EUROPEAN COMMISSION Brussels, 3.12.2015 COM(2015) 616 final 2015/0283(COD) Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL relating to certain aspects of company law (codification) (Text with EEA relevance)



EXPLANATORY MEMORANDUM 1.In the context of a people’s Europe, the Commission attaches great importance to simplifying and clarifying the law of the Union so as to make it clearer and more accessible to citizens, thus giving them new opportunities and the chance to make use of the specific rights it gives them. This aim cannot be achieved so long as numerous provisions that have been amended several times, often quite substantially, remain scattered, so that they must be sought partly in the original instrument and partly in later amending ones. Considerable research work, comparing many different instruments, is thus needed to identify the current rules. For this reason a codification of rules that have frequently been amended is also essential if the law is to be clear and transparent. 2.On 1 April 1987 the Commission decided to instruct its staff that all acts should be codified after no more than ten amendments, stressing that this is a minimum requirement and that departments should endeavour to codify at even shorter intervals the texts for which they are responsible, to ensure that their provisions are clear and readily understandable. 3.The Conclusions of the Presidency of the Edinburgh European Council (December 1992) confirmed this, stressing the importance of codification as it offers certainty as to the law applicable to a given matter at a given time. Codification must be undertaken in full compliance with the normal procedure for the adoption of acts of the Union. Given that no changes of substance may be made to the instruments affected by codification, the European Parliament, the Council and the Commission have agreed, by an interinstitutional agreement dated 20 December 1994, that an accelerated procedure may be used for the fast-track adoption of codification instruments. 4.The purpose of this proposal is to undertake a codification of Sixth Council Directive of 17 December 1982 based on Article 54(3)(g) of the Treaty, concerning the division of public limited liability companies (82/891/EEC), Eleventh Council Directive of 21 December 1989 concerning disclosure requirements in respect of branches opened in a Member State by certain types of company governed by the law of another State (89/666/EEC), Directive 2005/56/EC of the European Parliament and of the Council of 26 October 2005 on cross-border mergers of limited liability companies, Directive 2009/101/EC of the European Parliament and of the Council of 16 September 2009 on coordination of safeguards which, for the protection of the interests of members and third parties, are required by Member States of companies within the meaning of the second paragraph of Article 48 of the Treaty, with a view to making such safeguards equivalent, Directive 2011/35/EU of the European Parliament and of the Council of 5 April 2011 concerning mergers of public limited liability companies, Directive 2012/30/EU of the European Parliament and of the Council of 25 October 2012 on coordination of safeguards which, for the protection of the interests of members and others, are required by Member States of companies within the meaning of the second paragraph of Article 54 of the Treaty on the Functioning of the European Union, in respect of the formation of public limited liability companies and the maintenance and alteration of their capital, with a view to making such safeguards equivalent. The new Directive will supersede the various acts incorporated in it; this proposal fully preserves the content of the acts being codified and hence does no more than bring them together with only such formal amendments as are required by the codification exercise itself. 5.The codification proposal was drawn up on the basis of a preliminary consolidation, in 23 official languages of Directives 82/891/EEC, 89/666/EEC, 2005/56/EC, 2009/101/EC, 2011/35/EU and 2012/30/EU and the instruments amending them, carried out by the Publications Office of the European Union, by means of a data-processing system. Where the Articles have been given new numbers, the correlation between the old and the new numbers is shown in a table set out in Annex IV to this Directive. ê 2012/30/EU (adapted) 2015/0283 (COD) Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL Ö relating to certain aspects of company law Õ (Ö codification Õ) (Text with EEA relevance) THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty on the Functioning of the European Union, and in particular Article 50(1) and (2)(g) thereof,

Having regard to the proposal from the European Commission, After transmission of the draft legislative act to the national Parliaments, Having regard to the opinion of the European Economic and Social Committee, Acting in accordance with the ordinary legislative procedure, Whereas: ê (1)Council Directive 82/891/EEC, Council Directive 89/666/EEC, Directive 2005/56/EC of the European Parliament and of the Council, Directive 2009/101/EC of the European Parliament and of the Council, Directive 2011/35/EU of the European Parliament and of the Council and Directive 2012/30/EU of the European Parliament and of the Council have been substantially amended several times. In the interests of clarity and rationality those Directives should be codified. ê 2012/30/EU recital 2 (adapted) (2)The coordination provided for in Article 50(2)(g) of the Treaty and in the General Programme for the abolition of restrictions on freedom of establishment, which was begun by the First Council Directive 68/151/EEC, Ö facilitates the integration of the economies of the Member States. It Õ is especially important in relation to public limited liability companies, because their activities predominate in the economy of the Member States and frequently extend beyond their national boundaries. ê 2012/30/EU recital 3 (3)In order to ensure minimum equivalent protection for both shareholders and creditors of public limited liability companies, the coordination of national provisions relating to their formation and to the maintenance, increase or reduction of their capital is particularly important. ê 2012/30/EU recital 4 (4)In the Union, the statutes or instrument of incorporation of a public limited liability company must make it possible for any interested person to acquaint himself with the basic particulars of the company, including the exact composition of its capital. ê 2009/101/EC recital 9 (adapted) (5)The protection of third parties should be ensured by provisions which restrict to the greatest possible extent the grounds on which obligations entered into in the name of Ö public or private limited liability Õ companies are not valid.

ê 2009/101/EC recital 10 (6)It is necessary, in order to ensure certainty in the law as regards relations between the companies and third parties, and also between members, to limit the cases in which nullity can arise and the retroactive effect of a declaration of nullity, and to fix a short time limit within which third parties may enter objection to any such declaration. ê 2009/101/EC recital 2 (7)The coordination of national provisions concerning disclosure, the validity of obligations entered into by, and the nullity of, companies limited by shares or otherwise having limited liability, is of special importance, particularly for the purpose of protecting the interests of third parties. ê 2009/101/EC recital 3 (8)The basic documents of a company should be disclosed in order for third parties to be able to ascertain their contents and other information concerning the company, especially particulars of the persons who are authorised to bind the company. ê 2009/101/EC recital 4 (9)Without prejudice to substantive requirements and formalities established by the national law of the Member States, companies should be able to choose to file their compulsory documents and particulars by paper means or by electronic means. ê 2009/101/EC recital 5 (10)Interested parties should be able to obtain from the register a copy of such documents and particulars by paper means as well as by electronic means. ê 2009/101/EC recital 6 (11)Member States should be allowed to decide to keep the national gazette, designated for publication of compulsory documents and particulars, in paper form or electronic form, or to provide for disclosure by equally effective means. ê 2009/101/EC recital 7 (adapted)

(12)Cross-border access to company information should be facilitated by allowing, in addition to the Ö compulsory Õ disclosure made in one of the languages permitted in the company’s Member State, the voluntary registration in additional languages of the required documents and particulars. Third parties acting in good faith should be able to rely on the translations thereof. ê 2009/101/EC recital 8 (13)It is appropriate to clarify that the statement of the compulsory particulars set out in this Directive should be included in all company letters and order forms, whether they are in paper form or use any other medium. In the light of technological developments, it is also appropriate to provide that these statements be placed on any company website. ê 89/666/EEC recital 3 (adapted) (14) The opening of a branch, like the creation of a subsidiary, is one of the possibilities currently open to companies in the exercise of their right of establishment in another Member State. ê 89/666/EEC recital 4 (15)In respect of branches, the lack of coordination, in particular concerning disclosure, gives rise to some disparities, in the protection of shareholders and third parties, between companies which operate in other Member States by opening branches and those which operate there by creating subsidiaries. ê 89/666/EEC recital 5 (adapted) (16) Ö The Õ differences in the laws of the Member States may interfere with the exercise of the right of establishment Ö of branches Õ. It is therefore necessary to eliminate such differences in order to safeguard, inter alia, the exercise of that right. ê 89/666/EEC recital 6 (adapted) (17)To ensure the protection of persons who deal with companies through the intermediary of branches, measures in respect of disclosure are required in the Member State in which a branch is situated. In certain respects, the economic and social influence of a branch may be comparable to that of a subsidiary company, so that there is public interest in disclosure of the company at the branch. To effect such disclosure, it is necessary to make use of the procedure already instituted for companies with share capital within the Ö Union Õ . ê 89/666/EEC recital 7 (18)Such disclosure relates to a range of important documents and particulars and amendments thereto.

