Günther, Michael Lamsa
            2. II. Use of Templates (para. 1) No access Alexander Schall, David Günther, Michael Lamsa
            3. III. Relationship with Art 10 (para. 2) No access Alexander Schall, David Günther, Michael Lamsa
            4. IV. Language of the Template (para. 3) No access Alexander Schall, David Günther, Michael Lamsa
          3. Article 13 i Disqualified directors No access 123 - 124 Alexander Schall, David Günther, Michael Lamsa
          4. Article 13 j Online filing of company documents and information No access 124 - 125 Alexander Schall, David Günther, Michael Lamsa
          5. Alexander Schall, David Günther, Michael Lamsa
            1. I. Overview No access Alexander Schall, David Günther, Michael Lamsa
            2. Alexander Schall, David Günther, Michael Lamsa
              1. 1. Lit a) instrument of constitution, including the statutes lit b) amendments lit c) consolidated form No access Alexander Schall, David Günther, Michael Lamsa
              2. 2. Lit d) members of the body No access Alexander Schall, David Günther, Michael Lamsa
              3. 3. Lit e) capital No access Alexander Schall, David Günther, Michael Lamsa
              4. 4. Lit f) accounting documents No access Alexander Schall, David Günther, Michael Lamsa
              5. 5. Lit g) change of the company seat No access Alexander Schall, David Günther, Michael Lamsa
              6. 6. Lit h-k) winding up, nullity, termination of the liquidation No access Alexander Schall, David Günther, Michael Lamsa
          6. Article 15 Changes in documents and particulars No access 129 - 129 Alexander Schall, David Günther, Michael Lamsa
          7. Alexander Schall, David Günther, Michael Lamsa
            1. I. Overview No access Alexander Schall, David Günther, Michael Lamsa
            2. II. European Unique Identifier (EUID) No access Alexander Schall, David Günther, Michael Lamsa
            3. III. Publication (Art 16 para. 3 and 4) No access Alexander Schall, David Günther, Michael Lamsa
            4. IV. Effects of disclosure (Art 16 para. 5 and 6) No access Alexander Schall, David Günther, Michael Lamsa
          8. Article 16 a Access to disclosed information No access 135 - 136 Alexander Schall, David Günther, Michael Lamsa
          9. Article 17 Up-to-date information on national law with regard to the rights of third parties No access 136 - 136 Alexander Schall, David Günther, Michael Lamsa
          10. Article 18 Availability of electronic copies of documents and particulars No access 136 - 137 Alexander Schall, David Günther, Michael Lamsa
          11. Article 19 Fees chargeable for documents and information No access 137 - 138 Alexander Schall, David Günther, Michael Lamsa
          12. Article 20 Information on the opening and termination of winding-up or insolvency proceedings and on striking-off of a company from the register No access 138 - 138 Alexander Schall, David Günther, Michael Lamsa
          13. Article 21 Language of disclosure and translation of documents and particulars to be disclosed No access 138 - 139 Alexander Schall, David Günther, Michael Lamsa
          14. Article 22 System of interconnection of registers No access 139 - 139 Alexander Schall, David Günther, Michael Lamsa
          15. Article 23 Development and operation of the platform No access 139 - 140 Alexander Schall, David Günther, Michael Lamsa
          16. Article 24 Implementing acts No access 140 - 141 Alexander Schall, David Günther, Michael Lamsa
          17. Article 25 Financing No access 141 - 142 Alexander Schall, David Günther, Michael Lamsa
          18. Alexander Schall, David Günther, Michael Lamsa
            1. I. Overview No access Alexander Schall, David Günther, Michael Lamsa
            2. II. Particulars in Letters, Order Forms and on the Company Website No access Alexander Schall, David Günther, Michael Lamsa
          19. Article 27 Persons carrying out disclosure formalities No access 143 - 143 Alexander Schall, David Günther, Michael Lamsa
          20. Article 28 Penalties No access 143 - 144 Alexander Schall, David Günther, Michael Lamsa
          1. Peter Kindler
            1. Peter Kindler
              1. 1. Goal of Arts 28a-42 Company Law Directive; exhaustive nature No access Peter Kindler
              2. 2. Legislative history No access Peter Kindler
              3. 3. Scope of application (Arts 29, 36 and 42) No access Peter Kindler
            2. Peter Kindler
              1. 1. Means and effects of disclosure (Arts 29 and 35, 36 and 39) No access Peter Kindler
              2. Peter Kindler
                1. a) Branches of companies from another member state No access Peter Kindler
                2. b) Branches of companies from third countries No access Peter Kindler
          2. Peter Kindler, Simon Jobst
            1. Peter Kindler, Simon Jobst
              1. 1. Overview No access Peter Kindler, Simon Jobst
              2. 2. Scope of application No access Peter Kindler, Simon Jobst
            2. Peter Kindler, Simon Jobst
              1. 1. Elimination of the need of physical presence of the applicant No access Peter Kindler, Simon Jobst
              2. 2. Exception: requirement of physical presence No access Peter Kindler, Simon Jobst
              3. 3. Optional involvement of a notary (Article 28a(4)(d)) No access Peter Kindler, Simon Jobst
              4. 4. Use of previously submitted documents and information No access Peter Kindler, Simon Jobst
              5. 5. Verification of information via the BRIS (Article 28a(5) subpara 1) No access Peter Kindler, Simon Jobst
              6. 6. Licenses and authorisations (Article 28a(5) subpara 2) No access Peter Kindler, Simon Jobst
            3. III. Duration of the Registration Procedure (Article 28a(6)) No access Peter Kindler, Simon Jobst
            4. Peter Kindler, Simon Jobst
              1. 1. Duty to inform (Article 28a(7) sentence 1) No access Peter Kindler, Simon Jobst
              2. 2. Duty to acknowledge receipt and record (Article 28a(7) sentence 2) No access Peter Kindler, Simon Jobst
            5. V. Disqualified Directors: Application of Article 13 i? No access Peter Kindler, Simon Jobst
          3. Peter Kindler, Simon Jobst
            1. Peter Kindler, Simon Jobst
              1. 1. Overview No access Peter Kindler, Simon Jobst
              2. 2. Goal No access Peter Kindler, Simon Jobst
            2. Peter Kindler, Simon Jobst
              1. 1. Elimination of the need of physical presence of the applicant (Article 28b(1) sentence 1) No access Peter Kindler, Simon Jobst
              2. 2. Exception: requirement of physical presence (Article 28b(1) sentence 2) No access Peter Kindler, Simon Jobst
              3. 3. Application of the rules regarding the online registration of branches (Art 28a(2)–(5)) No access Peter Kindler, Simon Jobst
              4. 4. (Partial) duty to file documents online (Article 28b(3)) No access Peter Kindler, Simon Jobst
          4. Peter Kindler
            1. Peter Kindler
              1. 1. Systematic position and background No access Peter Kindler
              2. 2. Goal No access Peter Kindler
            2. II. Duty to Inform (Article 28 c Sentence 1) No access Peter Kindler
            3. III. Duty to Acknowledge Receipt and Record (Article 28 c Sentence 2) No access Peter Kindler
          5. Peter Kindler
            1. Peter Kindler
              1. 1. Overview No access Peter Kindler
              2. 2. Background No access Peter Kindler
            2. Peter Kindler
              1. 1. Items to disclose No access Peter Kindler
              2. 2. Branch opened in a Member State No access Peter Kindler
              3. 3. Types of companies addressed and lex societatis No access Peter Kindler
              4. 4. Disclosure duties and penalties in the event of failure to disclose No access Peter Kindler
            3. III. Diverging Disclosure Requirements (Article 29(2)) No access Peter Kindler
            4. IV. The Publication of Documents and Particulars within the System of Interconnection of Registers (Article 29(3) and (4)) No access Peter Kindler
          6. Peter Kindler
            1. Peter Kindler
              1. 1. Overview No access Peter Kindler
              2. 2. Background No access Peter Kindler
            2. Peter Kindler
              1. Peter Kindler
                1. a) Address of the branch No access Peter Kindler
                2. b) Activities of the branch No access Peter Kindler
                3. c) Register and registration number of the company No access Peter Kindler
                4. d) Name and legal form of the company; name of the branch No access Peter Kindler
                5. e) Persons authorised to represent the company No access Peter Kindler
                6. f) Winding-up and insolvency of the company No access Peter Kindler
                7. g) Accounting documents No access Peter Kindler
                8. h) Closure of the branch No access Peter Kindler
              2. Peter Kindler
                1. a) The Signature of any Person Having the Power to Represent the Company No access Peter Kindler
                2. b) Instruments of constitution; memorandum and articles of association No access Peter Kindler
                3. c) Attestation from the register relating to the existence of the company No access Peter Kindler
                4. d) Securities on the company's property No access Peter Kindler
            3. III. Exhaustive nature of the lists of items of disclosure? No access Peter Kindler
          7. Peter Kindler
            1. Peter Kindler
              1. 1. Overview; goals of the provision No access Peter Kindler
              2. 2. Background No access Peter Kindler
            2. Peter Kindler
              1. Peter Kindler
                1. a) The company’s name (Art 30 a subpara 1 (a)) No access Peter Kindler
                2. b) The company’s registered office (Art 30 a subpara 1 (b)) No access Peter Kindler
                3. c) The company’s registration number in the register (Art 30 a subpara 1 (c)) No access Peter Kindler
                4. d) The company’s legal form (Art 30 a subpara 1 (d)) No access Peter Kindler
                5. e) Documents and information related to the representatives of the company and to accounting documents Art 30 a subpara 1 (e) No access Peter Kindler
              2. 2. The ex officio notification to the register of the branch and the update of the branch register: procedural steps (Article 30 a subpara 1 and 2) No access Peter Kindler
          8. Peter Kindler
            1. Peter Kindler
              1. 1. Overview No access Peter Kindler
              2. 2. Background No access Peter Kindler
            2. II. Limits on the Compulsory Disclosure of Accounting Documents (Article 31 Subpara 1) No access Peter Kindler
            3. III. Member States’ Option to Not Provide for Disclosure of Accounting Documents (Article 31 Subpara 2) No access Peter Kindler
          9. Peter Kindler
            1. Peter Kindler
              1. 1. Overview No access Peter Kindler
              2. 2. Background No access Peter Kindler
            2. II. The Member States’ Option as regards the Language of the Instruments of Constitution and the Accounting Documents No access Peter Kindler
          10. Peter Kindler
            1. Peter Kindler
              1. 1. Overview No access Peter Kindler
              2. 2. Background No access Peter Kindler
            2. II. The Companies’ Choice in favour of One of Several Branch Registers (Article 33 Subpara 1) No access Peter Kindler
            3. III. Compulsory Disclosure by the Other Branches (Article 33 Subpara 2) No access Peter Kindler
          11. Peter Kindler
            1. Peter Kindler
              1. 1. Overview No access Peter Kindler
              2. 2. Background No access Peter Kindler
            2. II. Application of Article 20 by Analogy (Article 34(1)) No access Peter Kindler
            3. Peter Kindler
              1. 1. Update of the register of the branch No access Peter Kindler
              2. 2. Companies that have been struck off the register but which have a ‘legal successor’ No access Peter Kindler
          12. Peter Kindler
            1. Peter Kindler
              1. 1. Overview No access Peter Kindler
              2. 2. Background No access Peter Kindler
            2. II. The Means of Disclosure No access Peter Kindler
            3. Peter Kindler
              1. 1. The information prescribed by Art 26 No access Peter Kindler
              2. 2. Register of the branch and number No access Peter Kindler
          1. Peter Kindler
            1. Peter Kindler
              1. 1. Overview No access Peter Kindler
              2. 2. Background No access Peter Kindler
            2. Peter Kindler
              1. 1. Items to disclose No access Peter Kindler
              2. 2. Branch opened in a Member State No access Peter Kindler
              3. 3. Types of companies addressed and lex societatis No access Peter Kindler
              4. 4. Disclosure duties and penalties in the event of failure to disclose No access Peter Kindler
            3. III. Diverging Disclosure Requirements (Article 36(2)) No access Peter Kindler
          2. Peter Kindler
            1. Peter Kindler
              1. 1. Overview No access Peter Kindler
              2. 2. Background No access Peter Kindler
            2. Peter Kindler
              1. Peter Kindler
                1. a) Address of the branch No access Peter Kindler
                2. b) Activities of the branch No access Peter Kindler
                3. c) Law of the State by which the company is governed No access Peter Kindler
                4. d) Register and registration number of the company No access Peter Kindler
                5. e) Instruments of constitution; memorandum and articles of association No access Peter Kindler
                6. f) Legal form of the company and other items No access Peter Kindler
                7. g) Name of the company; name of the branch No access Peter Kindler
                8. h) Persons authorised to represent the company No access Peter Kindler
                9. i) Winding-up and insolvency of the company No access Peter Kindler
                10. j) Accounting documents No access Peter Kindler
                11. k) Closure of the branch No access Peter Kindler
              2. 2. Directors’ duties and qualification No access Peter Kindler
          3. Peter Kindler
            1. Peter Kindler
              1. 1. Overview No access Peter Kindler
              2. 2. Background No access Peter Kindler
            2. II. Compulsory Disclosure of Accounting Documents pursuant to the Law of the State which Governs the Company (Article 38 Para. 1 Sentence 1) No access Peter Kindler
            3. III. Member States’ Option to Provide for Accounting Documents relating to the Activities of the Branch (Article 38 Para. 1 Sentence 2) No access Peter Kindler
            4. IV. Language of Disclosure and Translation of Documents to Be Disclosed (Article 38 Para. 2 Read with Art 32) No access Peter Kindler
            5. V. Multiple Branches (Article 38 Para. 2 Read with Art 33) No access Peter Kindler
          4. Peter Kindler
            1. Peter Kindler
              1. 1. Overview No access Peter Kindler
              2. 2. Background No access Peter Kindler
            2. II. The Means of Disclosure No access Peter Kindler
            3. Peter Kindler
              1. 1. Register of the branch and number (Article 39 sentence 1) No access Peter Kindler
              2. 2. Register of the company and registration number (Article 39 sentence 2) No access Peter Kindler
          1. Peter Kindler
            1. Peter Kindler
              1. 1. Overview No access Peter Kindler
              2. 2. Background No access Peter Kindler
            2. Peter Kindler
              1. 1. Failure to disclose No access Peter Kindler
              2. 2. Omission of particulars from letters and order forms No access Peter Kindler
            3. Peter Kindler
              1. 1. Fines or penalty payments No access Peter Kindler
              2. 2. Personal liability of the persons who acted for the company No access Peter Kindler
          2. Peter Kindler
            1. Peter Kindler
              1. 1. Overview No access Peter Kindler
              2. 2. Background No access Peter Kindler
            2. Peter Kindler
              1. 1. TEU requirements No access Peter Kindler
              2. 2. The single categories of persons No access Peter Kindler
          3. Peter Kindler
            1. Peter Kindler
              1. 1. Overview No access Peter Kindler
              2. 2. Background No access Peter Kindler
            2. II. Disclosure of Accounting Documents of Credit Institutions and Financial Institutions (Article 42(1)) No access Peter Kindler
            3. III. Disclosure of Accounting Documents of Insurance Companies (Article 42(2)) No access Peter Kindler
          4. Article 43 Contact Committee No access 204 - 204 Peter Kindler
        1. Jan P. Brosius
          1. I. Historical Background No access Jan P. Brosius
          2. II. Amendments No access Jan P. Brosius
          3. III. Ratio legis No access Jan P. Brosius
          4. Jan P. Brosius
            1. 1. Public limited liability companies No access Jan P. Brosius
            2. 2. Material scope and structure No access Jan P. Brosius
            3. 3. Legal relationship between shareholders and company No access Jan P. Brosius
            4. 4. Exemption of liquidation measures No access Jan P. Brosius
            5. 5. Exemption of groups of companies No access Jan P. Brosius
            6. 6. Primacy of issuer liability No access Jan P. Brosius
          5. V. Interpretation of the Provisions Derived from the Second Directive No access Jan P. Brosius
          6. VI. Minimum Protection and Scope for Divergent National Legislation No access Jan P. Brosius
