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class="vector-toc-numb">2</span> <span>Formations and civil law</span> </div> </a> <button aria-controls="toc-Formations_and_civil_law-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Formations and civil law subsection</span> </button> <ul id="toc-Formations_and_civil_law-sublist" class="vector-toc-list"> <li id="toc-Registration_rules" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Registration_rules"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>Registration rules</span> </div> </a> <ul id="toc-Registration_rules-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-European_company_forms" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#European_company_forms"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2</span> <span>European company forms</span> </div> </a> <ul id="toc-European_company_forms-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Conflicts_of_law_and_free_movement" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Conflicts_of_law_and_free_movement"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3</span> <span>Conflicts of law and free movement</span> </div> </a> <ul id="toc-Conflicts_of_law_and_free_movement-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Corporate_governance" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Corporate_governance"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Corporate governance</span> </div> </a> <button aria-controls="toc-Corporate_governance-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> 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id="toc-Notes-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" 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sidebar-collapse nomobile nowraplinks vcard hlist"><tbody><tr><td class="sidebar-pretitle">This article is part of <a href="/wiki/Category:Corporate_law" title="Category:Corporate law">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="/wiki/Corporate_law" title="Corporate law">Corporate law</a></th></tr><tr><td class="sidebar-image"><span typeof="mw:File"><a href="/wiki/File:Society.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5b/Society.svg/200px-Society.svg.png" decoding="async" width="200" height="79" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5b/Society.svg/300px-Society.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5b/Society.svg/400px-Society.svg.png 2x" data-file-width="96" data-file-height="38" /></a></span></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:center; background:lavender; line-height:130%; padding:0.3em 0em;;color: var(--color-base)">By jurisdiction</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Anguillan_company_law" title="Anguillan company law">Anguilla</a></li> <li><a href="/wiki/Australian_corporate_law" title="Australian corporate law">Australia</a></li> <li><a href="/wiki/British_Virgin_Islands_company_law" title="British Virgin Islands company law">BVI</a></li> <li><a href="/wiki/Canadian_corporate_law" title="Canadian corporate law">Canada</a></li> <li><a href="/wiki/Cayman_Islands_company_law" title="Cayman Islands company law">Cayman Islands</a></li> <li><a href="/wiki/Indian_company_law" title="Indian company law">India</a></li> <li><a href="/wiki/South_African_company_law" title="South African company law">South Africa</a></li> <li><a href="/wiki/United_Kingdom_company_law" title="United Kingdom company law">UK</a></li> <li><a href="/wiki/United_States_corporate_law" title="United States corporate law">United States</a></li> <li><a href="/wiki/Corporate_law_in_Vietnam" title="Corporate law in Vietnam">Vietnam</a></li> <li><br /><a href="/wiki/European_corporate_law" class="mw-redirect" title="European corporate law">European Union</a> <ul><li><a href="/wiki/French_company_law" title="French company law">France</a></li> <li><a href="/wiki/German_company_law" title="German company law">Germany</a></li></ul></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:center; background:lavender; line-height:130%; padding:0.3em 0em;;color: var(--color-base)">General corporate forms</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Company" title="Company">Company</a></li> <li><a href="/wiki/Conglomerate_(company)" title="Conglomerate (company)">Conglomerate</a></li> <li><a href="/wiki/Cooperative" title="Cooperative">Cooperative</a></li> <li><a href="/wiki/Corporation" title="Corporation">Corporation</a></li> <li><a href="/wiki/Holding_company" title="Holding company">Holding company</a></li> <li><a href="/wiki/Joint-stock_company" title="Joint-stock company">Joint-stock</a></li> <li><a href="/wiki/Partnership" title="Partnership">Partnership</a> <ul><li><a href="/wiki/General_partnership" title="General partnership">General</a></li> <li><a href="/wiki/Limited_partnership" title="Limited partnership">Limited</a></li> <li><a href="/wiki/Limited_liability_partnership" title="Limited liability partnership">Limited liability</a></li></ul></li> <li><a href="/wiki/Private_limited_company" title="Private limited company">Private limited</a></li> <li><a href="/wiki/Shell_corporation" title="Shell corporation">Shell corporation</a></li> <li><a href="/wiki/Shelf_corporation" title="Shelf corporation">Shelf corporation</a></li> <li><a href="/wiki/Sole_proprietorship" title="Sole proprietorship">Sole proprietorship</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:center; background:lavender; line-height:130%; padding:0.3em 0em;;color: var(--color-base)"><a href="/wiki/List_of_legal_entity_types_by_country" title="List of legal entity types by country">Corporate forms<br />by jurisdiction</a></div><div class="sidebar-list-content mw-collapsible-content"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base, #202122 ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading"> <a href="/wiki/European_corporate_law" class="mw-redirect" title="European corporate law">European Union</a></th></tr><tr><td class="sidebar-content" style="border-bottom:#ccc 1px solid"> <ul><li><a href="/wiki/Societas_Europaea" title="Societas Europaea"><i>Societas</i> <span style="font-size: 85%;">(SE)</span></a></li> <li><a href="/wiki/Societas_cooperativa_Europaea" title="Societas cooperativa Europaea"><i>Societas cooperativa</i> <span style="font-size: 85%;">(SCE)</span></a></li> <li><a href="/wiki/Societas_privata_Europaea" title="Societas privata Europaea"><i>Societas privata</i> <span style="font-size: 85%;">(SPE)</span></a></li> <li><a href="/wiki/Societas_unius_personae" title="Societas unius personae"><i>Societas unius personae</i> <span style="font-size: 85%;">(SUP)</span></a></li> <li><a href="/wiki/European_economic_interest_grouping" title="European economic interest grouping">Economic interest grouping <span style="font-size: 85%;">(EEIG)</span></a></li></ul></td> </tr><tr><th class="sidebar-heading"> <span class="nowrap">UK / Ireland / Commonwealth</span></th></tr><tr><td class="sidebar-content" style="border-bottom:#ccc 1px solid"> <ul><li><a href="/wiki/Charitable_incorporated_organisation" title="Charitable incorporated organisation">Charitable incorporated organisation (England and Wales) <span style="font-size: 85%;">(CIO)</span></a></li> <li><a href="/wiki/Scottish_charitable_incorporated_organisation" title="Scottish charitable incorporated organisation">Scottish charitable incorporated organisation <span style="font-size: 85%;">(SCIO)</span></a></li> <li><a href="/wiki/Community_interest_company" title="Community interest company">Community interest company <span style="font-size: 85%;">(CIC)</span></a></li> <li><a href="/wiki/Industrial_and_provident_society" title="Industrial and provident society">Industrial and provident society <span style="font-size: 85%;">(IPS)</span></a></li> <li><br /><a href="/wiki/Limited_company" title="Limited company">Limited company <span style="font-size: 85%;">(Ltd.)