REPORT on the proposal for a directive of the European Parliament and of the Council amending Directive (EU) 2017/1132 as regards cross-border conversions, mergers and divisions
9.1.2019 - (COM(2018)0241 – C8-0167/2018 – 2018/0114(COD)) - ***I
Committee on Legal Affairs
Rapporteur: Evelyn Regner
Rapporteur for the opinion (*):
Anthea McIntyre, Committee on Employment and Social Affairs
(*) Associated committees – Rule 54 of the Rules of Procedure
DRAFT EUROPEAN PARLIAMENT LEGISLATIVE RESOLUTION
on the proposal for a directive of the European Parliament and of the Council amending Directive (EU) 2017/1132 as regards cross-border conversions, mergers and divisions
(COM(2018)0241 – C8-0167/2018– 2018/0114(COD))
(Ordinary legislative procedure: first reading)
The European Parliament,
– having regard to the Commission proposal to Parliament and the Council (COM(2018)0241),
– having regard to Article 294(2) and Article 50(1) and (2), of the Treaty on the Functioning of the European Union, pursuant to which the Commission submitted the proposal to Parliament (C8-0167/2018),
– having regard to Article 294(3) of the Treaty on the Functioning of the European Union,
– having regard to Rule 59 of its Rules of Procedure,
– having regard to the report of the Committee on Legal Affairs and also the opinions of the Committee on Employment and Social Affairs and the Committee on Economic and Monetary Affairs (A8-0002/2019),
1. Adopts its position at first reading hereinafter set out;
2. Calls on the Commission to refer the matter to Parliament again if it replaces, substantially amends or intends to substantially amend its proposal;
3. Instructs its President to forward its position to the Council, the Commission and the national parliaments.
Amendment 1 Proposal for a directive Recital -1 (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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(-1) The administrative or management body should be responsible for managing the company in the interests of the company, and should accordingly, take account of the interests of the members, its employees and other stakeholders, with the objective of sustainable creation of value in the long-term. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 2 Proposal for a directive Recital 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) The Directive (EU) 2017/1132 of the European Parliament and of the Council41 regulates cross-border mergers of limited liability companies. These rules represent a significant milestone in improving the functioning of the Single Market for companies and firms and to exercise the freedom of establishment. However, evaluation of these rules shows that there is a need for modifications in cross-border merger rules. Furthermore, it is appropriate to provide for rules regulating cross-border conversions and divisions. |
(1) The Directive (EU) 2017/1132 of the European Parliament and of the Counci2 regulates cross-border mergers of limited liability companies. These rules represent a significant milestone in improving the functioning of the Single Market for companies and firms and to exercise the freedom of establishment on the one hand and provide adequate protection for stakeholders, such as workers, creditors and minority shareholders, on the other. However, evaluation of these rules shows that there is a need for modifications in cross-border merger rules, especially with a view to ensuring adequate protection for workers, creditors and minority shareholders. Furthermore, it is appropriate to provide for rules regulating cross-border conversions and divisions, with a view to fostering cross-border company mobility, and so as to provide a clear, predictable, adequate up-to-date, inclusive and equitable Union legal framework regarding companies. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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2 Directive (EU) 2017/1132 of the European Parliament and of the Council of 14 June 2017 relating to certain aspects of company law (codification) (OJ L 169, 30.6.2017, p. 46). |
2 Directive (EU) 2017/1132 of the European Parliament and of the Council of 14 June 2017 relating to certain aspects of company law (codification) (OJ L 169, 30.6.2017, p. 46). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 3 Proposal for a directive Recital 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Freedom of establishment is one of the fundamental principles of Union law. Under the second paragraph of Article 49 of the Treaty on the Functioning of the European Union (‘TFEU’), when read in conjunction with Article 54 of the TFEU, the freedom of establishment for companies or firms includes, inter alia, the right to form and manage such companies or firms under the conditions laid down by the legislation of the Member State of establishment. This has been interpreted by the Court of Justice of the European Union as encompassing the right of a company or firm formed in accordance with the legislation of a Member State to convert itself into a company or firm governed by the law of another Member State, provided that the conditions laid down by the legislation of that other Member State are satisfied and, in particular, that the test adopted by the latter Member State to determine the connection of a company or firm to its national legal order is satisfied. |
(2) Freedom of establishment is one of the fundamental principles of Union law. Under the second paragraph of Article 49 of the Treaty on the Functioning of the European Union (‘TFEU’), when read in conjunction with Article 54 of the TFEU, the freedom of establishment for companies or firms includes, inter alia, the right to form and manage such companies or firms under the conditions laid down by the legislation of the Member State of establishment. This has been interpreted by the Court of Justice of the European Union extensively beyond the literal meaning of the wording as encompassing the right of a company or firm formed in accordance with the legislation of a Member State to convert itself into a company or firm governed by the law of another Member State, provided that the conditions laid down by the legislation of that other Member State are satisfied and, in particular, that the test adopted by the latter Member State to determine the connection of a company or firm to its national legal order is satisfied. Moreover, it is particularly important to take account of additional elements, such as the existence of economic substance criteria , in order to avoid the misuse of that fundamental freedom for the purposes of fraud. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 4 Proposal for a directive Recital 2 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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(2a) The freedom of establishment and the development of the internal market are not stand-alone principles or objectives of the Union. They should always be balanced with, in particular in the context of this Directive, the Union’s principles and objectives regarding social progress, the promotion of a high level of employment and the guarantee of adequate social protection, enshrined in Article 3 of the Treaty on the European Union (‘TEU’) and Article 9 of the TFEU. It is therefore clear that the development of the internal market should contribute to social cohesion and upward social convergence, and should not fuel competition between social systems, putting pressure on those systems to lower their standards. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 5 Proposal for a directive Recital 2 b (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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(2b) While competition in the single market and freedom of establishment are key principles of the Union, the freedom of companies to move their registered office from one Member State to another is based on an undesireable system of competition between Member States fuelled by an unlevel playing field with different national provisions in social and fiscal policies. Abusive conversions, mergers or divisions constituting artificial arrangements or social dumping, but also reducing fiscal obligations or undercutting social rights of employees should therefore be avoided in order to respect Treaty principles and values. The case law of the European Court of Justice has regrettably resulted in a very far-reaching right to cross-border conversions, and the possibility for firms to move their registered office without moving core activities has in turn contributed to incomprehension and anti-European sentiments on the part of employees and other stakeholders as regards this problematic form of competition. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 6 Proposal for a directive Recital 2 c (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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(2c) Union policy should also contribute to the promotion and reinforcement of social dialogue, in line with Article 151 TFEU. It is therefore also the objective of this Directive to secure employees’ information, consultation and participation rights, and to ensure that the cross-border mobility of companies can never lead to the lowering of such rights. Ensuring information, consultation and participation of employees is essential for cross-border mobility to succeed. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 7 Proposal for a directive Recital 2 d (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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(2d) Moving towards a common and consolidated corporate tax system at Union level and ensuring minimum common social standards in all Member States should be a pre-condition for common rules on company mobility, in order to allow for fair competition and a level playing field that does not put Member States or stakeholders at a disadvantage. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 8 Proposal for a directive Recital 2 e (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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(2e) The freedom of establishment should also in no way undermine the principles, regarding countering fraud and any other illegal activities affecting the financial interests of the Union, laid down in Article 310 TFEU. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 9 Proposal for a directive Recital 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) In the absence of harmonisation of Union law, the definition of the connecting factor that determines the national law applicable to a company or firm falls, in accordance with Article 54 of the TFEU, within the competence of each Member State to so define. Article 54 of the TFEU places the factor of the registered office, the central administration and the principal place of business of a company or firm at the same degree of connection. Therefore, as clarified in case-law,42 where the Member State of new establishment, namely the destination Member State, requires only the transfer of the registered office as a connecting factor for the existence of a company under its national legislation, the fact that only the registered office (and not the central administration or principal place of business) is transferred does not as such exclude the applicability of the freedom of establishment under Article 49 of the TFEU. The choice of the specific form of company in cross-border mergers, conversions and divisions or the choice of a Member State of establishment are inherent in the exercise of the freedom of establishment guaranteed by the TFEU as part of a Single Market. |
(3) In the absence of harmonisation of Union law, the definition of the connecting factor that determines the national law applicable to a company or firm falls, in accordance with Article 54 of the TFEU, within the competence of each Member State to so define. Article 54 of the TFEU places the factor of the registered office, the central administration and the principal place of business of a company or firm at the same degree of connection. Given the contradictions arising from the freedom of establishment and the absence of a level playing field in the form of common coherent social and fiscal rules between Member States, it is crucial to strike a balance between companies’ right to converge, merge and divide and other Treaty principles. Cross-border conversions should be conditional on the company moving its registered office together with its head office in order to carry out a substantial part of its economic activity in the Member State of destination. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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42 Judgment of the Court of Justice of 25 October 2017, Polbud – Wykonawstwo, C-106/16, ECLI:EU:C:2017:804, paragraph 29. |
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Amendment 10 Proposal for a directive Recital 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(4) These developments in the case-law have opened up new opportunities for companies and firms in the Single Market in order to foster economic growth, effective competition and productivity. At the same time, the objective of a Single Market without internal borders for companies must also be reconciled with other objectives of European integration such as social protection (in particular the protection of workers), the protection of creditors and the protection of shareholders. Such objectives, in the absence of harmonised rules specifically regarding cross-border conversions, are pursued by Member States through a number of multifarious legal provisions and administrative practices. As a result, whereas companies are already able to merge cross-border, they experience a number of legal and practical difficulties when wishing to perform a cross-border conversion. Moreover, the national legislation of many Member States provides for the procedure of domestic conversions without offering an equivalent procedure for converting cross-border. |
(4) These developments in the case-law have opened up new opportunities for companies and firms in the Single Market to step up their business activities in order to foster economic growth, effective competition and productivity. At the same time, in the absence of a level playing field in the form of coherent social and fiscal rules, those developments went hand-in-hand with the proliferation of letterbox companies and abusive practices, constituting artificial arrangements and circumventing fiscal and social security obligations as well as undercutting workers’ rights. The objective of a Single Market without internal borders for companies must be reconciled with other objectives of European integration such as social protection for all, in accordance with Article 3(3) of TEU as well as Articles 151 and 152 of the TFEU, the European Pillar of Social Rights and the Charter of Fundamental Rights of the European Union, the protection of workers' rights, the protection of creditors and the protection of shareholders, as well as the fight against attacks on financial interests of the Union via for example money laundering and tax evasion. In the absence of harmonised rules specifically regarding cross-border conversions, Member States have developed a number of multifarious legal provisions and administrative practices, creating an unsatisfactory climate in terms of legal certainty, adversely affecting both companies and stakeholders and Member States, as well as the fight against attacks on the financial interests of the Union via, for example, money laundering and tax evasion. Similarly, the Union committed to respecting the Charter of Fundamental Rights of the European Union. The freedom of establishment should in no way undermine other values and principles guaranteed by the TFEU, such as the promotion of a high level of employment and the guarantee of adequate social protection (Article 9), improved living and working conditions and dialogue between management and labour, the development of human resources with a view to lasting high employment, and the combating of exclusion (Article 151) or countering of fraud and any other illegal activities affecting the financial interests of the Union (Article 310). As a result, whereas companies are already able to merge cross-border, they experience a number of legal and practical difficulties when wishing to perform a cross-border conversion. Moreover, the national legislation of many Member States provides for the procedure of domestic conversions without offering an equivalent procedure for converting cross-border. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 11 Proposal for a directive Recital 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(6) It is appropriate therefore to provide procedural and substantive rules on cross-border conversions which would contribute to the abolition of restrictions on freedom of establishment and provide at the same time adequate and proportionate protection for stakeholders such as employees, creditors and minority shareholders. |