          7. VII. Incomprehensive Regime / effet utile No access Jan P. Brosius
          8. VIII. Direct Applicability / Direct Effect No access Jan P. Brosius
          1. Jan P. Brosius
            1. I. Overview No access Jan P. Brosius
            2. II. Historical Background No access Jan P. Brosius
            3. III. Scope of Company Types No access Jan P. Brosius
            4. IV. Exceptions No access Jan P. Brosius
          2. Jan P. Brosius
            1. I. Overview No access Jan P. Brosius
            2. II. Historical Background No access Jan P. Brosius
            3. III. Minimum Capital No access Jan P. Brosius
            4. IV. Examination and Amendment of Minimum Capital No access Jan P. Brosius
            5. V. Amount Provided for in the Member States No access Jan P. Brosius
          3. Jan P. Brosius
            1. I. Historical Background No access Jan P. Brosius
            2. II. Limitation to Assets Capable of Economic Assessment No access Jan P. Brosius
            3. III. Exclusion of Undertaking to Perform Work or Supply Services No access Jan P. Brosius
          4. Jan P. Brosius
            1. I. Historical Background No access Jan P. Brosius
            2. Jan P. Brosius
              1. 1. No issue at a discount No access Jan P. Brosius
              2. 2. The concept of share capital No access Jan P. Brosius
            3. III. Exception No access Jan P. Brosius
            4. IV. Direct Application No access Jan P. Brosius
            5. V. Reform Efforts No access Jan P. Brosius
          5. Jan P. Brosius
            1. I. Overview No access Jan P. Brosius
            2. II. Historical Background No access Jan P. Brosius
            3. III. Distinction Between Contribution in Cash and Contribution in Kind No access Jan P. Brosius
            4. IV. Time of Payment or Provision No access Jan P. Brosius
            5. V. Premium No access Jan P. Brosius
            6. VI. Exception No access Jan P. Brosius
            7. VII. Minimum Protection No access Jan P. Brosius
            8. VIII. Direct Application No access Jan P. Brosius
          1. Jan P. Brosius
            1. I. Overview No access Jan P. Brosius
            2. II. Historical Background No access Jan P. Brosius
            3. III. Purpose No access Jan P. Brosius
            4. IV. Material Scope No access Jan P. Brosius
            5. V. Publication of the Report No access Jan P. Brosius
            6. VI. Legally Binding Effect and Judicial Review No access Jan P. Brosius
            7. Jan P. Brosius
              1. 1. Intragroup incorporations No access Jan P. Brosius
              2. 2. Formation by way of merger or division No access Jan P. Brosius
              3. 3. Article 84 (3) No access Jan P. Brosius
            8. VIII. Minimum Protection and Scope for National Legislation No access Jan P. Brosius
            9. IX. Direct Application No access Jan P. Brosius
          2. Jan P. Brosius
            1. I. Overview No access Jan P. Brosius
            2. II. Historical Background and Rationale No access Jan P. Brosius
            3. III. Transferable Securities and Money-Market Instruments No access Jan P. Brosius
            4. IV. Assets Subject to Recent Valuation No access Jan P. Brosius
            5. V. Value Derived from Statutory Accounts No access Jan P. Brosius
            6. VI. Direct Application No access Jan P. Brosius
          3. Jan P. Brosius
            1. I. Overview No access Jan P. Brosius
            2. II. Historical Background No access Jan P. Brosius
            3. III. Purpose No access Jan P. Brosius
            4. IV. Exception Pursuant to Article 50 No access Jan P. Brosius
            5. V. Capital Increase and Authorised Capital No access Jan P. Brosius
            6. VI. Safeguards No access Jan P. Brosius
            7. VII. Minimum Provision No access Jan P. Brosius
            8. VIII. Direct Application No access Jan P. Brosius
          4. Jan P. Brosius
            1. I. Overview No access Jan P. Brosius
            2. II. Historical Background No access Jan P. Brosius
            3. III. Purpose No access Jan P. Brosius
            4. IV. Material Scope No access Jan P. Brosius
            5. V. Application of Articles 50 and 51 No access Jan P. Brosius
            6. VI. Exceptions No access Jan P. Brosius
            7. VII. Minimum Protection and Scope for National Legislation No access Jan P. Brosius
            8. VIII. General Principles on Circumvention of the Law No access Jan P. Brosius
            9. IX. Minimum Provision No access Jan P. Brosius
            10. X. Direct Application No access Jan P. Brosius
          5. Jan P. Brosius
            1. I. Historical Background No access Jan P. Brosius
            2. II. Purpose No access Jan P. Brosius
            3. III. No Release from the Obligation to Pay Up Contributions No access Jan P. Brosius
            4. IV. Direct Application No access Jan P. Brosius
          6. Jan P. Brosius
            1. I. Historical Background No access Jan P. Brosius
            2. II. Conversion of Another Type of Company No access Jan P. Brosius
            3. III. Minimum Provision No access Jan P. Brosius
            4. IV. Direct Application No access Jan P. Brosius
          7. Jan P. Brosius
            1. I. Historical Background No access Jan P. Brosius
            2. II. No Modification of the Statutes or of the Instrument of Incorporation No access Jan P. Brosius
          1. Jan P. Brosius
            1. I. Overview No access Jan P. Brosius
            2. II. Historical Background No access Jan P. Brosius
            3. III. Purpose No access Jan P. Brosius
            4. IV. Prohibition of Unlawful Distributions No access Jan P. Brosius
            5. V. Deduction of Uncalled Amounts of Subscribed Capital No access Jan P. Brosius
            6. VI. Maximum Distribution No access Jan P. Brosius
            7. VII. Interim Dividends No access Jan P. Brosius
            8. VIII. Increases in Subscribed Capital by Capitalisation of Reserves No access Jan P. Brosius
            9. IX. Derogation Rules for Investment Companies with Fixed Capital No access Jan P. Brosius
            10. X. Derogation for Groups No access Jan P. Brosius
            11. XI. Issuer Liability No access Jan P. Brosius
            12. XII. Minimum Protection and Scope for National Legislation No access Jan P. Brosius
            13. XIII. Direct Application No access Jan P. Brosius
          2. Jan P. Brosius
            1. I. Overview No access Jan P. Brosius
            2. II. Historical Background No access Jan P. Brosius
            3. III. Scope No access Jan P. Brosius
            4. IV. Knowledge or Negligent Unawareness of Shareholder No access Jan P. Brosius
            5. V. Burden of Proof No access Jan P. Brosius
            6. VI. Limitation Period No access Jan P. Brosius
            7. VII. Minimum Provision and Scope for National Legislature No access Jan P. Brosius
            8. VIII. Direct Application No access Jan P. Brosius
          3. Jan P. Brosius
            1. I. Historical Background No access Jan P. Brosius
            2. II. Purpose No access Jan P. Brosius
            3. III. Serious Loss of the Subscribed Capital No access Jan P. Brosius
            4. IV. Convening of the General Meeting No access Jan P. Brosius
            5. V. Duties of the General Meeting No access Jan P. Brosius
            6. VI. Exceptions No access Jan P. Brosius
            7. VII. Breach No access Jan P. Brosius
            8. VIII. Minimum Protection and Scope No access Jan P. Brosius
            9. IX. Direct Application No access Jan P. Brosius
            1. I. Overview No access
            2. II. Historical Background No access
            3. III. Purpose No access
            4. IV. Prohibition of the Subscription of Own Shares No access
            5. V. Liability of Founders or Members of the Administrative or Management Body No access
            6. VI. Direct Application No access
            1. I. Overview No access
            2. II. Historical Background No access
            3. III. Purpose No access
            4. IV. Scope No access
            5. V. Equal Treatment and Market Abuse No access
              1. 1. Optional conditions No access
              2. 2. Exceptions No access
            7. VII. Minimum Provision and Scope of Discretion No access
            8. VIII. Direct Application No access
            1. I. Overview No access
            2. II. Historical Background No access
            3. III. Purpose No access
            4. IV. Exceptions Provided for under Article 61 (1) No access
            5. V. Period of disposal and cancellation No access
            1. I. Historical Background No access
            2. II. Purpose No access
            3. III. Scope No access
            4. IV. Minimum Provision No access
            5. V. Direct Application No access
            1. I. Overview No access
            2. II. Historical Background No access
            3. III. Purpose No access
            4. IV. Scope No access
            5. V. Unlawfully Acquired Shares No access
            6. VI. Minimum Provision No access
            7. VII. Direct Application No access
            1. I. Overview No access
            2. II. Historical Background No access
            3. III. Purpose No access
                1. a) Advance funds No access
                2. b) Make loans No access
                3. c) Provide security No access
                4. d) Other means of financial assistance No access
                5. e) Neutral and advantageous transactions No access
                6. f) Direct or indirectly No access
                7. g) With a view to the acquisition of its own shares No access
              2. 2. Relation to other provisions No access
                1. a) Responsibility of the administrative or management body No access
                2. b) Fair market conditions No access
                3. c) Credit standing of third party No access
                4. d) Written report by the administrative or management body No access
                5. e) Prior approval of general meeting No access
                6. f) Reserve No access
                7. g) No reduction of net assets below Article 17 (1) and (2) No access
                8. h) Acquisition of own shares at a fair price No access
                9. i) Exceptions No access
            5. V. Contesting the General Meeting’s Decision No access
            6. VI. Minimum Provision No access
            7. VII. Direct Application No access
            1. I. Overview No access
            2. II. Historical Background No access
            3. III. Purpose No access
            4. IV. Scope No access
            5. V. Minimum Provision No access
            6. VI. Direct Application No access
            1. I. Overview No access
            2. II. Historical Background No access
            3. III. Purpose No access
            4. IV. Scope No access
            5. V. Exceptions No access
            6. VI. Minimum Provision No access
            7. VII. Direct Application No access
            1. I. Overview No access
            2. II. History No access
            3. III. Purpose No access
            4. IV. Scope No access
            5. V. Exemptions No access
            6. VI. Minimum Provision No access
            7. VII. Direct Application No access
          1. Jan P. Brosius
            1. I. Overview No access Jan P. Brosius
            2. II. Historical Background No access Jan P. Brosius
            3. III. Purpose No access Jan P. Brosius
            4. IV. Scope No access Jan P. Brosius
            5. V. Competence of General Meeting No access Jan P. Brosius
            6. VI. Several Classes of Shares No access Jan P. Brosius
            7. VII. Abuse of Law No access Jan P. Brosius
            8. VIII. Authorised Capital No access Jan P. Brosius
            9. IX. Convertible Securities and Option Bonds No access Jan P. Brosius
            10. X. Exceptions and Derogations No access Jan P. Brosius
            11. XI. Minimum Provision No access Jan P. Brosius
            12. XII. Direct Effect No access Jan P. Brosius
          2. Jan P. Brosius
            1. I. Overview No access Jan P. Brosius
            2. II. Historical Background No access Jan P. Brosius
            3. III. 25 % of Their Nominal Value No access Jan P. Brosius
            4. IV. Derogations No access Jan P. Brosius
            5. V. Minimum Provision No access Jan P. Brosius
            6. VI. Direct Application No access Jan P. Brosius
          3. Jan P. Brosius
            1. I. Overview No access Jan P. Brosius
            2. II. Historical Background No access Jan P. Brosius
            3. III. Assets Capable of Economic Assessment No access Jan P. Brosius
            4. IV. Time Limit No access Jan P. Brosius
            5. V. Expert’s Report No access Jan P. Brosius
            6. Jan P. Brosius
              1. Intragroup capital increase No access Jan P. Brosius
            7. VII. Exceptions No access Jan P. Brosius
            8. VIII. Minimum Provision No access Jan P. Brosius
          4. Jan P. Brosius
            1. I. Overview No access Jan P. Brosius
            2. II. Historical Background No access Jan P. Brosius
            3. III. Purpose No access Jan P. Brosius
            4. IV. Minimum Provision No access Jan P. Brosius
            5. V. Direct Effect No access Jan P. Brosius
          5. Jan P. Brosius
            1. I. Overview No access Jan P. Brosius
            2. II. Historical Background No access Jan P. Brosius
            3. III. Purpose No access Jan P. Brosius
            4. Jan P. Brosius
              1. 1. The right of pre-emption No access Jan P. Brosius
              2. 2. Publishing No access Jan P. Brosius
              3. 3. Exercise period No access Jan P. Brosius
            5. V. Exceptions and Modifications No access Jan P. Brosius
            6. Jan P. Brosius
              1. 1. Written report No access Jan P. Brosius
              2. 2. Decision by the general meeting No access Jan P. Brosius
              3. 3. Publishing No access Jan P. Brosius
              4. 4. Authorisation to exclude No access Jan P. Brosius
              5. 5. Factual justification and adequacy No access Jan P. Brosius
            7. VII. Indirect Subscription No access Jan P. Brosius
            8. VIII. Minimum Provision and Scope for National Regulations No access Jan P. Brosius
            9. IX. Direct Effect No access Jan P. Brosius
          6. Jan P. Brosius
            1. I. Overview No access Jan P. Brosius
            2. II. Historical Background No access Jan P. Brosius
            3. III. Purpose No access Jan P. Brosius
            4. IV. Scope No access Jan P. Brosius
            5. V. Convening Notice No access Jan P. Brosius
            6. VI. Quorum No access Jan P. Brosius
            7. VII. Publishing No access Jan P. Brosius
            8. VIII. Minimum Provision No access Jan P. Brosius
          7. Jan P. Brosius
            1. I. Historical Background No access Jan P. Brosius
            2. II. Purpose No access Jan P. Brosius
            3. III. Scope No access Jan P. Brosius
            4. IV. Derogations No access Jan P. Brosius
          8. Jan P. Brosius
            1. I. Overview No access Jan P. Brosius
            2. II. Historical Background No access Jan P. Brosius
            3. III. Purpose No access Jan P. Brosius
            4. IV. Scope No access Jan P. Brosius
            5. V. Application to the Appropriate Administrative or Judicial Authority No access Jan P. Brosius
            6. VI. Voidness or Restriction of Payment No access Jan P. Brosius
            7. VII. Waiver of Payment of Shareholder Contributions No access Jan P. Brosius
            8. VIII. Exceptions No access Jan P. Brosius
            9. IX. Minimum Provision No access Jan P. Brosius
          9. Jan P. Brosius
            1. I. Overview No access Jan P. Brosius
            2. II. Historical Background No access Jan P. Brosius
            3. III. Purpose No access Jan P. Brosius
            4. IV. Material Scope No access Jan P. Brosius
            5. V. Minimum Provision No access Jan P. Brosius
            6. VI. Direct Effect No access Jan P. Brosius
          10. Jan P. Brosius
            1. I. Historical Background No access Jan P. Brosius
            2. II. Purpose No access Jan P. Brosius
            3. III. No Capital Reduction Below Minimum Capital No access Jan P. Brosius
            4. IV. Exception No access Jan P. Brosius
            5. V. Sanctions No access Jan P. Brosius
            6. VI. Direct Application No access Jan P. Brosius
          11. Jan P. Brosius
            1. I. Overview No access Jan P. Brosius
            2. II. Historical Background No access Jan P. Brosius
            3. III. Purpose No access Jan P. Brosius
            4. IV. Redemption of Subscribed Capital No access Jan P. Brosius
            5. V. Minimum Provision No access Jan P. Brosius
            6. VI. Direct Application No access Jan P. Brosius
          12. Jan P. Brosius
            1. I. Overview No access Jan P. Brosius
            2. II. Historical Background No access Jan P. Brosius
            3. III. Purpose No access Jan P. Brosius
            4. IV. Scope No access Jan P. Brosius
            5. V. Derogations No access Jan P. Brosius
            6. VI. Minimum Provision No access Jan P. Brosius
            7. VII. Direct Application No access Jan P. Brosius
          13. Jan P. Brosius
            1. I. Overview No access Jan P. Brosius
            2. II. Historical Background No access Jan P. Brosius
            3. III. Purpose No access Jan P. Brosius
            4. IV. Scope No access Jan P. Brosius
            5. V. Derogations No access Jan P. Brosius
            6. VI. Minimum Provision No access Jan P. Brosius
            7. VII. Direct Application No access Jan P. Brosius
          14. Jan P. Brosius
