CAPITAL DIRECTIVE IN EUROPE

Transcription

1 CAPITAL DIRECTIVE IN EUROPE This book provides an overview of the Second Council Directive 77/91/EEC of 13 December 1976 (also known as the Capital Directive) and its implementing rules in each Member State of the European Union and the European Economic Area. It provides companies and advisers with useful insights regarding articles of association and related documents, the incorporation and capital requirements of European companies with limited liability and the rules applicable to the acquisition and pledge of their own shares, cross-participations, financial assistance and the distribution of profits. A general report on the Capital Directive is followed by a discussion of the implementation of the rules laid down in the Directive in the national laws of each Member State, each in accordance with a common format and contributed by a practitioner from that State. dirk van gerven is a partner in the Brussels office of NautaDutilh and has extensive experience in all areas of corporate and financial law. He served as President of the Dutch-speaking section of the Brussels Bar from 2010 to 2012 and has published widely in the fields of corporate and financial law and ethics. He has also been a member of the supervisory board of Belgium s Banking, Finance and Insurance Commission since 2003, presiding over it since 2011.

2

3 CAPITAL DIRECTIVE IN EUROPE The Rules on Incorporation and Capital of General Editor DIRK VAN GERVEN

4 University Printing House, Cambridge CB2 8BS, United Kingdom Cambridge University Press is part of the University of Cambridge. It furthers the University s mission by disseminating knowledge in the pursuit of education, learning and research at the highest international levels of excellence. Information on this title: / Cambridge University Press 2014 This publication is in copyright. Subject to statutory exception and to the provisions of relevant collective licensing agreements, no reproduction of any part may take place without the written permission of Cambridge University Press. First published 2014 Printed in the United Kingdom by Clays, St Ives plc A catalogue record for this publication is available from the British Library Library of Congress Cataloging-in-Publication Data Capital directive: The Rules on Incorporation and Capital of Limited Liability Companies / General editor, Dirk van Gerven. pages cm ISBN (Hardback) 1. Corporations Finance Law and legislation European Union countries. 2. Capital market Law and legislation European Union countries. 3. Council of the European Union. Second Council Directive 77/91/EEC of 13 December I. Gerven, Dirk van, editor of compilation. KJE2468.C dc ISBN Hardback Cambridge University Press has no responsibility for the persistence or accuracy of URLs for external or third-party internet websites referred to in this publication, and does not guarantee that any content on such websites is, or will remain, accurate or appropriate.

5 CONTENTS Contributors Preface xiii part i 1 viii 1 Community rules applicable to the incorporation and capital of public limited liability companies 3 dirk van gerven, nautadutilh part ii National reports for the EU Member States 53 2 Austria 55 gottfried gassner, binder grösswang rechtsanwälte gmbh 3 Belgium 96 dirk van gerven, nautadutilh 4 Bulgaria 142 raina dimitrova, boyanov & co 5 Cyprus 166 alexandros tsadiras, a. c. tsadiras & associates 6 Czech Republic 194 jan lasák, juraj hudák, kocián šolc balaštík 7 Denmark 229 vagn thorup, jeppe buskov, kromann reumert 8 Estonia 257 sven papp, helerin kaldvee, alla kuznetsova, raidla lejins & norcous v

6 vi contents 9 Finland 283 outi raitasuo, hannes snellman attorneys ltd 10 France 304 jean-marc desaché, gide loyrette nouel 11 Germany 333 andreas wuesthoff, herbert smith freehills germany llp,sabineroeth,king & wood mallesons llp 12 Greece 353 tom kyriakopoulos, kelemenis & co 13 Hungary 388 viktória szilágyi, tamáspásztor, nagy és trócsányi 14 Ireland 416 ciarántansey,william fry 15 Italy 451 antonella brambilla, chiomenti studio legale 16 Latvia 484 janis bogdasarovs, raidla lejins & norcous 17 Lithuania 509 akvilė bosaitė, raidla lejins & norcous 18 Luxembourg 542 margaretha wilkenhuysen, alexander koch, nautadutilh 19 Malta 583 nikolai muscat farrugia, colm o connor, ganado advocates 20 The Netherlands 602 paul van der bijl, nautadutilh 21 Poland 670 andrzej kawecki, soltysinski kawecki & szlezak

