Einde inhoudsopgave
The Decoupling of Voting and Economic Ownership (IVOR nr. 88) 2012/5.2.2.0
5.2.2.0 Introduction
mr. M.C. Schouten, datum 01-06-2012
- Datum
01-06-2012
- Auteur
mr. M.C. Schouten
- JCDI
JCDI:ADS597126:1
- Vakgebied(en)
Ondernemingsrecht / Rechtspersonenrecht
Voetnoten
Voetnoten
By contrast, so-called regulations have 'vertical direct effect' and therefore do not need to be implemented by individual Member States in order to grant rights or impose duties on private citizens. An example of this type of legal instrument is the Prospectus Directive, which stipulates what information should be included in the prospectus when securities are offered or admitted to trading on European stock exchanges. Parliament and Council Directive 2003/71/EC, On the Prospectus to be Published when Securities are Offered to the Public, 2003 O.J. (L 345) 64.
Most efforts of the European legislature to harmonize the company laws and securities laws of individual Member States have taken the form of so-called directives. These are legal instruments addressed exclusively to Member States and obliging Member States to amend their national laws in accordance with the standards set out in the directive.1 Two recent directives are particularly relevant to cross-border voting: the Shareholders' Rights Directive and, to a lesser extent, the Transparency Directive.