            1. I. Historical Background No access Jan P. Brosius
            2. II. Purpose No access Jan P. Brosius
            3. III. Material Scope No access Jan P. Brosius
            4. IV. Derogations No access Jan P. Brosius
            5. V. Minimum Provision No access Jan P. Brosius
          15. Jan P. Brosius
            1. I. Overview No access Jan P. Brosius
            2. II. Historical Background No access Jan P. Brosius
            3. III. Purpose No access Jan P. Brosius
            4. IV. Scope No access Jan P. Brosius
            5. V. Derogations No access Jan P. Brosius
            6. VI. Minimum Provision No access Jan P. Brosius
            7. VII. Direct Application No access Jan P. Brosius
          16. Jan P. Brosius
            1. I. Historical Background No access Jan P. Brosius
            2. II. Three-Fourths Majority No access Jan P. Brosius
            3. III. Simple Majority No access Jan P. Brosius
            4. IV. Minimum Provision No access Jan P. Brosius
            5. V. Direct Application No access Jan P. Brosius
          1. Jan P. Brosius
            1. I. Overview No access Jan P. Brosius
            2. II. Historical Background No access Jan P. Brosius
            3. III. Purpose No access Jan P. Brosius
            4. IV. Derogation in Favour of Employee Participation No access Jan P. Brosius
            5. V. Derogation in Favour of Worker’s Shares No access Jan P. Brosius
            6. VI. Derogation in Favour of Mechanisms laid down in Directive 2014/59/EU No access Jan P. Brosius
            7. VII. Derogation in Favor of Restructuring Efforts No access Jan P. Brosius
            8. VIII. Direct Application No access Jan P. Brosius
          2. Jan P. Brosius
            1. I. Overview No access Jan P. Brosius
            2. II. Historical Background No access Jan P. Brosius
            3. III. Scope No access Jan P. Brosius
            4. IV. Direct Application No access Jan P. Brosius
          3. Article 86 Transitional provisions No access 390 - 390 Jan P. Brosius
        1. Karsten Kühnle
          1. I. Twenty Years after the ECJ’s Centros Decision – The Company Law Package No access Karsten Kühnle
          2. II. The ECJ Shaping Freedom of Establishment: Centros, Überseering and Inspire Art No access Karsten Kühnle
          3. III. The ECJ’s Judgements on Cross-Border Mergers and Conversions: SEVIC, Cartesio and VALE No access Karsten Kühnle
          4. IV. The ECJ on the Isolated Transfer of the Registered Office: Polbud No access Karsten Kühnle
          5. V. The 2019 Directive in Light of the ECJ’s Judgements No access Karsten Kühnle
          6. VI. Key Drivers Behind the 2019 Directive No access Karsten Kühnle
          7. VII. European Model for Structural Changes No access Karsten Kühnle
          8. VIII. Transposition of the 2019 Directive No access Karsten Kühnle
          9. IX. Advance Effect of the 2019 Directive No access Karsten Kühnle
          10. X. Brexit No access Karsten Kühnle
        2. Karsten Kühnle
          1. Karsten Kühnle
            1. 1. Societas Europaea – not explicitly covered by the 2019 Directive No access Karsten Kühnle
            2. 2. Civil partnerships – not covered by the 2019 Directive No access Karsten Kühnle
            3. 3. Relevance for EFTA States No access Karsten Kühnle
          2. II. 2019 Directive Not Applicable to UCITS No access Karsten Kühnle
          3. III. Exclusion of Companies Subject to Liquidation No access Karsten Kühnle
          4. IV. Exclusion of Credit Institutions and Investment Firms No access Karsten Kühnle
          5. V. Member State Option for Preventive Restructuring Scenarios No access Karsten Kühnle
        3. Article 86 b Definitions No access 403 - 404 Karsten Kühnle
        4. Article 86 c Procedures and formalities No access 404 - 404 Karsten Kühnle
        5. Karsten Kühnle
          1. Karsten Kühnle
            1. 1. Disclosure of certain minimum content No access Karsten Kühnle
            2. 2. Form and language No access Karsten Kühnle
          2. II. Responsibility for Preparing the Draft Terms of the Cross-Border Conversion No access Karsten Kühnle
          3. Karsten Kühnle
            1. 1. Corporate information in the departure and destination Member State No access Karsten Kühnle
            2. 2. Instrument of constitution and statutes No access Karsten Kühnle
            3. 3. Indicative timetable No access Karsten Kühnle
            4. 4. Treatment of holders of special rights No access Karsten Kühnle
            5. 5. Safeguards offered to creditors; solvency statement No access Karsten Kühnle
            6. 6. Special advantages granted to members of the administrative, management, supervisory or controlling organs of the company No access Karsten Kühnle
            7. 7. Incentives or subsidies No access Karsten Kühnle
            8. 8. Details of the offer of cash compensation for members No access Karsten Kühnle
            9. 9. Repercussion of the cross-border conversion on employment No access Karsten Kühnle
            10. 10. Employee participation in the converted company No access Karsten Kühnle
        6. Karsten Kühnle
          1. I. Introduction No access Karsten Kühnle
          2. Karsten Kühnle
            1. 1. Responsibility for drawing up the report No access Karsten Kühnle
            2. 2. Timeline No access Karsten Kühnle
            3. 3. Permissibility to waive sections of the report and the report in its entirety No access Karsten Kühnle
            4. 4. Implications of the cross-border conversion on the company’s future business No access Karsten Kühnle
            5. Karsten Kühnle
              1. a) Explanation of the cash compensation No access Karsten Kühnle
              2. b) Implications of the cross-border conversion for members No access Karsten Kühnle
              3. c) Rights and remedies available to members No access Karsten Kühnle
            6. Karsten Kühnle
              1. a) Continuity of employment relationships No access Karsten Kühnle
              2. b) Implications of the cross-border conversion on employment conditions No access Karsten Kühnle
              3. c) Potential structuring options No access Karsten Kühnle
            7. 7. Employees’ right to render an opinion on the report No access Karsten Kühnle
        7. Karsten Kühnle
          1. I. Introduction No access Karsten Kühnle
          2. II. Development of the Provision No access Karsten Kühnle
          3. Karsten Kühnle
            1. 1. Adequacy of the cash compensation No access Karsten Kühnle
            2. 2. Generally accepted valuation principles No access Karsten Kühnle
            3. 3. Access to information; confidential information No access Karsten Kühnle
          4. IV. Independence of the Expert No access Karsten Kühnle
        8. Karsten Kühnle
          1. I. Introduction No access Karsten Kühnle
          2. II. Disclosure of the Draft Terms of the Cross-Border Conversion and Notice to Stakeholders in the Register of the Departure Member State No access Karsten Kühnle
          3. III. Development of the Provision No access Karsten Kühnle
          4. IV. Disclosure on the Company’s Website in lieu of Disclosure in the Register No access Karsten Kühnle
        9. Karsten Kühnle
          1. I. Introduction No access Karsten Kühnle
          2. Karsten Kühnle
            1. 1. Discussion and debate of reports and comments received from stakeholders No access Karsten Kühnle
            2. 2. Majority to approve the draft terms of the cross-border conversion No access Karsten Kühnle
            3. 3. Approval by members affected of an increase of economic obligations No access Karsten Kühnle
            4. 4. Approval conditioned on express ratification of arrangements regarding employee participation rights No access Karsten Kühnle
          3. III. Form and Language Requirements No access Karsten Kühnle
          4. IV. Reasons Ineligible to Challenge Approval of the Draft Terms of the Cross-Border Conversion No access Karsten Kühnle
        10. Karsten Kühnle
          1. Karsten Kühnle
            1. 1. Change of the applicable law No access Karsten Kühnle
            2. Karsten Kühnle
              1. a) Draft terms of the cross-border conversion No access Karsten Kühnle
              2. b) Report of the company’s administrative or management body for members No access Karsten Kühnle
              3. c) Report of the independent expert No access Karsten Kühnle
            3. 3. Substantive protection: Member’s right to exit the company No access Karsten Kühnle
          2. II. Development of the Provision No access Karsten Kühnle
          3. Karsten Kühnle
            1. Karsten Kühnle
              1. a) Exit right available to holders of voting shares; Member State option for holders of non-voting shares No access Karsten Kühnle
              2. b) Members’ opposition to the draft terms of the cross-border conversion No access Karsten Kühnle
              3. c) Members’ declaration vis-à-vis the company to exercise the right to dispose of the shares No access Karsten Kühnle
            2. Karsten Kühnle
              1. a) Adequate cash compensation No access Karsten Kühnle
              2. b) Period within which the cash compensation is to be paid No access Karsten Kühnle
              3. c) Share transfers to effect the disposal of the shares No access Karsten Kühnle
              4. d) Acquisition of own shares by the converted company No access Karsten Kühnle
            3. Karsten Kühnle
              1. a) Claim for additional cash compensation No access Karsten Kühnle
              2. b) Time limitation for the claim for additional cash compensation No access Karsten Kühnle
              3. c) Reformatio in peius; effect of the competent body’s decision No access Karsten Kühnle
          4. IV. Governing Law No access Karsten Kühnle
        11. Karsten Kühnle
          1. Karsten Kühnle
            1. 1. Need for creditor protection: altering of the company’s legal cloth versus a transfer of assets and liabilities No access Karsten Kühnle
            2. 2. Discontinuity of the applicable corporate law: effects on creditors No access Karsten Kühnle
          2. Karsten Kühnle
            1. 1. Lack of harmonization of creditor protection under the Company Law Directive No access Karsten Kühnle
            2. 2. Different rules on creditor protection across Member States in conversion scenarios No access Karsten Kühnle
            3. 3. Legal economics: the 2019 Directive turning away from the concept of rebuttable presumptions (Article 86 k (3) of the Commission Proposal) No access Karsten Kühnle
          3. Karsten Kühnle
            1. 1. Minimum harmonization; Member State option to request a solvency declaration No access Karsten Kühnle
            2. 2. Creditors eligible to protection; cut-off date for creditors’ claims No access Karsten Kühnle
            3. 3. Date of disclosure of the draft-terms of the cross-border conversion No access Karsten Kühnle
            4. 4. Application for adequate safeguards with the appropriate authority No access Karsten Kühnle
            5. 5. Adequacy of safeguards as an element of the scrutiny procedure? No access Karsten Kühnle
          4. IV. Solvency Declaration No access Karsten Kühnle
          5. V. Place of Jurisdiction No access Karsten Kühnle
        12. Article 86 k Employee information and consultation No access 455 - 457 Karsten Kühnle
        13. Karsten Kühnle
          1. I. Introduction No access Karsten Kühnle
          2. II. Development of the Provision No access Karsten Kühnle
          3. Karsten Kühnle
            1. 1. Basic rule No access Karsten Kühnle
            2. Karsten Kühnle
              1. a) The four-fifth rule No access Karsten Kühnle
              2. b) The “before-and-after” principle No access Karsten Kühnle
              3. c) No employee participation for employees outside the destination Member State No access Karsten Kühnle
            3. Karsten Kühnle
              1. a) Possible options of employee participation mutatis mutandis to the SE-Regulation No access Karsten Kühnle
              2. b) Principles and procedures mutatis mutandis to the SE-Directive No access Karsten Kühnle
              3. c) Certain modifications to the principles and procedures No access Karsten Kühnle
            4. 4. Legal forms permissible to the converted company No access Karsten Kühnle
            5. 5. Perpetuation of employee participation in the converted company No access Karsten Kühnle
            6. 6. Communication of the outcome of negotiations No access Karsten Kühnle
        14. Karsten Kühnle
          1. I. Introduction No access Karsten Kühnle
          2. II. Development of the Provision No access Karsten Kühnle
          3. Karsten Kühnle
            1. 1. Competent authority No access Karsten Kühnle
            2. Karsten Kühnle
              1. a) Relevant conditions, procedures and formalities No access Karsten Kühnle
              2. b) Documentation to be submitted No access Karsten Kühnle
              3. c) Examination of documents and information submitted No access Karsten Kühnle
          4. Karsten Kühnle
            1. Karsten Kühnle
              1. a) Combatting of abusive or fraudulent purposes No access Karsten Kühnle
              2. b) Identification of abusive of fraudulent purposes No access Karsten Kühnle
            2. 2. Judicial review of the authority’s decision No access Karsten Kühnle
            3. 3. Issuance of the pre-conversion certificate No access Karsten Kühnle
        15. Article 86 n Transmission of the pre-conversion certificate No access 478 - 479 Karsten Kühnle
        16. Karsten Kühnle
          1. I. Introduction No access Karsten Kühnle
          2. II. Development of the Provision No access Karsten Kühnle
          3. Karsten Kühnle
            1. 1. Competent authority No access Karsten Kühnle
            2. Karsten Kühnle
              1. a) Conditions for incorporation and registration of the company No access Karsten Kühnle
              2. b) Arrangements on employee participation No access Karsten Kühnle
              3. c) Documentation to be submitted No access Karsten Kühnle
            3. 3. Timeline of the scrutiny procedure in the destination Member State No access Karsten Kühnle
            4. 4. Acceptance of the pre-conversion certificate No access Karsten Kühnle
        17. Article 86 p Registration No access 483 - 485 Karsten Kühnle
        18. Article 86 q Date on which the cross-border conversion takes effect No access 485 - 485 Karsten Kühnle
        19. Karsten Kühnle
          1. I. Introduction No access Karsten Kühnle
          2. II. Development of the Provision No access Karsten Kühnle
          3. III. Continuity of the Company’s Legal Affairs No access Karsten Kühnle
          4. IV. Certain Exceptions No access Karsten Kühnle
        20. Karsten Kühnle
          1. I. Introduction No access Karsten Kühnle
          2. II. Development of the Provision No access Karsten Kühnle
          3. Karsten Kühnle
            1. 1. Civil liability vis-à-vis the company No access Karsten Kühnle
            2. 2. Civil liability vis-à-vis members No access Karsten Kühnle
            3. 3. Civil liability vis-à-vis the company’s employees and creditors No access Karsten Kühnle
          4. IV. Independence of the Expert No access Karsten Kühnle
        21. Article 86 t Validity No access 489 - 490 Karsten Kühnle
          1. Tobias de Raet
            1. I. Legislative History and Regulatory Context No access Tobias de Raet
            2. II. Legislative Aim of the Chapter No access Tobias de Raet
            3. Tobias de Raet
              1. 1. Public limited liability companies (PLCs) No access Tobias de Raet
              2. 2. Member States of the European Economic Area (EEA) / Brexit No access Tobias de Raet
              3. 3. Cooperatives incorporated as a PLC) No access Tobias de Raet
              4. 4. Companies subject to bankruptcy, insolvency or analogue proceedings No access Tobias de Raet
            4. Tobias de Raet
              1. 1. Companies which are the subject to the Directive (2014/59/EU) No access Tobias de Raet
              2. 2. Mergers involving other legal forms of business organization No access Tobias de Raet
          2. Tobias de Raet
            1. I. Codification of Domestic Mergers in the Member States No access Tobias de Raet
            2. II. Companies governed by the Laws of the same Member State No access Tobias de Raet
            3. Tobias de Raet
              1. 1. Merger by acquisition and merger by formation of a new company (Article 89, 90) No access Tobias de Raet
              2. 2. Upstream-mergers of a 100 % subsidiary into its parent company (Article 110, 111) No access Tobias de Raet
              3. 3. Upstream-mergers in cases of indirect shareholding (Article 112) No access Tobias de Raet
              4. 4. Upstream-mergers of a 90 % subsidiary into its parent company (Article 113, 114) No access Tobias de Raet
              5. 5. Transfer of all assets and liabilities by one or more companies to another company which is the holder of 90 % or more of their shares (Article 115) No access Tobias de Raet
              6. Tobias de Raet
                1. a) Mergers with a cash payment exceeding 10 % (Article 116) No access Tobias de Raet
                2. b) Merger without all of the transferring companies ceasing to exist (Article 117) No access Tobias de Raet
          3. Tobias de Raet
            1. Tobias de Raet
              1. 1. One or more companies No access Tobias de Raet
              2. 2. Wound up without going into liquidation No access Tobias de Raet
              3. 3. Transfer of all assets and liabilities to the acquiring company No access Tobias de Raet
              4. 4. In exchange for shares of the acquiring company or a cash payment No access Tobias de Raet
            2. II. Option to Include Companies in Liquidation No access Tobias de Raet
          4. Tobias de Raet