(6) It is appropriate therefore to provide harmonised Union procedural and substantive rules on cross-border conversions which would further facilitate the abolition of restrictions on freedom of establishment and guarantee at the same time the right to adequate, uniform and proportionate protection for stakeholders such as employees, creditors and minority shareholders and, in particular, employees. It is essential that loopholes be closed and that opportunities for abuses related to tax, social security and the rights of different stakeholders, be prevented. It is therefore crucial that the direction taken by the Court of Justice be changed and that it be clarified that a company should not be able to move its registered office without moving its head office in order to carry out a substantial part of its economic activity in the member state of destination. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 12 Proposal for a directive Recital 6 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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(6a) Further development of the internal market should be properly balanced, maintaining the essential values on which our societies are based and ensuring that all citizens benefit from economic development. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 13 Proposal for a directive Recital 6 b (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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(6b) This Directive should establish minimum requirements applicable throughout the Member States, while allowing and encouraging Member States to provide more favourable protection of employees. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 14 Proposal for a directive Recital 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(7) The right to convert an existing company formed in a Member State into a company governed by another Member State may in certain circumstances be used for abusive purposes such as for the circumvention of labour standards, social security payments, tax obligations, creditors', minority shareholders' rights or rules on employees participation. In order to combat such possible abuses, a general principle of Union law, Member States are required to ensure that companies do not use the cross-border conversion procedure in order to create artificial arrangements aimed at obtaining undue tax advantages or at unduly prejudicing the legal or contractual rights of employees, creditors or members. In so far as it constitutes a derogation from a fundamental freedom, the fight against abuses must be interpreted strictly and be based on an individual assessment of all relevant circumstances. A procedural and substantive framework which describes the margin of discretion and allows for the diversity of approach by Member States whilst at the same time setting out the requirements to streamline the actions to be taken by national authorities to fight abuses in conformity with Union law should be laid down. |
(7) The right to convert an existing company formed in a Member State into a company governed by another Member State may not under any circumstances be used for abusive, fraudulent or criminal purposes such as for the evasion, avoidance or circumvention of labour standards, social security payments, tax obligations, creditors', minority shareholders' rights or rules on employees participation. In order to combat such possible abuses, a general principle of Union law, Member States are required to ensure that companies do not use the cross-border conversion procedures, in order to create artificial arrangements. Member States should also be required to ensure that cross-border conversions correspond to the actual pursuit of a genuine economic activity, including in the digital sector, through a fixed establishment in the destination Member State for an indefinite period, in order to avoid the setting up of ‘letterbox’ or ‘front’ companies with the purpose of evading, circumventing or infringing national and/or Union law. The fight against abuses must be based on an assessment of all relevant circumstances. A procedural and substantive framework which describes the margin of discretion and allows for the diversity of approach by Member States whilst at the same time setting out the requirements to streamline the actions to be taken by national authorities to fight abuses in conformity with Union law should be laid down. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 15 Proposal for a directive Recital 8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(8) The carrying out of a cross-border conversion entails a change of legal form for a company without losing its legal personality. However, it should not lead to the circumvention of the requirements for incorporation in the destination Member State. Such conditions, including the requirements to have a head office in the destination Member State and those relating to the disqualification of directors, should be fully respected by the company. However, the application of such conditions by the destination Member State may not affect the continuity of the converted company's legal personality. A company may convert into any legal form which exists in the destination Member State, in accordance with Article 49 of the TFEU. |
(8) The carrying out of a cross-border conversion entails a change of legal form for a company without losing its legal personality and without the need for renegotiation of business contracts. However, it should not lead to the circumvention of the requirements for incorporation in the destination Member State. Such conditions, including the requirements to have a head office in the destination Member State and those relating to the disqualification of directors, should be fully respected by the company. However, the application of such conditions by the destination Member State may not affect the continuity of the converted company's legal personality. A company may convert into any regulated legal form which exists in the destination Member State, in accordance with Article 49 of the TFEU. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 16 Proposal for a directive Recital 8 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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(8a) Without prejudice to any fundamental rights, any relevant criminal or administrative records should be taken into account for the assessment of the good repute, honesty and integrity of directors of companies carrying out a cross-border conversion or merger. In this regard, the type of conviction or indictment, the role of the individual involved, the penalty received, the phase of the judicial process reached and any rehabilitation measures that have taken effect should be considered. The surrounding circumstances, including mitigating factors, the seriousness of any relevant offence or administrative or supervisory action, the time elapsed since the offence, the member’s conduct since the offence or action, and the relevance of the offence or action to the member’s role should be considered. Any relevant criminal or administrative records should be taken into account, considering periods of limitation in force in the national law. Without prejudice to the presumption of innocence applicable to criminal proceedings, and other fundamental rights, the following factors should at least be considered in the assessment: convictions or ongoing prosecutions for a criminal offence, in particular offences under laws governing banking, financial, securities or insurance activities; or concerning securities markets or financial or payment instruments, including laws on money laundering, corruption, market manipulation, or insider dealing and usury; offences of dishonesty, fraud or financial crime; tax offences and other offences under legislation relating to companies, including labour law, bankruptcy, insolvency, or consumer protection. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 17 Proposal for a directive Recital 10 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(10) To allow all stakeholders' legitimate interests to be taken into account in the procedure governing a cross-border conversion, the company should disclose the draft terms of the cross-border conversion containing the most important information about the proposed cross-border conversion, including the envisaged new company form, the instrument of constitution and the proposed timetable for the conversion. Members, creditors and employees of the company carrying out the cross-border conversion should be notified in order that they can submit comments with regard to the proposed conversion. |
