Modernization of European company law and corporate governance : some considerations on its legal limits / Gert-Jan Vossestein.
2010
KJE2451 .V67 2010 (Map It)
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Author
Title
Modernization of European company law and corporate governance : some considerations on its legal limits / Gert-Jan Vossestein.
Published
Austin : Wolters Kluwer Law & Business ; Alphen aan den Rijn : Kluwer Law International, [2010]
Distributed
Frederick, MD : Sold and distributed in North, Central and South America by Aspen Publishers
Copyright
©2010
Call Number
KJE2451 .V67 2010
ISBN
9789041125927 (acid-free paper)
9041125922 (acid-free paper)
9041125922 (acid-free paper)
Description
xxvi, 284 pages ; 25 cm.
System Control No.
(OCoLC)318874239
Bibliography, etc. Note
Includes bibliographical references (pages [261]-275) and index.
Record Appears in
Table of Contents
List of Abbreviations
xi
Treaties, (Preparatory) Acts and Reports, Cited in Abbreviated Form
xv
Case-law Cited in Abbreviated Form
xvi
Textbooks Referred to Throughout
xvii
Foreword / Peter Dortmond
xix
List of Cases
xxi
Introduction
1
ch. 1
EC Company Law within the Framework of the Treaty: A General Survey
7
I.
Introduction
7
II.
EC Company Law within the Framework of the Treaty
8
A.
Objectives of the European Community
8
1.
Articles 2 EC and 3 EC
8
2.
Establishment and Functioning of a Common Market
10
a.
Establishment
10
b.
Functioning
14
B.
EC Company Law Actors and Acts
15
1.
Actors
15
a.
Institutions
15
b.
European Corporate Governance Forum
16
c.
Group of Non-Governmental Experts on Corporate Governance and Company Law
16
2.
Acts
17
C.
EC Company Law Powers and Limits
18
1.
The Principle of Conferred Powers
18
2.
The Principle of Subsidiarity and General Principles of Community Law
19
a.
Principle of Subsidiarity
19
b.
General Principles
20
3.
Basic Prohibitions
22
D.
Judicial Review
22
1.
Introduction
22
2.
The Action for Annulment
22
3.
The Preliminary Rulings Procedure
25
III.
Future Developments
26
ch. 2
EC Company Law: Development, Instruments and Objectives
29
I.
Introduction
29
II.
A Compendious Survey of the Development of EC Company law
29
III.
The Objectives of EC Company Law Policy
38
IV.
EC Company Law Instruments
44
ch. 3
EC Competence in the Field of Company Law (I): Article 44 EC
45
I.
Introduction
45
II.
The Scope of the Treaty Provisions on Freedom of Establishment (Articles 43-48 EC)
47
A.
Introduction
47
B.
Scope Ratione Personae
47
1.
Natural Persons
48
2.
Companies and Firms: The Nationality Criteria of Article 48, paragraph 1 EC
48
a.
First Requirement: ̀Formed in Accordance with the Law of a Member State'
49
b.
Second Requirement: ̀Registered Office, Central Administration or Principal Place of Business within the Community'
53
c.
Real and Continuous Link
57
d.
Brass-Plate Companies
59
3.
The Concept of Companies and Firms: Article 48, paragraph 2 EC
60
C.
Scope Ratione Materiae
61
1.
Introduction
61
2.
Methods of Exercise of the Freedom of Establishment for Companies
64
a.
Overview
64
b.
Incorporation of a Company
65
c.
Acquisition of Shares in an Existing Company
67
d.
Cross-Border Merger Operations (and Òther Company Transformation Operations')
68
e.
Cross-Border Conversion
70
3.
̀The Right to Leave'
72
4.
Recognition of Companies
75
III.
Article 44(1) EC: The Power to Attain Freedom of Establishment
77
A.
Introduction
77
B.
Wording and Function of Article 44(1) EC
78
1.
Ìn Order to Attain Freedom of Establishment...'
78
a.
Function
78
b.
Elimination of Obstacles and Facilitation: Survey
80
(1).
Justified Restrictions: Creditors, Minority Shareholders, Employees
80
(2).
Non-justified Restrictions
81
(3).
Other Impediments: Transfer of the Seat and Conversion
82
(4).
Facilitating Effective Exercise of Freedom of Establishment
84
2.
̀...as Regards a Particular Activity'
85
3.
Harmonization
87
C.
Analysis of EC Company Law Modernization in View of the Conditions of Article 44(1) EC
87
1.
Introduction
87
2.
Directive on Takeover Bids: Breakthrough Rule
91
3.
Directive on Cross-Border Mergers
93
4.