ê 89/666/EEC recital 8 (adapted) (19)Such disclosure, with the exception of the powers of representation, the name and legal form, and the winding-up of the company and the insolvency proceedings to which it is subject, may be confined to information concerning a branch itself together with a reference to the register of the company of which that branch is part, since under existing Ö Union Õ rules, all information covering the company as such is available in that register. ê 89/666/EEC recital 9 (20)National provisions in respect of the disclosure of accounting documents relating to a branch can no longer be justified following the coordination of national law in respect of the drawing up, audit and disclosure of companies' accounting documents. It is accordingly sufficient to disclose, in the register of the branch, the accounting documents as audited and disclosed by the company. ê 89/666/EEC recital 10 (adapted) (21)Letters and order forms used by a branch Ö should Õ give at least the same information as letters and order forms used by the company, and state the register in which the branch is entered. ê 89/666/EEC recital 11 (adapted) (22)To ensure that the purposes of this Directive are fully realised and to avoid any discrimination on the basis of a company's country of origin, this Directive Ö should Õ also cover branches opened by companies governed by the law of Ö third Õ countries and set up in legal forms comparable to companies to which Ö this Directive Õapplies. For these branches it is necessary to apply Ö specific Õ provisions Ö that are Õ different from those that apply to the branches of companies governed by the law of other Member States since Ö this Õ Directive does not apply to companies from Ö third Õ countries. ê 89/666/EEC recital 12 (23)This Directive in no way affects the disclosure requirements for branches under other provisions of, for example, employment law on workers' rights to information and tax law, or for statistical purposes. ê 2012/17/EU recital 5 (adapted) (24) The interconnection of central, commercial and companies registers is a measure required to create a more business-friendly legal and fiscal environment. Ö It Õ should contribute to fostering the competitiveness of European business by reducing administrative burdens and increasing legal certainty and thus contributing to an exit from the global economic and financial crisis, which is one of the priorities of the agenda Europe 2020. It should also improve cross-border communication between registers by using innovations in information and communication technology. ê 2012/17/EU recital 8 (adapted) (25)The Multi-annual European e-Justice action plan 2009–2013 Ö provided Õ for the development of a European e-Justice portal (‘the portal’) as the single European electronic access point for legal information, judicial and administrative institutions, registers, databases and other services and considers the interconnection of central, commercial and companies registers to be important.

ê 2012/17/EU recital 9 (26)Cross-border access to business information on companies and their branches opened in other Member States can only be improved if all Member States engage in enabling electronic communication to take place between registers and transmitting information to individual users in a standardised way, by means of identical content and interoperable technologies, throughout the Union. This interoperability of registers should be ensured by the registers of Member States (‘domestic registers’) providing services, which should constitute interfaces to the European central platform (‘the platform’). The platform should be a centralised set of information technology tools integrating services and should form a common interface. That interface should be used by all domestic registers. The platform should also provide services constituting an interface to the portal serving as the European electronic access point, and to the optional access points established by Member States. The platform should be conceived only as an instrument for the interconnection of registers and not as a distinct entity possessing legal personality. On the basis of unique identifiers, the platform should be capable of distributing information from each of the Member States’ registers to the competent registers of other Member States in a standard message format (an electronic form of messages exchanged between information technology systems, such as, for example, xml) and in the relevant language version. ê 2012/17/EU recital 10 (27)This Directive is not aimed at establishing any centralised registers database storing substantive information about companies. At the stage of implementation of the system of interconnection of central, commercial and companies registers (‘the system of interconnection of registers’), only the set of data necessary for the correct functioning of the platform should be defined. The scope of those data should include, in particular, operational data, dictionaries and glossaries. It should be determined taking also into account the need to ensure the efficient operation of the system of interconnection of registers. Those data should be used for the purpose of enabling the platform to perform its functions and should never be made publicly available in a direct form. Moreover, the platform should modify neither the content of the data on companies stored in domestic registers nor the information about companies transmitted through the system of interconnection of registers. ê 2012/17/EU recital 12 (adapted) (28) The portal Ö should Õ deal, through the use of the platform, with queries submitted by individual users concerning the information on companies and their branches opened in other Member States which is stored in the domestic registers. That Ö should Õ enable the search results to be presented on the portal, including the explanatory labels in all the official languages of the Union, listing the information provided. In addition, in order to improve the protection of third parties in other Member States, basic information on the legal value of documents and particulars disclosed pursuant to the laws of Member States adopted in accordance with Ö this Directive Õ should be available on the portal. ê 2012/17/EU recital 13 (29)Member States should be able to establish one or more optional access points, which may have an impact on the use and operation of the platform. Therefore, the Commission should be notified of their establishment and of any significant changes to their operation, in particular of their closure. Such notification should not in any way restrict the powers of Member States as to the establishment and operation of the optional access points. ê 2012/17/EU recital 14 (adapted) (30)Companies and their branches opened in other Member States should have a unique identifier allowing them to be unequivocally identified within the Union. The identifier is intended to be used for communication between registers through the system of interconnection of registers. Therefore, companies and branches should not be obliged to include the unique identifier in the company letters or order forms mentioned in Ö this Directive Õ. They should continue to use their domestic registration number for their own communication purposes. ê 2012/17/EU recital 15 (31)It should be made possible to establish a clear connection between the register of a company and the registers of its branches opened in other Member States, consisting in the exchange of information on the opening and termination of any winding-up or insolvency proceedings of the company and on the striking-off of the company from the register, if this entails legal consequences in the Member State of the register of the company. While Member States should be able to decide on the procedures they follow with respect to the branches registered in their territory, they should ensure, at least, that the branches of a dissolved company are struck off the register without undue delay and, if applicable, after liquidation proceedings of the branch concerned. This obligation should not apply to branches of companies that have been struck off the register but which have a legal successor, such as in the case of any change in the legal form of the company, a merger or division, or a cross-border transfer of its registered office. ê 2012/17/EU recital 16 (adapted)

(32) Ö The provisions of this Directive relating to the interconnection of registers Õ should not apply to a branch opened in a Member State by a company which is not governed by the law of a Member State. ê 2012/17/EU recital 18 (33)Member States should ensure that, in the event of any changes to information entered in the registers concerning companies, the information is updated without undue delay. The update should be disclosed, normally, within 21 days from receipt of the complete documentation regarding those changes, including the legality check in accordance with national law. That time limit should be interpreted as requiring Member States to make reasonable efforts to meet the deadline laid down in this Directive. It should not be applicable as regards the accounting documents which companies are obliged to submit for each financial year. This exclusion is justified by the overload on the domestic registers during reporting periods. In accordance with general legal principles common to all Member States, the time limit of 21 days should be suspended in cases of force majeure. ê 2012/17/EU recital 19 (adapted) (34) Ö If Õ the Commission decides to develop and/or operate the platform through a third party, this should be done in accordance with Regulation (EU, Euratom) No 966/2012 of the European Parliament and of the Council. An appropriate degree of Member States’ involvement in this process should be ensured by establishing the technical specifications for the purpose of the public procurement procedure by means of implementing acts adopted in accordance with the examination procedure referred to in Article 5 of Regulation (EU) No 182/2011 of the European Parliament and of the Council. ê 2012/17/EU recital 20 (adapted) (35) Ö If Õ the Commission decides to operate the platform through a third party, the continuity of the provision of services by the system of interconnection of registers and a proper public supervision of the functioning of the platform should be ensured. Detailed rules on the operational management of the platform should be adopted by means of implementing acts adopted in accordance with the examination procedure referred to in Article 5 of Regulation (EU) No 182/2011. In any case, the involvement of Member States in the functioning of the whole system should be ensured by means of a regular dialogue between the Commission and the representatives of Member States on the issues concerning the operation of the system of interconnection of registers and its future development. ê 2012/17/EU recital 21 (36)The interconnection of central, commercial and companies registers necessitates the coordination of national systems having varying technical characteristics. This entails the adoption of technical measures and specifications which need to take account of differences between registers. In order to ensure uniform conditions for the implementation of this Directive, implementing powers should be conferred on the Commission to tackle these technical and operational issues. Those powers should be exercised in accordance with the examination procedure referred to in Article 5 of Regulation (EU) No 182/2011. ê 2012/17/EU recital 22 (37)This Directive should not limit the right of Member States to charge fees for obtaining information on companies through the system of interconnection of registers, if such fees are required under national law. Therefore, technical measures and specifications for the system of interconnection of registers should allow for the establishment of payment modalities. In this respect, this Directive should not prejudge any specific technical solution as the payment modalities should be determined at the stage of adoption of the implementing acts, taking into account widely available online payment facilities. ê 2012/17/EU recital 23 (38)It could be desirable for third countries to be able, in the future, to participate in the system of interconnection of registers.

ê 2012/17/EU recital 24 (39)An equitable solution regarding the funding of the system of interconnection of registers entails participation both by the Union and by its Member States in the financing of that system. The Member States should bear the financial burden of adjusting their domestic registers to that system, while the central elements — the platform and the portal serving as the European electronic access point — should be funded from an appropriate budget line in the general budget of the Union. In order to supplement non-essential elements of this Directive, the power to adopt acts in accordance with Article 290 of the Treaty should be delegated to the Commission in respect of the charging of fees for obtaining company information. This does not affect the possibility for the domestic registers to charge fees, but it may involve an additional fee in order to co-finance the maintenance and functioning of the platform. It is of particular importance that the Commission carry out appropriate consultations during its preparatory work, including at expert level. The Commission, when preparing and drawing up delegated acts, should ensure a simultaneous, timely and appropriate transmission of relevant documents to the European Parliament and to the Council. ê 2012/30/EU recital 5 (adapted) (40)Union provisions are necessary for maintaining the capital, which constitutes the creditors' security, in particular by prohibiting any reduction thereof by distribution to shareholders where the latter are not entitled to it and by imposing limits on the Ö right of public limited liability companies Õ to acquire their own shares. ê 2012/30/EU recital 6 (adapted) (41)The restrictions on a Ö public limited liability Õ company's acquisition of its own shares apply not only to acquisitions made by a company itself but also to those made by any person acting in his own name but on the company's behalf. ê 2012/30/EU recital 7 (42)In order to prevent a public limited liability company from using another company in which it holds a majority of the voting rights or on which it can exercise a dominant influence to make such acquisitions without complying with the restrictions imposed in that respect, the arrangements governing a company's acquisition of its own shares should be extended to cover the most important and most frequent cases of the acquisition of shares by such other companies. Those arrangements should be extended to cover subscription for shares in the public limited liability company. ê 2012/30/EU recital 8 (adapted) (43)In order to prevent the circumvention of this Directive, Ö public limited liability Õ companies governed by Ö this Õ Directive and companies governed by the laws of third countries, and having comparable legal forms, should also be covered by the arrangements referred to in recital 42. ê 2012/30/EU recital 9 (44)Where the relationship between a public limited liability company and another company such as referred to in recital 42 is only indirect, it would appear to be justified to relax the provisions applicable when that relationship is direct, by providing for the suspension of voting rights as a minimum measure, for the purpose of achieving the aims of this Directive. ê 2012/30/EU recital 10 (45)Furthermore, it is justifiable to exempt cases in which the specific nature of a professional activity rules out the possibility that the attainment of the objectives of this Directive may be endangered.

