CONTENTS
Company Law . . . V List of authors .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . XVII Abbreviations . . . .. . . .. . . .. . . .. . . . .. . . .. . . .. . . .. . . .. . . .. . . XIX
Introduction . . . .. . . .. . . 1
DIRECTIVE (EU) 2017/1132 OF THE EUROPE AN PARLI AMENT AND OF THE COUNCIL OF 14 JUNE 2017 RELATING TO CERTAIN ASPECTS OF COMPANY LAW (CODIFICATION)
Article l Article 2 Article 3 Article 4 Article 5 Article 6 TITLE I G ENERAL PROVISIONS AND THE ESTABLISHMENT AND FUNCTIONING OF LIMITED LIABILITY COMPANIES CHAPTER I SUBJECT M ATTER Subject matter ... . CHAPTER II INCORPORATION AND NULITY OF THE COMPANY AND VALIDITY OF ITS OBLIG ATIONS Section 1 Incorporation of the public liability company Scope ... . Compulsory information to be provided in the statutes or instruments of incorporation ... . Compulsory information to be provided in the statutes or instruments of incorporation or separate documents ... . Authorisation for commencing business ... . Multiple-member companies ... . Section 2 Nullity of the limited liability company and validity of its obligations Foreword to Arts 7-12 ... . Article 7 Article 8 Article 9 Article 10 Article 11 Article 12 General provisions and joint and several liability ... . Effects of disclosure with respect to third parties ... . Acts of the organs of a company and its representation ... . Drawing up and certification of the instrument of constitution and the company statutes in due legal form ... . Conditions for nullity of a company ... . Consequences of nullity ... . CHAPTER III ONLINE PROC EDURES (FORM ATION, REGISTRATION AND F ILING), DISCLOSURE AND REGISTERS Section 1 General provisions 65 68 73 79 83 85 87 92 96 97 106 106 108 Foreword to Arts 13-28 ... .... .. .... .. .. .. .. .. .. .. .. .... .... ... .. .. .. .. ... .... ... 110Article 13 Scope . ... .... .. ... ... .... ... ... .. .. .. .. .. ... .... .. 110
Article 13 a Definitions . . . 111
Article 13 b Recognition of identification means for the purposes of online procedures . . . 111
Article 13 c General provisions on online procedures . . . 114
VII
Article 13 d Article 13e Article 13 f
Article 13 g Article 13h Article 13i Article 13 j Article 14 Article 15 Article 16 Article 16 a Article 17 Article 18 Article 19 Article 20 Article 21 Article 22 Article 23 Article 24 Article 25 Article 26 Article 27 Article 28
Fees for online procedures ...•...
Payments ...•....
Information requirements ...•.•...
Section 1 A
Online formation, online filing and disclosure
Online formation of companies ...•...
Templates for online formation of companies ... . Disqualified directors ...•
Online filing of company documents and information ... . Documents and particulars to be disclosed by companies ... . Changes in documents and particulars ...•...•...•
Disclosure in the register ...•...•...•...•..
Access to disclosed information ... . Up-to-date information on national law with regard to the rights of third parties Availability of electronic copies of documents and particulars ..•...•.•...
Fees chargeable for documents and information ... . Information on the opening and termination of winding-up or insolvency proceedings and on striking-off of a company from the register ... . Language of disclosure and translation of documents and particulars to be disclosed ... . System of interconnection of registers ...•...
Development and operation of the platform ... . Implementing acts ... ..
Financing ...•...•.•...•...•...
Information on letters and order forms ... ..
Persons carrying out disclosure formalities ... . Penalties ...•...•.•...•..•...•...•...
