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25 January 2011

EuropeanIssuers: Stellungnahme zur Kommissionskonsultation zum Wertpapierrecht


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EU legislation needs to recognise the distinction between bearer and registered shares in order to leave the issuer able to exercise its responsibility to ensure that elections and votes received are recorded accurately and as far as possible reflect the intentions of shareholders.


 The key points of EuropeanIssuers are:

- there is support for non-harmonisation of the legal framework governing whom an issuer has to recognise as the legal holder of its securities;
- however, we are not convinced of the need for a Directive as it stands;
- there is a need for a EU legal framework for shareholder identification;
- there is a need for ensuring integrity of the issue in particular through a legal obligation to maintain the correct number of securities and to reconcile regularly;
- We do not agree that the costs associated with more complex share ownership structures should be subsidised by domestic shareholders particularly where cheaper alternatives are available;
- earmarking and control agreement should be optional methods, which Member States may retain in their own jurisdiction; and
- the conflict of law rule should not include the head office as connecting element to base the applicability of law in case of conflict.

EuropeanIssuers position




© EuropeanIssuers


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