ê 2012/30/EU recital 11 (46)It is necessary, having regard to the objectives of Article 50(2)(g) of the Treaty, that the Member States' laws relating to the increase or reduction of capital ensure that the principles of equal treatment of shareholders in the same position and of protection of creditors whose claims exist prior to the decision on reduction are observed and harmonised. ê 2012/30/EU recital 12 (47)In order to enhance standardised creditor protection in all Member States, creditors should be able to resort, under certain conditions, to judicial or administrative proceedings where their claims are at stake, as a consequence of a reduction in the capital of a public limited liability company. ê 2012/30/EU recital 13 (48)In order to ensure that market abuse is prevented, Member States should take into account, for the purpose of the implementation of this Directive, the provisions of Directive 2003/6/EC of the European Parliament and of the Council, Commission Regulation (EC) No 2273/2003 and Commission Directive 2004/72/EC. ê 2011/35/EU recital 4 (adapted) (49)The protection of the interests of members and third parties requires that the laws of the Member States relating to mergers of public limited liability companies be coordinated, and that provision for mergers be made in the laws of all the Member States. ê 2011/35/EU recital 5 (50)In the context of such coordination, it is particularly important that the shareholders of merging companies be kept adequately informed in as objective a manner as possible, and that their rights be suitably protected. However, there is no reason to require an examination of the draft terms of a merger by an independent expert for the shareholders if all the shareholders agree that it may be dispensed with. ê 2011/35/EU recital 7 (51)Creditors, including debenture holders, and persons having other claims on the merging companies should be protected so that the merger does not adversely affect their interests. ê 2011/35/EU recital 8 (adapted)

(52)The disclosure requirements Ö for the protection of the interests of members and third parties Õ should include mergers so that third parties are kept adequately informed. ê 2011/35/EU recital 9 (adapted) (53)The safeguards afforded to members and third parties in connection with mergers Ö of public limited liability companies Õ should be extended to cover certain legal practices which in important respects are similar to merger, so that the obligation to provide such protection cannot be evaded. ê 2011/35/EU recital 10 (adapted) (54)To ensure certainty in the law as regards relations between the companies concerned Ö by a merger Õ, between them and third parties, and between the members, it is necessary to limit the cases in which nullity can arise by providing that defects be remedied wherever that is possible, and by restricting the period within which nullification proceedings may be commenced. ê 2005/56/EC recital 2 (adapted) (55)This Directive Ö also Õ facilitates the cross-border merger of limited liability companies. The laws of the Member States Ö should Õ allow the cross-border merger of a national limited liability company with a limited liability company from another Member State if the national law of the relevant Member States permits mergers between such types of company. ê 2005/56/EC recital 3 (adapted) (56)In order to facilitate cross-border merger operations, it should be Ö specified Õ that, unless this Directive provides otherwise, each company taking part in a cross-border merger, and each third party concerned, remains subject to the provisions and formalities of the national law which would be applicable in the case of a national merger. None of the provisions and formalities of national law, to which reference is made in this Directive, should introduce restrictions on freedom of establishment or on the free movement of capital, save where these can be justified in accordance with the case-law of the Court of Justice Ö of the European Union Õ and in particular, by requirements of the general interest and are both necessary for, and proportionate to, the attainment of such overriding requirements. ê 2005/56/EC recital 4 (adapted) (57)The common draft terms of a cross-border merger Ö should Õ be drawn up in the same terms for each of the companies concerned in the various Member States. The minimum content of such common draft terms should therefore be specified, while leaving the companies free to agree on other items. ê 2005/56/EC recital 5 (adapted) (58)In order to protect the interests of members and others, both the common draft terms of the cross-border merger and the completion of the cross-border merger Ö should Õ be publicised for each merging company via an entry in the appropriate public register.

ê 2005/56/EC recital 6 (adapted) (59)The laws of all the Member States should provide for the drawing-up at national level of a report on the common draft terms of the cross-border merger by one or more experts on behalf of each of the companies that are merging. In order to limit experts’ costs connected with cross-border mergers, provision should be made for the possibility of drawing up a single report intended for all members of companies taking part in a cross-border merger operation. The common draft terms of the cross-border merger Ö should Õ be approved by the general meeting of each of those companies. ê 2005/56/EC recital 7 (60)In order to facilitate cross-border merger operations, it should be provided that monitoring of the completion and legality of the decision-making process in each merging company should be carried out by the national authority having jurisdiction over each of those companies, whereas monitoring of the completion and legality of the cross-border merger should be carried out by the national authority having jurisdiction over the company resulting from the cross-border merger. The national authority in question may be a court, a notary or any other competent authority appointed by the Member State concerned. The national law determining the date on which the cross-border merger takes effect, this being the law to which the company resulting from the cross-border merger is subject, should also be specified. ê 2005/56/EC recital 8 (61)In order to protect the interests of members and others, the legal effects of the cross-border merger, distinguishing as to whether the company resulting from the cross-border merger is an acquiring company or a new company, should be specified. In the interests of legal certainty, it should no longer be possible, after the date on which a cross-border merger takes effect, to declare the merger null and void. ê 2005/56/EC recital 9 (adapted) (62)This Directive is without prejudice to the application of the legislation on the control of concentrations between undertakings, both at Ö Union Õ level, by Council Regulation (EC) No 139/2004, and at Member State level. ê 2005/56/EC recital 10 (adapted) (63)This Directive does not affect Ö Union Õ legislation regulating credit intermediaries and other financial undertakings and national rules made or introduced pursuant to such Ö Union Õ legislation. ê 2005/56/EC recital 11 (64)This Directive is without prejudice to Member State legislation demanding information on the place of central administration or the principal place of business proposed for the company resulting from the cross-border merger. ê 2005/56/EC recital 12 (65)Employees’ rights, other than rights of participation, should remain subject to the national provisions referred to in Council Directive 98/59/EC, Council Directive 2001/23/EC, Directive 2002/14/EC of the European Parliament and of the Council and Directive 2009/38/EC of the European Parliament and of the Council.

ê 2005/56/EC recital 13 (adapted) (66)If employees have participation rights in one of the merging companies under the circumstances set out in this Directive and, if the national law of the Member State in which the company resulting from the cross-border merger has its registered office does not provide for the same level of participation as operated in the relevant merging companies, including in committees of the supervisory board that have decision-making powers, or does not provide for the same entitlement to exercise rights for employees of establishments resulting from the cross-border merger, the participation of employees in the company resulting from the cross-border merger and their involvement in the definition of such rights Ö should Õ be regulated. To that end, the principles and procedures provided for in Council Regulation (EC) No 2157/2001 and in Council Directive 2001/86/EC, Ö should Õ be taken as a basis, subject, however, to modifications that are deemed necessary because the resulting company will be subject to the national laws of the Member State where it has its registered office. A prompt start to negotiations under Article 132 of this Directive, with a view to not unnecessarily delaying mergers, may be ensured by Member States in accordance with Article 3(2)(b) of Directive 2001/86/EC. ê 2005/56/EC recital 14 (67)For the purpose of determining the level of employee participation operated in the relevant merging companies, account should also be taken of the proportion of employee representatives amongst the members of the management group, which covers the profit units of the companies, subject to employee participation. ê 82/891/EEC recital 5 (68)The protection of the interests of members and third parties requires that the laws of the Member States relating to divisions of public limited liability companies be coordinated where the Member States permit such operations. ê 82/891/EEC recital 6 (69)In the context of such coordination, it is particularly important that the shareholders of the companies involved in a division be kept adequately informed in as objective a manner as possible, and that their rights be suitably protected. ê 82/891/EEC recital 8 (adapted) (70)Creditors, including debenture holders, and persons having other claims on the companies involved in a division Ö of public limited liability companies Õ, Ö should Õ be protected so that the division does not adversely affect their interests. ê 82/891/EEC recital 9 (adapted) (71)Disclosure requirements Ö should Õ include divisions so that third parties are kept adequately informed. ê 82/891/EEC recital 10 (adapted)