</span></a> <ul><li><a href="/wiki/Private_company_limited_by_guarantee" class="mw-redirect" title="Private company limited by guarantee">by guarantee</a></li> <li><a href="/wiki/Private_company_limited_by_shares" title="Private company limited by shares">by shares</a></li> <li><a href="/wiki/Proprietary_company" title="Proprietary company">proprietary</a></li> <li><a href="/wiki/Public_limited_company" title="Public limited company">public</a></li></ul></li> <li><a href="/wiki/Unlimited_company" title="Unlimited company">Unlimited company</a></li></ul></td> </tr><tr><th class="sidebar-heading"> United States</th></tr><tr><td class="sidebar-content" style="border-bottom:#ccc 1px solid"> <ul><li><a href="/wiki/Benefit_corporation" title="Benefit corporation">Benefit corporation</a></li> <li><a href="/wiki/C_corporation" title="C corporation">C corporation</a></li> <li><a href="/wiki/Limited_liability_company" title="Limited liability company">Limited liability company <span style="font-size: 85%;">(LLC)</span></a> <ul><li><a href="/wiki/Low-profit_limited_liability_company" title="Low-profit limited liability company">Low-profit LLC</a></li></ul></li> <li><a href="/wiki/Series_LLC" title="Series LLC">Series LLC</a></li> <li><a href="/wiki/Limited_liability_limited_partnership" title="Limited liability limited partnership">Limited liability limited partnership <span style="font-size: 85%;">(LLLP)</span></a></li> <li><a href="/wiki/S_corporation" title="S corporation">S corporation</a></li> <li><span class="nowrap"><a href="/wiki/Delaware_General_Corporation_Law" title="Delaware General Corporation Law">Delaware corporation</a> / <a href="/wiki/Delaware_statutory_trust" title="Delaware statutory trust">statutory trust</a></span></li> <li><a href="/wiki/Massachusetts_business_trust" title="Massachusetts business trust">Massachusetts business trust</a></li> <li><a href="/wiki/Nevada_corporation" title="Nevada corporation">Nevada corporation</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Others</th></tr><tr><td class="sidebar-content" style="border-bottom:#ccc 1px solid"> <ul><li><a href="/wiki/Aktiebolag" title="Aktiebolag"><i>Aktiebolag</i> <span style="font-size: 85%;">(AB)</span></a></li> <li><a href="/wiki/Aktiengesellschaft" title="Aktiengesellschaft"><i>Aktiengesellschaft</i> <span style="font-size: 85%;">(AG)</span></a></li> <li><a href="/wiki/Ansvarlig_selskap" title="Ansvarlig selskap"><i>Ansvarlig selskap</i> <span style="font-size: 85%;">(ANS)</span></a></li> <li><a href="/wiki/Aktieselskab" title="Aktieselskab"><i>Aktieselskab</i> <span style="font-size: 85%;">(A/S)</span></a></li> <li><a href="/wiki/Aksjeselskap" title="Aksjeselskap"><i>Aksjeselskap</i> <span style="font-size: 85%;">(AS)</span></a></li> <li><a href="/wiki/Gesellschaft_mit_beschr%C3%A4nkter_Haftung" class="mw-redirect" title="Gesellschaft mit beschränkter Haftung"><i>Gesellschaft mit beschränkter Haftung</i> <span style="font-size: 85%;">(GmbH)</span></a></li> <li><a href="/wiki/Kabushiki_gaisha" title="Kabushiki gaisha"><i>Kabushiki gaisha</i> <span style="font-size: 85%;">(K.K.)</span></a></li> <li><a href="/wiki/Naamloze_vennootschap" title="Naamloze vennootschap"><i>Naamloze vennootschap</i> <span style="font-size: 85%;">(N.V.)</span></a></li> <li><a href="/wiki/Osakeyhti%C3%B6" title="Osakeyhtiö"><i>Osakeyhtiö</i> <span style="font-size: 85%;">(Oy)</span></a></li> <li><a href="/wiki/S.A._(corporation)" title="S.A. (corporation)">S.A.</a></li> <li><a href="/wiki/Soci%C3%A9t%C3%A9_%C3%A0_responsabilit%C3%A9_limit%C3%A9e" title="Société à responsabilité limitée"><i>Société à responsabilité limitée</i> <span style="font-size: 85%;">(SARL)</span></a></li> <li><a href="/wiki/Types_of_business_entity" class="mw-redirect" title="Types of business entity">more...</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:center; background:lavender; line-height:130%; padding:0.3em 0em;;color: var(--color-base)">Doctrines</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Business_judgment_rule" title="Business judgment rule">Business judgment rule</a></li> <li><a href="/wiki/Corporate_governance" title="Corporate governance">Corporate governance</a></li> <li><a href="/wiki/De_facto_corporation_and_corporation_by_estoppel" title="De facto corporation and corporation by estoppel"><i>De facto</i> and estoppel corporations</a></li> <li><a href="/wiki/Internal_affairs_doctrine" title="Internal affairs doctrine">Internal affairs doctrine</a></li> <li><a href="/wiki/Limited_liability" title="Limited liability">Limited liability</a></li> <li><a href="/wiki/Tag-along_right" title="Tag-along right">Tag-along right</a></li> <li><a href="/wiki/Drag-along_right" title="Drag-along right">Drag-along right</a></li> <li><a href="/wiki/Piercing_the_corporate_veil" title="Piercing the corporate veil">Piercing the corporate veil</a></li> <li><a href="/wiki/Rochdale_Principles" title="Rochdale Principles">Rochdale Principles</a></li> <li><i><a href="/wiki/Ultra_vires" title="Ultra vires">Ultra vires</a></i></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:center; background:lavender; line-height:130%; padding:0.3em 0em;;color: var(--color-base)">Related areas</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Beneficial_ownership" title="Beneficial ownership">Beneficial ownership</a></li> <li><a href="/wiki/Civil_procedure" title="Civil procedure">Civil procedure</a></li> <li><a href="/wiki/Contract" title="Contract">Contract</a></li> <li><a href="/wiki/List_of_company_registers" class="mw-redirect" title="List of company registers">Corporate registers</a></li> <li><a href="/wiki/Registered_agent" title="Registered agent">Registered agent</a></li></ul></div></div></td> </tr><tr><td class="sidebar-below"> <ul><li><a href="/wiki/Portal:Companies" title="Portal:Companies">Company portal</a></li> <li><a href="/wiki/Portal:Law" title="Portal:Law">Law portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Corporate_law" title="Template:Corporate law"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Corporate_law" title="Template talk:Corporate law"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Corporate_law" title="Special:EditPage/Template:Corporate law"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p><b>European company law</b> is the part of <a href="/wiki/European_Union_law" class="mw-redirect" title="European Union law">European Union law</a> which concerns the formation, operation and insolvency of companies (or corporations) in the <a href="/wiki/European_Union" title="European Union">European Union</a>. The EU creates minimum standards for companies throughout the EU, and has its own corporate forms. All <a href="/wiki/Member_state_of_the_European_Union" title="Member state of the European Union">member states</a> continue to operate separate companies acts, which are amended from time to time to comply with EU Directives and Regulations. There is, however, also the option of businesses to incorporate as a <span title="Latin-language text"><i lang="la"><a href="/wiki/Societas_Europaea" title="Societas Europaea">Societas Europaea</a></i></span> (SE), which allows a company to operate across all member states. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_company_law&action=edit&section=1" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Main articles: <a href="/wiki/History_of_company_law" class="mw-redirect" title="History of company law">History of company law</a> and <a href="/wiki/History_of_the_European_Union" title="History of the European Union">History of the European Union</a></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output .navbox-subgroup{width:100%}.mw-parser-output .navbox-group,.mw-parser-output .navbox-title,.mw-parser-output .navbox-abovebelow{padding:0.25em 1em;line-height:1.5em;text-align:center}.mw-parser-output .navbox-group{white-space:nowrap;text-align:right}.mw-parser-output .navbox,.mw-parser-output .navbox-subgroup{background-color:#fdfdfd}.mw-parser-output .navbox-list{line-height:1.5em;border-color:#fdfdfd}.mw-parser-output .navbox-list-with-group{text-align:left;border-left-width:2px;border-left-style:solid}.mw-parser-output tr+tr>.navbox-abovebelow,.mw-parser-output tr+tr>.navbox-group,.mw-parser-output tr+tr>.navbox-image,.mw-parser-output tr+tr>.navbox-list{border-top:2px solid #fdfdfd}.mw-parser-output .navbox-title{background-color:#ccf}.mw-parser-output .navbox-abovebelow,.mw-parser-output .navbox-group,.mw-parser-output .navbox-subgroup .navbox-title{background-color:#ddf}.mw-parser-output .navbox-subgroup .navbox-group,.mw-parser-output .navbox-subgroup .navbox-abovebelow{background-color:#e6e6ff}.mw-parser-output .navbox-even{background-color:#f7f7f7}.mw-parser-output .navbox-odd{background-color:transparent}.mw-parser-output .navbox .hlist td dl,.mw-parser-output .navbox .hlist td ol,.mw-parser-output .navbox .hlist td ul,.mw-parser-output .navbox td.hlist dl,.mw-parser-output .navbox td.hlist ol,.mw-parser-output .navbox td.hlist ul{padding:0.125em 0}.mw-parser-output .navbox .navbar{display:block;font-size:100%}.mw-parser-output .navbox-title .navbar{float:left;text-align:left;margin-right:0.5em}body.skin--responsive .mw-parser-output .navbox-image img{max-width:none!important}@media print{body.ns-0 .mw-parser-output .navbox{display:none!important}}</style></div><div role="navigation" class="navbox" aria-labelledby="Company_law_sources2336" style="width: 350px; text-align: center; font-size: 80%; line-height: 1.5em; background-color: #fafafa; float: right; clear: right; margin: 0 0 1em 1em;;padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231" /><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Slist_co_law_directives" title="Template:Slist co law directives"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Slist_co_law_directives" title="Template talk:Slist co law directives"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Slist_co_law_directives" title="Special:EditPage/Template:Slist co law directives"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Company_law_sources2336" style="font-size:114%;margin:0 4em">Company law sources</div></th></tr><tr><td colspan="2" class="navbox-list navbox-off" style="width:100%;padding:0"><div style="padding:0 0.25em"><a href="/wiki/First_Company_Law_Directive" class="mw-redirect" title="First Company Law Directive">First Company Law Directive</a> <a rel="nofollow" class="external text" href="http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:32009L0101:EN:NOT">2009/101/EC</a></div></td></tr><tr><td colspan="2" class="navbox-list navbox-off" style="width:100%;padding:0"><div style="padding:0 0.25em"><a href="/wiki/Second_Company_Law_Directive" title="Second Company Law Directive">Second Company Law Directive</a> <a rel="nofollow" class="external text" href="http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:32012L0030:EN:NOT">2012/30/EU</a></div></td></tr><tr><td colspan="2" class="navbox-list navbox-off" style="width:100%;padding:0"><div style="padding:0 0.25em"><a href="/w/index.php?title=Third_Company_Law_Directive&action=edit&redlink=1" class="new" title="Third Company Law Directive (page does not exist)">Third Company Law Directive</a> <a rel="nofollow" class="external text" href="http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:32011L0035:EN:NOT">2011/35/EU</a></div></td></tr><tr><td colspan="2" class="navbox-list navbox-off" style="width:100%;padding:0"><div style="padding:0 0.25em"><a href="/w/index.php?title=Fourth_Company_Law_Directive&action=edit&redlink=1" class="new" title="Fourth Company Law Directive (page does not exist)">Fourth Company Law Directive</a> <a rel="nofollow" class="external text" href="http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:31978L0660:EN:NOT">78/660/EEC</a></div></td></tr><tr><td colspan="2" class="navbox-list navbox-off" style="width:100%;padding:0"><div style="padding:0 0.25em"><a href="/wiki/Draft_Fifth_Company_Law_Directive" title="Draft Fifth Company Law Directive">Draft Fifth Company Law Directive</a></div></td></tr><tr><td colspan="2" class="navbox-list navbox-off" style="width:100%;padding:0"><div style="padding:0 0.25em"><a href="/w/index.php?title=Sixth_Company_Law_Directive&action=edit&redlink=1" class="new" title="Sixth Company Law Directive (page does not exist)">Sixth Company Law Directive</a> <a rel="nofollow" class="external text" href="http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:31982L0891:EN:NOT">82/891/EEC</a></div></td></tr><tr><td colspan="2" class="navbox-list navbox-off" style="width:100%;padding:0"><div style="padding:0 0.25em"><a href="/w/index.php?title=Seventh_Company_Law_Directive&action=edit&redlink=1" class="new" title="Seventh Company Law Directive (page does not exist)">Seventh Company Law Directive</a> <a rel="nofollow" class="external text" href="http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:31983L0349:EN:NOT">83/349/EEC</a></div></td></tr><tr><td colspan="2" class="navbox-list navbox-off" style="width:100%;padding:0"><div style="padding:0 0.25em"><a href="/w/index.php?title=Eighth_Company_Law_Directive&action=edit&redlink=1" class="new" title="Eighth Company Law Directive (page does not exist)">Eighth Company Law Directive</a> <a rel="nofollow" class="external text" href="http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:32006L0043:EN:NOT">2006/43/EC</a></div></td></tr><tr><td colspan="2" class="navbox-list navbox-off" style="width:100%;padding:0"><div style="padding:0 0.25em"><a href="/w/index.php?title=Draft_Ninth_Company_Law_Directive&action=edit&redlink=1" class="new" title="Draft Ninth Company Law Directive (page does not exist)">Draft Ninth Company Law Directive</a></div></td></tr><tr><td colspan="2" class="navbox-list navbox-off" style="width:100%;padding:0"><div style="padding:0 0.25em"><a href="/w/index.php?title=Tenth_Company_Law_Directive&action=edit&redlink=1" class="new" title="Tenth Company Law Directive (page does not exist)">Tenth Company Law Directive</a> <a rel="nofollow" class="external text" href="http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:32005L0056:EN:NOT">2005/56/EC</a></div></td></tr><tr><td colspan="2" class="navbox-list navbox-off" style="width:100%;padding:0"><div style="padding:0 0.25em"><a href="/w/index.php?title=Eleventh_Company_Law_Directive&action=edit&redlink=1" class="new" title="Eleventh Company Law Directive (page does not exist)">Eleventh Company Law Directive</a> <a rel="nofollow" class="external text" href="http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:31989L0666:EN:NOT">89/666/EEC</a></div></td></tr><tr><td colspan="2" class="navbox-list navbox-off" style="width:100%;padding:0"><div style="padding:0 0.25em"><a href="/w/index.php?title=Twelfth_Company_Law_Directive&action=edit&redlink=1" class="new" title="Twelfth Company Law Directive (page does not exist)">Twelfth Company Law Directive</a> <a rel="nofollow" class="external text" href="http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:32009L0102:EN:NOT">2009/102/EC</a></div></td></tr><tr><td colspan="2" class="navbox-list navbox-off" style="width:100%;padding:0"><div style="padding:0 0.25em"><a href="/wiki/Takeover_Directive" title="Takeover Directive">Takeover Directive</a> <a rel="nofollow" class="external text" href="http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:32004L0025:EN:NOT">2004/25/EC</a></div></td></tr><tr><td colspan="2" class="navbox-list navbox-off" style="width:100%;padding:0"><div style="padding:0 0.25em"><a href="/w/index.php?title=Draft_Fourteenth_Company_Law_Directive&action=edit&redlink=1" class="new" title="Draft Fourteenth Company Law Directive (page does not exist)">Draft Fourteenth Company Law Directive</a> <a rel="nofollow" class="external autonumber" href="http://ec.europa.eu/internal_market/company/seat-transfer/index_en.htm">[1]</a></div></td></tr><tr><td colspan="2" class="navbox-list navbox-off" style="width:100%;padding:0"><div style="padding:0 0.25em"><a href="/wiki/Market_Abuse_Directive" title="Market Abuse Directive">Market Abuse Directive</a> <a rel="nofollow" class="external text" href="http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:32003L0006:EN:NOT">2003/6/EC</a></div></td></tr><tr><td colspan="2" class="navbox-list navbox-off" style="width:100%;padding:0"><div style="padding:0 0.25em"><a href="/w/index.php?title=Transparency_of_Listed_Companies_Directive&action=edit&redlink=1" class="new" title="Transparency of Listed Companies Directive (page does not exist)"><span class="wrap">Transparency of Listed Companies Directive</span></a> <a rel="nofollow" class="external text" href="http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:32004L0109:EN:NOT">2004/109/EC</a></div></td></tr><tr><td colspan="2" class="navbox-list navbox-off" style="width:100%;padding:0"><div style="padding:0 0.25em"><a href="/wiki/Shareholder_Rights_Directive" class="mw-redirect" title="Shareholder Rights Directive">Shareholder Rights Directive</a> <a rel="nofollow" class="external text" href="http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:32007L0036:EN:NOT">2007/36/EC</a></div></td></tr><tr><td colspan="2" class="navbox-list navbox-off" style="width:100%;padding:0"><div style="padding:0 0.25em"><a href="/w/index.php?title=Merger_Tax_Directive&action=edit&redlink=1" class="new" title="Merger