On 10 May 2017, the EU Commission published its consultation on the scope and content of the forthcoming company law initiative to facilitate the use of digital technologies by companies, provide efficient rules for cross-border mobility of companies and provide uniform conflict-of-interest rules for companies.
The consultation seeks views on the problems, their seriousness and the need for the EU to take action in each area. Each section of the consultation contains a number of specific questions exploring the following issues:
- the extent to which differences between Member States' legal frameworks or overall lack of legal framework hinder the proper functioning of the Single Market;
- the limited EU legal framework for the use of digital processes and tools in company law and the disparity between the relevant rules of Member States;
- the absence of any harmonised EU law for cross-border divisions and conversions and the problems this creates in relation to protection of creditors, minority shareholders and other stakeholders; and
- the problems created for companies by the divergence in the rules of different Member States on conflict of law rules as this is regulated at a national level.
Responses are requested by 6 August 2017.
The Commission may respond with further legislative measures or other initiatives.
The full text of the consultation is available at: https://ec.europa.eu/eusurvey/runner/CompanyLawPackageSurvey2017
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