(10) To allow all stakeholders' legitimate interests to be taken into account in the procedure governing a cross-border conversion, the company which intends to carry out a cross-border conversion should draw up the draft terms of the cross-border conversion, together with, where provided for in national law and/or in accordance with national practice, board level employee representatives, and disclose those draft terms. Board level employee representatives should also be included in the decision on the draft terms. The draft terms should contain the most important information about the proposed cross-border conversion, including the envisaged new company form, total turnover and total taxable turnover of the converting company for the last reporting period, the amount of income tax paid by the converting company and its subsidiaries and branches, information on the location and, where relevant, date of the transfer of the head office of the company to the destination Member State, as well as information on the management body and, where applicable, staff, equipment, premises and assets, the number of employees employed on a full-time equivalent basis, the likely repercussions of the cross-border conversion on employment, including the likely changes to the organisation of work, the wages, the location of specific posts and the expected consequences for the employees occupying such posts, including employees in subsidiaries and branches of the converting company that are located within the Union, and on the company level social dialogue including, where applicable, board level employee representation, the instrument of constitution and the proposed timetable for the conversion. Members, creditors and employees of the company carrying out the cross-border conversion should be notified in order that they can submit comments with regard to the proposed conversion. Before the decision on the draft terms of a cross-border conversion is made, the representatives of the employees of the converting company or, where there are no such representatives, the employees themselves and the trade unions represented should be informed of and consulted on the proposed conversion. Similarly, where a body has been established for the purposes of transnational information and consultation in accordance with Directive 2009/38/EC or 2001/86/EC, it should also be informed and consulted accordingly. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 18 Proposal for a directive Recital 11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(11) In order to provide information to its members, the company carrying out the cross-border conversion should prepare a report. The report should explain and substantiate the legal and economic aspects of the proposed cross-border conversion, in particular the implications of the cross-border conversion for members with regard to the future business of the company and the management organ's strategic plan. It should also include potential remedies available to members, where they do not agree with the decision to carry out a cross-border conversion. This report should also be made available to the employees of the company carrying our cross-border conversion. |
(11) In order to provide information to its members and employees, the company carrying out the cross-border conversion should prepare a report, explaining the implications of the proposed cross-border conversion. The report should explain and substantiate the legal and economic aspects of the proposed cross-border conversion, in particular the reasons for the cross-border conversion, the implications of the cross-border conversion for members with regard to the future business of the company and the management organ's strategic plan. It should also include potential remedies available to members, where they do not agree with the decision to carry out a cross-border conversion. This report should also be made available to the employees of the company carrying our cross-border conversion. The report should explain in particular the implications of the proposed cross-border conversion for the jobs of the employees, and for employee involvement, as well as measures to be taken in order to safeguard them, whether there would be any material change in the employment relationships and the locations of the companies’ places of business, information on the procedures by which arrangements for the information, consultation and participation rights of employees in the resulting converted company can be applied and how each of these factors would relate to any subsidiaries of the company. This requirement should not however apply where the only employees of the company are in its administrative organ. Before the decision on the report is made, the representatives of the employees of the company carrying out the cross-border conversion or, if there are no representatives, the employees themselves, should be informed and consulted on the proposed conversion. Similarly, where applicable, the body established for the purposes of transnational information and consultation in accordance with Directive 2009/38/EC1a or 2001/86/EC of the European Parliament and the Council1b should also be informed and consulted accordingly. The provision of the report should be without prejudice to any other applicable information and consultation proceedings instituted at national level following the implementation of Directive 2002/14/EC of the European Parliament and of the Council1c or Directive 2009/38/EC. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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1a Directive 2009/38/EC of the European Parliament and of the Council of 6 May 2009 on the establishment of a European Works Council or a procedure in Community-scale undertakings and Community-scale groups of undertakings for the purposes of informing and consulting employees (OJ L 122, 16.5.2009). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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1b Council Directive 2001/86/EC of 8 October 2001 supplementing the Statute for a European company with regard to the involvement of employees (OJ L 294, 10.11.2001). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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1c Directive 2002/14/EC of the European Parliament and of the Council of 11 March 2002 establishing a general framework for informing or consulting employees in the European Community (OJ L 80, 23.3.2002, p. 29). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 19 Proposal for a directive Recital 11 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(11a) Where the administrative or management body of the company carrying out the cross-border conversion receives, in good time, an opinion from the representatives of the employees or, where there are no such representatives, from the employees themselves, as provided for under national law, or where applicable, from the body established for the purposes of transnational information and consultation in accordance with Directive 2009/38/EC or 2001/86/EC, the members should be informed thereof and that opinion should be appended to that report. The administrative or management body of the company which intends to carry out the cross-border conversion, should provide a motivated response on the opinion provided by the employee representatives, and, where applicable, the body established for the purposes of transnational information and consultation in accordance with Directive 2009/38/EC or 2001/86/EC, before the date of the general meeting. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 20 Proposal for a directive Recital 11 b (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(11b) In order to be enabled to conduct an analysis of the report, the company carrying out the cross-border conversion should provide the employee representatives, the trade unions represented in the company and where applicable, the body established for the purposes of transnational information and consultation in accordance with Directive 2009/38/EC or 2001/86/EC such financial and material resources necessary as to enable them to apply the rights arising from this Directive in an appropriate manner, such as for example access to a private and password-protected computer, a secure internet connection, meeting rooms, time off for meetings, the cost of organising meetings and if necessary, interpretation facilities, accommodation and travel expenses. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 21 Proposal for a directive Recital 12 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(12) In order to provide information to its employees, the company carrying out the cross-border conversion should prepare a report explaining the implications of the proposed cross-border conversion for employees. The report should explain in particular the implications of the proposed cross-border conversion on the safeguarding of the jobs of the employees, whether there would be any material change in the employment relationships and the locations of the companies’ places of business and how each of these factors would relate to any subsidiaries of the company. This requirement should not however apply where the only employees of the company are in its administrative organ. The provision of the report should be without prejudice to the applicable information and consultation proceedings instituted at national level following the implementation of Directive 2002/14/EC of the European Parliament and of the Council43 or Directive 2009/38/EC of the European Parliament and of the Council44 . |