(72)The safeguards afforded to members and third parties in connection with divisions Ö should Õ be extended to cover certain legal practices which in important respects are similar to division, so that the obligation to provide such protection cannot be evaded. ê 82/891/EEC recital 11 (adapted) (73)To ensure certainty in the law as regards relations between the Ö public limited liability Õ companies involved in the division, between them and third parties, and between the members, the cases in which nullity can arise Ö should Õ be limited by providing that defects Ö should Õ be remedied wherever that is possible and by restricting the period within which nullification proceedings may be commenced. ê 2009/109/EC recital 4 (adapted) (74)Company websites or other websites offer, in certain cases, an alternative to publication via the companies registers. Member States should be able to designate those other websites which companies may use free of charge for such publication, such as websites of business associations or chambers of commerce or the central electronic platform referred to in Ö this Õ Directive. Where the possibility exists of using company or other websites for publication of draft terms of merger and/or division and of other documents that have to be made available to shareholders and creditors in the process, guarantees relating to the security of the website and the authenticity of the documents should be met. ê 2009/109/EC recital 6 (adapted) (75)Member States should be able to provide that the extensive reporting or information requirements relating to the merger or division of companies, laid down in Ö Chapter I and Chapter III of Title II Õ , need not be complied with if all the shareholders of the companies involved in the merger or division agree that such compliance may be dispensed with. ê 2009/109/EC recital 7 (adapted) (76)Any modification of Ö Chapter I and Chapter III of Title II Õ allowing such agreement by shareholders, should be without prejudice to the systems of protection of the interests of creditors of the companies involved, and to rules aimed at ensuring the provision of necessary information to the employees of those companies and to public authorities, such as tax authorities, controlling the merger or division in accordance with existing Ö Union Õ law. ê 2009/109/EC recital 8 (77)It is not necessary to impose the requirement to draw up an accounting statement where an issuer whose securities are admitted to trading on a regulated market publishes half-yearly financial reports in accordance with Directive 2004/109/EC of the European Parliament and of the Council. ê 2009/109/EC recital 9 (adapted) (78)An independent expert’s report Ö on consideration other than in cash Õ is often not needed where an independent expert’s report protecting the interests of shareholders or creditors also has to be drawn up in the context of the merger or the division. Member States should therefore have the possibility in such cases of dispensing companies from the reporting requirement Ö regarding consideration other than in cash Õ or of providing that both reports may be drawn up by the same expert.

ê 2009/109/EC recital 10 (adapted) (79)Mergers between parent Ö undertakings Õ and their subsidiaries have a reduced economic impact on shareholders and creditors where the parent Ö undertaking’s Õ holding in the subsidiary amounts to 90 % or more of the shares and other securities conferring the right to vote. The same applies to certain divisions, in particular when companies are split into new companies that are owned by the shareholders in the proportion to their rights in the company being divided. In those cases, the reporting requirements should therefore be reduced. ê 2012/17/EU recital 25 (80)Directive 95/46/EC of the European Parliament and of the Council and Regulation (EC) No 45/2001 of the European Parliament and of the Council govern the processing of personal data, including the electronic transmission of personal data within the Member States. Any processing of personal data by the registers of Member States, by the Commission and, if applicable, by any third party involved in operating the platform should take place in compliance with those acts. The implementing acts to be adopted in relation to the system of interconnection of registers should, where appropriate, ensure such compliance, in particular by establishing the relevant tasks and responsibilities of all the participants concerned and the organisational and technical rules applicable to them. ê 2012/17/EU recital 28 (81)This Directive respects fundamental rights and observes the principles enshrined in the Charter of Fundamental Rights of the European Union, in particular Article 8 thereof, which states that everyone has the right to the protection of personal data concerning him or her. ê (82)This Directive should be without prejudice to the obligations of the Member States relating to the time-limits for the transposition into national law and the dates of application of the directives set out in Annex III, Part B, ê 2012/30/EU (adapted) HAVE ADOPTED THIS DIRECTIVE: Title I Ö General provisions and the establishment and functioning of limited liability companies Õ Chapter I Ö Subject matter Õ Article 1 Ö Subject matter Õ

Ö This Directive lays down measures concerning the following: Õ – Ö the Õ coordination of safeguards which are required by Member States in respect of the formation of public limited liability companies and the maintenance and alteration of their capital, with a view to making such safeguards equivalent; ê 2009/101/EC (adapted) – Ö the Õ coordination of safeguards which are required by Member States Ö concerning disclosure requirements in respect of public and private limited liability companies Õ, with a view to making such safeguards equivalent; ê 89/666/EEC (adapted) – Ö the Õ disclosure requirements in respect of branches opened in a Member State by certain types of company governed by the law of another State; ê 2011/35/EU (adapted) – mergers of public limited liability companies; ê 2005/56/EC (adapted) – cross-border mergers of limited liability companies; ê 82/891/EEC (adapted) – the division of public limited liability companies. ê 2012/30/EU (adapted) Chapter II

Ö Incorporation and nullity of the company and validity of its obligations Õ Section 1 Ö Incorporation of the public limited liability company Õ Article 2 Ö Scope Õ 1. The coordination measures prescribed by this Section shall apply to the provisions laid down by law, regulation or administrative action in Member States relating to the types of company listed in Annex I. The name for any company of the types listed in Annex I shall comprise or be accompanied by a description which is distinct from the description required of other types of companies. 2. The Member States may decide not to apply Ö the provisions of this Section Õ to investment companies with variable capital and to cooperatives incorporated as one of the types of company listed in Annex I. In so far as the laws of the Member States make use of this option, they shall require such companies to include the words ‘investment company with variable capital’, or ‘cooperative’ in all documents indicated in Article 25. The Ö term Õ ‘investment company with variable capital’, within the meaning of this Directive, means only those companies: ê 2012/30/EU –the exclusive object of which is to invest their funds in various stocks and shares, land or other assets with the sole aim of spreading investment risks and giving their shareholders the benefit of the results of the management of their assets, –which offer their own shares for subscription by the public, and –the statutes of which provide that, within the limits of a minimum and maximum capital, they may at any time issue, redeem or resell their shares. ê 2012/30/EU (adapted) Article 3 Ö Compulsory information to be provided in the statutes or instruments of incorporation Õ The statutes or the instrument of incorporation of Ö a company of a type listed in Annex I Õ shall always give at least the following information: (a)the type and name of the company;

(b)the objects of the company; (c)when the company has no authorised capital, the amount of the subscribed capital; (d)when the company has an authorised capital, the amount thereof and also the amount of the capital subscribed at the time the company is incorporated or is authorised to commence business, and at the time of any change in the authorised capital, without prejudice to Article 13 (e); (e)in so far as they are not legally determined, the rules governing the number of, and the procedure for, appointing members of the bodies responsible for representing the company with regard to third parties, administration, management, supervision or control of the company and the allocation of powers among those bodies; (f)the duration of the company, except where this is indefinite. Article 4 Ö Compulsory information to be provided in the statutes or instruments of incorporation or separate documents Õ The following information at least Ö shall Õ appear in either the statutes or the instrument of incorporation or a separate document published in accordance with the procedure laid down in the laws of each Member State in accordance with Article 15: (a)the registered office; (b)the nominal value of the shares subscribed and, at least once a year, the number thereof; (c)the number of shares subscribed without stating the nominal value, where such shares may be issued under national law; (d)the special conditions, if any, limiting the transfer of shares; (e)where there are several classes of shares, the information referred to in points (b), (c) and (d) for each class and the rights attaching to the shares of each class; (f)whether the shares are registered or bearer, where national law provides for both types, and any provisions relating to the conversion of such shares unless the procedure is laid down by law; (g)the amount of the subscribed capital paid up at the time the company is incorporated or is authorised to commence business; (h)the nominal value of the shares or, where there is no nominal value, the number of shares issued for a consideration other than in cash, together with the nature of the consideration and the name of the person providing this consideration; (i)the identity of the natural or legal persons or companies or firms by whom or in whose name the statutes or the instrument of incorporation, or where the company was not formed at the same time, the drafts of these documents, have been signed; (j)the total amount, or at least an estimate, of all the costs payable by the company or chargeable to it by reason of its formation and, where appropriate, before the company is authorised to commence business; (k)any special advantage granted, at the time the company is formed or up to the time it receives authorisation to commence business, to anyone who has taken part in the formation of the company or in transactions leading to the grant of such authorisation. Article 5

Ö Authorisation for commencing business Õ 1. Where the laws of a Member State prescribe that a company may not commence business without authorisation, they shall also make provision for responsibility for liabilities incurred by or on behalf of the company during the period before such authorisation is granted or refused. 2. Paragraph 1 shall not apply to liabilities under contracts concluded by the company conditionally upon its being granted authorisation to commence business. Article 6 Ö Multiple-member companies Õ 1. Where the laws of a Member State require a company to be formed by more than one member, the fact that all the shares are held by one person or that the number of members has fallen below the legal minimum after incorporation of the company shall not lead to the automatic dissolution of the company. 2. If, in the cases referred to in paragraph 1, the laws of a Member State permit the company to be wound up by order of the court, the judge having jurisdiction must be able to give the company sufficient time to regularise its position. 3. Where a winding up order as referred to in paragraph 2 is made, the company shall enter into liquidation. ê 2009/101/EC (adapted) Section 2 Ö Nullity of the limited liability company and validity of its obligations Õ Ö Article 7 Õ Ö General provisions and joint and several liability Õ Ö 1. The provisions laid down in this Section shall apply to the types of company listed in Annex II. Õ ê 2009/101/EC 2. If, before a company being formed has acquired legal personality, action has been carried out in its name and the company does not assume the obligations arising from such action, the persons who acted shall, without limit, be jointly and severally liable therefor, unless otherwise agreed. ê 2009/101/EC (adapted)

