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The Commission had already announced in the explanatory memorandum to the proposal for a directive on shareholders rights that it might adopt a separate non-binding instrument on shareholders' rights supplementing this directive.
The reason for this announcement was that it had emerged from the discussions in preparation of the proposal for a directive that a number of questions may be left to a recommendation, which could be introduced independently from a directive. This conclusion was confirmed by the negotiations on the draft directive. The Services of the Internal Market and Services Directorate General have therefore decided to launch a separate public consultation on these questions. Following the consultation, an impact assessment will be carried out in order to verify the cost-benefit relation of any possible recommendation on the issues in question.
Deadline for comments is 27 July 2007