Section 2
Registration and disclosure rules applicable to branches of companies from other Member States
114 115 115
116 121 123 124 125 129 135 129 136 137 136
138 138 139 139 140 141 142 143 143
Foreword to Arts 28a- 42 . . .. .. .. ... .. .. .. .. ... .... .. .. ... .. .. .. . .. .. .. . .. .. .. ... .. .. .. ... .. .. .. ... .. 144
Article 28 a Online registration ofbranches . . . .. .. .. . . . .. .. .. . .. .. .. .. . .. .. .. .. . .. .. .. .. . . . .. . 150
Article 28 b Online filing of documents and information for branches . . . 156
Article 28 c Closure ofbranches ... 158
Article 29 Disclosure of documents and particulars relating to a branch . . . 159
Article 30 Documents and particulars to be disclosed .. .. ... ... ... 163
Article 30 a Changes to documents and information of the company . . . 171
Article 31 Limits on the compulsory disclosure of accounting documents . . . • . . . 17 4 Article 32 Language of disclosure and translation of documents to be disclosed . . . 176
Article 33 Disclosure in cases of multiple branches in a Member State . . . • . . . . 177
Article 34 Information on the opening and termination of winding-up or insolvency proceedings and on striking-off of the company from the register . . . • . . . • . • 179
Article 35 Information on letters and order forms . . . . .. .. . . .. .. . . . .. .. .. . . .. . .. .. .. . . . .. .. . 182
Article 36 Article 37 Article 38 Article 39
Article 40 Article 41 Article 42
VIII
Section 3
Disclosure rules applicable to branches of companies from third countries Disclosure of documents and particulars relating to a branch ...•....
Compulsory documents and particulars to be disclosed ...•...
Limits of compulsory disclosure of accounting documents ...•....
Information on letters and order forms ... . Section 4
Application and implementing arrangements
Penalties ... . Persons carrying out disclosure formalities ... . Exemptions to provisions on disclosure of accounting documents for branches .. .
183 186 193 196
198 201 202
Article 43 Contact Committee
CHAPTER IV
CAPITAL MAINTENANCE AND ALTERATION Foreword to Arts 44-85
Article 44 Article 45 Article 46 Article 47 Article 48
Article 49 Article 50 Article 51 Article 52 Article 53 Article 54 Article 55
Article 56 Article 57 Article 58
Article 59 Article 60 Article 61 Article 62 Article 63 Article 64 Article 65 Article 66 Article 67
Article 68 Article 69 Article 70 Article 71 Article 72 Article 73 Article 74 Article 75
Section 1 Capital requirements
General provisions ...•...•...•...
Minimum capital ... . Assets ... . Issuing price of shares ...•.•...•.•...
Paying up of shares issued for a consideration ...•...•...
Section 2
Safeguards as regards statutory capital
Experts' report on consideration other than in cash ... . Derogation from the requirement for an experts' report ... . Consideration other than in cash without an experts' report ... . Substantial acquisitions after incorporation or authorisation to commence business ...•.•...
Shareholders' obligation to pay up contributions ...•.•...•.•...
Safeguards in the event of conversion ...•...
Modification of the Statutes or of the instrument of incorporation ... . Section 3
Rules on distribution
General rules on distribution ... . Recovery of distributions unlawfully made ...•...
Serious lass of the subscribed capital ...•....•.•.•..
Section 4
Rules on companies' aquisitions of their own shares
No subscription of own shares ... . Acquisition of own shares ... . Derogation from rules on acquisition of own shares ...•...
Consequences of illegal acquisition of own shares ... . Holding of own shares and annual report in case of acquisition of own shares ... . Financial assistance by a company for acquisition of its shares by a third party ... . Additional safeguards in case of related party transactions ... . Acceptance of the company's own shares as security ... . Subscription, acquisition or holding of shares by a company in which the public limited liability company holds a majority of the voting rights or on which it can exercise a dominant influence ... .
Section 5
Rules for the increase and reduction of capital
Decision by the general meeting on the increase of capital ...•...
Paying up shares issued for consideration ...•...•...
Shares issued for consideration other than in cash .•...•...
Increase in capital not fully subscribed ... . Increase in capital by consideration in cash ... . Decision by the general meeting on reduction in the subscribed capital ... . Reduction in the subscribed capital in case of several classes of shares ... . Safeguards for creditors in case of reduction in the subscribed capital ... .