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43 Directive 2002/14/EC of the European Parliament and of the Council of 11 March 2002 establishing a general framework for informing and consulting employees in the European Community (OJ L 80, 23.3.2002, p. 29). |
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44 Directive 2009/38/EC of the European Parliament and of the Council of 6 May 2009 on the establishment of a European Works Council or a procedure in Community-scale undertakings and Community-scale groups of undertakings for the purposes of informing and consulting employees (Recast) (OJ L 122, 16.5.2009, p. 28). |
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Amendment 22 Proposal for a directive Recital 12 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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(12a) Companies willing to make full use of the benefits of the internal market through cross-border conversions should in return adhere to an adequate level of transparency and good corporate governance. Public country by country reporting is an efficient and appropriate tool to increase the transparency of multinational enterprises activities and to enable the public to assess their impact on the real economy. It will also improve shareholders’ ability to properly evaluate the risks taken by companies, lead to investment strategies based on accurate information and enhance decision-makers ability to assess the efficiency and the impact of nationallaw. Therefore, a set of financial information should be published ahead of the cross-border operation ahead of its execution. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 23 Proposal for a directive Recital 12 b (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(12b) The freedom of establishment and the development of the internal market are not stand-alone principles or objectives of the Union. They should always be balanced with, in particular in the context of this Directive, the Union’s principles and objectives regarding social progress, the promotion of a high level of employment and the guarantee of adequate social protection, enshrined in Article 3 of the Treaty on the European Union and Article 9 of the TFEU. It is therefore clear that the development of the internal market should contribute to social cohesion and upward social convergence, and should not fuel competition between social systems, putting pressure on those systems to lower their standards. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 24 Proposal for a directive Recital 12 c (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(12c) Union policy should also contribute to the promotion and reinforcement of social dialogue, in line with Article 151 TFEU. It is therefore also the objective of this Directive to secure employees’ information, consultation and participation rights and to ensure that the cross-border mobility of companies can never lead to the lowering of these rights. Ensuring information, consultation and participation of employees is essential for all such actions to succeed. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 25 Proposal for a directive Recital 12 d (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(12d) The freedom of establishment should also in no way undermine the principles regarding countering fraud and any other illegal activities affecting the financial interests of the Union laid down in Article 310 TFEU. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 26 Proposal for a directive Recital 12 e(new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(12e) There is a need to ensure consistency for companies and employees in order to avoid duplication of existing Union legislation. Directive 2002/14/EC, Council Directive 2001/23/EC1a and Directive 2009/38/EC already include requirements on information and consultation of employees that apply in situations of cross border conversions, mergers and divisions. It is important that this Directive complement these existing Directives in order to avoid unnecessary administrative burdens by undermining the current provisions in place for information, consultation and participation of employees. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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1a Council Directive 2001/23/EC of 12 March 2001 on the approximation of the laws of the Member States relating to the safeguarding of employees' rights in the event of transfers of undertakings, businesses or parts of undertakings or businesses (OJ L 82, 22.3.2001, p. 16). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 27 Proposal for a directive Recital 13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(13) In order to assess the accuracy of the information contained in the draft terms of conversion and in the reports addressed to the members and employees and to provide factual elements necessary to assess whether the proposed conversion constitutes an artificial arrangement, an independent expert report should be required to be prepared in order to assess the proposed cross-border conversion. In order to secure the independence of the expert, the expert should be appointed by the competent authority, following an application by the company. In this context, the expert report should present all relevant information to enable the competent authority in the departure Member State to take an informed decision as to whether or not to issue the pre-conversion certificate. To this end, the expert should be able to obtain all the relevant company information and documents and carry out all necessary investigations in order to gather all the evidence required. The expert should use information, in particular net turnover and profit or loss, number of employees and the composition of balance sheet collected by the company in view of the preparation of financial statements in accordance with Union law and the law of Member States. However, in order to protect any confidential information, including business secrets of the company, such information should not form part of the expert’s final report which itself would be publically available. |
(13) The competent national authorities should be able to assess the accuracy of the information contained in the draft terms of conversion and in the report addressed to the members and employees. In this context, the report should contain all relevant information to enable the competent authority in the departure Member State to take an informed decision as to whether or not to issue the pre-conversion certificate. To this end, the competent authority should be able to obtain all the relevant company information, such as net turnover and profit or loss, number of employees and the composition of balance sheet collected by the company in view of the preparation of financial statements in accordance with Union law and the law of Member States, and any documents needed to carry out the investigations necessary to gather the evidence required and to assess the proposed cross-border conversion with all necessary factual elements provided by the company. .However, in order to protect any confidential information, including business secrets of the company, such information should not form part of the final report which itself would be publically available. The competent authority can have recourse to an independent expert. The expert should be appointed from a list that is drawn up by the competent authority, and should have no past or current link with the company concerned. The expert should have relevant expertise in particular in the fields of company law, taxation and fiscal law, social security and labour law. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 28 Proposal for a directive Recital 14 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(14) With a view to avoiding disproportionate costs and burdens for smaller companies carrying out the cross-border conversion, micro and small enterprises, as defined in the Commission Recommendation 2003/361/EC45 , should be exempted from the requirement to produce an independent expert report. However, these companies can resort to an independent expert report to prevent litigation costs with creditors. |
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45 Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36). |
