European Corporate Law: Article-by-Article Commentary

Prof. Dr. Peter Kindler; Prof. Dr. Jan Lieder LL.M.

doi:10.5771/9783845279909

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

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Bibliographic data

Edition: 1/2021
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

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