204
204
223 228 235 233 239
245 251 258 261 268 269 271
271 277 280
283 286 297 301 302 305 317 320
322
330 339 341 345 346 358 360 362
IX
Article 76 Article 77 Article 78 Article 79 Article 80 Article 81 Article 82 Article 83
Article 84 Article 85 Article 86
Derogation from safeguards for creditors in case of reduction in the subscribed capital ...•...•....
Reduction in the subscribed capital and the minimum capital ...•....•.•.•..
Redemption of subscribed capital without reduction ...•....
Reduction in the subscribed capital by compulsory withdrawal of shares ... . Reduction in the subscribed capital by the withdrawal of shares acquired by the company itself or on its behalf ... . Redemption of the subscribed capital or its reduction by withdrawal of shares in case of several classes of shares ... . Conditions for redemption of shares ...•...•
Voting requirements for the decisions of the general meeting ...•.•...
Section 6
Application and implementing arrangements
Derogation from certain requirements ... . Equal treatment of all shareholders who are in the same position .•...
Transitional provisions ....•...•....•.•.••.•.•....•.•...
TITLE II
CONVERSIONS, MERGERS AND DIVISIONS OF LIMITED LIABILITY COMPANIES
CHAPTER -I
CROSS-BORDER CONVERSIONS
Foreword to Arts 86a-86 t .•...•...•.•.•.•....•
Article 86 a Scope ...•...•...•.•.•....•.•
Article 86 b Definitions ... . Article 86 c
Article 86 d Article 86 e Article 86f Article 86 g Article 86h Article 86i Article 86j Article 86k Article 861 Article 86m Article 86 n Article 860 Article 86 p Article 86q Article 86r Article 86s Article 86t
Article 87 Article 88 Article 89 Article 90
X
Procedures and formalities ... . Draft terms of cross-border conversions ... . Report of the administrative or management body for members and employees ..
Independent expert report ....•...•...•.•...•...
Disclosure ...•...•.•.•...
Approval by the general meeting ... ..
Protection of members ....•.•...•.•...
Protection of creditors ...•.•...
Employee information and consultation ... . Employee participation ...•.•...•...•...
Pre-conversion certificate ....•.•....•.•...•...
Transmission of the pre-conversion certificate ... . Scrutiny of the legality of the cross-border conversion by the destination Member State ...•..•.•...•.•.•.•.•..•.•.•...•.•.•...•.•....•...•
Registration ...•...•..•.•.•.•....•...•.•...•.•..•.•.••...•...•
Date on which the cross-border conversion takes effect ...•.•.•..•.•...•.•
Consequences of a cross-border conversion ...•.•.•....•.•.•....•...•...•...•
Independent experts .•.•.•....•...•.•.•....•.•.•....•.•...•.•.•..•...•.•..
Validity ....•.•.•.•..•.•.•...•.•.•...•.•.•....•.•.•..•.•.•.•..•.•.•.•.••.•.•....
CHAPTER I
MERGERS OF PUBLIC LIMITED LIABILITY COMPANIES Section 1
General provisions on mergers
General provisions ... . Rules governing mergers by acquisition and mergers by formation of a new company ....•...•...•...
Definition of a 'merger by acquisition' ... . Definition of a 'merger by the formation of a new company' ... .
365 367 368 370 374 376 378 380
382 387 390
390 398 403 404 404 413 422 425 429 434 445 455 457 467 478 479 483 485 485 487 489
494 501 505 509
Article 91 Article 92 Article 93 Article 94 Article 95 Article 96 Article 97 Article 98 Article 99 Article 100 Article 101 Article 102 Article 103 Article 104 Article 105 Article 106 Article 107 Article 108
Article 109
Article 110 Article 111 Article 112 Article 113 Article 114 Article 115
Article 116 Article 117
Article 118 Article 119 Article 120 Article 121 Article 122 Article 123 Article 124 Article 125 Article 126
Section2 Merger by acquisition
Draft terms of merger ...•...•...•...•.•...•...
Publication of the draft terms of merger ...•...
Approval by the general meeting of each of the merging companies ...•...
Derogation from the requirement of approval by the general meeting of the acquiring company ...•...•...
Detailed written report and information on a merger ...•.•...•.
Examination of the draft terms of merger by experts ...•...•
Availability of documents for inspection by shareholders ....•...•...•.