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Amendment 29 Proposal for a directive Recital 15 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(15) On the basis of the draft terms of conversion and the reports, the general meeting of the members of the company should decide on whether or not to approve those draft terms. It is important that the majority requirement for such a vote should be sufficiently high in order to ensure that the decision to convert is a collective one. In addition, members should also have the right to vote on any arrangements concerning employee participation, if they have reserved that right during the general meeting. |
(15) On the basis of the draft terms of conversion and the reports, the general meeting of the members of the company should decide on whether or not to approve those draft terms. It is important that the majority requirement for such a vote should be sufficiently high in order to ensure that the decision to convert is a collective one. Before a decision is taken, any preceding applicable information and consultation rights should be respected in order for any opinion by the employee representatives to be taken into account in accordance with Directive 2002/14/EC, and, where applicable, Directives 2009/38/EC and 2001/86/EC. In addition, members should also have the right to vote on any arrangements concerning employee participation, if they have reserved that right during the general meeting. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 30 Proposal for a directive Recital 16 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(16) It is appropriate that those members who held voting rights and who did not vote to approve the draft terms of conversion and those members without voting rights, who could not present their position, should be afforded the right to exit the company. Those members should be able to leave the company and receive cash compensation for their shares equivalent to the value of their shares. Furthermore, they should have a right to challenge the calculation and adequacy of that cash compensation offered before a court. |
(16) It is necessary that those members who held voting rights and who did not vote to approve the draft terms of conversion and those members without voting rights, who could not present their position, should be afforded the right to exit the company. Those members should be able to leave the company and receive adequate cash compensation for their shares equivalent to the value of their shares. Furthermore, they should have a right to challenge the calculation and adequacy of that cash compensation offered before a court. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 31 Proposal for a directive Recital 18 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(18) In order to guarantee the appropriate protection of creditors in cases where they are not satisfied with the protection offered by the company in the draft terms of the cross-border conversion, creditors may apply to the competent judicial or administrative authority of the departure Member State for the adequate the safeguards. In order to facilitate the assessment of prejudice, certain presumptions should be laid down whereby creditors would be deemed not to be prejudiced by a cross-border conversion, where the risk of loss to a creditor is remote. A presumption should arise where an independent expert report concludes that there is no reasonable likelihood that the creditors would be prejudiced or where creditors are offered a right to payment against the converted company or against a third party guarantee of equivalent value to the creditor's original claim and which can be brought in the same jurisdiction as the original claim. The creditor protection provided for in this Directive should be without prejudice to national laws of the Member State of departure concerning payment to public bodies, including taxation or social security contributions. |
(18) In order to guarantee the appropriate protection of creditors in cases where they are not satisfied with the protection offered by the company in the draft terms of the cross-border conversion, creditors may apply to the competent judicial or administrative authority of the departure Member State for the adequate the safeguards. In order to facilitate the assessment of prejudice, certain presumptions should be laid down whereby creditors would be deemed not to be prejudiced by a cross-border conversion, where the risk of loss to a creditor is remote. A presumption should arise where creditors are offered a right to payment against the converted company or against a third party guarantee of equivalent value to the creditor's original claim and which can be brought in the same jurisdiction as the original claim. The creditor protection provided for in this Directive should be without prejudice to national laws of the Member State of departure concerning payment to public bodies, including taxation or social security contributions. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 32 Proposal for a directive Recital 19 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(19) In order to ensure that employee participation is not unduly prejudiced as a result of the cross-border conversion, where the company carrying out the cross-border conversion is operating under an employee participation system in the departure Member State, the company should be obliged to take a legal form allowing for the exercise of such participation, including through the presence of representatives of the employees in the appropriate management or supervisory organ of the company in the destination Member State. Moreover, in such a case, a bona fide negotiation between the company and its employees should take place, along the lines of the procedure provided for in Directive 2001/86/EC, with a view to finding an amicable solution reconciling the right of the company to carry out a cross-border conversion with the employees' rights of participation. As a result of those negotiations, either a bespoke and agreed solution or, in the absence of an agreement, the application of standard rules as set out in the Annex to Directive 2001/86/EC should apply, mutatis mutandis. In order to protect either the agreed solution or the application of those standard rules, the company should not be able to remove the participation rights through carrying out subsequent domestic or cross-border conversion, merger or division within three years. |
(19) In order to ensure that employee participation is not unduly prejudiced as a result of the cross-border conversion, where the company carrying out the cross-border conversion is operating under an employee participation system in the departure Member State, the company should be obliged to take a legal form allowing for the exercise of such participation, including through the presence of representatives of the employees in the appropriate management or supervisory organ of the company in the destination Member State. Moreover, in such a case, a bona fide negotiation between the company and its employees should take place. As soon as possible after publishing the draft terms of conversion, the company should take the necessary steps, including providing information about the identity of the participating companies, subsidiaries or establishments concerned, and the number of their employees, to start negotiations with the representatives of the companies' employees, or, where applicable, the body established for the purposes of transnational information and consultation in accordance with Directive 2009/38/EC or 2001/86/EC, on arrangements for the involvement of employees in the company or companies resulting from the conversion, along the lines of the procedure provided for in Directive 2001/86/EC, with a view to finding an amicable solution reconciling the right of the company to carry out a cross-border conversion with the employees' rights of participation. As a result of those negotiations, either a bespoke and agreed solution or, in the absence of an agreement, the application of standard rules as set out in the Annex to Directive 2001/86/EC should apply, mutatis mutandis. In order to protect either the agreed solution or the application of those standard rules, the company should not be able to remove the participation rights through carrying out subsequent domestic or cross-border conversion, merger or division within three six years. Where an applicable threshold for employee participation laid down in the law of the departure Member State is exceeded in the six years following the cross-border conversion, the same level and elements of employee participation as would have been legally provided for had the company reached the relevant threshold in the departure Member State should apply and new negotiations should be initiated. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 33 Proposal for a directive Recital 19 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(19a) The great diversity of rules and practices existing in the Member States as regards the manner in which employees' representatives are involved in decision-making within companies should be respected and acknowledged. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 34 Proposal for a directive Recital 19 b (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(19b) Information and consultation procedures at national and transnational level should, nevertheless, be complied with by all companies resulting from the cross-border conversion or merger. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 35 Proposal for a directive Recital 20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(20) In order to prevent the circumvention of employee participation rights by means of a cross-border conversion, the company carrying out a conversion which is registered in the Member State which provides for the employee participation rights, should not be able to perform a cross-border conversion without first entering into negotiations with its employees or their representatives when the average number of employees employed by that company is equivalent to four fifths of the national threshold for triggering such employee participation. |