            1. I. Definition of a Merger by Formation of a New Company No access Tobias de Raet
            2. II. Option to Include Companies in Liquidation No access Tobias de Raet
          1. Tobias de Raet
            1. Tobias de Raet
              1. 1. Responsibility No access Tobias de Raet
              2. 2. Form requirement No access Tobias de Raet
              3. 3. Content No access Tobias de Raet
            2. Tobias de Raet
              1. 1. Key figures of the companies No access Tobias de Raet
              2. 2. Share exchange ratio, amount of cash payment No access Tobias de Raet
              3. 3. Terms relating to the allotment of shares No access Tobias de Raet
              4. 4. Date of profit entitlement (point d) and accounting date No access Tobias de Raet
              5. 5. Specification of special rights No access Tobias de Raet
              6. 6. Specification of special advantages No access Tobias de Raet
            3. III. Scope of Application in Regard to Other Types of Mergers No access Tobias de Raet
          2. Tobias de Raet
            1. Tobias de Raet
              1. 1. Published as prescribed by law of the Member State in accordance with Article 16 No access Tobias de Raet
              2. 2. Deadline for the publication of the draft terms of merger No access Tobias de Raet
            2. Tobias de Raet
              1. 1. Online availability of the draft terms of the merger No access Tobias de Raet
              2. 2. Deadline for the publishing on the website No access Tobias de Raet
              3. 3. Limits to further restriction of exemption towards the Member States No access Tobias de Raet
            3. III. Derogation from the Exemption of the Second Subparagraph No access Tobias de Raet
            4. IV. Reference on the Central Electronic Platform to the Website No access Tobias de Raet
            5. V. Availability of the Information on the Website after the General Meeting No access Tobias de Raet
            6. VI. Consequences of Temporary Disruption of Access No access Tobias de Raet
            7. VII. Scope of Application in Regard to other Types of Mergers No access Tobias de Raet
          3. Tobias de Raet
            1. Tobias de Raet
              1. 1. Approval of the general meeting of each of the companies involved in the merger No access Tobias de Raet
              2. Tobias de Raet
                1. a) Majority requirement – general rule No access Tobias de Raet
                2. b) Simple majority No access Tobias de Raet
              3. 3. Rules which apply to the alteration of the articles of association No access Tobias de Raet
            2. II. Separate Vote for Each Class of Shareholders (Para. 2) No access Tobias de Raet
            3. III. Scope of Decision to Be Made by the General Meeting No access Tobias de Raet
            4. IV. Scope of Application in Regard to Other Types of Mergers No access Tobias de Raet
          4. Tobias de Raet
            1. I. Derogation from the Requirement of Approval by the General Meeting of the Acquiring Company No access Tobias de Raet
            2. Tobias de Raet
              1. 1. Publication of draft terms of merger No access Tobias de Raet
              2. 2. Right of shareholder to inspect the documents specified in Article 97(1) No access Tobias de Raet
              3. 3. Protection of minority shareholders No access Tobias de Raet
            3. III. Application of Article 97(2), (3) and (4) for Point (b) No access Tobias de Raet
            4. IV. Scope of Application in Regard to Other Types of Mergers No access Tobias de Raet
          5. Tobias de Raet
            1. Tobias de Raet
              1. 1. Responsibility of administrative or management bodies No access Tobias de Raet
              2. Tobias de Raet
                1. a) Detailed written report No access Tobias de Raet
                2. b) Separate or joint report of the companies involved in the merger No access Tobias de Raet
                3. c) Deadline for the report No access Tobias de Raet
              3. 3. Content of the report No access Tobias de Raet
            2. II. Obligation to Update in Case of Material Change in the Assets and Liabilities No access Tobias de Raet
            3. III. Option to Waive Report No access Tobias de Raet
            4. IV. Civil Liability of Members of the Administrative or Management Bodies (Article 106) No access Tobias de Raet
            5. V. Scope of Application in Regard to Other Types of Mergers No access Tobias de Raet
          6. Tobias de Raet
            1. Tobias de Raet
              1. 1. Separate or joint expert reports No access Tobias de Raet
              2. Tobias de Raet
                1. a) Qualification and independence of experts No access Tobias de Raet
                2. b) Appointment or approval by a judicial or administrative authority No access Tobias de Raet
                3. c) Legal quality of the experts No access Tobias de Raet
              3. 3. Scope of examination No access Tobias de Raet
              4. 4. Deadline for the report No access Tobias de Raet
            2. Tobias de Raet
              1. 1. Methods used to arrive at the share exchange ratio No access Tobias de Raet
              2. 2. Appropriateness of used method No access Tobias de Raet
              3. 3. Special valuation difficulties No access Tobias de Raet
            3. III. Expert’s Right to Obtain Information and Investigate No access Tobias de Raet
            4. IV. Option to Waive Examination of the Draft Terms of the Merger and the Expert Report No access Tobias de Raet
            5. V. Civil Liability of Experts (Article 107) No access Tobias de Raet
            6. VI. Scope of Application in Regard to Other Types of Mergers No access Tobias de Raet
          7. Tobias de Raet
            1. Tobias de Raet
              1. Tobias de Raet
                1. a) List of documents No access Tobias de Raet
                2. b) Special requirements for the drawing up of the accounting statement No access Tobias de Raet
              2. Tobias de Raet
                1. Tobias de Raet
                  1. (i) Access at the registered office No access Tobias de Raet
                  2. (ii) Access on the website No access Tobias de Raet
                2. b) Requirements for the accounting statement No access Tobias de Raet
                3. Tobias de Raet
                  1. (i) General No access Tobias de Raet
                  2. (ii) Website No access Tobias de Raet
            2. II. Scope of Application in Regard to Other Types of Mergers No access Tobias de Raet
          8. Tobias de Raet
            1. I. Protection of Employees’ Rights in Accordance with Directive 2001/23/EC No access Tobias de Raet
            2. II. Scope of Application in Regard to Other Types of Mergers No access Tobias de Raet
          9. Tobias de Raet
            1. Tobias de Raet
              1. 1. Protected claims No access Tobias de Raet
              2. 2. Protected creditors No access Tobias de Raet
            2. Tobias de Raet
              1. 1. Procedural safeguards No access Tobias de Raet
              2. 2. No uniform protection system required No access Tobias de Raet
            3. III. Waiver No access Tobias de Raet
            4. IV. Scope of Application in Regard to Other Types of Mergers No access Tobias de Raet
          10. Tobias de Raet
            1. I. Protection of Debenture Holders Similar to Those of Creditors No access Tobias de Raet
            2. II. Waiver No access Tobias de Raet
            3. III. Scope of Application in Regard to Other Types of Mergers No access Tobias de Raet
          11. Tobias de Raet
            1. Tobias de Raet
              1. 1. General definition No access Tobias de Raet
              2. 2. Qualification of employee participation rights No access Tobias de Raet
            2. II. Equal Rights in the Acquiring Company No access Tobias de Raet
            3. III. Waiver/Exceptions No access Tobias de Raet
            4. IV. Scope of Application in Regard to Other Types of Mergers No access Tobias de Raet
          12. Tobias de Raet
            1. Tobias de Raet
              1. 1. Member States with a preventive judicial or administrative supervision of the legality of mergers No access Tobias de Raet
              2. Tobias de Raet
                1. a) Mergers, for which an approval by the general meeting is required No access Tobias de Raet
                2. b) Mergers, for which no approval by the general meeting is required No access Tobias de Raet
            2. II. Scope of examination No access Tobias de Raet
            3. III. Scope of Application in Regard to Other Types of Mergers No access Tobias de Raet
          13. Tobias de Raet
            1. I. Effective Date No access Tobias de Raet
            2. II. Scope of Application in Regard to Other Types of Mergers No access Tobias de Raet
          14. Tobias de Raet
            1. I. Communication/Publication of the Merger No access Tobias de Raet
            2. II. Right of the Acquiring Company to Initiate a Publication No access Tobias de Raet
            3. III. Scope of Application in Regard to Other Types of Mergers No access Tobias de Raet
          15. Tobias de Raet
            1. Tobias de Raet
              1. Tobias de Raet
                1. a) Ipso iure succession No access Tobias de Raet
                2. b) Validity of the transfer in relation to third parties No access Tobias de Raet
              2. Tobias de Raet
                1. a) Procedure No access Tobias de Raet
                2. b) Exceptions No access Tobias de Raet
                3. c) No waiver No access Tobias de Raet
              3. 3. Dissolution of the company being acquired No access Tobias de Raet
            2. II. Scope of Application in Regard to Other Types of Mergers No access Tobias de Raet
          16. Tobias de Raet
            1. Tobias de Raet
              1. 1. Liability towards the shareholders of the company being acquired No access Tobias de Raet
              2. 2. Liability of the administrative or management bodies of the company being acquired No access Tobias de Raet
              3. 3. Consequences of misconduct No access Tobias de Raet
            2. II. Scope of Application in Regard to Other Types of Mergers No access Tobias de Raet
          17. Tobias de Raet
            1. I. Civil Liability of the Experts No access Tobias de Raet
            2. II. Scope of Application in Regard to Other Types of Mergers No access Tobias de Raet
          18. Tobias de Raet
            1. Tobias de Raet
              1. 1. Reasons for nullity and remedy No access Tobias de Raet
              2. Tobias de Raet
                1. a) Nullity by court judgement or administrative authority No access Tobias de Raet
                2. b) Deadline for the initiation of the nullification proceeding No access Tobias de Raet
                3. c) Publication of the judgement or decision declaring a merger void No access Tobias de Raet
              3. 3. Consequences No access Tobias de Raet
            2. II. Relation to the Laws of the Member States No access Tobias de Raet
            3. III. Scope of Application in Regard to Other Types of Mergers No access Tobias de Raet
          1. Tobias de Raet
            1. I. Application of the Model for Mergers by Acquisition No access Tobias de Raet
            2. Tobias de Raet
              1. 1. Article 94 No access Tobias de Raet
              2. 2. Wording No access Tobias de Raet
              3. 3. Nullification No access Tobias de Raet
              4. 4. Information regarding the new company No access Tobias de Raet
              5. 5. Approval of memorandum and articles of association No access Tobias de Raet
              6. 6. Possibility to waive contribution report No access Tobias de Raet
          1. Tobias de Raet
            1. I. Application of Chapter 2 to Upstream Mergers of a 100 % Subsidiary No access Tobias de Raet
            2. II. Derogations of Certain Requirements No access Tobias de Raet
          2. Tobias de Raet
            1. I. Historical Background No access Tobias de Raet
            2. II. Specific Requirements No access Tobias de Raet
          3. Article 112 Shares held by or on behalf of the acquiring company No access 569 - 570 Tobias de Raet
          4. Tobias de Raet
            1. I. Historical Background and Context No access Tobias de Raet
            2. II. Specific Conditions No access Tobias de Raet
          5. Tobias de Raet
            1. I. Historical Background and Context No access Tobias de Raet
            2. II. Specific Conditions No access Tobias de Raet
          6. Article 115 Transfer of all assets and liabilities by one or more companies to another company which is the holder of 90 % or more of their shares No access 573 - 574 Tobias de Raet
          1. Article 116 Mergers with cash payment exceeding 10 % No access 574 - 575 Tobias de Raet
          2. Article 117 Mergers without all of the transferring companies ceasing to exist No access 575 - 576 Tobias de Raet
        1. Tobias de Raet
          1. Tobias de Raet
            1. Tobias de Raet
              1. a) The starting point: Article 220 of the EEC Treaty (1957) No access Tobias de Raet
              2. Tobias de Raet
                1. (i) Controversy regarding employee participation/co-determination No access Tobias de Raet
                2. (ii) The role of the 1978 Directive No access Tobias de Raet
                3. (iii) Failure in 1980 No access Tobias de Raet
            2. 2. First attempt at a Directive on cross-border mergers (1985 to 2001) No access Tobias de Raet
            3. Tobias de Raet
              1. a) The road to the 2003 Proposal No access Tobias de Raet
              2. b) From the 2003 Proposal to the 2005 Directive No access Tobias de Raet
            4. 4. Amendments to the cross-border Directive and the 2017 Company Law Directive No access Tobias de Raet
            5. 5. From the EU Company Law Package 2018 to the 2019 Directive No access Tobias de Raet
          2. Tobias de Raet
            1. 1. Removal of legal hurdles for cross-border activities of companies No access Tobias de Raet
            2. 2. Promotion of external growth of EU companies No access Tobias de Raet
            3. 3. Protection of shareholders, creditors and employees involved in the cross-border merger No access Tobias de Raet
            4. 4. The role of the ECJ's SEVIC decision No access Tobias de Raet
            5. 5. Developments after the 2005 Directive No access Tobias de Raet
          3. Tobias de Raet
            1. 1. Limited liability companies No access Tobias de Raet
            2. Tobias de Raet
              1. a) Location within the European Union No access Tobias de Raet
              2. Tobias de Raet
                1. (i) Relevance of company statute (lex societatis) No access Tobias de Raet
                2. (ii) Real seat theory vs. incorporation theory No access Tobias de Raet
            3. 3. Member States of the European Economic Area (EEA) / Brexit No access Tobias de Raet
            4. Tobias de Raet
              1. Tobias de Raet
                1. (i) Overview No access Tobias de Raet
                2. (ii) Conflict with the ECJ's SEVIC decision No access Tobias de Raet
                3. (iii) Gold-plating No access Tobias de Raet
              2. b) Crossing the border by formation of a NewCo only No access Tobias de Raet
              3. c) Mergers involving non-EU Member States No access Tobias de Raet
        2. Tobias de Raet
          1. Tobias de Raet
            1. 1. Corporations pursuant to Annex II No access Tobias de Raet
            2. 2. Small general clause No access Tobias de Raet
          2. Tobias de Raet
            1. 1. Merger by acquisition No access Tobias de Raet
            2. 2. Merger by the formation of a new company No access Tobias de Raet
            3. 3. Upstream-merger of a 100 % subsidiary to the parent company No access Tobias de Raet
            4. 4. Side-step cross-border mergers (Article 119(2)(d)) No access Tobias de Raet
        3. Tobias de Raet
          1. I. Cash Payments Exceeding 10 % No access Tobias de Raet
          2. II. Opt-out Option for Cooperative Societies No access Tobias de Raet
          3. III. Not Applicable to UCITS No access Tobias de Raet
          4. Tobias de Raet
            1. 1. Companies in liquidation which have begun to distribute their assets No access Tobias de Raet
            2. 2. Companies subject to preventive restructuring proceedings No access Tobias de Raet
            3. 3. Other scenarios No access Tobias de Raet
          5. V. Option to Further Narrow the Scope of Application No access Tobias de Raet
        4. Tobias de Raet
          1. I. Limitation of the Permissible Types of Merger No access Tobias de Raet
          2. Tobias de Raet
            1. 1. National laws on domestic mergers as a basis for cross-border mergers No access Tobias de Raet
            2. 2. Prohibition of mergers for reasons of public interest No access Tobias de Raet
            3. 3. Merger control No access Tobias de Raet
            4. 4. Specification of provisions and formalities No access Tobias de Raet
        5. Tobias de Raet
          1. I. Purpose No access Tobias de Raet
          2. II. Legal Nature of the Common Draft Terms of the Cross-Border Merger No access Tobias de Raet
          3. Tobias de Raet
            1. 1. Responsibility of the management or administrative organ No access Tobias de Raet
            2. 2. Written form requirement No access Tobias de Raet
            3. 3. Language No access Tobias de Raet
          4. Tobias de Raet
            1. Tobias de Raet
              1. a) Key information on the companies involved in the cross-border merger No access Tobias de Raet
              2. b) Share exchange ratio, amount of cash payment No access Tobias de Raet