Protection of employees' rights ...•...•...•
Protection of the interests of creditors of the merging companies ...•
Protection of the interests of debenture holders of the merging companies ... . Protection of holders of securities, other than shares, to which special rights are attached ...••.•.•...•...•..
Drawing up and certification of documents in due legal form ..•...•...
Date on which a merger takes effect ...•...•.•...•....•
Publication formalities ...•...•...•...•.•...•...•...•
Consequences of a merger ...•....•
Civil liability of members of the administrative or management bodies of the company being acquired •.•...•.•...•...•
Civil liability of the experts responsible for drawing up the expert report on behalf of the company being acquired ...•.•.•.•...•.•.•...•.•
Conditions for nullity of a merger •...•.•...•...•...•...•.•.•....
Section 3
Merger by formation of a new company
Merger by formation of a new company •.•.•.•...•.•...•.•...•.•...••
Section 4
Acquisition of one company by another which holds 90 % or more of its shares Transfer of all assets and liabilities by one or more companies to another company which is the holder of all their shares ...•.•.•...•...
Exemption from the requirement of approval by the general meeting .•...
Shares held by or on behalf of the acquiring company ...•...
Merger by acquisition by a company which holds 90 % or more of the shares of a company being acquired ...•...•...•.•...
Exemption from requirements applicable to mergers by acquisition ...•...
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 ....•...•...
Section 5
Other operations treated as mergers
Mergers with cash payment exceeding 10 % .•.•.•.•..••••..••••..•••••••.•••••...••
Mergers without all of the transferring companies ceasing to exist ...•...
CHAPTERII
CROSS-BORDER MERGERS OF LIMITE D LIABILITY COMPANIE S General provisions ...•...•.•.•...•...•...•.•...•.•.•.•...•...
Definitions ...•...•.•.•.•.•.•.•...•...•...•.
Further provisions concerning scope ... . Conditions relating to cross-border mergers ...•.•...•...•...
Common draft terms of cross-border mergers ...•...•...•...•.
Disclosure ... . Report of the administrative or management body for members and employees ..
Independent expert report ...•...•...•...
Approval by the general meeting ...•.•...•...•...•.
509 514 518 522 524 528 534 541 540 545 546 549 551 552 553 557 559 560
564
566 568 569 572 570 573
574 575
576 594 598 603 605 618 625 634 643 XI
Article 126 a Article 126b Article 126 c Article 127 Article 127 a Article 128 Article 129 Article 130 Article 131 Article 132 Article 133 Article 133 a Article 134
Article 135
Article 136 Article 137 Article 138 Article 139 Article 140 Article 141 Article 142 Article 143 Article 144 Article 145 Article 146 Article 147 Article 148 Article 149 Article 150 Article 151 Article 152 Article 153 Article 154
Article 155 Article 156
Article 157
XII
Protection of members ... . Protection of creditors ...•...•....
Employee information and consultation ... . Pre-merger certificate ... ..
Transmission of the pre-merger certificate ... . Scrutiny of the legality of the cross-border merger ... . Date on which the cross-border merger takes effect ... . Registration ...•...
Consequences of a cross-border merger ... ..
Simplified formalities ...•...
Employee participation ... . Independent experts ... ..
Validity ...•...•...•...
CHAPTER III
DIVISIONS OF PUBLIC LIMITED LIABILITY COMPANIES Section 1
General provisions
General provisions on division operations ...•...•....•...
Section 2 Division by acquisition
Definition of a 'division by acquisition' ... ..
Draft terms of division ... ..
Publication of the draft terms of division ...•...
Approval by the general meeting of each company involved in a division ...•.•...
Derogation from the requirement of approval by the general meeting of a recipient company ...•...•.
Detailed written report and information on a division ... . Examination of the draft terms of division by experts ...•...•...
Availability of documents for inspection by shareholders ...•...
Simplified formalities ...•...•...
Protection of employees' rights ... . Protection of the interests of creditors of companies involved in a division; joint and several liability of the recipient companies ... . Protection of holders of securities, other than shares, to which special rights are attached ...•...