(20) In order to prevent the circumvention of employee participation rights by means of a cross-border conversion, the company carrying out a conversion which is registered in the Member State which provides for the employee participation rights, should not be able to perform a cross-border conversion without first entering into negotiations with its employees or their representatives when the average number of employees employed by that company is equivalent to four fifths of the national threshold for triggering such employee participation. Member States should ensure that employee’s representatives, when carrying out their functions, enjoy adequate protection and guarantees to enable them to perform properly the duties which have been assigned to them. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 36 Proposal for a directive Recital 20 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(20a) Following the conversion, the company carrying out the cross-border conversion should continue to observe the terms and conditions agreed in any collective agreement on the same terms applicable to the company before the conversion under that agreement, until the date of termination or expiry of the collective agreement or the entry into force or application of another collective agreement, in accordance with Directive 2001/23/EC. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 37 Proposal for a directive Recital 21 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(21) To ensure a proper allocation of tasks among Member States and an efficient and effective ex-ante control of cross-border conversions, both the departure and the destination Member States should designate the appropriate competent authorities. In particular, the competent authorities of the departure Member States should have the power to issue a pre-conversion certificate without which the competent authorities in the destination Member State should not be able to complete the cross-border conversion procedure. |
(21) To ensure a proper allocation of tasks among Member States and an efficient and effective ex-ante control of cross-border conversions, both the departure and the destination Member States should designate the appropriate court, notary or other competent authorities. In particular, the competent authorities of the departure Member States should have the power to issue a pre-conversion certificate without which the competent authorities in the destination Member State should not be able to complete the cross-border conversion procedure. Member States should ensure that competent authorities designated set up appropriate coordination mechanisms with other authorities and bodies in that Member State working in the policy fields concerned by this Directive and should, where appropriate, consult other relevant authorities with competence in the different fields concerned by the cross-border conversion. The decision to issue a pre-conversion certificate by the competent authority of the departure Member State or any approval by the competent authority in the destination Member State should not preclude any subsequent procedures or decisions by authorities in the Member States in respect of other relevant fields of law. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 38 Proposal for a directive Recital 22 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(22) The issue of the pre-conversion certificate by the departure Member State should be scrutinised to ensure the legality of the cross-border conversion of the company. The competent authority of the departure Member State should decide on the issue of the pre-conversion certificate within one month of the application by the company, unless it has serious concerns as to the existence of an artificial arrangement aimed at obtaining undue tax advantages or unduly prejudicing the legal or contractual rights of employees, creditors or members. In such a case, the competent authority should carry out an in-depth assessment. However, this in-depth assessment should not be carried out systematically, but it should be conducted on a case-by-case basis, where there are serious concerns as to the existence of an artificial arrangement. For their assessment, competent authorities should take into account at least a number of factors laid down in this Directive which however should be only considered as indicative factors in the overall assessment and not be considered in isolation. In order not to burden companies with an overly lengthy procedure, this in-depth assessment should in any event be concluded within two months of informing the company that the in-depth assessment will be carried out. |
(22) The issue of the pre-conversion certificate by the departure Member State should be scrutinised to ensure the legality of the cross-border conversion of the company. The competent authority of the departure Member State should decide on the issue of the pre-conversion certificate within two months of the reception of all the necessary documents and information unless it has serious concerns as to the existence of an artificial arrangement or that the conversion does not involve the actual pursuit of genuine economic activity. In such a case, the competent authority should carry out an in-depth assessment. However, this in-depth assessment should not be carried out systematically, but it should be conducted on a case-by-case basis, where there are serious concerns as to the existence of an artificial arrangement. For their assessment, competent authorities should take into account at least a number of factors laid down in this Directive which however should be only considered as indicative factors in the overall assessment and not be considered in isolation. Whenever the competent authority makes an assessment on whether the conversion involves the actual pursuit of genuine economic activity, the competent authority should in particular verify whether the company has a fixed establishment in the destination Member State, which has the objective appearance of permanency, whether it has a management body, staff, equipment, premises and assets, and whether it is materially equipped to autonomously negotiate business with third parties, and should consider whether the company has chosen to delegate its management to directors, officers or legal representatives, hired from an independent third party through a service contractor. In order not to burden companies with an overly lengthy procedure, this in-depth assessment should in any event be concluded within three months of informing the company that the in-depth assessment will be carried out. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 39 Proposal for a directive Recital 23 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(23) After having received a pre-conversion certificate, and after verifying that the incorporation requirements in the destination Member State are fulfilled, the competent authorities of the destination Member State should register the company in the business register of that Member State. Only after this registration should the competent authority of the departure Member State strike the company off its own register. It should not be possible for the competent authority of the destination Member State to challenge the accuracy of the information provided by the pre-conversion certificate. As a consequence of the cross-border conversion, the converted company should retain its legal personality, its assets and liabilities and all rights and obligations, including rights and obligations arising from contracts, acts or omissions. |