Tax Directive (page does not exist)">Merger Tax Directive</a> <a rel="nofollow" class="external text" href="http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:32009L0133:EN:NOT">2009/133/EC</a></div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div>See <a href="/wiki/EU_law" class="mw-redirect" title="EU law">EU law</a> and <a href="/wiki/European_corporate_law" class="mw-redirect" title="European corporate law">European corporate law</a></div></td></tr></tbody></table></div> <p>There have been, since the European Community was founded in 1957, a series of directives creating minimum standards for business across the European Union. A central aim restated in each Directive is to reduce the barriers to <a href="/wiki/Freedom_of_establishment" class="mw-redirect" title="Freedom of establishment">freedom of establishment</a> of businesses in the European Union through a process of harmonising the basic laws. The object is that when laws are harmonised, business will not be deterred by different or more onerous laws, but at the same time harmonisation provides a basic level of protection for investors in each member state, none of which are forced into <a href="/wiki/Regulatory_competition" title="Regulatory competition">regulatory competition</a>. </p> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-Expand_section plainlinks metadata ambox mbox-small-left ambox-content" role="presentation"><tbody><tr><td class="mbox-image"><span typeof="mw:File"><a href="/wiki/File:Wiki_letter_w_cropped.svg" class="mw-file-description"><img alt="[icon]" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Wiki_letter_w_cropped.svg/20px-Wiki_letter_w_cropped.svg.png" decoding="async" width="20" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Wiki_letter_w_cropped.svg/40px-Wiki_letter_w_cropped.svg.png 1.5x" data-file-width="44" data-file-height="31" /></a></span></td><td class="mbox-text"><div class="mbox-text-span">This section <b>needs expansion</b>. You can help by <a class="external text" href="https://en.wikipedia.org/w/index.php?title=European_company_law&action=edit&section=">adding to it</a>. <span class="date-container"><i>(<span class="date">September 2022</span>)</i></span></div></td></tr></tbody></table> <div class="mw-heading mw-heading2"><h2 id="Formations_and_civil_law">Formations and civil law</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_company_law&action=edit&section=2" title="Edit section: Formations and civil law"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Registration_rules">Registration rules</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_company_law&action=edit&section=3" title="Edit section: Registration rules"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>First Company Law Directive 68/151/EEC, on co-ordination of safeguards (...) for the protection of the interests of members and others, repealed by 2009/101/EC. This concerned company registrations, transactional validity, the effect of <i>ultra vires</i> transactions, or transactions by improperly incorporated businesses. Now replaced by Directive <a rel="nofollow" class="external text" href="https://eur-lex.europa.eu/legal-content/en/TXT/?uri=CELEX:32017L1132">2017/1132</a></li> <li>Eleventh Company Law Directive 89/666/EEC, on disclosure requirements in respect of branches opened in a Member State by certain types of company governed by the law of another State</li> <li>Twelfth Company Law Directive 89/667/EEC, on single-member private limited-liability companies, repealed by <a rel="nofollow" class="external text" href="http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:32009L0102:EN:NOT">2009/102/EC</a></li> <li>Draft Fourteenth Company Law Directive <a rel="nofollow" class="external text" href="http://ec.europa.eu/internal_market/company/seat-transfer/index_en.htm">on cross-border transfer of the registered offices of limited liability companies</a></li> <li>Directive (EU) 2017/1132 replaced Directive 68/151/EEC and laid down rules concerning the disclosure and interconnection of central, commercial and companies registers of Member States <sup id="cite_ref-d1151_1-0" class="reference"><a href="#cite_note-d1151-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: Preamble 1">: Preamble 1 </span></sup></li> <li>Directive (EU) 2019/1151 amended Directive (EU) 2017/1132 as regards the use of <a href="/wiki/Digital_transformation" title="Digital transformation">digital tools and processes</a> in company law, adopted 20 June 2019,<sup id="cite_ref-d1151_1-1" class="reference"><a href="#cite_note-d1151-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> requiring member state transposition, in most respects, by 1 August 2021, but at a later date if agreed by the Commission where there were "particular difficulties" with national implementation.<sup id="cite_ref-d1151_1-2" class="reference"><a href="#cite_note-d1151-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: Article 2">: Article 2 </span></sup></li></ul> <div class="mw-heading mw-heading3"><h3 id="European_company_forms">European company forms</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_company_law&action=edit&section=4" title="Edit section: European company forms"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Since 2002, a "<a href="/wiki/European_Company" class="mw-redirect" title="European Company">European Company</a>" (or <span title="Latin-language text"><i lang="la"><a href="/wiki/Societas_Europaea" title="Societas Europaea">Societas Europaea</a></i></span>, abbreviated to "<a href="/wiki/Societas_Europaea" title="Societas Europaea">SE</a>") has been available for incorporation in the <a href="/wiki/Statute_for_a_European_Company_Regulation_2001" title="Statute for a European Company Regulation 2001">Statute for a European Company Regulation 2001</a>.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> This sets out basic provisions on the method of registration (e.g. by merger or reincorporation of an existing company) but then states that wherever the SE has its registered office, the law of that member state supplements the rules of the Statute.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/Employee_Involvement_Directive_2001" title="Employee Involvement Directive 2001">Employee Involvement Directive 2001</a> also adds that, when an <a href="/wiki/Societas_Europaea" title="Societas Europaea">SE</a> is incorporated, employees have the default right to retain all existing representation on the board of directors that they have, unless the negotiate by <a href="/wiki/Collective_agreement" title="Collective agreement">collective agreement</a> a different or better plan than is provided for in existing member state law.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444" /><table class="box-Expand_section plainlinks metadata ambox mbox-small-left ambox-content" role="presentation"><tbody><tr><td class="mbox-image"><span typeof="mw:File"><a href="/wiki/File:Wiki_letter_w_cropped.svg" class="mw-file-description"><img alt="[icon]" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Wiki_letter_w_cropped.svg/20px-Wiki_letter_w_cropped.svg.png" decoding="async" width="20" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Wiki_letter_w_cropped.svg/40px-Wiki_letter_w_cropped.svg.png 1.5x" data-file-width="44" data-file-height="31" /></a></span></td><td class="mbox-text"><div class="mbox-text-span">This section <b>needs expansion</b>. You can help by <a class="external text" href="https://en.wikipedia.org/w/index.php?title=European_company_law&action=edit&section=">adding to it</a>. <span class="date-container"><i>(<span class="date">September 2022</span>)</i></span></div></td></tr></tbody></table> <div class="mw-heading mw-heading3"><h3 id="Conflicts_of_law_and_free_movement">Conflicts of law and free movement</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_company_law&action=edit&section=5" title="Edit section: Conflicts of law and free movement"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951" /><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Regulatory_competition" title="Regulatory competition">Regulatory competition</a></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235" /></div><div role="navigation" class="navbox" aria-labelledby="Freedom_of_establishment_cases1113" style="width: 