Drawing up and certification of documents in due legal form ... . Date on which a division takes effect ... . Publication formalities ...•...•...
Consequences of a division ... ..
Civil liability of members of the administrative or management bodies of a company being divided ... . Conditions for nullity of a division ... . Exemption from the requirement of approval by the general meeting of the company being divided ....•.•...•.•...•.•...•.•...
Section 3
Division by the formation of new companies
Definition of a 'division by the formation of new companies' ...•...•...•
Application of rules on divisions by acquisition ... . Section 4
Divisions under the supervision of a judicial authority
Divisions under the supervision of a judicial authority ...•...
648 653 656 658 665 666 669 670 672 677 680 686 686
688
690 693 697 700
702 703 705 707 709 710
711 714 715 716 716 717 721 720 723
724 725
727
Article 158 Article 159
Article 160
Article 160 a Article 160 b Article 160 c Article 160 d Article 160 e Article 160 f Article 160 g Article 160 h Article 160 i Article 160 j Article 160 k Article 1601 Article 160 m Article 160 n Article 160 o Article 160 p Article 160 q Article 160 r Article 160 s Article 160 t Article 160 u
Section 5
Other operations treated as divisions
Divisions with cash payment exceeding 10 % ...•...•...•...•
Divisions without the company being divided ceasing to exist ... . Section 6
Application arrangements
Transitional provisions ...•...•...•...•...
CHAPTER IV
CROSS-BORDER DIVISIONS OF LIMITED LlABILITY COMPANIES Scope •...•.•...•...•.•.•...
Definitions ...•.•...•...
Procedures and formalities ...•...
Draft terms of cross-border divisions ...•...
Report of the administrative or management body for members and employees ..
Independent expert report ...•...•...
Disclosure ...•...•...•...
Approval by the general meeting ...•.•...•...
Protection of members ...•...•...
Protection of creditors ...•...•...
Employee information and consultation ... . Employee participation ...•...•...•.
Pre-division certificate ...•...
Transmission of the pre-division certificate ...•...
Scrutiny of the legality of the cross-border division ...•.•...
Registration ...•...•...•.•.•...
Date on which the cross-border division takes effect ...•...•...
Consequences of a cross-border division ....•...•...•...
Simplified formalities ...•...•...•...
Independent experts ...•.•...•...
Validity ...•...•...
ACCOUNTING AND AU DITING LAW OF THE EUROP EAN UNION
729 730
731
731 744 746 748 757 763 766 769 773 778 784 786 790 796 797 799 801 802 806 806 807
A. Introduction . . . • . . . 809 B. The EU-Accounting Directive 2013/34/EU (EUAccD) ...•.•. ..•.•. .. ...•.•.. ... .... .. .. .. 810 C. The lAS Regulation (EC) No 1606/2002 (lASR) .. .... .. .. .. .. .. .... .•.•.•... .. .. .. .. .. .. ... .. . 822 D. The Statutory Audit Directive 2006/43/EC (SAD) and Statutory Audit Regulation (EU)
No 537/2014 (SAR) .... .. .. .. .. .. .. ... .. ..•...•. .. .. .. .. .. ... .. .. .. .•... .. ..• 824
Preface Article 1 Article 2 Article 3 Article 4 Article 5 Article 6 Article 7
DIRECTIV E 2009/102/EC OF THE EUROP EAN PARLIAMENT AND THE COUNCIL OF 16 SEPTEMBER 2009 IN THE AREA OF COMPANY LAW ON SINGLE-MEMBER PRIVATE LIMITED
LIABILITY COMPANIES
[Scope] ...•...•...
[Legitimacy] ...•...•...
[Disclosure] ...•...•...
[General Meeting and Decisions] ...•.•...
[ Self-dealing] ...•...
[The one-person public limited liability company] ... . [Single-member enterprise with limited liability] ... .
835 840 842 846 848 850 852 853
XIII
DIRECTIVE 2007/36/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL OF 11 JULY 2007 ON THE EXERCISE OF CERTAIN RIGHTS OF SHAREHOLDERS IN LISTED COMPANIES
(SHAREHOLDER RIGHTS DIRECTIVE)
Article 1 Article 2 Article 3
CHAPTER I GENERAL PROVISIONS
Subject matter and scope .•.•...•...•....