Article 8 Ö Effects of disclosure with respect to third parties Õ Completion of the formalities of disclosure of the particulars concerning the persons who, as an organ of the company, are authorised to represent it, shall constitute a bar to any irregularity in their appointment being relied upon as against third parties, unless the company proves that such third parties had knowledge thereof. Article 9 Ö Acts of the organs of a company and its representation Õ 1. Acts done by the organs of the company shall be binding upon it even if those acts are not within the objects of the company, unless such acts exceed the powers that the law confers or allows to be conferred on those organs. However, Member States may provide that the company shall not be bound where such acts are outside the objects of the company, if it proves that the third party knew that the act was outside those objects or could not in view of the circumstances have been unaware of it; disclosure of the statutes shall not of itself be sufficient proof thereof. 2. The limits on the powers of the organs of the company, arising under the statutes or from a decision of the competent organs, may not be relied on as against third parties, even if they have been disclosed. 3. If the national law provides that authority to represent a company may, in derogation from the legal rules governing the subject, be conferred by the statutes on a single person or on several persons acting jointly, that law may provide that such a provision in the statutes may be relied on as against third parties on condition that it relates to the general power of representation; the question whether such a provision in the statutes can be relied on as against third parties shall be governed by Article 15. Article 10 Ö Drawing up and certification of the instrument of constitution and the company statutes in due legal form Õ In all Member States whose laws do not provide for preventive administrative or judicial control, at the time of formation of a company, the instrument of constitution, the company statutes and any amendments to those documents shall be drawn up and certified in due legal form. Article 11 Ö Conditions for nullity of a company Õ The laws of the Member States may not provide for the nullity of companies otherwise than in accordance with the following provisions: (a)nullity must be ordered by decision of a court of law; (b)nullity may be ordered only on the grounds: (i)that no instrument of constitution was executed or that the rules of preventive control or the requisite legal formalities were not complied with, (ii)that the objects of the company are unlawful or contrary to public policy, (iii)that the instrument of constitution or the statutes do not state the name of the company, the amount of the individual subscriptions of capital, the total amount of the capital subscribed or the objects of the company,

(iv)of failure to comply with the provisions of the national law concerning the minimum amount of capital to be paid up, (v)of the incapacity of all the founder members, (vi)that, contrary to the national law governing the company, the number of founder members is less than two. Apart from the foregoing grounds of nullity, a company shall not be subject to any cause of non-existence, absolute nullity, relative nullity or declaration of nullity. Article 12 Ö Consequences of nullity Õ 1. The question whether a decision of nullity pronounced by a court of law may be relied on as against third parties shall be governed by Article 15. Where the national law entitles a third party to challenge the decision, he may do so only within six months of public notice of the decision of the court being given. 2. Nullity shall entail the winding-up of the company, as may dissolution. 3. Nullity shall not of itself affect the validity of any commitments entered into by or with the company, without prejudice to the consequences of the company’s being wound up. 4. The laws of each Member State may make provision for the consequences of nullity as between members of the company. 5. Holders of shares in the capital shall remain obliged to pay up the capital agreed to be subscribed by them but which has not been paid up, to the extent that commitments entered into with creditors so require. ê 2013/24/EU (adapted) ê 2009/101/EC (adapted) Chapter III Disclosure Ö and interconnection of central, commercial and companies registers Õ Section 1 Ö General provisions Õ Article 13 Ö Documents and particulars to be disclosed by companies Õ Member States shall take the measures required to ensure compulsory disclosure by the Ö types of company listed in Annex II Õ of at least the following documents and particulars:

(a)the instrument of constitution, and the statutes if they are contained in a separate instrument; (b)any amendments to the instruments mentioned in point (a), including any extension of the duration of the company; (c)after every amendment of the instrument of constitution or of the statutes, the complete text of the instrument or statutes as amended to date; (d)the appointment, termination of office and particulars of the persons who either as a body constituted pursuant to law or as members of any such body: (i)are authorised to represent the company in dealings with third parties and in legal proceedings; it must be apparent from the disclosure whether the persons authorised to represent the company may do so alone or must act jointly, (ii)take part in the administration, supervision or control of the company; (e)at least once a year, the amount of the capital subscribed, where the instrument of constitution or the statutes mention an authorised capital, unless any increase in the capital subscribed necessitates an amendment of the statutes; (f)the accounting documents for each financial year which are required to be published in accordance with Council Directives 86/635/EEC and 91/674/EEC and Directive 2013/34/EU of the European Parliament and of the Council; (g)any change of the registered office of the company; (h)the winding-up of the company; (i)any declaration of nullity of the company by the courts; (j)the appointment of liquidators, particulars concerning them, and their respective powers, unless such powers are expressly and exclusively derived from law or from the statutes of the company; (k)the termination of the liquidation and, in Member States where striking off the register entails legal consequences, the fact of any such striking off. ê 2012/17/EU Art. 3(1) (adapted) Article 14 Ö Changes in documents and particulars Õ 1. Member States shall take the measures required to ensure that any changes in the documents and particulars referred to in Article 13 are entered in the competent register referred to in the first subparagraph of Article 15(1) and are disclosed, in accordance with Article 15(3) and (5), normally within 21 days from receipt of the complete documentation regarding those changes including, if applicable, the legality check as required under national law for entry in the file. 2. Paragraph 1 shall not apply to the accounting documents referred to in Article 13(f).

ê 2009/101/EC (adapted) Article 15 Ö Disclosure in the register Õ 1. In each Member State, a file shall be opened in a central register, commercial register or companies register Ö (‘the register’) Õ, for each of the companies registered therein. ê 2012/17/EU Art. 3(2) Member States shall ensure that companies have a unique identifier allowing them to be unequivocally identified in communications between registers through the system of interconnection of central, commercial and companies registers established in accordance with Article 21(2) (‘the system of interconnection of registers’). That unique identifier shall comprise, at least, elements making it possible to identify the Member State of the register, the domestic register of origin and the company number in that register and, where appropriate, features to avoid identification errors. ê 2009/101/EC (adapted) 2. For the purposes of this Article, ‘by electronic means’ shall mean that the information is sent initially and received at its destination by means of electronic equipment for the processing (including digital compression) and storage of data, and entirely transmitted, conveyed and received in a manner to be determined by Member States by wire, by radio, by optical means or by other electromagnetic means. 3. All documents and particulars which must be disclosed pursuant to Article 13 shall be kept in the file, or entered in the register; the subject matter of the entries in the register must in every case appear in the file. Member States shall ensure that the filing by companies, as well as by other persons and bodies required to make or assist in making notifications, of all documents and particulars which must be disclosed pursuant to Article 13 is possible by electronic means. In addition, Member States may require all, or certain categories of, companies to file all, or certain types of, such documents and particulars by electronic means. All documents and particulars referred to in Article 13 which are filed, whether by paper means or by electronic means, shall be kept in the file, or entered in the register, in electronic form. To this end, Member States shall ensure that all such documents and particulars which are filed by paper means are converted by the register to electronic form. The documents and particulars referred to in Article 13 that have been filed by paper means up to 31 December 2006, shall not be required to be converted automatically into electronic form by the register. Member States shall nevertheless ensure that they are converted into electronic form by the register upon receipt of an application for disclosure by electronic means submitted in accordance with the measures adopted to give effect to paragraph 4. 4. A copy of the whole or any part of the documents or particulars referred to in Article 13 Ö shall Õ be obtainable on application. Applications may be submitted to the register by paper means or by electronic means as the applicant chooses. Copies as referred to in the first subparagraph Ö shall Õ be obtainable from the register by paper means or by electronic means as the applicant chooses. This shall apply in the case of all documents and particulars already filed. However, Member States may decide that all, or certain types of, documents and particulars filed by paper means on or before a date which may not be later than 31 December 2006 shall not be obtainable from the register by electronic means if a specified period has elapsed between the date of filing and the date of the application submitted to the register. Such specified period may not be less than 10 years. The price of obtaining a copy of the whole or any part of the documents or particulars referred to in Article 13, whether by paper means or by electronic means, shall not exceed the administrative cost thereof. Paper copies supplied shall be certified as ‘true copies’, unless the applicant dispenses with such certification. Electronic copies supplied shall not be certified as ‘true copies’, unless the applicant explicitly requests such a certification. Member States shall take the necessary measures to ensure that certification of electronic copies guarantees both the authenticity of their origin and the integrity of their contents, by means at least of an advanced electronic signature within the meaning of Article 2(2) of Directive 1999/93/EC of the European Parliament and of the Council. 5. Disclosure of the documents and particulars referred to in paragraph 3 shall be effected by publication in the national gazette designated for that purpose by the Member State, either of the full text or of a partial text, or by means of a reference to the document which has been deposited in the file or entered in the register. The national gazette designated for that purpose may be kept in electronic form.