350px; text-align: center; font-size: 80%; line-height: 1.5em; background-color: #fafafa; float: right; clear: right; margin: 0 0 1em 1em;;padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231" /><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Clist_establishment" title="Template:Clist establishment"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Clist_establishment" title="Template talk:Clist establishment"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Clist_establishment" title="Special:EditPage/Template:Clist establishment"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Freedom_of_establishment_cases1113" style="font-size:114%;margin:0 4em">Freedom of establishment cases</div></th></tr><tr><td colspan="2" class="navbox-list navbox-off" style="width:100%;padding:0"><div style="padding:0 0.25em"><a href="/wiki/TFEU" class="mw-redirect" title="TFEU">TFEU</a> arts 49-55</div></td></tr><tr><td colspan="2" class="navbox-list navbox-off" style="width:100%;padding:0"><div style="padding:0 0.25em"><i><a href="/wiki/R_(Daily_Mail_and_General_Trust_plc)_v_Treasury" class="mw-redirect" title="R (Daily Mail and General Trust plc) v Treasury"><span class="wrap">R (Daily Mail and General Trust plc) v Treasury</span></a></i> (1988) Case 81/87</div></td></tr><tr><td colspan="2" class="navbox-list navbox-off" style="width:100%;padding:0"><div style="padding:0 0.25em"><i><a href="/wiki/Gebhard_v_Avvocati_e_Procuratori_di_Milano" class="mw-redirect" title="Gebhard v Avvocati e Procuratori di Milano"><span class="wrap">Gebhard v Avvocati e Procuratori di Milano</span></a></i> (1995) C-55/94</div></td></tr><tr><td colspan="2" class="navbox-list navbox-off" style="width:100%;padding:0"><div style="padding:0 0.25em"><i><a href="/wiki/Centros_Ltd_v_Erhvervs-_og_Selskabsstyrelsen" title="Centros Ltd v Erhvervs- og Selskabsstyrelsen"><span class="wrap">Centros Ltd v Erhvervs- og Selskabsstyrelsen</span></a></i> (1999) C-212/97</div></td></tr><tr><td colspan="2" class="navbox-list navbox-off" style="width:100%;padding:0"><div style="padding:0 0.25em"><i><a href="/wiki/%C3%9Cberseering_BV_v_Nordic_Construction_GmbH" class="mw-redirect" title="Überseering BV v Nordic Construction GmbH"><span class="wrap">Überseering BV v Nordic Construction GmbH</span></a></i> (2002) C-208/00</div></td></tr><tr><td colspan="2" class="navbox-list navbox-off" style="width:100%;padding:0"><div style="padding:0 0.25em"><i><a href="/wiki/Kamer_van_Koophandel_v_Inspire_Art_Ltd" class="mw-redirect" title="Kamer van Koophandel v Inspire Art Ltd">Kamer van Koophandel v Inspire Art Ltd</a></i> (2003) C-167/01</div></td></tr><tr><td colspan="2" class="navbox-list navbox-off" style="width:100%;padding:0"><div style="padding:0 0.25em"><i><a href="/wiki/Cartesio_Oktat%C3%B3_%C3%A9s_Szolg%C3%A1ltat%C3%B3_bt" title="Cartesio Oktató és Szolgáltató bt">Cartesio Oktató és Szolgáltató bt</a></i> (2008) C-210/06</div></td></tr><tr><td colspan="2" class="navbox-list navbox-off" style="width:100%;padding:0"><div style="padding:0 0.25em"><i><a href="/wiki/Commission_v_Germany_(2007)" class="mw-redirect" title="Commission v Germany (2007)">Commission v Germany</a></i> (2007) C-112/2005</div></td></tr><tr><td colspan="2" class="navbox-list navbox-off" style="width:100%;padding:0"><div style="padding:0 0.25em"><i><a href="/wiki/The_Rosella" class="mw-redirect" title="The Rosella">The Rosella</a></i> or <i><a href="/wiki/ITWF_v_Viking_Line_ABP" class="mw-redirect" title="ITWF v Viking Line ABP">ITWF v Viking Line ABP</a></i> (2007) C-438/05</div></td></tr><tr><td colspan="2" class="navbox-list navbox-off" style="width:100%;padding:0"><div style="padding:0 0.25em"><i><a href="/wiki/Demir_and_Baykara_v_Turkey" class="mw-redirect" title="Demir and Baykara v Turkey">Demir and Baykara v Turkey</a></i> [2008] ECHR 1345</div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div>See <b><a href="/wiki/EU_law" class="mw-redirect" title="EU law">EU law</a></b></div></td></tr></tbody></table></div> <p>The <a href="/wiki/ECJ" class="mw-redirect" title="ECJ">Court of Justice</a> held in <i><a href="/w/index.php?title=Centros_Ltd_v_Erhvers-og_Selskabsstyrelsen&action=edit&redlink=1" class="new" title="Centros Ltd v Erhvers-og Selskabsstyrelsen (page does not exist)">Centros</a></i> that freedom of establishment requires companies operate in any member state they choose.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> This has been argued to risk a "<a href="/wiki/Race_to_the_bottom" title="Race to the bottom">race to the bottom</a>" in standards, although the <a href="/wiki/Court_of_Justice_of_the_European_Union" title="Court of Justice of the European Union">Court of Justice</a> soon affirmed in <i><a href="/wiki/Kamer_van_Koophandel_en_Fabrieken_voor_Amsterdam_v_Inspire_Art_Ltd" title="Kamer van Koophandel en Fabrieken voor Amsterdam v Inspire Art Ltd">Inspire Art</a></i> that companies must still comply with proportionate requirements that are in the "public interest".<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p> <ul><li><i><a href="/wiki/Gebhard_v_Consiglio_dell%27Ordine_degli_Avvocati_e_Procuratori_di_Milano" title="Gebhard v Consiglio dell'Ordine degli Avvocati e Procuratori di Milano">Gebhard v Consiglio dell'Ordine degli Avvocati e Procuratori di Milano</a></i> [1995] ECR I-4165 (C-55/94)</li> <li><i><a href="/wiki/%C3%9Cberseering_BV_v_Nordic_Construction_Company_Baumanagement_GmbH" title="Überseering BV v Nordic Construction Company Baumanagement GmbH">Überseering BV v Nordic Construction Company Baumanagement GmbH</a></i> (C-208/00)</li></ul> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444" /><table class="box-Expand_section plainlinks metadata ambox mbox-small-left ambox-content" role="presentation"><tbody><tr><td class="mbox-image"><span typeof="mw:File"><a href="/wiki/File:Wiki_letter_w_cropped.svg" class="mw-file-description"><img alt="[icon]" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Wiki_letter_w_cropped.svg/20px-Wiki_letter_w_cropped.svg.png" decoding="async" width="20" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Wiki_letter_w_cropped.svg/40px-Wiki_letter_w_cropped.svg.png 1.5x" data-file-width="44" data-file-height="31" /></a></span></td><td class="mbox-text"><div class="mbox-text-span">This section <b>needs expansion</b>. You can help by <a class="external text" href="https://en.wikipedia.org/w/index.php?title=European_company_law&action=edit&section=">adding to it</a>. <span class="date-container"><i>(<span class="date">September 2022</span>)</i></span></div></td></tr></tbody></table> <div class="mw-heading mw-heading2"><h2 id="Corporate_governance">Corporate governance</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_company_law&action=edit&section=6" title="Edit section: Corporate governance"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Among the most important governance standards are rights to <a href="/wiki/Vote" class="mw-redirect" title="Vote">vote</a> for who is on the board of directors for investors of labour and capital. </p> <div class="mw-heading mw-heading3"><h3 id="Shareholder_rights">Shareholder rights</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_company_law&action=edit&section=7" title="Edit section: Shareholder rights"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The <a href="/wiki/Shareholder_Rights_Directive_2007" title="Shareholder Rights Directive 2007">Shareholder Rights Directive 2007</a> requires <a href="/wiki/Shareholders" class="mw-redirect" title="Shareholders">shareholders</a> be able to make proposals, ask questions at meetings, vote by proxy and vote through intermediaries.