              3. c) Terms relating to the allotment of securities or shares No access Tobias de Raet
              4. d) Implications on employment No access Tobias de Raet
              5. e) Date of profit entitlement No access Tobias de Raet
              6. f) Accounting date No access Tobias de Raet
              7. g) Specification of special rights No access Tobias de Raet
              8. h) Specification of special advantages No access Tobias de Raet
              9. i) Instruments and/or statutes of the resulting company No access Tobias de Raet
              10. j) Information on arrangements for the involvement of employees No access Tobias de Raet
              11. k) Information on the evaluation of the assets and liabilities No access Tobias de Raet
              12. l) Reporting date of annual accounts No access Tobias de Raet
              13. m) Details of the cash compensation No access Tobias de Raet
              14. n) Safeguards offered to creditors No access Tobias de Raet
            2. Tobias de Raet
              1. a) By the companies involved in the merger No access Tobias de Raet
              2. b) By the Member States No access Tobias de Raet
        6. Tobias de Raet
          1. I. History No access Tobias de Raet
          2. Tobias de Raet
            1. Tobias de Raet
              1. a) Common draft terms of the cross-border merger No access Tobias de Raet
              2. b) Notice informing members, creditors and employee representatives No access Tobias de Raet
              3. c) Independent expert report No access Tobias de Raet
            2. 2. Publication in registers of the Member States No access Tobias de Raet
            3. 3. Availability via BRIS system No access Tobias de Raet
            4. 4. Alternatively: Publication on the website No access Tobias de Raet
            5. Tobias de Raet
              1. a) Key corporate information No access Tobias de Raet
              2. b) Register and number of entry of company documents and particulars No access Tobias de Raet
              3. c) Indication for the exercise of the rights of creditors and of any minority members No access Tobias de Raet
              4. d) Further details (website, notice, expert report) No access Tobias de Raet
              5. e) Costs No access Tobias de Raet
            6. 6. Online publication No access Tobias de Raet
            7. 7. Time of disclosure if cross-border merger does not need to be approved by general meeting No access Tobias de Raet
            8. 8. Additional disclosure in the national gazette No access Tobias de Raet
        7. Tobias de Raet
          1. Tobias de Raet
            1. 1. The legal framework under the 2017 Directive No access Tobias de Raet
            2. 2. The road to the 2019 Directive: One or two reports? No access Tobias de Raet
          2. Tobias de Raet
            1. 1. Separate or joint reports by the merging companies No access Tobias de Raet
            2. Tobias de Raet
              1. a) Responsibility No access Tobias de Raet
              2. b) Form No access Tobias de Raet
              3. c) Two or three parts No access Tobias de Raet
          3. Tobias de Raet
            1. 1. General Section No access Tobias de Raet
            2. 2. Section addressed at members No access Tobias de Raet
            3. 3. Section addressed at employees No access Tobias de Raet
            4. 4. Creditors No access Tobias de Raet
          4. Tobias de Raet
            1. 1. Section for Members No access Tobias de Raet
            2. 2. Section for employees No access Tobias de Raet
            3. Tobias de Raet
              1. a) 100 % subsidiaries No access Tobias de Raet
              2. b) Cases in which no report is required No access Tobias de Raet
          5. V. No Facilitation for Upstream-Merger of a 100 % or 90 % Subsidiary No access Tobias de Raet
          6. VI. Opinion from the Representatives of the Employees to the Merger Report No access Tobias de Raet
          7. VII. Obligation to Update in Case of Material Change in the Assets and Liabilities? No access Tobias de Raet
          8. Tobias de Raet
            1. 1. Manner No access Tobias de Raet
            2. 2. Addressees No access Tobias de Raet
            3. 3. Deadline No access Tobias de Raet
            4. 4. Consequences of errors No access Tobias de Raet
        8. Tobias de Raet
          1. Tobias de Raet
            1. Tobias de Raet
              1. a) Responsibility for examination and the expert report No access Tobias de Raet
              2. b) Separate or joint expert examination and report No access Tobias de Raet
              3. c) Choice of law for joint expert report? No access Tobias de Raet
            2. 2. Content of the examination No access Tobias de Raet
          2. Tobias de Raet
            1. Tobias de Raet
              1. a) Cash compensation No access Tobias de Raet
              2. b) Methods used to arrive at the cash compensation and the share exchange ratio No access Tobias de Raet
              3. c) Appropriateness of method(s) used No access Tobias de Raet
            2. Tobias de Raet
              1. a) Addressees No access Tobias de Raet
              2. b) Form No access Tobias de Raet
              3. c) Deadline No access Tobias de Raet
              4. d) Manner of access No access Tobias de Raet
          3. III. Right to Request All Relevant Information No access Tobias de Raet
          4. IV. Consequences of Errors No access Tobias de Raet
          5. V. Waiver of the Obligation to Draw Up an Expert Report No access Tobias de Raet
          6. VI. Upstream-Mergers No access Tobias de Raet
          7. VII. Possibility to Waive Reporting on Any Consideration Other than in Cash No access Tobias de Raet
        9. Tobias de Raet
          1. Tobias de Raet
            1. 1. Information to be provided prior to the general meeting No access Tobias de Raet
            2. 2. Timing of the general meeting No access Tobias de Raet
            3. 3. Approval of the general meeting of each of the merging companies No access Tobias de Raet
            4. 4. Content of the approval decision No access Tobias de Raet
            5. 5. Upstream mergers of a 100 % subsidiary into the parent company No access Tobias de Raet
          2. II. Reservation of Approval No access Tobias de Raet
          3. III. Derogation from the Requirement of Approval No access Tobias de Raet
          4. IV. Limitation of Legal Challenges No access Tobias de Raet
        10. Tobias de Raet
          1. Tobias de Raet
            1. 1. Background No access Tobias de Raet
            2. Tobias de Raet
              1. a) Shareholders of the company or companies being acquired No access Tobias de Raet
              2. b) Shareholders who voted against the merger No access Tobias de Raet
            3. 3. Obligor of cash compensation No access Tobias de Raet
            4. Tobias de Raet
              1. a) Deadline for claiming the cash compensation No access Tobias de Raet
              2. b) Deadline for paying the cash compensation No access Tobias de Raet
            5. 5. Manner of claiming the cash compensation No access Tobias de Raet
            6. 6. Right to challenge the cash compensation No access Tobias de Raet
            7. 7. Alternative compensation? No access Tobias de Raet
          2. Tobias de Raet
            1. 1. Background No access Tobias de Raet
            2. 2. Eligible Shareholders No access Tobias de Raet
            3. 3. Proceedings No access Tobias de Raet
            4. 4. Compensation No access Tobias de Raet
        11. Tobias de Raet
          1. I. Background No access Tobias de Raet
          2. Tobias de Raet
            1. 1. Safeguards No access Tobias de Raet
            2. Tobias de Raet
              1. a) Deadline No access Tobias de Raet
              2. b) Competent body No access Tobias de Raet
              3. c) Claim at stake No access Tobias de Raet
              4. d) Causation No access Tobias de Raet
              5. e) No adequate safeguards No access Tobias de Raet
            3. 3. Consequences for the merger taking effect No access Tobias de Raet
            4. 4. Solvency Declaration No access Tobias de Raet
            5. 5. National laws No access Tobias de Raet
        12. Tobias de Raet
          1. I. Background No access Tobias de Raet
          2. II. Content No access Tobias de Raet
          3. III. Timing No access Tobias de Raet
          4. IV. Manner No access Tobias de Raet
        13. Tobias de Raet
          1. I. Two-Stage Scrutiny of the Legality of the Cross-Border Merger No access Tobias de Raet
          2. II. Designation of Authority Competent to Scrutinise No access Tobias de Raet
          3. III. Scope of Scrutiny No access Tobias de Raet
          4. Tobias de Raet
            1. 1. Purpose of the Pre-Merger Certificate No access Tobias de Raet
            2. 2. Application No access Tobias de Raet
            3. Tobias de Raet
              1. a) Online No access Tobias de Raet
              2. b) Scope of examination No access Tobias de Raet
              3. c) Coordination with other authorities No access Tobias de Raet
              4. d) Timing No access Tobias de Raet
              5. Tobias de Raet
                1. (i) Positive decision No access Tobias de Raet
                2. (ii) Negative decision No access Tobias de Raet
            4. 4. Form of the pre-merger certificate No access Tobias de Raet
          5. V. Control Against Abuse and Fraudulent Purposes No access Tobias de Raet
        14. Article 127 a Transmission of the pre-merger certificate No access 665 - 666 Tobias de Raet
        15. Tobias de Raet
          1. I. Competent Authority No access Tobias de Raet
          2. II. Scope of the Scrutiny No access Tobias de Raet
          3. Tobias de Raet
            1. 1. Documents to Be Submitted No access Tobias de Raet
            2. 2. Deadline and timing No access Tobias de Raet
            3. 3. Online No access Tobias de Raet
        16. Tobias de Raet
          1. I. No harmonised effective date No access Tobias de Raet
          2. II. Earliest Effective Date No access Tobias de Raet
        17. Tobias de Raet
          1. I. Registration and Publication of the Cross-Border Merger No access Tobias de Raet
          2. II. Notification Through the System of Interconnection of Registers No access Tobias de Raet
          3. III. Deletion of the Old Registration No access Tobias de Raet
        18. Tobias de Raet
          1. Tobias de Raet
            1. 1. Universal succession No access Tobias de Raet
            2. 2. Exchange of shares No access Tobias de Raet
            3. 3. Dissolution of the company being acquired No access Tobias de Raet
          2. II. Validity of the Transfer in Relation to Third Parties No access Tobias de Raet
          3. III. Transfer of Rights and Obligations Arising from Contracts of Employment or from Employment Relationships No access Tobias de Raet
        19. Tobias de Raet
          1. I. Upstream-Merger of a 100 % Subsidiary into its Parent Company No access Tobias de Raet
          2. II. Upstream Mergers of a 90 % or More Subsidiary into the Parent Company No access Tobias de Raet
          3. III. Publication of the Merger Documents if no Shareholders’ Meeting is Required No access Tobias de Raet
        20. Tobias de Raet
          1. I. Worker's Participation vs. Co-Determination No access Tobias de Raet
          2. Tobias de Raet
            1. 1. Basic principle: Registered seat principle No access Tobias de Raet
            2. Tobias de Raet
              1. Tobias de Raet
                1. (i) Employee threshold No access Tobias de Raet
                2. (ii) Cross-border merger would lead to a lower level of employee participation No access Tobias de Raet
                3. (iii) Lower level of employee protection in establishments No access Tobias de Raet
              2. Tobias de Raet
                1. (i) Threshold for standard rule No access Tobias de Raet
                2. (ii) Direct application of standard rule No access Tobias de Raet
                3. (iii) Application of the laws of the Member State of the registered seat without prior negotiations No access Tobias de Raet
                4. (iv) Modification of the standard rule No access Tobias de Raet
                5. (v) Obligation to take a legal form allowing for the exercise of participation No access Tobias de Raet
                6. (vi) Four-year perpetuation No access Tobias de Raet
                7. (vii) Communication to employees No access Tobias de Raet
        21. Article 133 a Independent experts No access 686 - 686 Tobias de Raet
        22. Article 134 Validity No access 686 - 688 Tobias de Raet
          1. Klaus Bader, Andreas Börner
            1. I. Legislative History and Regulatory Context of the Provisions on Divisions No access Klaus Bader, Andreas Börner
            2. Klaus Bader, Andreas Börner
              1. 1. National limited liability companies No access Klaus Bader, Andreas Börner
              2. 2. Insolvency or restructuring proceedings No access Klaus Bader, Andreas Börner
          1. Klaus Bader, Andreas Börner
            1. I. Two Types of Domestic Divisions: Overview No access Klaus Bader, Andreas Börner
            2. II. Division by acquisition – Section 2 Chapter III Title II No access Klaus Bader, Andreas Börner
            3. III. Division by formation of new companies – Section 3 Chapter III Title II No access Klaus Bader, Andreas Börner
            4. IV. Ratio-preserving and ratio-altering division No access Klaus Bader, Andreas Börner
          2. Klaus Bader, Andreas Börner
            1. I. Purpose No access Klaus Bader, Andreas Börner
            2. Klaus Bader, Andreas Börner
              1. 1. Draft terms of division – formal requirements No access Klaus Bader, Andreas Börner
              2. 2. Draft terms of division – content No access Klaus Bader, Andreas Börner
            3. Klaus Bader, Andreas Börner
              1. 1. Germany No access Klaus Bader, Andreas Börner
              2. 2. Italy No access Klaus Bader, Andreas Börner
              3. 3. The Netherlands No access Klaus Bader, Andreas Börner
          3. Klaus Bader, Andreas Börner
            1. I. Purpose No access Klaus Bader, Andreas Börner
            2. Klaus Bader, Andreas Börner
              1. 1. Form of publication No access Klaus Bader, Andreas Börner
              2. 2. Notice period No access Klaus Bader, Andreas Börner
              3. 3. Exemption from publication requirements No access Klaus Bader, Andreas Börner
              4. 4. Modalities of publication No access Klaus Bader, Andreas Börner
          4. Klaus Bader, Andreas Börner
            1. Klaus Bader, Andreas Börner
              1. 1. General meeting as competent body No access Klaus Bader, Andreas Börner
              2. 2. Majority requirements No access Klaus Bader, Andreas Börner
              3. 3. Form requirements No access Klaus Bader, Andreas Börner
            2. II. Ratio-Altering Divisions and Protection of Minority Shareholders No access Klaus Bader, Andreas Börner
          5. Article 140 Derogation from the requirement of approval by the general meeting of a recipient company No access 702 - 703 Klaus Bader, Andreas Börner
          6. Klaus Bader, Andreas Börner
            1. I. Purpose of the Detailed Written Report No access Klaus Bader, Andreas Börner
            2. Klaus Bader, Andreas Börner
              1. 1. Content requirements No access Klaus Bader, Andreas Börner
              2. 2. Formal requirements No access Klaus Bader, Andreas Börner
              3. 3. Information obligation about substantial changes in assets and liabilities No access Klaus Bader, Andreas Börner
            3. III. Written Reports for Group Divisions No access Klaus Bader, Andreas Börner
          7. Klaus Bader, Andreas Börner
            1. I. Examination of the Draft Terms of Division No access Klaus Bader, Andreas Börner
            2. II. The Independent Expert No access Klaus Bader, Andreas Börner
            3. III. Material Focus No access Klaus Bader, Andreas Börner
            4. IV. Content Requirements No access Klaus Bader, Andreas Börner
            5. V. Addressees of the Report No access Klaus Bader, Andreas Börner
            6. VI. Group Divisions No access Klaus Bader, Andreas Börner
          8. Klaus Bader, Andreas Börner
            1. I. Comprehensive Information on the Draft Terms of Division No access Klaus Bader, Andreas Börner
            2. II. Content Requirements No access Klaus Bader, Andreas Börner
            3. III. National Implementation Examples No access Klaus Bader, Andreas Börner
          9. Article 144 Simplified formalities No access 709 - 710 Klaus Bader, Andreas Börner
          10. Article 145 Protection of employees’ rights No access 710 - 711 Klaus Bader, Andreas Börner
          11. Klaus Bader, Andreas Börner
            1. I. Purpose No access Klaus Bader, Andreas Börner
            2. Klaus Bader, Andreas Börner
              1. 1. Protective measure 1: security rights and contingent liability No access Klaus Bader, Andreas Börner
              2. 2. Protective measure 2: joint and several liability No access Klaus Bader, Andreas Börner
              3. 3. Combination of protective measures 1 and 2 No access Klaus Bader, Andreas Börner
              4. 4. National implementation example, Germany No access Klaus Bader, Andreas Börner
            3. III. Debenture Holders No access Klaus Bader, Andreas Börner
          12. Klaus Bader, Andreas Börner
            1. I. Purpose No access Klaus Bader, Andreas Börner
            2. II. Economically Equivalent Rights No access Klaus Bader, Andreas Börner
          13. Article 148 Drawing up and certification of documents in due legal form No access 715 - 716 Klaus Bader, Andreas Börner
          14. Klaus Bader, Andreas Börner
            1. I. No Harmonized Effective Date No access Klaus Bader, Andreas Börner