Directive on Cross-Border Transfer of the Registered Office (Conversion)
96
5.
Directive on Shareholder Rights
100
6.
Conclusion
102
IV.
Article 44(2)(g) EC: Coordination of the Safeguards for the Persons Involved with the Company
103
A.
Introduction
103
B.
Wording and Function of Article 44(2)(g) EC
103
1.
Wording of Article 44(2)(g) EC
103
a.
Introductory Remarks
103
b.
Coordination
104
c.
̀...to the Necessary Extent'
106
d.
Safeguards
107
e.
̀...Required of Companies or Firms'
108
f.
Members and Other
109
2.
Function of Article 44(2)(g) EC
110
C.
Analysis of EC Company Law Modernization in View of the Conditions of Article 44(2)(g) EC
112
1.
Introduction
112
2.
Directive on Takeover Bids: Mandatory Bid Rule
114
3.
Directive Amending Third and Sixth Directive
116
4.
Conclusion
117
V.
Freedom of Establishment and External Provisions
118
A.
Introduction
118
B.
Court of Justice Opinion 1/94
118
C.
Analysis of External Provisions Included in EC Company Law Instruments in View of the Conditions of Article 44 EC
120
1.
Eleventh Directive
120
2.
Directive on Takeover Bids
122
VI.
Freedom of Establishment and Regulatory Competition
124
ch. 4
EC Competence in the Field of Company Law (II): Other Legal Bases
127
I.
Introduction
127
II.
Article 95 EC: Approximation of Laws for the Completion of an Integrated Market for Europe
128
A.
Introduction
128
B.
Relationship between the General Legal Bases of Article 94 EC and 95 EC and Other, Specific Legal Bases
128
C.
Relationship between Article 94 EC and 95 EC
130
D.
Limits on the Use of Article 95(1) EC
131
1.
Introduction
131
2.
The Exception of Article 95(2) EC
131
3.
Àpproximation' of Laws ìn Member States'
133
4.
The Tobacco Advertizing Judgment of the Court of Justice
134
E.
Analysis of EC Company Law Modernization in View of the Conditions of Article 95 EC
142
1.
Introduction
142
2.
European Parliament v Council: Lawfulness of the SCE Regulation
143
3.
Directive on Shareholder Rights
145
III.
Article 308 EC: Filling in the Lacunae in the System of Powers
153
A.
Introduction
153
B.
Analysis of the SCE Regulation in View of Article 308 EC
154
IV.
Further Legal Bases
156
A.
Introduction
156
B.
Article 61(c) EC juncto Article 67 EC: Judicial Cooperation in Civil Matters
157
C.
Article 137 EC: Information and Consultation of Workers and Co-determination
158
D.
Article 211 EC: General Power of the Commission to Make Recommendations
161
E.
Article 293 EC: Conventions Concluded between Member States
164
V.
Concluding Remarks
166
ch. 5
Requirements for the Exercise of Community Powers: Subsidiarity and Article 43 EC
169
I.
Introduction
169
II.
The Principle of Subsidiarity (Article 5, paragraph 2 EC)
170
A.
Article 5, paragraph 2 EC
171
1.
Introduction
171
2.
The Requirements of the Principle of Subsidiarity
174
3.
Analysis of EC Company Law Modernization in View of the Principle of Subsidiarity
177
B.
Regulatory Competition in Company Law
182
III.
The Prohibition of Article 43 EC as a Limit to EC Company Law
193
A.
Introduction
193
B.
Applicability of the Basic Prohibition of Article 43 EC to the Community Legislature
194
C.
The Test for Compatibility with Article 43 EC
195
D.
Analysis of Provisions of EC Company Law in View of Article 43 EC
207
1.
Introduction
207
2.
The Minimum Capital Requirement of the Second Directive
208
3.
The Reciprocity Rule of the Directive on Takeover Bids
212
4.
Various Provisions of the SE Regulation
215
a.
Introduction
215
b.
Rules for the Incorporation and Functioning of the SE
216
c.
The ̀Real Seat' Arrangement of the SE Regulation
219
d.
The Head Office Requirement for Formation of the SE
221
e.
The Authorization Procedure for Transfer of the Registered Office of the SE
224
IV.
Concluding Remarks
228
ch. 6
Conclusion
231
Annex I
Pre-action Plan Company Law Instruments
235
I.
Regulations
236
II.
Directives
238
III.
Recommendations
240
Annex II
Action Plan Company Law Instruments
241
I.
Adopted Company Law Instruments
241
A.
Directives
241
B.
Recommendations
247
C.
Community Bodies
250
D.
No Action
250
II.
Further Initiatives
254
Annex III
Table of Equivalence
257
List of References
261
Index
277