7 contents vii 22 Portugal 706 pedro cassiano santos, cláudia cruz almeida, vieira de almeida & associados 23 Republic of Slovenia 735 jurij dolžan, odvetnik jurij dolžan 24 Romania 784 gabriela cacerea, bianca pop, nestor nestor diculescu kingston petersen 25 Slovak Republic 814 michaela jurková, čechová &partners 26 Spain 857 jaime pereda, carolina albuerne, uría menéndez 27 Sweden 882 ola åhman, mattias friberg, gustaf wärnberg, roschier 28 United Kingdom 925 ian snaith, university of leicester and dwf llp part iii Application in the EEA Member States Iceland 961 ólafur arinbjörn sigurðsson, logos 30 Liechtenstein 991 daniel damjanovic, marxer & partner 31 Norway 1017 areherrem,perarnedæhli,selmer part iv Annexes 1041 Annex I Restated Second Company Law Directive 1043 Annex II Types of companies referred to in Article 1(1) of the Second Company Law Directive 1075 Index 1078

8 CONTRIBUTORS Austria gottfried gassner Binder Grösswang Rechtsanwälte GmbH Belgium dirk van gerven NautaDutilh Bulgaria raina dimitrova Boyanov & Co Cyprus alexandros tsadiras A. C. Tsadiras & Associates Czech Republic jan lasák juraj hudák Kocián Šolc Balaštík Denmark vagn thorup jeppe buskov Kromann Reumert Estonia sven papp helerin kaldvee alla kuznetsova Raidla Lejins & Norcous viii

9 contributors ix Finland outi raitasuo Hannes Snellman Attorneys Ltd France jean-marc desaché Gide Loyrette Nouel Germany andreas wuesthoff Herbert Smith Freehills Germany LLP sabine roeth King & Wood Mallesons LLP Greece tom kyriakopoulos Kelemenis & Co Hungary viktória szilágyi tamás pásztor Nagy és Trócsányi Ireland ciarántansey William Fry Italy antonella brambilla Chiomenti Studio Legale Latvia janis bogdasarovs Raidla Lejins & Norcous Lithuania akvilė bosaitė Raidla Lejins & Norcous

10 x contributors Luxembourg margaretha wilkenhuysen alexander koch NautaDutilh Malta nikolai muscat farrugia colm o connor Ganado & Advocates The Netherlands paul van der bijl NautaDutilh Poland andrzej kawecki Soltysinski Kawecki & Szlezak Portugal pedro cassiano santos cláudia cruz almeida Vieira de Almeida & Associados Republic of Slovenia jurij dolžan Odvetnik Jurij Dolžan Romania gabriela cacerea bianca pop Nestor Nestor Diculescu Kingston Petersen Slovak Republic michaela jurkova Čechová & Partners Spain jaime pereda carolina albuerne Uría Menéndez

11 contributors xi Sweden ola åhman mattias friberg gustaf wärnberg Roschier United Kingdom ian snaith University of Leicester and DWF LLP Iceland ólafur arinbjörn sigurðsson Logos Liechtenstein daniel damjanovic Marxer & Partner Norway are herrem per arne dæhli Selmer

12

13 PREFACE The Capital Directive or Second Company Law Directive is the second directive in company law. It intended to create similar rules on the incorporation and capital requirements of public limited liability companies throughout the European Union, and applies also in the countries of the European Economic Area. Practice indicated that simplifying the rules laid down in the Second Company Law Directive could promote business and competition without undermining the protection afforded to shareholders and creditors. Thus, Directive 2006/68/EC of the European Parliament and of the Council of 6 September 2006 was passed, amending the Second Company Law Directive. The proposed changes are intended to create more flexibility and reduce the financing costs of public limited liability companies. In light of these changes, a complete overview of the framework put in place by the Second Company Law Directive is in order. The book provides a comprehensive analysis of the rules applicable to the capital requirements of European companies with limited liability, the minimum information in the articles of association and related documents, the incorporation and capital requirements of European companies with limited liability and the rules applicable to the acquisition and pledge of their own shares, the cross-participations, the financial assistance and the distribution of profits. The book is a useful tool for those seeking to understand the above rules and their legal implications on European public limited liability companies. It will also prove helpful to their advisers when assisting these companies and their management in defining the legal requirements these companies need to comply with. The first chapter contains a general overview of the provisions of Community law applicable to the formation of public limited liability companies, the minimum share requirements, the limitations on the distribution of profits and other funds to shareholders, and capital increases and reductions. The following chapters examine the implementation of xiii

14 xiv preface these rules into the national law of the thirty Member States of the European Union and the European Economic Area. Finally, I would like to thank the contributors to this book, esteemed practitioners from law firms throughout Europe, all of whom are well positioned to discuss the rules applicable in their respective countries. My thanks also go to those whose names are not mentioned in the chapters but whose work was essential to the success of this project, namely Katherine Raab and Bianca Porcelli and others who work at NautaDutilh.