            2. II. National Implementation Examples No access Klaus Bader, Andreas Börner
          15. Article 150 Publication formalities No access 716 - 717 Klaus Bader, Andreas Börner
          16. Klaus Bader, Andreas Börner
            1. I. General Remarks No access Klaus Bader, Andreas Börner
            2. II. (Partial) Universal Succession No access Klaus Bader, Andreas Börner
            3. III. Transfer of Shares No access Klaus Bader, Andreas Börner
            4. IV. Company being Divided Ceasing to Exist No access Klaus Bader, Andreas Börner
          17. Klaus Bader, Andreas Börner
            1. I. Civil Liability No access Klaus Bader, Andreas Börner
            2. II. Only Minimum Standard No access Klaus Bader, Andreas Börner
          18. Klaus Bader, Andreas Börner
            1. I. Limited Number of Cases of Nullity No access Klaus Bader, Andreas Börner
            2. II. Examples of Nullity under National Law No access Klaus Bader, Andreas Börner
          19. Klaus Bader, Andreas Börner
            1. I. Scope of Application No access Klaus Bader, Andreas Börner
            2. II. Division by Acquisition No access Klaus Bader, Andreas Börner
          1. Klaus Bader, Andreas Börner
            1. I. Division by Formation of New Companies No access Klaus Bader, Andreas Börner
            2. II. Characteristics of Division by Formation of New Companies No access Klaus Bader, Andreas Börner
          2. Klaus Bader, Andreas Börner
            1. I. Application of Rules on Division by Acquisition No access Klaus Bader, Andreas Börner
            2. II. Content Requirements No access Klaus Bader, Andreas Börner
            3. III. Formal Requirements No access Klaus Bader, Andreas Börner
          1. Klaus Bader, Andreas Börner
            1. I. Purpose No access Klaus Bader, Andreas Börner
            2. II. Procedural Facilitations No access Klaus Bader, Andreas Börner
            3. III. Specific Member State Option Regarding Creditor Protection No access Klaus Bader, Andreas Börner
          1. Article 158 Divisions with cash payment exceeding 10 % No access 729 - 730 Klaus Bader, Andreas Börner
          2. Article 159 Divisions without the company being divided ceasing to exist No access 730 - 731 Klaus Bader, Andreas Börner
          1. Article 160 Transitional provisions No access Klaus Bader, Andreas Börner
        1. Klaus Bader, Andreas Börner
          1. I. Legislative Purpose of Chapter IV No access Klaus Bader, Andreas Börner
          2. II. European Model for Structural Changes and Key Elements of Cross-Border Divisions No access Klaus Bader, Andreas Börner
          3. Klaus Bader, Andreas Börner
            1. 1. Limited liability companies No access Klaus Bader, Andreas Börner
            2. Klaus Bader, Andreas Börner
              1. a) Established within the European Union No access Klaus Bader, Andreas Börner
              2. b) Company statutes of at least two Member States No access Klaus Bader, Andreas Börner
              3. c) Other company statutes within the European Economic Area (EEA) No access Klaus Bader, Andreas Börner
            3. 3. Cash payments exceeding 10 % No access Klaus Bader, Andreas Börner
            4. Klaus Bader, Andreas Börner
              1. a) Divisions involving non-EU states No access Klaus Bader, Andreas Börner
              2. b) Divisions involving civil partnerships, cooperatives and other legal entities No access Klaus Bader, Andreas Börner
              3. c) Sectorial exceptions No access Klaus Bader, Andreas Börner
              4. d) Not applicable to operations pursuant to the BRRD Directive No access Klaus Bader, Andreas Börner
              5. e) Not applicable to companies in liquidation, where the distribution of assets has begun. No access Klaus Bader, Andreas Börner
              6. f) Discretion of the Member States to exclude companies involved in insolvency proceedings, other liquidation proceedings or crisis prevention measures No access Klaus Bader, Andreas Börner
            5. 5. Transposition of the Directive No access Klaus Bader, Andreas Börner
            6. 6. Advance effect of the 2019 Directive No access Klaus Bader, Andreas Börner
            7. 7. Brexit No access Klaus Bader, Andreas Börner
        2. Klaus Bader, Andreas Börner
          1. I. Limited Liability Companies – Corporations Pursuant to Annex II No access Klaus Bader, Andreas Börner
          2. Klaus Bader, Andreas Börner
            1. 1. Cross-border divisions by formation and acquisition No access Klaus Bader, Andreas Börner
            2. 2. Ratio-altering cross-border divisions No access Klaus Bader, Andreas Börner
        3. Klaus Bader, Andreas Börner
          1. I. Procedures and Formalities Applicable to the Company Being Divided No access Klaus Bader, Andreas Börner
          2. II. Procedures and Formalities Applicable to the Recipient Companies No access Klaus Bader, Andreas Börner
          3. III. Ratio of Article 160 c No access Klaus Bader, Andreas Börner
          4. IV. Scope of the Term “Procedures and Formalities” No access Klaus Bader, Andreas Börner
        4. Klaus Bader, Andreas Börner
          1. I. Purpose No access Klaus Bader, Andreas Börner
          2. II. Legal Nature of the Draft Terms No access Klaus Bader, Andreas Börner
          3. Klaus Bader, Andreas Börner
            1. 1. Responsibility of the administrative or management body No access Klaus Bader, Andreas Börner
            2. 2. Written form requirement No access Klaus Bader, Andreas Börner
            3. 3. Language No access Klaus Bader, Andreas Börner
            4. 4. Disclosure No access Klaus Bader, Andreas Börner
          4. Klaus Bader, Andreas Börner
            1. 1. Key information of the company being divided and each recipient company No access Klaus Bader, Andreas Börner
            2. 2. Share exchange ratio, amount of cash payment, allotment of securities and shares No access Klaus Bader, Andreas Börner
            3. 3. Indicative timetable No access Klaus Bader, Andreas Börner
            4. 4. Repercussions on employment No access Klaus Bader, Andreas Börner
            5. 5. Date of entitlement to distributions No access Klaus Bader, Andreas Börner
            6. 6. Accounting date No access Klaus Bader, Andreas Börner
            7. 7. Specification of special advantages No access Klaus Bader, Andreas Börner
            8. 8. Specification of special rights No access Klaus Bader, Andreas Börner
            9. 9. Instruments of constitution of the recipient companies No access Klaus Bader, Andreas Börner
            10. 10. Information on arrangements for the involvement of employees No access Klaus Bader, Andreas Börner
            11. 11. Precise description, allocation and valuation of assets and liabilities No access Klaus Bader, Andreas Börner
            12. 12. Reporting date of annual accounts No access Klaus Bader, Andreas Börner
            13. 13. Allocation to members of the shares in the recipient companies and/or the company being divided No access Klaus Bader, Andreas Börner
            14. 14. Details of the cash compensation being offered to members No access Klaus Bader, Andreas Börner
            15. 15. Any safeguard offered to creditors No access Klaus Bader, Andreas Börner
          5. V. Consequence of Non-Compliance with Minimum Terms and Errors within the Draft Terms No access Klaus Bader, Andreas Börner
        5. Klaus Bader, Andreas Börner
          1. I. Drawing Up of a Report and Consequences of Errors No access Klaus Bader, Andreas Börner
          2. Klaus Bader, Andreas Börner
            1. 1. Separate or joint reports No access Klaus Bader, Andreas Börner
            2. 2. Exceptions and waiver of the obligation to draw up a report No access Klaus Bader, Andreas Börner
            3. 3. Availability to its addressees No access Klaus Bader, Andreas Börner
            4. 4. Timing No access Klaus Bader, Andreas Börner
          3. Klaus Bader, Andreas Börner
            1. 1. General content No access Klaus Bader, Andreas Börner
            2. 2. Report addressed to members No access Klaus Bader, Andreas Börner
            3. 3. Report addressed to employees No access Klaus Bader, Andreas Börner
            4. 4. No disclosure of confidential information No access Klaus Bader, Andreas Börner
            5. 5. No report addressed to creditors required No access Klaus Bader, Andreas Börner
          4. IV. Opinion from the Representatives of the Employees No access Klaus Bader, Andreas Börner
        6. Klaus Bader, Andreas Börner
          1. I. Scope of the Examination of the Draft Terms by the Independent Expert No access Klaus Bader, Andreas Börner
          2. II. The Independent Expert No access Klaus Bader, Andreas Börner
          3. III. Scope of the Examination No access Klaus Bader, Andreas Börner
          4. IV. Addressees of the Report and Deadline for the Submission No access Klaus Bader, Andreas Börner
          5. V. Public Disclosure of the Expert Report No access Klaus Bader, Andreas Börner
          6. VI. Consequences of Errors No access Klaus Bader, Andreas Börner
          7. VII. Waiver of the Obligation to Draw Up an Expert Report and Single Member Companies No access Klaus Bader, Andreas Börner
        7. Klaus Bader, Andreas Börner
          1. I. Disclosure Concept and Forms of Disclosure No access Klaus Bader, Andreas Börner
          2. II. Submission of Documents by the Company No access Klaus Bader, Andreas Börner
          3. III. Documents Not to Be Made Publicly Available No access Klaus Bader, Andreas Börner
        8. Klaus Bader, Andreas Börner
          1. I. Minimum Standard for the Protection of the Members No access Klaus Bader, Andreas Börner
          2. II. Approval by the General Meeting No access Klaus Bader, Andreas Börner
          3. III. Information to Be Provided Prior to the General Meeting No access Klaus Bader, Andreas Börner
          4. IV. Timing of the General Meeting No access Klaus Bader, Andreas Börner
          5. Klaus Bader, Andreas Börner
            1. 1. Majority requirements No access Klaus Bader, Andreas Börner
            2. 2. Reservation of approval subject to the outcome of the employee participation No access Klaus Bader, Andreas Börner
            3. 3. Specific consent requirement No access Klaus Bader, Andreas Börner
            4. 4. Form requirements No access Klaus Bader, Andreas Börner
            5. 5. Content of the approval decision No access Klaus Bader, Andreas Börner
          6. VI. Challenges of the Resolution of the Members No access Klaus Bader, Andreas Börner
          7. VII. Cross-Border Divisions by Acquisition No access Klaus Bader, Andreas Börner
        9. Klaus Bader, Andreas Börner
          1. I. Protection of Members – The Concept No access Klaus Bader, Andreas Börner
          2. Klaus Bader, Andreas Börner
            1. 1. Background No access Klaus Bader, Andreas Börner
            2. 2. Exit right at least for members having voted against the resolution No access Klaus Bader, Andreas Börner
            3. 3. Exercise of the right to dispose No access Klaus Bader, Andreas Börner
            4. 4. Payment of cash compensation by the company being divided No access Klaus Bader, Andreas Börner
          3. III. Right of the Objecting Member to Challenge the Amount of the Cash Compensation No access Klaus Bader, Andreas Börner
          4. IV. Right to Challenge the Adequacy of the Share Exchange Ratio No access Klaus Bader, Andreas Börner
        10. Klaus Bader, Andreas Börner
          1. I. General Effects of the Division on Creditors and the New Concept of Protection No access Klaus Bader, Andreas Börner
          2. II. Draft Terms No access Klaus Bader, Andreas Börner
          3. III. Solvency Declaration – Statement Accurately Reflecting the Company’s Financial Situation No access Klaus Bader, Andreas Börner
          4. IV. Right to Challenge Safeguards as Inadequate and Request (Additional) Safeguards No access Klaus Bader, Andreas Börner
          5. V. Joint and Several Liability No access Klaus Bader, Andreas Börner
        11. Klaus Bader, Andreas Börner
          1. I. Employee Consultation No access Klaus Bader, Andreas Börner
          2. II. Stronger Rights under Member State Law No access Klaus Bader, Andreas Börner
        12. Klaus Bader, Andreas Börner
          1. I. Conflicting Approaches of Employee Participation No access Klaus Bader, Andreas Börner
          2. II. The General Principle No access Klaus Bader, Andreas Börner
          3. Klaus Bader, Andreas Börner
            1. 1. Four-fifths rule No access Klaus Bader, Andreas Börner
            2. 2. Reduction of employee participation No access Klaus Bader, Andreas Börner
            3. 3. Discrimination No access Klaus Bader, Andreas Börner
          4. IV. Mechanism for the Involvement of Employees in the Definition of Their Rights to Participation in the Recipient Companies No access Klaus Bader, Andreas Börner
          5. V. Four Year Perpetuation No access Klaus Bader, Andreas Börner
        13. Klaus Bader, Andreas Börner
          1. I. A Two-Stage Scrutiny of the Legality No access Klaus Bader, Andreas Börner
          2. II. The Competent Authority to Scrutinize No access Klaus Bader, Andreas Börner
          3. Klaus Bader, Andreas Börner
            1. 1. Scope of scrutiny No access Klaus Bader, Andreas Börner
            2. 2. Time limits No access Klaus Bader, Andreas Börner
            3. 3. Abuse control No access Klaus Bader, Andreas Börner
            4. 4. Individual and collective employee rights No access Klaus Bader, Andreas Börner
            5. 5. Pre-division certificate and judicial review No access Klaus Bader, Andreas Börner
        14. Article 160 n Transmission of the pre-division certificate No access 796 - 797 Klaus Bader, Andreas Börner
        15. Klaus Bader, Andreas Börner
          1. I. Second Stage of the Legality Check No access Klaus Bader, Andreas Börner
          2. II. Competent Authority No access Klaus Bader, Andreas Börner
          3. III. Scope of Scrutiny No access Klaus Bader, Andreas Börner
          4. IV. Re-Examination of Issues: Exceptions No access Klaus Bader, Andreas Börner
        16. Klaus Bader, Andreas Börner
          1. I. Registration and Publication No access Klaus Bader, Andreas Börner
          2. II. Notification through the System of Interconnection of Registers No access Klaus Bader, Andreas Börner
          3. III. Removal of the Company Being Divided from its Register No access Klaus Bader, Andreas Börner
        17. Klaus Bader, Andreas Börner
          1. I. No Harmonized Effective Date No access Klaus Bader, Andreas Börner
          2. II. Earliest and Latest Effective Date No access Klaus Bader, Andreas Börner
        18. Klaus Bader, Andreas Börner
          1. I. Consequences of the Cross-Border Division No access Klaus Bader, Andreas Börner
          2. II. Relevance of Restrictions and Requirements for the Individual Transfer of Assets, Rights, Contracts and Liabilities, and Consequences for “Indivisible” Legal Positions No access Klaus Bader, Andreas Börner
          3. III. Fall Back Allocation No access Klaus Bader, Andreas Börner
          4. Klaus Bader, Andreas Börner
            1. 1. Full cross-border division No access Klaus Bader, Andreas Börner
            2. 2. Partial cross-border division No access Klaus Bader, Andreas Börner
            3. 3. Cross-border division by separation No access Klaus Bader, Andreas Börner
        19. Article 160 s Simplified formalities No access 806 - 806 Klaus Bader, Andreas Börner
        20. Article 160 t Independent experts No access 806 - 807 Klaus Bader, Andreas Börner
        21. Klaus Bader, Andreas Börner
          1. I. General Principle No access Klaus Bader, Andreas Börner
          2. II. Exceptions No access Klaus Bader, Andreas Börner
  4. Hanno Merkt
    1. A. Introduction No access Hanno Merkt
    2. Hanno Merkt
      1. Hanno Merkt
        1. Hanno Merkt
          1. a) Onset No access Hanno Merkt
          2. b) Amendments No access Hanno Merkt
        2. Hanno Merkt
          1. a) Introduction No access Hanno Merkt
          2. b) EUAccD and First Amendments No access Hanno Merkt
      2. Hanno Merkt
        1. Hanno Merkt
          1. a) Scope (Art 1) No access Hanno Merkt
          2. b) Definitions (Art 2) No access Hanno Merkt
          3. c) Categories of undertakings and groups (Art 3) No access Hanno Merkt
        2. 2. Chapter 2 (Art 4-8) – General provisions No access Hanno Merkt
        3. Hanno Merkt
          1. Hanno Merkt
            1. (i) Balance sheet No access Hanno Merkt
            2. (ii) Profit and loss account No access Hanno Merkt
          2. b) Notes No access Hanno Merkt
        4. Hanno Merkt
          1. a) Original version No access Hanno Merkt
          2. b) Amendment by NFRDSee note 30 supra. No access Hanno Merkt
        5. Hanno Merkt
          1. a) Underlying principles No access Hanno Merkt
          2. b) Scope and exemptions to the requirement of consolidation No access Hanno Merkt
          3. c) Content and preparation No access Hanno Merkt
        6. 6. Chapter 7 (Art 30-33) – Publication No access Hanno Merkt
        7. 7. Chapter 8 (Art 34 and 35) – Auditing No access Hanno Merkt
        8. 8. Chapter 9 (Art 36-40) – Exemptions No access Hanno Merkt
        9. 9. Chapter 10 (Art 41-48) – Country-by-Country Reporting (CbCR) No access Hanno Merkt
    3. Hanno Merkt
      1. Hanno Merkt
        1. 1. Historical development and objectives No access Hanno Merkt
        2. 2. Amendments No access Hanno Merkt
      2. Hanno Merkt
        1. 1. Aim, scope and definitions (Art 1, 2, 4, 5 IASR) No access Hanno Merkt
        2. 2. Endorsement mechanism (Art 3 and 6) No access Hanno Merkt
    4. Hanno Merkt
      1. Hanno Merkt
        1. 1. Onset No access Hanno Merkt
        2. Hanno Merkt
          1. a) Introduction No access Hanno Merkt
          2. b) SAD, amendments and SAR No access Hanno Merkt