Member States may decide to replace publication in the national gazette with equally effective means, which shall entail at least the use of a system whereby the information disclosed can be accessed in chronological order through a central electronic platform. 6. The documents and particulars may be relied on by the company as against third parties only after they have been disclosed in accordance with paragraph 5, unless the company proves that the third parties had knowledge thereof. However, with regard to transactions taking place before the sixteenth day following the disclosure, the documents and particulars shall not be relied on as against third parties who prove that it was impossible for them to have had knowledge thereof. 7. Member States shall take the necessary measures to avoid any discrepancy between what is disclosed in accordance with paragraph 5 and what appears in the register or file. However, in cases of discrepancy, the text disclosed in accordance with paragraph 5 may not be relied on as against third parties; such third parties may nevertheless rely thereon, unless the company proves that they had knowledge of the texts deposited in the file or entered in the register. Third parties may, moreover, always rely on any documents and particulars in respect of which the disclosure formalities have not yet been completed, save where non-disclosure causes them not to have effect. ê 2012/17/EU Art. 3(3) (adapted) Article 16 Ö Up-to-date information on national law with regard to the rights of third parties Õ ê 2012/17/EU Art. 3(3) 1. Member States shall ensure that up-to-date information is made available explaining the provisions of national law according to which third parties can rely on particulars and each type of document referred to in Article 13, in accordance with Article 15(5), (6) and (7). 2. Member States shall provide the information required for publication on the European e-Justice portal (‘the portal’) in accordance with the portal's rules and technical requirements. 3. The Commission shall publish that information on the portal in all the official languages of the Union. ê 2012/17/EU Art. 3(3) (adapted) Article 17 Ö Availability of electronic copies of documents and particulars Õ

ê 2012/17/EU Art. 3(3) 1. Electronic copies of the documents and particulars referred to in Article 13 shall also be made publicly available through the system of interconnection of registers. 2. Member States shall ensure that the documents and particulars referred to in Article 13 are available through the system of interconnection of registers in a standard message format and accessible by electronic means. Member States shall also ensure that minimum standards for the security of data transmission are respected. 3. The Commission shall provide a search service in all the official languages of the Union in respect of companies registered in the Member States, in order to make available through the portal: (a)the documents and particulars referred to in Article 13; (b)the explanatory labels, available in all the official languages of the Union, listing those particulars and the types of those documents. ê 2012/17/EU Art. 3(3) (adapted) Article 18 Ö Fees chargeable for documents and particulars Õ ê 2012/17/EU Art. 3(3) 1. The fees charged for obtaining the documents and particulars referred to in Article 13 through the system of interconnection of registers shall not exceed the administrative costs thereof. 2. Member States shall ensure that the following particulars are available free of charge through the system of interconnection of registers: (a)the name and legal form of the company; (b)the registered office of the company and the Member State where it is registered; and (c)the registration number of the company. In addition to those particulars, Member States may choose to make further documents and particulars available free of charge. ê 2012/17/EU Art. 3(3) (adapted)

Article 19 Ö Information on the opening and termination of winding-up or insolvency proceedings and on striking-off of a company from the register Õ ê 2012/17/EU Art. 3(3) 1. The register of a company shall, through the system of interconnection of registers, make available, without delay, the information on the opening and termination of any winding-up or insolvency proceedings of the company and on the striking-off of the company from the register, if this entails legal consequences in the Member State of the register of the company. 2. The register of the branch shall, through the system of interconnection of registers, ensure receipt, without delay, of the information referred to in paragraph 1. 3. The exchange of information referred to in paragraphs 1 and 2 shall be free of charge for the registers. ê 2009/101/EC (adapted) Article 20 Ö Language of disclosure and translation of documents and particulars disclosed Õ 1. Documents and particulars which must be disclosed pursuant to Article 13 shall be drawn up and filed in one of the languages permitted by the language rules applicable in the Member State in which the file referred to in Article 15(1) is opened. 2. In addition to the Ö compulsory Õ disclosure referred to in Article 15, Member States shall allow documents and particulars referred to in Article 13 to be disclosed voluntarily in accordance with Article 15 in any official language(s) of the Ö Union Õ. Member States may prescribe that the translation of such documents and particulars be certified. Member States shall take the necessary measures to facilitate access by third parties to the translations voluntarily disclosed. 3. In addition to the Ö compulsory Õ disclosure referred to in Article 15, and to the voluntary disclosure provided for under paragraph 2 of this Article, Member States may allow the documents and particulars concerned to be disclosed, in accordance with Article 15, in any other language(s). Member States may prescribe that the translation of such documents and particulars be certified. 4. In cases of discrepancy between the documents and particulars disclosed in the official languages of the register and the translation voluntarily disclosed, the latter may not be relied upon as against third parties. Third parties may nevertheless rely on the translations voluntarily disclosed, unless the company proves that the third parties had knowledge of the version which was the subject of the Ö compulsory Õ disclosure. ê 2012/17/EU Art. 3(4) (adapted)

Article 21 Ö System of interconnection of registers Õ ê 2012/17/EU Art. 3(4) 1. A European central platform (‘the platform’) shall be established. 2. The system of interconnection of registers shall be composed of: –the registers of Member States, –the platform, –the portal serving as the European electronic access point. 3. The Member States shall ensure the interoperability of their registers within the system of interconnection of registers via the platform. 4. Member States may establish optional access points to the system of interconnection of registers. They shall notify the Commission without undue delay of the establishment of such access points and of any significant changes to their operation. 5. Access to information from the system of interconnection of registers shall be ensured through the portal and through the optional access points established by the Member States. 6. The establishment of the system of interconnection of registers shall not affect existing bilateral agreements concluded between Member States concerning the exchange of information on companies. ê 2012/17/EU Art. 3(4) (adapted) Article 22 Ö Development and operation of the platform Õ 1. The Commission shall decide to develop and/or operate the platform either by its own means or through a third party. Ö If Õ the Commission decides to develop and/or operate the platform through a third party, the choice of the third party and the enforcement by the Commission of the agreement concluded with that third party shall be done in accordance with Regulation (EU, Euratom) No 966/2012. 2. Ö If Õ the Commission decides to develop the platform through a third party, it shall, by means of implementing acts, establish the technical specifications for the purpose of the public procurement procedure and the duration of the agreement to be concluded with that third party.

3. Ö If Õ the Commission decides to operate the platform through a third party, it shall, by means of implementing acts, adopt detailed rules on the operational management of the platform. ê 2012/17/EU Art. 3(4) The operational management of the platform shall include, in particular: –the supervision of the functioning of the platform, –the security and protection of data distributed and exchanged using the platform, –the coordination of relations between Member States' registers and the third party. The supervision of the functioning of the platform shall be carried out by the Commission. 4. The implementing acts referred to in paragraphs 2 and 3 shall be adopted in accordance with the examination procedure referred to in Article 164(2). ê 2012/17/EU Art. 3(4) (adapted) Article 23 Ö Implementing acts Õ By means of implementing acts, the Commission shall adopt the following: (a)the technical specification defining the methods of communication by electronic means for the purpose of the system of interconnection of registers; (b)the technical specification of the communication protocols; (c)the technical measures ensuring the minimum information technology security standards for communication and distribution of information within the system of interconnection of registers; (d)the technical specification defining the methods of exchange of information between the register of the company and the register of the branch as referred to in Articles 19 and 33; (e)the detailed list of data to be transmitted for the purpose of exchange of information between registers, as referred to in Articles 19, 33 and 129; (f)the technical specification defining the structure of the standard message format for the purpose of the exchange of information between the registers, the platform and the portal;

(g)the technical specification defining the set of the data necessary for the platform to perform its functions as well as the method of storage, use and protection of such data; (h)the technical specification defining the structure and use of the unique identifier for communication between registers; (i)the specification defining the technical methods of operation of the system of interconnection of registers as regards the distribution and exchange of information, and the specification defining the information technology services, provided by the platform, ensuring the delivery of messages in the relevant language version; (j)the harmonised criteria for the search service provided by the portal; (k)the payment modalities, taking into account available payment facilities such as online payments; (l)the details of the explanatory labels listing the particulars and the types of documents referred to in Article 13; (m)the technical conditions of availability of services provided by the system of interconnection of registers; (n)the procedure and technical requirements for the connection of the optional access points to the platform. Those implementing acts shall be adopted in accordance with the examination procedure referred to in Article 164(2). Article 24 Ö Financing Õ ê 2012/17/EU Art. 3(4) 1. The establishment and future development of the platform and the adjustments to the portal resulting from this Directive shall be financed from the general budget of the Union. 2. The maintenance and functioning of the platform shall be financed from the general budget of the Union and may be co-financed by fees for access to the system of interconnection of registers charged to its individual users. Nothing in this paragraph shall affect fees at the national level. 3. By means of delegated acts and in accordance with Article 163, the Commission may adopt rules on whether to co-finance the platform by charging fees, and, in that case, the amount of the fees charged to individual users in accordance with paragraph 2. 4. Any fees imposed in accordance with paragraph 2 shall be without prejudice to the fees, if any, charged by Member States for obtaining documents and particulars as referred to in Article 18(1). 5. Any fees imposed in accordance with paragraph 2 shall not be charged for obtaining the particulars referred to in Article 18(2) (a), (b) and (c). 6. Each Member State shall bear the costs of adjusting its domestic registers, as well as their maintenance and functioning costs resulting from this Directive.