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> This has become increasingly important as most company shares are held by <a href="/wiki/Institutional_investors" class="mw-redirect" title="Institutional investors">institutional investors</a> (primarily <a href="/wiki/Asset_managers" class="mw-redirect" title="Asset managers">asset managers</a> or banks, depending on the member state) who are holding "other people's money". A large proportion of this money comes from employees and other people saving for retirement, but who do not have an effective voice. Unlike Switzerland after a <a href="/wiki/Swiss_executive_pay_initiative,_2013" class="mw-redirect" title="Swiss executive pay initiative, 2013">2013 people's initiative</a>, or the U.S. <a href="/wiki/Dodd-Frank_Act_2010" class="mw-redirect" title="Dodd-Frank Act 2010">Dodd-Frank Act 2010</a> in relation to brokers,<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> the EU has not yet prevented intermediaries casting votes without express instructions of beneficiaries. </p> <ul><li>Draft Ninth Company Law Directive, on <a href="/wiki/Corporate_groups" class="mw-redirect" title="Corporate groups">corporate groups</a></li></ul> <div class="mw-heading mw-heading3"><h3 id="Employee_rights">Employee rights</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_company_law&action=edit&section=8" title="Edit section: Employee rights"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A <a href="/wiki/Draft_Fifth_Company_Law_Directive" title="Draft Fifth Company Law Directive">Draft Fifth Company Law Directive</a> proposed in 1972, which would have required EU-wide rights for employees to vote for boards stalled mainly because it attempted to require <a href="/wiki/Supervisory_board" title="Supervisory board">two-tier board</a> structures,<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> although most EU member states have <a href="/wiki/Codetermination" class="mw-redirect" title="Codetermination">codetermination</a> today with unified boards. </p> <div class="mw-heading mw-heading3"><h3 id="Investor_rights">Investor rights</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_company_law&action=edit&section=9" title="Edit section: Investor rights"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235" /></div><div role="navigation" class="navbox" aria-labelledby="Investment_law_sources763" style="width: 350px; text-align: center; font-size: 80%; line-height: 1.5em; background-color: #fafafa; float: right; clear: right; margin: 0 0 1em 1em;;padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231" /><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Caselist" title="Template:Caselist"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Caselist" title="Template talk:Caselist"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Caselist" title="Special:EditPage/Template:Caselist"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Investment_law_sources763" style="font-size:114%;margin:0 4em">Investment law sources</div></th></tr><tr><td colspan="2" class="navbox-list navbox-off" style="width:100%;padding:0"><div style="padding:0 0.25em"><a href="/wiki/Institutions_for_Occupational_Retirement_Directive_2003" class="mw-redirect" title="Institutions for Occupational Retirement Directive 2003"><span class="wrap">Institutions for Occupational Retirement Directive 2003</span></a></div></td></tr><tr><td colspan="2" class="navbox-list navbox-off" style="width:100%;padding:0"><div style="padding:0 0.25em"><a href="/wiki/Undertakings_for_Collective_Investment_Directive_2009" class="mw-redirect" title="Undertakings for Collective Investment Directive 2009"><span class="wrap">Undertakings for Collective Investment Directive 2009</span></a></div></td></tr><tr><td colspan="2" class="navbox-list navbox-off" style="width:100%;padding:0"><div style="padding:0 0.25em"><a href="/wiki/Markets_in_Financial_Instruments_Directive_2004" class="mw-redirect" title="Markets in Financial Instruments Directive 2004"><span class="wrap">Markets in Financial Instruments Directive 2004</span></a></div></td></tr><tr><td colspan="2" class="navbox-list navbox-off" style="width:100%;padding:0"><div style="padding:0 0.25em"><a href="/wiki/Alternative_Investment_Fund_Managers_Directive_2011" title="Alternative Investment Fund Managers Directive 2011"><span class="wrap">Alternative Investment Fund Managers Directive 2011</span></a></div></td></tr><tr><td colspan="2" class="navbox-list navbox-off" style="width:100%;padding:0"><div style="padding:0 0.25em"><a href="/wiki/Solvency_II_Directive_2009" class="mw-redirect" title="Solvency II Directive 2009">Solvency II Directive 2009</a></div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div>See <a href="/wiki/EU_law" class="mw-redirect" title="EU law">EU law</a></div></td></tr></tbody></table></div> <p>A series of rights for ultimate investors exist in the <a href="/wiki/Institutions_for_Occupational_Retirement_Provision_Directive_2003" class="mw-redirect" title="Institutions for Occupational Retirement Provision Directive 2003">Institutions for Occupational Retirement Provision Directive 2003</a>. This requires duties of disclosure in how a retirement fund is run, funding and insurance to guard against insolvency,<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> but not yet that voting rights are only cast on the instructions of investors. By contrast, the <a href="/wiki/Undertakings_for_Collective_Investment_in_Transferable_Securities_Directive_2009" title="Undertakings for Collective Investment in Transferable Securities Directive 2009">Undertakings for Collective Investment in Transferable Securities Directive 2009</a> does suggest that investors in a <a href="/wiki/Mutual_fund" title="Mutual fund">mutual fund</a> or ("<a href="/wiki/Collective_investment_scheme" class="mw-redirect" title="Collective investment scheme">collective investment scheme</a>") should control the voting rights.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/UCITS_Directive_2009" class="mw-redirect" title="UCITS Directive 2009">UCITS Directive 2009</a> is primarily concerned with creating a "passport". If a firm complies with rules on authorisation, and governance of the management and investment companies in an overall fund structure, it can sell its shares in a collective investment scheme across the EU. This forms a broader package of Directives on securities and financial market regulation, much of which has been shaped by experience in the <a href="/wiki/Financial_crisis_of_2007%E2%80%932008" class="mw-redirect" title="Financial crisis of 2007–2008">financial crisis of 2007–2008</a>.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> Additional rules on remuneration practices, separating depositary bodies in firms from management and investment companies, and more penalties for violations were inserted in 2014.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> These measures are meant to decrease the risk to investors that an investment goes insolvent. The <a href="/wiki/Markets_in_Financial_Instruments_Directive_2004" class="mw-redirect" title="Markets in Financial Instruments Directive 2004">Markets in Financial Instruments Directive 2004</a> applies to other businesses selling <a href="/wiki/Financial_instruments" class="mw-redirect" title="Financial instruments">financial instruments</a>. It requires similar authorisation procedures to have a "passport" to sell in any EU country, and transparency of financial contracts through duties to disclose material information about products being sold, including disclosure of potential <a href="/wiki/Conflict_of_interest" title="Conflict of interest">conflicts of interest</a> with clients.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/Alternative_Investment_Fund_Managers_Directive_2011" title="Alternative Investment Fund Managers Directive 2011">Alternative Investment Fund Managers Directive 2011</a> applies to firms with massive quantities of capital, over €100 million, essentially <a href="/wiki/Hedge_fund" title="Hedge fund">hedge funds</a> and <a href="/wiki/Private_equity" title="Private equity">private equity</a> firms.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> Similarly, it requires authorisation to sell products EU wide, and then basic transparency requirements on products being sold, requirements in remuneration policies for fund managers that are perceived to reduce "risk" or make pay "performance" related. They do not, however, require limits to pay. There are general prohibitions on <a href="/wiki/Conflict_of_interest" title="Conflict of interest">conflicts of interest</a>, and specialised prohibitions on <a href="/wiki/Asset_stripping" title="Asset stripping">asset stripping</a>.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/Solvency_II_Directive_2009" class="mw-redirect" title="Solvency II Directive 2009">Solvency II Directive 2009</a> is directed particularly at insurance firms, requiring minimum capital and best practices in valuation of assets, again to avoid insolvency.