      2. Hanno Merkt
        1. Hanno Merkt
          1. a) Objectives No access Hanno Merkt
          2. b) Scope No access Hanno Merkt
          3. c) Relation to EUAccD No access Hanno Merkt
        2. 2. Chapter I – Subject matter and definitions (Art 1 and 2 SAD) No access Hanno Merkt
        3. Hanno Merkt
          1. Hanno Merkt
            1. (i) Approval and continuing education No access Hanno Merkt
            2. (ii) Mutual recognition No access Hanno Merkt
          2. b) Registration (Art 15 SAD) No access Hanno Merkt
        4. Hanno Merkt
          1. a) Professional ethics and scepticism (Art 21 SAD) No access Hanno Merkt
          2. b) Independence and objectivity (Art 22, 22 a, 22 b, 24 SAD) No access Hanno Merkt
          3. c) Confidentiality and professional secrecy (Art 23 SAD) No access Hanno Merkt
          4. d) Internal organisation and organisation of the work (Art 24 a, 24 b SAD) No access Hanno Merkt
          5. e) Fees (Art 25 SAD) No access Hanno Merkt
        5. 5. Chapter V – Auditing standards and audit reporting (Art 26-28 SAD) No access Hanno Merkt
        6. 6. Chapter VI – Quality assurance (Art 29 SAD) No access Hanno Merkt
        7. 7. Chapter VII – Investigations and sanctions (Art 30-30 f SAD) No access Hanno Merkt
        8. 8. Chapter VIII – Public oversight and regulatory arrangements between Member States (Art 32-36 SAD) No access Hanno Merkt
        9. 9. Chapter IX – Appointment and dismissal (Art 37 and 38 SAD) No access Hanno Merkt
        10. 10. Chapter X – Audit committee (Art 39 SAD) No access Hanno Merkt
        11. 11. Chapter XI – International aspects (Art 44-47 SAD) No access Hanno Merkt
    1. Dieter Leuering
      1. Dieter Leuering
        1. 1. History No access Dieter Leuering
        2. 2. Current state of affairs: Directive 2009/102/ECDirective 2009/102/EC of the European Parliament and of the Council of September 16, 2009 in the area of company law on single-member private limited ... No access Dieter Leuering
        3. 3. SUP (Societas Unius Personae) – A European idea realized at the national level No access Dieter Leuering
      2. II. Interpretation of the Directive No access Dieter Leuering
    2. Article 1 [Scope] No access 840 - 842 Dieter Leuering
    3. Dieter Leuering
      1. Dieter Leuering
        1. a) Original formation No access Dieter Leuering
        2. b) Subsequent unification of all shares in one hand No access Dieter Leuering
      2. Dieter Leuering
        1. a) Background No access Dieter Leuering
        2. b) Concrete sanction options No access Dieter Leuering
        3. c) Judge-made law as legal basis No access Dieter Leuering
      3. 3. Scope of the Member States' regulatory freedom No access Dieter Leuering
    4. Dieter Leuering
      1. 1. Protection provisions of third parties No access Dieter Leuering
      2. 2. Disclosure provisions for the single shareholder No access Dieter Leuering
    5. Dieter Leuering
      1. 1. Sole shareholder as “shareholders’ meeting”, Art 4 (1) No access Dieter Leuering
      2. 2. Shareholder resolutions, Article 4 (2) No access Dieter Leuering
    6. Dieter Leuering
      1. 1. Mandatory form requirement, Art 5 (1) No access Dieter Leuering
      2. 2. Relaxation of the mandatory form requirement, Art 5 (2) No access Dieter Leuering
    7. Article 6 [The one-person public limited liability company] No access 852 - 853 Dieter Leuering
    8. Article 7 [Single-member enterprise with limited liability] No access 853 - 855 Dieter Leuering
      1. Jan Lieder, Martin Bialluch
        1. Jan Lieder, Martin Bialluch
          1. 1. Political and historical outline No access Jan Lieder, Martin Bialluch
          2. 2. Criticism on the legislative technique in the SRD – Interpretation of the SRD’s legal terms No access Jan Lieder, Martin Bialluch
        2. Jan Lieder, Martin Bialluch
          1. 1. Personal scope of application No access Jan Lieder, Martin Bialluch
          2. 2. Material scope of application No access Jan Lieder, Martin Bialluch
        3. III. The “Competent Member State” and the “Applicable Law” (Para. 2) No access Jan Lieder, Martin Bialluch
        4. IV. Options to Exempt Certain Types of Companies (Para. 3 and 3 a) No access Jan Lieder, Martin Bialluch
        5. V. Conflicts with Directive 2014/59/EU (Para. 4) No access Jan Lieder, Martin Bialluch
        6. VI. Scope of Chapter Ia and Chapter Ib (Para. 5 and 6) No access Jan Lieder, Martin Bialluch
        7. VII. Conflicts with Other EU Legislations (Para. 7) No access Jan Lieder, Martin Bialluch
      2. Jan Lieder, Martin Bialluch
        1. I. Regulated Market (Point (a)) No access Jan Lieder, Martin Bialluch
        2. II. Shareholder (Point (b)) No access Jan Lieder, Martin Bialluch
        3. III. Proxy (Point (c)) No access Jan Lieder, Martin Bialluch
        4. IV. Intermediary (Point (d)) No access Jan Lieder, Martin Bialluch
        5. V. Institutional Investor (Point (e)) No access Jan Lieder, Martin Bialluch
        6. VI. Asset Manager (Point (f)) No access Jan Lieder, Martin Bialluch
        7. VII. Proxy Advisor (Point (g)) No access Jan Lieder, Martin Bialluch
        8. VIII. Related Party (Point (h)) No access Jan Lieder, Martin Bialluch
        9. IX. Director (Point (i)) No access Jan Lieder, Martin Bialluch
        10. X. Information Regarding Shareholder Identity (Point (j)) No access Jan Lieder, Martin Bialluch
      3. Article 3 Further national measures No access 869 - 870 Jan Lieder, Martin Bialluch
      1. Jan Lieder, Martin Bialluch
        1. I. The Principle of “Know Your Shareholder” No access Jan Lieder, Martin Bialluch
        2. Jan Lieder, Martin Bialluch
          1. 1. General right to shareholder identification No access Jan Lieder, Martin Bialluch
          2. 2. Further claim against the intermediaries No access Jan Lieder, Martin Bialluch
        3. Jan Lieder, Martin Bialluch
          1. 1. Principal rule No access Jan Lieder, Martin Bialluch
          2. 2. Chains of Intermediaries (para. 3) No access Jan Lieder, Martin Bialluch
          3. 3. Threshold value exemption (para. 1) No access Jan Lieder, Martin Bialluch
        4. IV. Prerequisite of Formal Request (Para. 2) No access Jan Lieder, Martin Bialluch
        5. V. Data Protection, Privacy and Secrecy No access Jan Lieder, Martin Bialluch
        6. VI. ESMA-Reporting and Commissions Implementing Regulation (Para. 7 and 8) No access Jan Lieder, Martin Bialluch
      2. Jan Lieder, Martin Bialluch
        1. I. Subject of the Transmission of Information No access Jan Lieder, Martin Bialluch
        2. Jan Lieder, Martin Bialluch
          1. 1. Transmission of information to the shareholders “bottom up” (para. 1–3) No access Jan Lieder, Martin Bialluch
          2. 2. Transmission of information to the company “top down” (para. 4) No access Jan Lieder, Martin Bialluch
        3. III. Chains of Intermediaries (Para. 5) No access Jan Lieder, Martin Bialluch
        4. IV. Commissions Implementing Regulation (Para. 6) No access Jan Lieder, Martin Bialluch
      3. Jan Lieder, Martin Bialluch
        1. Jan Lieder, Martin Bialluch
          1. 1. Necessary arrangements for shareholders or nominated third parties (point (a)) No access Jan Lieder, Martin Bialluch
          2. 2. Intermediaries exercising shareholder rights (point (b)) No access Jan Lieder, Martin Bialluch
        2. Jan Lieder, Martin Bialluch
          1. 1. Electronic confirmation of receipt of electronic votes (subpara. 1) No access Jan Lieder, Martin Bialluch
          2. 2. Confirmation that votes have been validly recorded and counted (subpara. 2) No access Jan Lieder, Martin Bialluch
          3. 3. Chains of intermediaries (subpara. 3) No access Jan Lieder, Martin Bialluch
        3. III. Commissions Implementing Regulation (Para. 3) No access Jan Lieder, Martin Bialluch
      4. Jan Lieder, Martin Bialluch
        1. I. Disclosure of Charges (Para. 1) No access Jan Lieder, Martin Bialluch
        2. II. Non-Discrimination, Proportionality and Transparency (Para. 2) No access Jan Lieder, Martin Bialluch
        3. III. Member State Option (Para. 3) No access Jan Lieder, Martin Bialluch
      5. Article 3 e Third-country intermediaries No access 884 - 884 Jan Lieder, Martin Bialluch
      6. Article 3 f Information on implementation No access 884 - 885 Jan Lieder, Martin Bialluch
      1. Jan Lieder, Martin Bialluch
        1. Jan Lieder, Martin Bialluch
          1. 1. Engagement policy (point (a)) No access Jan Lieder, Martin Bialluch
          2. 2. Annual implementation report (point (b)) No access Jan Lieder, Martin Bialluch
        2. II. Format and Costs of Disclosure (Para. 2) No access Jan Lieder, Martin Bialluch
        3. III. Relationship to Other EU Legal Acts (Para. 3) No access Jan Lieder, Martin Bialluch
      2. Jan Lieder, Martin Bialluch
        1. I. Long-Term Performance Report (Para. 1) No access Jan Lieder, Martin Bialluch
        2. II. Investments on Behalf of Institutional Investors (Para. 2) No access Jan Lieder, Martin Bialluch
        3. III. Format and Costs of Disclosure (Para. 3) No access Jan Lieder, Martin Bialluch
      3. Jan Lieder, Martin Bialluch
        1. I. Transparency Requirements (Para. 1) No access Jan Lieder, Martin Bialluch
        2. II. Format and Costs of Disclosure (Para. 2) No access Jan Lieder, Martin Bialluch
        3. III. Disclosure to Other Investors of the Same Fund (Para. 3) No access Jan Lieder, Martin Bialluch
      4. Jan Lieder, Martin Bialluch
        1. I. Code of Conduct – Comply or Explain (Para. 1) No access Jan Lieder, Martin Bialluch
        2. Jan Lieder, Martin Bialluch
          1. 1. Public annual reports (para. 2) No access Jan Lieder, Martin Bialluch
          2. 2. Conflicts of interests (para. 3) No access Jan Lieder, Martin Bialluch
        3. III. Extension to Third-Country Proxy Advisors (Para. 4) No access Jan Lieder, Martin Bialluch
      5. Article 3 k Review No access 895 - 895 Jan Lieder, Martin Bialluch
      1. Article 4 Equal treatment of shareholders No access 895 - 896 Jan Lieder, Martin Bialluch
      2. Jan Lieder, Martin Bialluch
        1. I. General Scope No access Jan Lieder, Martin Bialluch
        2. II. Convocation Period (Para. 1) No access Jan Lieder, Martin Bialluch
        3. III. Modalities of Convocation (Para. 2) No access Jan Lieder, Martin Bialluch
        4. Jan Lieder, Martin Bialluch
          1. 1. Requirements for the convocation itself (para. 3) No access Jan Lieder, Martin Bialluch
          2. 2. Requirements for the related internet information (para. 4) No access Jan Lieder, Martin Bialluch
        5. V. Special Provisions Concerning Directive 2014/59/EU (BRRD) (Para. 5 and 6) No access Jan Lieder, Martin Bialluch
      3. Jan Lieder, Martin Bialluch
        1. I. Minority Rights Corresponding With the (Annual) General Meeting (Para. 1) No access Jan Lieder, Martin Bialluch
        2. Jan Lieder, Martin Bialluch
          1. 1. Minority rights as individual “or” collective rights No access Jan Lieder, Martin Bialluch
          2. 2. Restriction of shareholders’ right to put items on the agenda of the general meeting No access Jan Lieder, Martin Bialluch
          3. 3. Restrictions of shareholders’ right to draft resolutions for items included or to be included on the agenda No access Jan Lieder, Martin Bialluch
          4. 4. Restriction to exercising of shareholders’ rights in writing No access Jan Lieder, Martin Bialluch
          5. 5. Threshold value for quantity of shareholdings (para. 2) No access Jan Lieder, Martin Bialluch
          6. 6. Time limits on the exercise of minority rights (para. 3) No access Jan Lieder, Martin Bialluch
        3. III. Obligation to Provide a Revised Agenda (Para. 4) No access Jan Lieder, Martin Bialluch
      4. Jan Lieder, Martin Bialluch
        1. I. Prohibition of the Mandatory Deposit and Share Blocking (Para. 1) No access Jan Lieder, Martin Bialluch
        2. Jan Lieder, Martin Bialluch
          1. 1. Participation and voting of non-shareholders No access Jan Lieder, Martin Bialluch
          2. 2. Non-application of the record date No access Jan Lieder, Martin Bialluch
        3. III. Differences Depending on the Type of Share (Para. 3) No access Jan Lieder, Martin Bialluch
        4. IV. Proof of Shareholder Qualification (Para. 4) No access Jan Lieder, Martin Bialluch
      5. Jan Lieder, Martin Bialluch
        1. I. Regulatory Purpose No access Jan Lieder, Martin Bialluch
        2. Jan Lieder, Martin Bialluch
          1. 1. The right of the company to enable any form of electronic participation No access Jan Lieder, Martin Bialluch
          2. 2. Virtual general meetings No access Jan Lieder, Martin Bialluch
        3. III. Requirements and Constraints in National Law (Para. 2) No access Jan Lieder, Martin Bialluch
      6. Jan Lieder, Martin Bialluch
        1. Jan Lieder, Martin Bialluch
          1. 1. Purpose and linking to agenda items No access Jan Lieder, Martin Bialluch
          2. 2. Further material scope No access Jan Lieder, Martin Bialluch
          3. 3. Transposition into national law No access Jan Lieder, Martin Bialluch
        2. Jan Lieder, Martin Bialluch
          1. 1. General approach No access Jan Lieder, Martin Bialluch
          2. 2. Overall answer to questions having the same content No access Jan Lieder, Martin Bialluch
          3. 3. (Fictional) response by web-based FAQs No access Jan Lieder, Martin Bialluch
        3. III. Expressively Permitted Limitations under National Law No access Jan Lieder, Martin Bialluch
        4. IV. Sanctions for Violations of the Right on Information No access Jan Lieder, Martin Bialluch
      7. Jan Lieder, Martin Bialluch
        1. I. The SRD’s “Say on Pay” Concept No access Jan Lieder, Martin Bialluch
        2. II. Establishment of the Remuneration Policy and Shareholders’ Right to Vote (Para. 1) No access Jan Lieder, Martin Bialluch
        3. Jan Lieder, Martin Bialluch
          1. 1. General principle of a binding effect No access Jan Lieder, Martin Bialluch
          2. 2. Lack of shareholders’ approval (freezing effect) No access Jan Lieder, Martin Bialluch
          3. 3. Delegation to the companies No access Jan Lieder, Martin Bialluch
        4. Jan Lieder, Martin Bialluch
          1. 1. Dispensing with the policy’s binding effect (para. 3) No access Jan Lieder, Martin Bialluch
          2. 2. Remuneration in exceptional circumstances (para. 4) No access Jan Lieder, Martin Bialluch
        5. Jan Lieder, Martin Bialluch
          1. 1. Regular voting cycle No access Jan Lieder, Martin Bialluch
          2. 2. Triggering of the voting by material changes in the policy No access Jan Lieder, Martin Bialluch
        6. Jan Lieder, Martin Bialluch
          1. 1. General prerequisites (subpara 1) No access Jan Lieder, Martin Bialluch
          2. 2. Employment conditions (subpara 2) No access Jan Lieder, Martin Bialluch
          3. 3. Variable remuneration (subpara 3) No access Jan Lieder, Martin Bialluch
          4. 4. Share-based remuneration (subpara 4) No access Jan Lieder, Martin Bialluch
          5. 5. Aspects of duration of the remuneration policy (subpara 5) No access Jan Lieder, Martin Bialluch
          6. 6. Explanatory aspects on the formation of the remuneration policy (subpara 6) No access Jan Lieder, Martin Bialluch
          7. 7. Revision of the remuneration policy (subpara 6) No access Jan Lieder, Martin Bialluch
        7. VII. Publication on the Company’s Website (Para. 7) No access Jan Lieder, Martin Bialluch
        8. VIII. Sanctions No access Jan Lieder, Martin Bialluch
      8. Jan Lieder, Martin Bialluch
        1. Jan Lieder, Martin Bialluch
          1. 1. General requirements as regards the preparation of the report No access Jan Lieder, Martin Bialluch
          2. 2. Minimum content of the report No access Jan Lieder, Martin Bialluch
          3. Jan Lieder, Martin Bialluch
            1. a) Mandatory information referred to in point (a) No access Jan Lieder, Martin Bialluch
            2. b) Mandatory information referred to in point (b) No access Jan Lieder, Martin Bialluch
            3. c) Mandatory information referred to in point (c) No access Jan Lieder, Martin Bialluch
            4. d) Mandatory information referred to in point (d) No access Jan Lieder, Martin Bialluch
            5. e) Mandatory information referred to in point (e) No access Jan Lieder, Martin Bialluch
            6. f) Mandatory information referred to in point (f) No access Jan Lieder, Martin Bialluch
        2. Jan Lieder, Martin Bialluch
          1. 1. General principle: Advisory nature of the shareholders’ vote No access Jan Lieder, Martin Bialluch
          2. 2. Option: Discussions at the annual general meeting of small and medium-sized companies No access Jan Lieder, Martin Bialluch
        3. III. Processing of Personal Data (Para. 2 and 3) No access Jan Lieder, Martin Bialluch
        4. IV. Publication on the Company’s Website (Para. 5) No access Jan Lieder, Martin Bialluch
        5. Jan Lieder, Martin Bialluch
          1. 1. Audit No access Jan Lieder, Martin Bialluch
          2. 2. Directors’ duties and liability No access Jan Lieder, Martin Bialluch
          3. 3. Further sanctions No access Jan Lieder, Martin Bialluch
        6. VI. Commission’s Guidelines (Para. 6) No access Jan Lieder, Martin Bialluch
      9. Jan Lieder, Martin Bialluch
        1. Jan Lieder, Martin Bialluch
          1. 1. Purpose and political background No access Jan Lieder, Martin Bialluch
          2. 2. Systematic and regulatory structure No access Jan Lieder, Martin Bialluch
          3. 3. Material transactions (para. 1) No access Jan Lieder, Martin Bialluch
          4. 4. Circumvention (para. 8) No access Jan Lieder, Martin Bialluch
        2. Jan Lieder, Martin Bialluch
          1. 1. Related party transactions of the company (para. 2) No access Jan Lieder, Martin Bialluch