ê 2009/101/EC (adapted) Article 25 Ö Information on letters and order forms Õ Member States shall prescribe that letters and order forms, whether they are in paper form or use any other medium, are to state the following particulars: (a)the information necessary in order to identify the register in which the file mentioned in Article 15 is kept, together with the number of the company in that register; (b)the legal form of the company, the location of its registered office and, where appropriate, the fact that the company is being wound up. Where, in those documents, mention is made of the capital of the company, the reference shall be to the capital subscribed and paid up. Member States shall prescribe that company websites are to contain at least the particulars mentioned in the first paragraph and, if applicable, a reference to the capital subscribed and paid up. Article 26 Ö Persons carrying out disclosure formalities Õ Each Member State shall determine by which persons the disclosure formalities are to be carried out. Article 27 Ö Penalties Õ Member States shall provide for appropriate penalties at least in the case of: (a)failure to disclose accounting documents as required by Article 13(f); (b)omission from commercial documents or from any company website of the compulsory particulars provided for in Article 25. ê 89/666/EEC (adapted) Section 2 Ö Disclosure rules applicable to Õ branches of companies from other Member States

Article 28 Ö Disclosure of documents and particulars relating to a branch Õ 1. Documents and particulars relating to a branch opened in a Member State by a company Ö of a type listed in Annex II Õ, which is governed by the law of another Member State, shall be disclosed pursuant to the law of the Member State of the branch, in accordance with Article 15. 2. Where disclosure requirements in respect of the branch differ from those in respect of the company, the branch's disclosure requirements shall take precedence with regard to transactions carried out with the branch. ê 2012/17/EU Art. 1(1) (adapted) 3. The documents and particulars referred to in Article 29 (1) shall be made publicly available through the system of interconnection of registers. Article 17 and Article 18(1) shall apply mutatis mutandis. 4. Member States shall ensure that branches have a unique identifier allowing them to be unequivocally identified in communications between registers through the system of interconnection of registers. That unique identifier shall comprise, at least, elements making it possible to identify the Member State of the register, the domestic register of origin and the branch number in that register, and, where appropriate, features to avoid identification errors. ê 89/666/EEC (adapted) Article 29 Ö Documents and particulars to be disclosed Õ ê 89/666/EEC 1. The compulsory disclosure provided for in Article 28 shall cover the following documents and particulars only: (a)the address of the branch; (b)the activities of the branch; (c)the register in which the company file mentioned in Article 15 is kept, together with the registration number in that register; (d)the name and legal form of the company and the name of the branch, if that is different from the name of the company; (e)the appointment, termination of office and particulars of the persons who are authorised to represent the company in dealings with third parties and in legal proceedings;

–as a company organ constituted pursuant to law or as members of any such organ, in accordance with the disclosure by the company as provided for in Article 13(d), –as permanent representatives of the company for the activities of the branch, with an indication of the extent of their powers; (f)–the winding-up of the company, the appointment of liquidators, particulars concerning them and their powers and the termination of the liquidation in accordance with disclosure by the company as provided for in Article 13(h), (j) and (k), –insolvency proceedings, arrangements, compositions, or any analogous proceedings to which the company is subject; (g)the accounting documents in accordance with Article 30; (h)the closure of the branch. 2. The Member State in which the branch has been opened may provide for the disclosure, as referred to in Article 28, of (a)the signature of the persons referred to in paragraph 1(e) and (f) of this Article; (b)the instruments of constitution and the memorandum and articles of association if they are contained in a separate instrument, in accordance with Article 13(a), (b) and (c), together with amendments to those documents; (c)an attestation from the register referred to in paragraph 1(c) of this Article relating to the existence of the company; (d)an indication of the securities on the company's property situated in that Member State, provided such disclosure relates to the validity of those securities. ê 89/666/EEC (adapted) Article 30 Ö Limits on the compulsory disclosure of accounting documents Õ ê 89/666/EEC The compulsory disclosure provided for by Article 29(1)(g) shall be limited to the accounting documents of the company as drawn up, audited and disclosed pursuant to the law of the Member State by which the company is governed in accordance with Directive 2006/43/EC of the European Parliament and of the Council and Directive 2013/34/EU . ê 89/666/EEC (adapted)

Article 31 Ö Language of disclosure and translation of documents disclosed Õ The Member State in which the branch has been opened may stipulate that the documents referred to in Article 29(2)(b) and Article 30 must be published in another official language of the Ö Union Õ and that the translation of such documents must be certified. Article 32 Ö Disclosure in cases of multiple branches in a Member State Õ ê 89/666/EEC Where a company has opened more than one branch in a Member State, the disclosure referred to in Article 29(2)(b) and Article 30 may be made in the register of the branch of the company's choice. In this case, compulsory disclosure by the other branches shall cover the particulars of the branch register of which disclosure was made, together with the number of that branch in that register. ê 2012/17/EU Art. 1(2) (adapted) Article 33 Ö Information on the opening and termination of winding-up or insolvency proceedings and on striking-off of the company from the register Õ Ö 1. Article 19 shall apply to the register of the company and to the register of the branch respectively. Õ 2. Member States shall determine the procedure to be followed upon receipt of the information referred to in Ö Article 19(1) and (2) Õ. Such procedure shall ensure that, where a company has been dissolved or otherwise struck-off the register, its branches are likewise struck-off the register without undue delay. 3. The second sentence of paragraph 2 shall not apply to branches of companies that have been struck-off the register as a consequence of any change in the legal form of the company concerned, a merger or division, or a cross-border transfer of its registered office. ê 89/666/EEC (adapted) Article 34 Ö Information on letters and order forms Õ

The Member States shall prescribe that letters and order forms used by a branch shall state, in addition to the information prescribed by Article 25, the register in which the file in respect of the branch is kept together with the number of the branch in that register. Section 3 Ö Disclosure rules applicable to Õ branches of companies from third countries Article 35 Ö Disclosure of documents and particulars relating to a branch Õ 1. Documents and particulars concerning a branch opened in a Member State by a company which is not governed by the law of a Member State but which is of a legal form comparable with the types of company Ö listed in Annex II Õ, shall be disclosed in accordance with the law of the Member State of the branch as laid down in Article 15. 2. Article 28(2) shall apply. Article 36 Ö Compulsory documents and particulars to be disclosed Õ The compulsory disclosure provided for in Article 35 shall cover at least the following documents and particulars: (a)the address of the branch; (b)the activities of the branch; (c)the law of the State by which the company is governed; (d)where that law so provides, the register in which the company is entered and the registration number of the company in that register; (e)the instruments of constitution, and memorandum and articles of association if they are contained in a separate instrument, with all amendments to these documents; (f)the legal form of the company, its principal place of business and its object and, at least annually, the amount of subscribed capital if these particulars are not given in the documents referred to in point (e); (g)the name of the company and the name of the branch if that is different from the name of the company; (h)the appointment, termination of office and particulars of the persons who are authorised to represent the company in dealings with third parties and in legal proceedings: –as a company organ constituted pursuant to law or as members of any such organ, –as permanent representatives of the company for the activities of the branch.

The extent of the powers of the persons authorised to represent the company Ö shall Õ be stated, together with whether they may do so alone or must act jointly; (i)–the winding-up of the company and the appointment of liquidators, particulars concerning them and their powers and the termination of the liquidation, –insolvency proceedings, arrangements, compositions or any analogous proceedings to which the company is subject; (j)the accounting documents in accordance with Article 35; (k)the closure of the branch. Article 37 Ö Limits of compulsory disclosure of accounting documents Õ 1. The compulsory disclosure provided for by Article 36(j) shall apply to the accounting documents of the company as drawn up, audited and disclosed pursuant to the law of the State which governs the company. Where they are not drawn up in accordance with or in a manner equivalent to Directive 2013/34/EU, Member States may require that accounting documents relating to the activities of the branch be drawn up and disclosed. 2. Articles 31 and 32 shall apply. Article 38 Ö Information on letters and order forms Õ The Member States shall prescribe that letters and order forms used by a branch state the register in which the file in respect of the branch is kept together with the number of the branch in that register. Where the law of the State by which the company is governed requires entry in a register, the register in which the company is entered, and the registration number of the company in that register Ö shall Õ also be stated. ê 2012/17/EU Art. 1(3) (adapted) ê 89/666/EEC (adapted) Section 4 Ö Application and implementing arrangements Õ Article 39 Ö Penalties Õ

The Member States shall provide for appropriate penalties in the event of failure to disclose the matters set out in Articles 28, 29, 30, 35, 36 and 37 and of omission from letters and order forms of the compulsory particulars provided for in Articles 34 and 38. Article 40 Ö Persons carrying out disclosure formalities Õ Each Member State shall determine who shall carry out the disclosure formalities provided for in Sections 2 and 3. Article 41 Ö Exemptions to provisions on disclosure of accounting documents for branches Õ 1. Articles 30 and 37 shall not apply to branches opened by credit institutions and financial institutions covered by Council Directive 89/117/EEC. 2. Pending subsequent coordination, the Member States need not apply Articles 30 and 37 to branches opened by insurance companies. Article 42 Ö Contact Committee Õ The Contact Committee set up pursuant to Article 52 of Council Directive 78/660/EEC shall also: (a)facilitate, without prejudice to Articles 258 and 259 of the Treaty, the harmonised application of Ö the provisions of Sections 2, 3 and this Section Õ, through regular meetings dealing, in particular, with practical problems arising in connection with their application; (b)advise the Commission, if necessary, on any additions or amendments to Ö the provisions of Sections 2, 3 and this Section Õ. ê 2012/30/EU (adapted) Chapter IV Ö Capital maintenance and alteration Õ Section 1 Ö Capital requirements Õ Article 43