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/Capital_Requirements_Directives" title="Capital Requirements Directives">Capital Requirements Directives</a> contain analogous rules, with a similar goals, for banks. To administer the new rules, the <a href="/wiki/European_System_of_Financial_Supervision" title="European System of Financial Supervision">European System of Financial Supervision</a> was established in 2011, and consists of three main branches: the <a href="/wiki/European_Securities_and_Markets_Authority" title="European Securities and Markets Authority">European Securities and Markets Authority</a> in Paris, the <a href="/wiki/European_Banking_Authority" title="European Banking Authority">European Banking Authority</a> in London and the <a href="/wiki/European_Insurance_and_Occupational_Pensions_Authority" title="European Insurance and Occupational Pensions Authority">European Insurance and Occupational Pensions Authority</a> in Frankfurt. </p> <div class="mw-heading mw-heading2"><h2 id="Corporate_finance">Corporate finance</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_company_law&action=edit&section=10" title="Edit section: Corporate finance"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Capital_maintenance">Capital maintenance</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_company_law&action=edit&section=11" title="Edit section: Capital maintenance"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Second_Company_Law_Directive" title="Second Company Law Directive">Second Company Law Directive</a> 77/91/EEC, on formation of public companies and the <a href="/wiki/Capital_maintenance" class="mw-redirect" title="Capital maintenance">maintenance and alteration of capital</a>, updated by 2006/68/EC and 2009/109/EC, repealed by <a rel="nofollow" class="external text" href="http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:32012L0030:EN:NOT">2012/30/EU</a></li></ul> <div class="mw-heading mw-heading3"><h3 id="Mergers_and_acquisitions">Mergers and acquisitions</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_company_law&action=edit&section=12" title="Edit section: Mergers and acquisitions"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>Third Company Law Directive 78/855/EEC, on <a href="/wiki/Merger" class="mw-redirect" title="Merger">mergers</a> of public limited liability companies, repealed by <a rel="nofollow" class="external text" href="http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:32011L0035:EN:NOT">2011/35/EU</a></li> <li>Sixth Company Law Directive 82/891/EEC, on division of public companies, amended by <a rel="nofollow" class="external text" href="http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:32007L0063:EN:NOT">2007/63/EC</a></li> <li>Tenth Company Law Directive 2005/56/EC, on cross-border <a href="/wiki/Merger" class="mw-redirect" title="Merger">mergers</a> of limited liability companies</li> <li>Thirteenth Company Law Directive 2004/25/EC, on takeover bids</li> <li>Merger Tax Directive 90/434/EEC, on the common system of taxation applicable to mergers, divisions, transfers of assets and exchanges of shares concerning companies of different Member States, repealed by <a rel="nofollow" class="external text" href="http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:32009L0133:EN:NOT">2009/133/EC</a></li></ul> <div class="mw-heading mw-heading3"><h3 id="Accounting_and_audit">Accounting and audit</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_company_law&action=edit&section=13" title="Edit section: Accounting and audit"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>Fourth Company Law Directive 78/660/EEC, on accounting standards, repealed by the EU Accounting Directive <a rel="nofollow" class="external text" href="http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32013L0034">2013/34/EU</a></li> <li>Seventh Company Law Directive 83/349/EEC, on <a href="/wiki/Company_group" class="mw-redirect" title="Company group">group</a> <a href="/wiki/Financial_statements" class="mw-redirect" title="Financial statements">accounts</a>, repealed by the EU Accounting Directive <a rel="nofollow" class="external text" href="http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32013L0034">2013/34/EU</a></li> <li>Eighth Company Law Directive 84/253/EEC, on the approval of persons responsible for carrying out the statutory <a href="/wiki/Audits" class="mw-redirect" title="Audits">audits</a> of accounting document, repealed by 2006/43/EC, on statutory <a href="/wiki/Audits" class="mw-redirect" title="Audits">audits</a> of annual accounts and consolidated accounts</li></ul> <div class="mw-heading mw-heading3"><h3 id="Market_regulation">Market regulation</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_company_law&action=edit&section=14" title="Edit section: Market regulation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>Market Abuse Directive <a rel="nofollow" class="external text" href="http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:32003L0006:EN:NOT">2003/6/EC</a></li> <li>Transparency of Listed Companies Directive <a rel="nofollow" class="external text" href="http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:32004L0109:EN:NOT">2004/109/EC</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="Insolvency">Insolvency</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_company_law&action=edit&section=15" title="Edit section: Insolvency"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Europe Insolvency Law governs the rules and procedures related to insolvency and bankruptcy in European countries. It includes the EU <a href="/wiki/Insolvency_Regulation" title="Insolvency Regulation">Insolvency Regulation</a>, which coordinates cross-border insolvency cases within the EU, except for Denmark.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> The regulation determines the jurisdiction and applicable law based on the debtor's center of main interests (COMI) and ensures automatic recognition of insolvency proceedings across member states. It promotes cooperation among administrators, courts, and creditors from different jurisdictions to streamline processes and protect the interests of all parties involved.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> In addition to the EU framework, individual countries have their own national insolvency laws that complement the European regulations. </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_company_law&action=edit&section=16" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/UK_company_law" class="mw-redirect" title="UK company law">UK company law</a></li> <li><a href="/wiki/European_Union_shipping_law" title="European Union shipping law">European Union shipping law</a></li> <li><a href="/wiki/German_company_law" title="German company law">German company law</a></li> <li><a href="/wiki/US_corporate_law" class="mw-redirect" title="US corporate law">US corporate law</a></li> <li><a href="/wiki/List_of_company_registers" class="mw-redirect" title="List of company registers">List of company registers</a></li> <li><a href="/wiki/Swiss_referendum_%22against_corporate_Rip-offs%22_of_2013" class="mw-redirect" title="Swiss referendum "against corporate Rip-offs" of 2013">Swiss referendum "against corporate Rip-offs" of 2013</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="Notes">Notes</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_company_law&action=edit&section=17" title="Edit section: Notes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width reflist-columns-2"> <ol class="references"> <li id="cite_note-d1151-1"><span class="mw-cite-backlink">^ <a href="#cite_ref-d1151_1-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-d1151_1-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-d1151_1-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text">EUR-Lex, <a rel="nofollow" class="external text" href="https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32019L1151">Directive (EU) 2019/1151 of the European Parliament and of the Council of 20 June 2019 amending Directive (EU) 2017/1132 as regards the use of digital tools and processes in company law (Text with EEA relevance)</a>, accessed 14 August 2023</span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><a href="/wiki/Statute_for_a_European_Company_Regulation_2001" title="Statute for a European Company Regulation 2001">Statute for a European Company Regulation 2001</a> <a rel="nofollow" class="external