“The Commission …wants to check the pulse of stakeholder opinion on the purpose of European company law, and on its future”
Michel Barnier, the Internal Market and Services Commissioner (“This to me is a man whom we should treat with a very long spoon“, according to Lord Myners) has today started a consultation on the future of European law. The justification for yet another consultation, as expressed in the Commission’s FAQs, is that:
- “European industry today is seeing an increasing amount of cross-border trade and e-commerce. This growth in cross-border activities means that we need to adjust the European legal framework to match the times.”
- “It has been very difficult to reach agreement at European level on proposals in the field of company law…The Commission therefore wants to check the pulse of stakeholder opinion on the purpose of EU company law, and on its future.”
The online consultation document is here and covers:
- the objectives of European company law;
- the scope of European company law;
- the codification of European company law;
- the future of company legal forms at European level;
- cross-border mobility for companies, groups of companies; and
- the capital regime for European companies.
European law currently includes a large number of Directives and regulations covering:
- the constitution and maintenance of public limited-liability companies’ capital;
- rules to be followed in takeover situations;
- disclosure regarding branches established in other Member States;
- mergers and divisions;
- minimum rules for private limited-liability companies with a single-member;
- the protection of shareholders’ rights; and
- related policy, such as financial reporting and accounting.
The consultation closes on 14 May 2012.
See also: Two views on whether the Companies Act 2006 was worth the effort
The breaking wave of EU regulation
Friendly Corporate PSL
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