Ö General provisions Õ Ö 1. The provisions laid down in this Chapter shall apply to the types of company listed in Annex I. Õ Ö 2. The Member States may decide not to apply the provisions of this Chapter to investment companies with variable capital and to cooperatives incorporated as one of the types of company listed in Annex I. In so far as the laws of the Member States make use of this option, they shall require such companies to include the words ‘investment company with variable capital’, or ‘cooperative’ in all documents indicated in Article 25. Õ Article 44 Ö Minimum capital Õ ê 2012/30/EU 1. The laws of the Member States shall require that, in order that a company may be incorporated or obtain authorisation to commence business, a minimum capital shall be subscribed the amount of which shall be not less than EUR 25 000. 2. Every five years the European Parliament and the Council, acting on a proposal from the Commission in accordance with Article 50(1) and (2)(g) of the Treaty, shall examine and, if need be, revise the amount expressed in paragraph 1 in euro in the light of economic and monetary trends in the Union and of the tendency towards allowing only large and medium-sized undertakings to opt for the types of company listed in Annex I. ê 2012/30/EU (adapted) Article 45 Ö Assets Õ ê 2012/30/EU The subscribed capital may be formed only of assets capable of economic assessment. However, an undertaking to perform work or supply services may not form part of those assets. ê 2012/30/EU (adapted) Article 46 Ö Issuing price of shares Õ

ê 2012/30/EU Shares may not be issued at a price lower than their nominal value, or, where there is no nominal value, their accountable par. However, Member States may allow those who undertake to place shares in the exercise of their profession to pay less than the total price of the shares for which they subscribe in the course of this transaction. ê 2012/30/EU (adapted) Article 47 Ö Paying up of shares issued for a consideration Õ Shares issued for consideration Ö shall Õ be paid up at the time the company is incorporated or is authorised to commence business at not less than 25 % of their nominal value or, in the absence of a nominal value, their accountable par. However, where shares are issued for consideration other than in cash at the time the company is incorporated or is authorised to commence business, the consideration Ö shall Õ be transferred in full within five years of that time. Section 2 Ö Preservation of the statutory capital Õ Article 48 Ö Experts' report on consideration other than in cash Õ 1. A report on any consideration other than in cash shall be drawn up before the company is incorporated or is authorised to commence business, by one or more independent experts appointed or approved by an administrative or judicial authority. Such experts may be natural persons as well as legal persons and companies or firms under the laws of each Member State. 2. The experts' report referred to in paragraph 1 shall contain at least a description of each of the assets comprising the consideration as well as of the methods of valuation used and shall state whether the values arrived at by the application of those methods correspond at least to the number and nominal value or, where there is no nominal value, to the accountable par and, where appropriate, to the premium on the shares to be issued for them. 3. The experts' report shall be published in the manner laid down by the laws of each Member State, in accordance with Article 15. 4. Member States may decide not to apply this Article where 90 % of the nominal value, or where there is no nominal value, of the accountable par, of all the shares is issued to one or more companies for a consideration other than in cash, and where the following requirements are met: (a)with regard to the company in receipt of such consideration, the persons referred to in Article 4(i) have agreed to dispense with the experts' report; (b)such agreement has been published as provided for in paragraph 3;

(c)the companies furnishing such consideration have reserves which may not be distributed under the law or the statutes and which are at least equal to the nominal value or, where there is no nominal value, the accountable par of the shares issued for consideration other than in cash; (d)the companies furnishing such consideration guarantee, up to an amount equal to that indicated in point (c), the debts of the recipient company arising between the time the shares are issued for a consideration other than in cash and one year after the publication of that company's annual accounts for the financial year during which such consideration was furnished; any transfer of these shares is prohibited within this period; (e)the guarantee referred to in point (d) has been published as provided for in paragraph 3; and (f)the companies furnishing such consideration shall place a sum equal to that indicated in point (c) into a reserve which may not be distributed until three years after publication of the annual accounts of the recipient company for the financial year during which such consideration was furnished or, if necessary, until such later date as all claims relating to the guarantee referred to in point (d) which are submitted during this period have been settled. 5. Member States may decide not to apply this Article to the formation of a new company by way of merger or division where a report by one or more independent experts on the draft terms of merger or division is drawn up. Where Member States decide to apply this Article in the cases referred to in the first subparagraph, they may provide that the report under this Article and the report by one or more independent experts on the draft terms of merger or division may be drawn up by the same expert or experts. Article 49 Ö Derogation from the requirement for an experts' report Õ 1. Member States may decide not to apply Article 48(1), (2) and (3) where, upon a decision of the administrative or management body, transferable securities as defined in point 18 of Article 4(1) of Directive 2004/39/EC of the European Parliament and of the Council or money-market instruments as defined in point 19 of Article 4(1) of that Directive are contributed as consideration other than in cash, and those securities or money-market instruments are valued at the weighted average price at which they have been traded on one or more regulated markets as defined in point 14 of Article 4(1) of that Directive during a sufficient period, to be determined by national law, preceding the effective date of the contribution of the respective consideration other than in cash. However, where that price has been affected by exceptional circumstances that would significantly change the value of the asset at the effective date of its contribution, including situations where the market for such transferable securities or money-market instruments has become illiquid, a revaluation shall be carried out on the initiative and under the responsibility of the administrative or management body. For the purposes of Ö such Õ revaluation, Article 48(1), (2) and (3) shall apply. 2. Member States may decide not to apply Article 48(1), (2) and (3) where, upon a decision of the administrative or management body, assets, other than the transferable securities and money-market instruments referred to in paragraph 1 of this Article, are contributed as consideration other than in cash which have already been subject to a fair value opinion by a recognised independent expert and where the following conditions are fulfilled: (a)the fair value is determined for a date not more than six months before the effective date of the asset contribution; (b)the valuation has been performed in accordance with generally accepted valuation standards and principles in the Member State which are applicable to the kind of assets to be contributed. In the case of new qualifying circumstances that would significantly change the fair value of the asset at the effective date of its contribution, a revaluation shall be carried out on the initiative and under the responsibility of the administrative or management body. For the purposes of the aforementioned revaluation, Article 48(1), (2) and (3) shall apply. In the absence of such a revaluation, one or more shareholders holding an aggregate percentage of at least 5 % of the company's subscribed capital on the day the decision on the increase in the capital is taken, may demand a valuation by an independent expert, in which case Article 48(1), (2) and (3) shall apply. Such shareholder(s) may submit a demand up until the effective date of the asset contribution, provided that, at the date of the demand, the shareholder(s) in question still hold(s) an aggregate percentage of at least 5 % of the company's subscribed capital, as it was on the day the decision on the increase in the capital was taken. 3. Member States may decide not to apply Article 48(1), (2) and (3) where, upon a decision of the administrative or management body, assets, other than the transferable securities and money-market instruments referred to in paragraph 1 of this Article, are contributed as consideration other than in cash whose fair value is derived by individual asset from the statutory accounts of the previous financial year provided that the statutory accounts have been subject to an audit in accordance with Directive 2006/43/EC. The second to fifth subparagraphs of paragraph 2 of this Article shall apply mutatis mutandis.

Article 50 Ö Consideration other than in cash without an experts' report Õ ê 2012/30/EU 1. Where consideration other than in cash as referred to in Article 49 occurs without an experts' report as referred to in Article 48(1), (2) and (3), in addition to the requirements set out in Article 4(h) and within one month after the effective date of the asset contribution, a declaration containing the following shall be published: (a)a description of the consideration other than in cash at issue; (b)its value, the source of this valuation and, where appropriate, the method of valuation; (c)a statement whether the value arrived at corresponds at least to the number, to the nominal value or, where there is no nominal value, the accountable par and, where appropriate, to the premium on the shares to be issued for such consideration; and (d)a statement that no new qualifying circumstances with regard to the original valuation have occurred. That publication shall be effected in the manner laid down by the laws of each Member State in accordance with Article 15. 2. Where consideration other than in cash is proposed to be made without an experts' report as referred to in Article 48(1), (2) and (3) in relation to an increase in the capital proposed to be made under Article 67(2), an announcement containing the date when the decision on the increase was taken and the information listed in paragraph 1 of this Article shall be published, in the manner laid down by the laws of each Member State in accordance with Article 15, before the contribution of the asset as consideration other than in cash is to become effective. In that event, the declaration pursuant to paragraph 1 of this Article shall be limited to the statement that no new qualifying circumstances have occurred since the aforementioned announcement was published. 3. Each Member State shall provide for adequate safeguards ensuring compliance with the procedure set out in Article 49 and in this Article where a contribution for a consideration other than in cash is made without an experts' report as referred to in Article 48(1), (2) and (3). ê 2012/30/EU (adapted) Article 51 Ö Substantial acquisitions after incorporation or authorisation to commence business Õ ê 2012/30/EU 1. If, before the expiry of a time-limit laid down by national law of at least two years from the time the company is incorporated or is authorised to commence business, the company acquires any asset belonging to a person or company or firm referred to in Article 4(i) for a consideration of not less than one-tenth of the subscribed capital, the acquisition shall be examined and details of it published in the manner provided for in Article 48(1), (2) and (3), and it shall be submitted for the approval of the general meeting. Articles 49 and 50 shall apply mutatis mutandis.

Member States may also require these provisions to be applied when the assets belong to a shareholder or to any other person. 2. Paragraph 1 shall not apply to acquisitions effected in the normal course of the company's business, to acquisitions