          2. 2. Related party transactions of subsidiary companies (para. 7) No access Jan Lieder, Martin Bialluch
          3. 3. Format and time of the announcement No access Jan Lieder, Martin Bialluch
          4. 4. (Optional) accompanying report – fairness opinion (para. 3 and 7) No access Jan Lieder, Martin Bialluch
        3. Jan Lieder, Martin Bialluch
          1. 1. Competency prerequisites No access Jan Lieder, Martin Bialluch
          2. 2. Procedural prerequisites No access Jan Lieder, Martin Bialluch
        4. IV. Transactions in the Ordinary Course of Business and Concluded on Normal Market Terms (Para. 5) No access Jan Lieder, Martin Bialluch
        5. Jan Lieder, Martin Bialluch
          1. 1. Transactions entered into between the company and its subsidiaries (point (a)) No access Jan Lieder, Martin Bialluch
          2. 2. Transactions approved by the general meeting (point (b)) No access Jan Lieder, Martin Bialluch
          3. 3. Remuneration of directors (point (c)) No access Jan Lieder, Martin Bialluch
          4. 4. Authority approved transactions of credit institutions (point (d)) No access Jan Lieder, Martin Bialluch
          5. 5. Equal treatments (point (e)) No access Jan Lieder, Martin Bialluch
        6. VI. Rule of Conflicts in relation to Article 17 MAR (Para. 9) No access Jan Lieder, Martin Bialluch
        7. VII. Enforcement and Sanctions No access Jan Lieder, Martin Bialluch
      10. Jan Lieder, Martin Bialluch
        1. Jan Lieder, Martin Bialluch
          1. 1. General scope and role of proxy voting No access Jan Lieder, Martin Bialluch
          2. 2. System of multi-person voting in the SRD No access Jan Lieder, Martin Bialluch
        2. II. Proxy Holder Rights (Para. 1) No access Jan Lieder, Martin Bialluch
        3. Jan Lieder, Martin Bialluch
          1. 1. Time limitations and limitations for multiple proxies (para. 2) No access Jan Lieder, Martin Bialluch
          2. Jan Lieder, Martin Bialluch
            1. a) Possible restrictions under Member State law No access Jan Lieder, Martin Bialluch
            2. b) Conflict of interest No access Jan Lieder, Martin Bialluch
          3. 3. Restrictions effects in national private law relationships No access Jan Lieder, Martin Bialluch
        4. Jan Lieder, Martin Bialluch
          1. 1. Mandatory instructions No access Jan Lieder, Martin Bialluch
          2. 2. Duty to keep a record No access Jan Lieder, Martin Bialluch
        5. V. Multiple Proxy Holdings (Para. 5) No access Jan Lieder, Martin Bialluch
        6. VI. Sanctions No access Jan Lieder, Martin Bialluch
      11. Jan Lieder, Martin Bialluch
        1. I. Proxy Appointment and Revocation thereof by Electronic Means (Para. 1) No access Jan Lieder, Martin Bialluch
        2. II. Formal Requirements for Legal Acts in the Context of Proxy Voting (Para. 2) No access Jan Lieder, Martin Bialluch
      12. Jan Lieder, Martin Bialluch
        1. I. General Scope and Relation to Article 8 SRD No access Jan Lieder, Martin Bialluch
        2. II. “Correspondence” in Advance of the General Meeting No access Jan Lieder, Martin Bialluch
      13. Jan Lieder, Martin Bialluch
        1. Jan Lieder, Martin Bialluch
          1. 1. Scope of regulation (para. 1) No access Jan Lieder, Martin Bialluch
          2. 2. Intermediaries as “shareholders” under the applicable law No access Jan Lieder, Martin Bialluch
        2. II. Disclosure Requirements and Further Formal Requirements under National Law (Para. 2 and 3) No access Jan Lieder, Martin Bialluch
        3. III. Split Voting and Proxy Voting (Para. 4 and 5) No access Jan Lieder, Martin Bialluch
      14. Jan Lieder, Martin Bialluch
        1. Jan Lieder, Martin Bialluch
          1. 1. Scope and purpose No access Jan Lieder, Martin Bialluch
          2. 2. Contents to be established No access Jan Lieder, Martin Bialluch
          3. 3. Dispensation rule (subs. 2) No access Jan Lieder, Martin Bialluch
        2. II. Online Publishing (Para. 2) No access Jan Lieder, Martin Bialluch
        3. III. Conflict Rule for National Law Governing Resolutions (Para. 3) No access Jan Lieder, Martin Bialluch
      1. Article 14 a Committee procedure No access 973 - 973 Jan Lieder, Martin Bialluch
      2. Jan Lieder, Martin Bialluch
        1. I. Chapter IIa – Implementing Acts and Penalties No access Jan Lieder, Martin Bialluch
        2. II. Article 14 b SRD beyond the Scope of Minimum Harmonisation No access Jan Lieder, Martin Bialluch
      1. Jan Lieder, Martin Bialluch
        1. Jan Lieder, Martin Bialluch
          1. 1. Legal effects of non-transposition No access Jan Lieder, Martin Bialluch
          2. 2. Direct legal effect of directives No access Jan Lieder, Martin Bialluch
        2. II. Further Provisions for Transposition (Para. 2 and 3) No access Jan Lieder, Martin Bialluch
      2. Article 16 Entry into force No access 976 - 976 Jan Lieder, Martin Bialluch
      3. Article 17 Addressees No access 976 - 979 Jan Lieder, Martin Bialluch
    1. Silja Maul, Larissa Furtwengler
      1. I. Core of the Directive No access Silja Maul, Larissa Furtwengler
      2. II. Compromise Proposal No access Silja Maul, Larissa Furtwengler
      3. III. Development of the Directive No access Silja Maul, Larissa Furtwengler
      4. IV. Harmonization No access Silja Maul, Larissa Furtwengler
      5. V. Need for Reform No access Silja Maul, Larissa Furtwengler
    2. Silja Maul, Larissa Furtwengler
      1. Silja Maul, Larissa Furtwengler
        1. 1. Overview No access Silja Maul, Larissa Furtwengler
        2. 2. Background No access Silja Maul, Larissa Furtwengler
        3. 3. Relation to other provisions No access Silja Maul, Larissa Furtwengler
      2. II. Scope of Application (Art 1 (1)) No access Silja Maul, Larissa Furtwengler
      3. III. Exceptions to the Scope of Application (Art 1 (2), (3)) No access Silja Maul, Larissa Furtwengler
    3. Silja Maul, Larissa Furtwengler
      1. Silja Maul, Larissa Furtwengler
        1. 1. Overview No access Silja Maul, Larissa Furtwengler
        2. 2. Background No access Silja Maul, Larissa Furtwengler
        3. 3. Relation to other provisions No access Silja Maul, Larissa Furtwengler
      2. II. Definitions No access Silja Maul, Larissa Furtwengler
      3. III. Persons Controlled by Another Person as Persons Acting in Concert (Art 2 (2)) No access Silja Maul, Larissa Furtwengler
    4. Silja Maul, Larissa Furtwengler
      1. Silja Maul, Larissa Furtwengler
        1. 1. Overview No access Silja Maul, Larissa Furtwengler
        2. 2. Background No access Silja Maul, Larissa Furtwengler
        3. 3. Relation to other provisions No access Silja Maul, Larissa Furtwengler
      2. Silja Maul, Larissa Furtwengler
        1. 1. The principle of equal treatment (Art 3 (1) (a)) No access Silja Maul, Larissa Furtwengler
        2. 2. The duty to provide information to holders of securities (Art 3 (1)(b)) No access Silja Maul, Larissa Furtwengler
        3. 3. The commitment to the interests of the company (Art 3 (1)(c)) No access Silja Maul, Larissa Furtwengler
        4. 4. The avoidance of the distortion of markets (Art 3 (1)(d)) No access Silja Maul, Larissa Furtwengler
        5. 5. The fulfillment of consideration (Art 3 (1) (e)) No access Silja Maul, Larissa Furtwengler
        6. 6. The protection of the offeree company (Art 3 (1)(f)) No access Silja Maul, Larissa Furtwengler
      3. III. Article 3 (2) No access Silja Maul, Larissa Furtwengler
    5. Silja Maul, Larissa Furtwengler
      1. Silja Maul, Larissa Furtwengler
        1. 1. Overview No access Silja Maul, Larissa Furtwengler
        2. 2. Background No access Silja Maul, Larissa Furtwengler
        3. 3. Relation to other provisions No access Silja Maul, Larissa Furtwengler
      2. II. Supervisory Authorities – Designation by the Member States (Art 4 (1)) No access Silja Maul, Larissa Furtwengler
      3. Silja Maul, Larissa Furtwengler
        1. 1. Competent supervisory authority No access Silja Maul, Larissa Furtwengler
        2. 2. The applicable law No access Silja Maul, Larissa Furtwengler
      4. IV. Secrecy (Art 4 (3)) No access Silja Maul, Larissa Furtwengler
      5. V. Cooperation (Art 4 (4)) No access Silja Maul, Larissa Furtwengler
      6. VI. Derogations (Art 4 (5)) No access Silja Maul, Larissa Furtwengler
      7. VII. Authorities Dealing with Disputes (Art 4 (6)) No access Silja Maul, Larissa Furtwengler
    6. Silja Maul, Larissa Furtwengler
      1. Silja Maul, Larissa Furtwengler
        1. 1. Overview No access Silja Maul, Larissa Furtwengler
        2. 2. Background No access Silja Maul, Larissa Furtwengler
        3. 3. Relation to other provisions No access Silja Maul, Larissa Furtwengler
      2. Silja Maul, Larissa Furtwengler
        1. 1. Triggers for a mandatory bid (Art 5 (1)) No access Silja Maul, Larissa Furtwengler
        2. 2. Exception in cases of a voluntary bid (Art 5 (2)) No access Silja Maul, Larissa Furtwengler
        3. 3. Determination of control and method of calculation (Art 5 (3)) No access Silja Maul, Larissa Furtwengler
        4. 4. Equitable price (Art 5 (4)) No access Silja Maul, Larissa Furtwengler
        5. 5. Consideration (Art 5 (5)) No access Silja Maul, Larissa Furtwengler
        6. 6. Further protection (Art 5 (6)) No access Silja Maul, Larissa Furtwengler
    7. Silja Maul, Larissa Furtwengler
      1. Silja Maul, Larissa Furtwengler
        1. 1. Overview No access Silja Maul, Larissa Furtwengler
        2. 2. Background No access Silja Maul, Larissa Furtwengler
        3. 3. Relation to other provisions No access Silja Maul, Larissa Furtwengler
      2. II. Offer-Publication and content (Art 6 (1)) No access Silja Maul, Larissa Furtwengler
      3. III. Offer Document (Art 6 (2)) No access Silja Maul, Larissa Furtwengler
      4. IV. Contents of the Offer Document (Art 6 (3)) No access Silja Maul, Larissa Furtwengler
      5. V. Comitology (Art 6 (4)) No access Silja Maul, Larissa Furtwengler
      6. VI. Information for the Supervisory Authority (Art 6 (5)) No access Silja Maul, Larissa Furtwengler
    8. Silja Maul, Larissa Furtwengler
      1. Silja Maul, Larissa Furtwengler
        1. 1. Overview No access Silja Maul, Larissa Furtwengler
        2. 2. Background No access Silja Maul, Larissa Furtwengler
        3. 3. Relation to other provisions No access Silja Maul, Larissa Furtwengler
      2. II. Time Allowed for Acceptance No access Silja Maul, Larissa Furtwengler
      3. III. Exceptions (Art 7 (2)) No access Silja Maul, Larissa Furtwengler
    9. Silja Maul, Larissa Furtwengler
      1. Silja Maul, Larissa Furtwengler
        1. 1. Overview No access Silja Maul, Larissa Furtwengler
        2. 2. Background No access Silja Maul, Larissa Furtwengler
        3. 3. Relation to other provisions No access Silja Maul, Larissa Furtwengler
      2. II. Making Public of the Bid (Art 8 (1)) No access Silja Maul, Larissa Furtwengler
      3. III. Disclosure of all Information Required by Art 6, Art 8 (2) No access Silja Maul, Larissa Furtwengler
    10. Silja Maul, Larissa Furtwengler
      1. Silja Maul, Larissa Furtwengler
        1. 1. Overview No access Silja Maul, Larissa Furtwengler
        2. 2. Background No access Silja Maul, Larissa Furtwengler
        3. 3. Relation to other provisions No access Silja Maul, Larissa Furtwengler
      2. II. Duty of Neutrality with Regards to the Obligations of the Board of the Offeree Company (Art 9 (1)) No access Silja Maul, Larissa Furtwengler
      3. III. Duty of Neutrality – Subject Matter (Art 9 (2)) No access Silja Maul, Larissa Furtwengler
      4. IV. Time (Art 9 (3)) No access Silja Maul, Larissa Furtwengler
      5. V. Calling of a General Meeting (Art 9 (4)) No access Silja Maul, Larissa Furtwengler
      6. VI. Statement of the Board (Art 9 (5)) No access Silja Maul, Larissa Furtwengler
      7. VII. Ratio Personae (Art 9 (6)) No access Silja Maul, Larissa Furtwengler
    11. Silja Maul, Larissa Furtwengler
      1. Silja Maul, Larissa Furtwengler
        1. 1. Overview No access Silja Maul, Larissa Furtwengler
        2. 2. Background No access Silja Maul, Larissa Furtwengler
        3. 3. Relation to other provisions No access Silja Maul, Larissa Furtwengler
      2. II. Information to be Disclosed by the Companies No access Silja Maul, Larissa Furtwengler
      3. III. Disclosure of the Management Report (Art 10 (2)) No access Silja Maul, Larissa Furtwengler
      4. IV. Report of the Board No access Silja Maul, Larissa Furtwengler
    12. Silja Maul, Larissa Furtwengler
      1. Silja Maul, Larissa Furtwengler
        1. 1. Overview No access Silja Maul, Larissa Furtwengler
        2. 2. Background No access Silja Maul, Larissa Furtwengler
        3. 3. Relation to other provisions No access Silja Maul, Larissa Furtwengler
      2. II. Breakthrough of Takeover Barriers No access Silja Maul, Larissa Furtwengler
      3. III. Breakthrough During the Time for Acceptance (Art 11 (2)) No access Silja Maul, Larissa Furtwengler
      4. IV. Breakthrough During the Vote on Defensive Measures (Art 11 (3)) No access Silja Maul, Larissa Furtwengler
      5. V. Breakthrough after a Successful Bid (Art 11 (4)) No access Silja Maul, Larissa Furtwengler
      6. VI. Compensation (Art 11 (5)) No access Silja Maul, Larissa Furtwengler
      7. VII. Exception of Monetary Compensation (Art 11 (6)) No access Silja Maul, Larissa Furtwengler
      8. VIII. Further exceptions Art 11 (7) No access Silja Maul, Larissa Furtwengler
    13. Silja Maul, Larissa Furtwengler
      1. Silja Maul, Larissa Furtwengler
        1. 1. Overview No access Silja Maul, Larissa Furtwengler
        2. 2. Background No access Silja Maul, Larissa Furtwengler
        3. 3. Relation to other provisions No access Silja Maul, Larissa Furtwengler
      2. II. First Step: Opt-out by Member States (Art 12 (1)) No access Silja Maul, Larissa Furtwengler
      3. III. Second Step: Opt-in by Companies (Art 12 (2)) No access Silja Maul, Larissa Furtwengler
      4. IV. Reciprocity Rule (Art 12 (3)) No access Silja Maul, Larissa Furtwengler
      5. V. Disclosure (Art 12 (4)) No access Silja Maul, Larissa Furtwengler
      6. VI. Authorization of the General Meeting of Shareholders (Art 12 (5)) No access Silja Maul, Larissa Furtwengler
    14. Silja Maul, Larissa Furtwengler
      1. Silja Maul, Larissa Furtwengler
        1. 1. Overview No access Silja Maul, Larissa Furtwengler
        2. 2. Background No access Silja Maul, Larissa Furtwengler
        3. 3. Relation to other provisions No access Silja Maul, Larissa Furtwengler
      2. II. Additional Procedural Rules for Takeover Bids (Art 13) No access Silja Maul, Larissa Furtwengler
    15. Silja Maul, Larissa Furtwengler
      1. Silja Maul, Larissa Furtwengler
        1. 1. Overview No access Silja Maul, Larissa Furtwengler
        2. 2. Background No access Silja Maul, Larissa Furtwengler
        3. 3. Relation to other provisions No access Silja Maul, Larissa Furtwengler
      2. II. Information for and Consultation of Employees’ Representatives No access Silja Maul, Larissa Furtwengler
    16. Silja Maul, Larissa Furtwengler
      1. Silja Maul, Larissa Furtwengler
        1. 1. Overview No access Silja Maul, Larissa Furtwengler
        2. 2. Background No access Silja Maul, Larissa Furtwengler
        3. 3. Relation to other provisions No access Silja Maul, Larissa Furtwengler
      2. II. Squeeze-Out after a Takeover (Art 15 (1)) No access Silja Maul, Larissa Furtwengler
      3. III. Squeeze-Out, Threshold, Franchise (Art 15 (2)) No access Silja Maul, Larissa Furtwengler
      4. IV. Calculation of Threshold and Exclusion (Art 15 (3)) No access Silja Maul, Larissa Furtwengler
      5. V. Time Limit on Executing a Squeeze-Out Art (15 (4)) No access Silja Maul, Larissa Furtwengler
      6. VI. Compensation (Art 15 (5)) No access Silja Maul, Larissa Furtwengler
    17. Silja Maul, Larissa Furtwengler
      1. Silja Maul, Larissa Furtwengler
        1. 1. Overview No access Silja Maul, Larissa Furtwengler
        2. 2. Background No access Silja Maul, Larissa Furtwengler
        3. 3. Relation to other provisions No access Silja Maul, Larissa Furtwengler
      2. II. Sell-Out after a Takeover (Art 16 (1)) No access Silja Maul, Larissa Furtwengler
      3. III. Sell-Out Threshold (Art 16 (2)) No access Silja Maul, Larissa Furtwengler
      4. IV. Price Presumptions and Nature of the Consideration No access Silja Maul, Larissa Furtwengler
    18. Silja Maul, Larissa Furtwengler
      1. Silja Maul, Larissa Furtwengler
        1. 1. Overview No access Silja Maul, Larissa Furtwengler
        2. 2. Background No access Silja Maul, Larissa Furtwengler
        3. 3. Relation to other provisions No access Silja Maul, Larissa Furtwengler
      2. II. Sanctions (Art 17) No access Silja Maul, Larissa Furtwengler
    19. Silja Maul, Larissa Furtwengler
      1. Silja Maul, Larissa Furtwengler
        1. 1. Overview No access Silja Maul, Larissa Furtwengler
        2. 2. Background No access Silja Maul, Larissa Furtwengler
        3. 3. Relation to other provisions No access Silja Maul, Larissa Furtwengler
      2. II. Committee Procedure (Art 18) No access Silja Maul, Larissa Furtwengler
    20. Silja Maul, Larissa Furtwengler
      1. Silja Maul, Larissa Furtwengler
        1. 1. Overview No access Silja Maul, Larissa Furtwengler
        2. 2. Background No access Silja Maul, Larissa Furtwengler
        3. 3. Relation to other provisions No access Silja Maul, Larissa Furtwengler
      2. II. Contact Committee (Art 19) No access Silja Maul, Larissa Furtwengler
    21. Article 20 Revision No access 1026 - 1027 Silja Maul, Larissa Furtwengler
    22. Article 21 Transposition No access 1027 - 1027 Silja Maul, Larissa Furtwengler
    23. Article 22 Entry into force No access 1027 - 1027 Silja Maul, Larissa Furtwengler
    24. Article 23 Addressees No access 1027 - 1029 Silja Maul, Larissa Furtwengler
    25. Index No access 1029 - 1055

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