text" href="http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:32001R2157:EN:HTML">No 2157/2001</a></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><a href="/wiki/Statute_for_a_European_Company_Regulation_2001" title="Statute for a European Company Regulation 2001">Statute for a European Company Regulation 2001</a> <a rel="nofollow" class="external text" href="http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:32001R2157:EN:HTML">art 3</a></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><a href="/wiki/Employee_Involvement_Directive_2001" title="Employee Involvement Directive 2001">Employee Involvement Directive 2001</a> <a rel="nofollow" class="external text" href="http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:32001L0086:EN:HTML">Annex</a></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><i><a href="/wiki/Centros_Ltd_v_Erhversus-og_Selkabssyrelsen" class="mw-redirect" title="Centros Ltd v Erhversus-og Selkabssyrelsen">Centros Ltd v Erhversus-og Selkabssyrelsen</a></i> (1999) C-212/97, [1999] ECR I-1459</span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"><i><a href="/wiki/Kamer_van_Koophandel_en_Fabrieken_voor_Amsterdam_v_Inspire_Art_Ltd" title="Kamer van Koophandel en Fabrieken voor Amsterdam v Inspire Art Ltd">Kamer van Koophandel en Fabrieken voor Amsterdam v Inspire Art Ltd</a></i> (2003) C-167/01, [2003] ECR I-10155</span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"><a href="/wiki/Shareholder_Rights_Directive_2007" title="Shareholder Rights Directive 2007">Shareholder Rights Directive 2007</a> 2007/36/EC arts 5-14</span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text"><a href="/wiki/Dodd-Frank_Wall_Street_Reform_and_Consumer_Protection_Act_2010" class="mw-redirect" title="Dodd-Frank Wall Street Reform and Consumer Protection Act 2010">Dodd-Frank Wall Street Reform and Consumer Protection Act 2010</a> §957, inserting <a href="/wiki/Securities_Exchange_Act_1934" class="mw-redirect" title="Securities Exchange Act 1934">Securities Exchange Act 1934</a> §6(b)(10)</span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text">See M Gold, 'Worker directors in the UK and the limits of policy transfer from Europe since the 1970s' (2005) 20 Historical Studies in Industrial Relations 29, 35</span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text"><a href="/wiki/Institutions_for_Occupational_Retirement_Provision_Directive_2003" class="mw-redirect" title="Institutions for Occupational Retirement Provision Directive 2003">Institutions for Occupational Retirement Provision Directive 2003</a> <a rel="nofollow" class="external text" href="http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex:02003L0041-20130620">2003/41/EC</a></span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text"><a href="/wiki/UCITS_Directive_2009" class="mw-redirect" title="UCITS Directive 2009">UCITS Directive 2009</a> <a rel="nofollow" class="external text" href="http://eur-lex.europa.eu/legal-content/EN/ALL/?uri=CELEX%3A32009L0065">art 19(3)(o)</a></span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text">See N Moloney, <i>EU Securities and Financial Markets Regulation</i> (3rd edn 2014). On the original conception of the need for securities market regulation, see <a href="/wiki/AA_Berle" class="mw-redirect" title="AA Berle">AA Berle</a> and <a href="/wiki/GC_Means" class="mw-redirect" title="GC Means">GC Means</a>, <i><a href="/wiki/The_Modern_Corporation_and_Private_Property" title="The Modern Corporation and Private Property">The Modern Corporation and Private Property</a></i> (1932) Part III</span> </li> <li id="cite_note-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-13">^</a></b></span> <span class="reference-text"><a href="/w/index.php?title=UCITS_V_Directive&action=edit&redlink=1" class="new" title="UCITS V Directive (page does not exist)">UCITS V Directive</a> <a rel="nofollow" class="external text" href="http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32014L0091">2014/91/EU</a></span> </li> <li id="cite_note-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-14">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:32004L0039:EN:HTML">2004/39/EC</a>, art 18 on <a href="/wiki/Conflict_of_interest" title="Conflict of interest">conflicts of interest</a></span> </li> <li id="cite_note-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-15">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32011L0061">2011/61/EU</a> art 3(2)</span> </li> <li id="cite_note-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-16">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32011L0061">2011/61/EU</a> respectively arts 22–23, 13 and Annex II, 14 and 30</span> </li> <li id="cite_note-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-17">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=celex%3A32009L0138">"EUR-Lex - 32009L0138 - EN - EUR-Lex"</a>. <i>eur-lex.europa.eu</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=eur-lex.europa.eu&rft.atitle=EUR-Lex+-+32009L0138+-+EN+-+EUR-Lex&rft_id=https%3A%2F%2Feur-lex.europa.eu%2Flegal-content%2FEN%2FALL%2F%3Furi%3Dcelex%253A32009L0138&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+company+law" class="Z3988"></span></span> </li> <li id="cite_note-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-18">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://eur-lex.europa.eu/EN/legal-content/summary/more-effective-rules-on-insolvency-proceedings-across-eu-borders.html">"EUR-Lex - 230203_2 - EN - EUR-Lex"</a>. <i>eur-lex.europa.eu</i><span class="reference-accessdate">. Retrieved <span class="nowrap">2023-05-19</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=eur-lex.europa.eu&rft.atitle=EUR-Lex+-+230203_2+-+EN+-+EUR-Lex&rft_id=https%3A%2F%2Feur-lex.europa.eu%2FEN%2Flegal-content%2Fsummary%2Fmore-effective-rules-on-insolvency-proceedings-across-eu-borders.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+company+law" class="Z3988"></span></span> </li> <li id="cite_note-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-19">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFStamegna2018" class="citation web cs1">Stamegna, Carla (2018). <a rel="nofollow" class="external text" href="https://www.europarl.europa.eu/RegData/etudes/BRIE/2018/623548/EPRS_BRI(2018)623548_EN.pdf">"New EU insolvency rules give troubled businesses a chance to start anew"</a> <span class="cs1-format">(PDF)</span>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20230519142120/https://www.europarl.europa.eu/RegData/etudes/BRIE/2018/623548/EPRS_BRI(2018)623548_EN.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on May 19, 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=New+EU+insolvency+rules+give+troubled+businesses+a+chance+to+start+anew&rft.date=2018&rft.aulast=Stamegna&rft.aufirst=Carla&rft_id=https%3A%2F%2Fwww.europarl.europa.eu%2FRegData%2Fetudes%2FBRIE%2F2018%2F623548%2FEPRS_BRI%282018%29623548_EN.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEuropean+company+law" class="Z3988"></span></span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_company_law&action=edit&section=18" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <dl><dt>Books</dt></dl> <ul><li>S Grundmann, <i>European Company Law</i> (Intersentia 2006)</li> <li>M Habersack and D Verse, <i>Europäisches Gesellschaftsrecht</i> (CH Beck 2011)</li> <li>Lutter, M/Bayer, W/Schmidt, J, <i>Europäisches Unternehmens- und Kapitalmarktrecht</i> (De Gruyter 2017)</li> <li>Jung, S/Krebs, P/Stiegler, S, <i>Gesellschaftsrecht in Europa</i> (Nomos 2019)</li></ul> <dl><dt>Articles</dt></dl> <ul><li>M Andenas, 'Free Movement of Companies' (2003) 119 LQR 221</li> <li>P Dyrberg, 'Full Free Movement of Companies in the European Community at Last' [2003] ELR 528</li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=European_company_law&action=edit&section=19" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="http://ec.europa.eu/internal_market/company/index_en.htm">EU internal market page on company law</a></li> <li><a rel="nofollow" class="external text" href="http://ec.europa.eu/internal_market/company/official/index_en.htm#directives">EU list of company law directives in force</a></li></ul>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?useformat=desktop&type=1x1&usesul3=0" alt="" width="1" height="1" style="border: none; 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