Definitions ...•...
Further national measures
CHAPTER IA
IDENTIFICATION OF SHAREHOLDERS, TRANSMISSION OF INFORMATION Article 3 a
Article 3 b Article 3c Article 3 d Article 3 e Article 3 f
AND FACILITATION OF EXERCISE OF SHAREHOLDER RIGHTS Identification of shareholders ..•.•.•...•...•.•...
Transmission of information ...•...•.•...
Facilitation of the exercise of shareholder rights ...•...
Non-discrimination, proportionality and transparency of costs ... . Third-country intermediaries ..•...•...•...
Information on implementation ...•...•.•...•...•...
CHAPTER IB
TRANSPARENCY OF INSTITUTIONAL INVESTORS, ASSET MANAGERS AND Article 3 g
Article 3h Article 3 i Article 3 j Article 3 k
Article 4 Article 5 Article 6 Article 7 Article 8 Article 9 Article 9 a Article 9 b Article 9 c Article 10 Article 11 Article 12 Article 13 Article 14
Article 14a Article 14 b
XIV
PROXY ADVISORS
Engagement policy ...•...•...
Investment strategy of institutional investors and arrangements with asset managers ...•...•...•...•...
Transparency of asset managers ...•...
Transparency of proxy advisors ...•...•...•...
Review ...•.•...•.•...•.•.•...•...•...•...
CHAPTER II
GENERAL MEETINGS OF SHAREHOLDERS
Equal treatment of shareholders ... . Information prior to the general meeting ... . Right to put items on the agenda of the general meeting and to table draft resolutions ...•...•...
Requirements for participation and voting in the general meeting ... . Participation in the general meeting by electronic means ...•...•..•.•...•.
Right to ask questions ...•...•....•.•...•.•...•...
Right to vote on the remuneration policy ...•.•...•...•...•.
Information to be provided in and right to vote on the remuneration report ....•.
Transparency and approval of related party transactions ....•...•...•..
Proxy voting ...•...•...
Formalities for proxy holder appointment and notification ....•...•...
Voting by correspondence ...•...•...•...•...•.•..
Removal of certain impediments to the effective exercise of voting rights ... . Voting results ... .
CHAPTER IIA
IMPLEMENTING ACTS AND PENALTIES
Committee procedure ... . Measures and penalties ... .
857 863 869
870 876 879 882 884 884
885 887 889 891 895
895 896
902 907 914 910 919 931 943 959 967 966 968 971
973 973
Article 15 Article 16 Article 17
CHAPTERIII FINAL PROVISIONS
Transposition ... . Entry into force ... . Addressees ... .
DIRECTIVE 2004/25/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL OF 21 APRIL 2004 ON TAKEOVER BIDS
Introduction Article 1 Article 2 Article 3 Article 4 Article 5 Article 6 Article 7 Article 8 Article 9 Article 10 Article 11 Article 12 Article 13 Article 14 Article 15 Article 16 Article 17 Article 18 Article 19 Article 20 Article 21 Article 22 Article 23
Scope ... . Definitions ... . General principles ... . Supervisory authority and applicable law ... . Protection of minority shareholders, the mandatory bid and the equitable price ..
Information concerning bids ... . Time allowed for acceptance ... ..
Disclosure ... . Obligations of the board of the offeree company ... . Information on companies as referred to in Article 1 (1) ...•.•...•.•...•...
Breakthrough ... . Optional arrangements ... . Other mies applicable to the conduct ofbids ... . Information for and consultation of employees' representatives ... . The right of squeeze-out ... ..
The right of seil-out ... . Sanctions ... . Committee procedure ... . Contact committee ... . Revision ... . Transposition ... . Entry into force ... . Addressees ... .
974 976 976
979 981 983 985 988 994 999 1003 1004 1005 1008 1010 1014 1018 1019 1020 1022 1023 1024 1025 1026 1027 1027 1027 Index... 1029
XV
