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JURI committee adopted two reports on the establishment of a statute of a European private company, and on the cross-border transfers of company seats
Statute of a European private company
JURI adpoted a report drafted by Klaus Heiner Lehne (EPP/DE) for a single set of rules for establishing a company under Community law. The committee amended the proposal to establish that a company must have a cross-border component in its business to be eligible for an EPC statute. However, the cross-border component should not be an obstacle to setting up an EPC.
Committee also amended the provisions on minimum capital requirement for setting up an EPC, which the Commission had proposed should be a token €1. MEPs agreed that starting capital should not be an obstacle, but added a requirement that the new company sign a "solvency certificate" to show that the EPC is able to pay its debts. In the event of failure to provide this certificate, the minimum capital requirement would be set at €8,000.
Cross-border transfers of company seats
JURI Committee also approved a legislative initiative calling on the Commission to put forward a proposal to facilitate cross-border transfers of companies within the EU.
The report, also drafted by Mr Lehne, lays down the conditions for the Commission legislative proposal. MEPs say the transfer should not entail any interruption of activity or loss of legal personality. Finally, the committee recommends that Commission take account of the rights of all stakeholders, e.g. minority shareholders and creditors, in its text.
Statutory Audit Directive Committee also adopted the report on the implementation of the Statutory Audit Directive. The aim of the report is to verify whether the Directive itself, the implementation of the Directive in the Member States and the measures of the European Commission are sufficient to satisfy the general objectives set by the Directive. Vote in plenary is scheduled for 1st March
The Exchange of views with the Legal Service on legal basis for a possible horizontal instrument on collective redress was postponed.
JURI report attached below