(23) After having received a pre-conversion certificate, and after verifying that the incorporation requirements in the destination Member State are fulfilled, the competent authorities of the destination Member State should register the company in the business register of that Member State. Only after this registration should the competent authority of the departure Member State strike the company off its own register. It should not be possible for the competent authority of the destination Member State to challenge the accuracy of the information provided by the pre-conversion certificate. As a consequence of the cross-border conversion, the converted company should retain its legal personality, its assets and liabilities and all rights and obligations, including rights and obligations arising from contracts, acts or omissions. However, if during the two years following the date on which the cross-border conversion takes effect, new information concerning the cross-border conversion is brought to the attention of the competent authorities, suggesting there has been an infringement of any of the provisions in this Directive, the competent authorities should revise their assessment of the facts of the case and should be empowered to take effective, proportionate and dissuasive penalties in the event of an artificial arrangement. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 40 Proposal for a directive Recital 26 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(26) The evaluation of the implementation of the cross-border merger rules in Member States has shown that the number of cross-border mergers in the Union has significantly increased. However, this evaluation has also revealed certain shortcomings in relation specifically to creditor protection and shareholder protection as well as to the lack of simplified procedures which impede the full effectiveness and efficiency of those cross-border merger rules. |
(26) The evaluation of the implementation of the cross-border merger rules in Member States has shown that the number of cross-border mergers in the Union has significantly increased. However, this evaluation has also revealed certain shortcomings in relation specifically to creditor protection, minority shareholder and employee protection, especially when it comes to the disclosure of details regarding mergers and the implications thereof, protection as well as to the lack of simplified procedures which impede the full effectiveness and efficiency of those cross-border merger rules, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 41 Proposal for a directive Recital 27 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(27a) The right to merge an existing company formed in a Member State into a company governed by another Member State should not, under any circumstances, be used for abusive, fraudulent or criminal purposes such as for the evasion, avoidance or circumvention of labour standards, social security payments, tax obligations, creditors' rights, minority shareholders' rights or rules on employee participation. In order to combat such possible abuses, and respect a general principle of Union law, Member States should be required to ensure that companies do not use cross-border merger procedures, in order to create artificial arrangements. Member States should also be required to ensure that the cross-border merger corresponds to the actual pursuit of a genuine economic activity, including in the digital sector, through a fixed establishment in the Member State of the company resulting from the merger for an indefinite period, in order to avoid the setting up of ‘letterbox’ or ‘front’ companies with the purpose of evading, circumventing or infringing national and/or Union law. The fight against abuses should be based on an assessment of all relevant circumstances. A procedural and substantive framework which describes the margin of discretion and takes account of the diversity of approaches by Member States, whilst at the same time setting out the requirements to streamline the actions to be taken by national authorities to fight abuses in conformity with Union law, should be introduced into the merger procedure. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 42 Proposal for a directive Recital 27 b (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(27b) To allow all stakeholders' legitimate interests to be taken into account in the procedure governing a cross-border merger, the company involved in a cross-border merger should draw up the draft terms of the cross-border merger, together with, where provided for in national law and/or in accordance with national practice, board level employee representatives, and disclose those draft terms. Board level employee representatives should also be included in the decision on the draft terms. The draft terms should contain the most important information about the proposed cross-border merger, including the envisaged new company form, total turnover and total taxable turnover of each of the merging companies for the last reporting period, the amount of income tax paid by the merging companies and their subsidiaries and branches, information on the location and, where relevant, date of the transfer of the head office of the company to the Member State of the company resulting from the merger, as well as information on the management bodies and, where applicable, staff, equipment, premises and assets, the number of employees employed on a full-time equivalent basis, the likely repercussions of the cross-border merger on employment, including the likely changes to the organisation of work, the wages, the location of specific posts and the expected consequences for the employees occupying such posts, including employees in subsidiaries and branches of the merging companies located within the Union, and on the company level social dialogue including, where applicable, board level employee representation, the instrument of constitution and the proposed timetable for the merger. Members, creditors and employees of the company involved in the cross-border merger should be notified in order that they can submit comments with regard to the proposed merger. Before the decision on the draft terms of a cross-border merger is made, the representatives of the employees of each of the merging companies or, where there are no such representatives, the employees themselves and the trade unions represented should be informed of and consulted on the proposed merger. Similarly, where a body has been established for the purposes of transnational information and consultation in accordance with Directive 2009/38/EC or 2001/86/EC, it should also be informed and consulted accordingly. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 43 Proposal for a directive Recital 28 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(28) In order to further enhance the existing cross-border merger procedure, it is necessary to simplify those merger rules, where appropriate, whilst at the same time ensuring that stakeholders, and in particular employees, are adequately protected. Therefore, the existing cross-border merger rules should be modified in order to oblige the management or administrative organs of the merging companies to prepare separate reports detailing the legal and economic aspects of the cross-border merger for both members and for employees. The obligation on the management or administrative organ of the company to prepare the report for the members may however be waived, where those members are already informed about legal and economic aspects of the proposed merger. However, the report prepared for employees may only be waived where the merging companies and their subsidiaries do not have any employees other than those who form part of the management or administrative organ. |
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Amendment 44 Proposal for a directive Recital 28 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(28a) Where each of the administrative or management bodies of the companies involved in cross-border merger receive, in good time, an opinion from the representatives of the employees or, where there are no such representatives, from the employees themselves, as provided for under national law, or where applicable, from the bodies established for the purposes of transnational information and consultation in accordance with Directive 2009/38/EC or 2001/86/EC, the members should be informed thereof and the opinions should be appended to each report. Each of the administrative or management bodies of the companies which intend to carry out the cross-border merger, should provide a motivated response on the opinion provided by the employee representatives, and, where applicable, the bodies established for the purposes of transnational information and consultation in accordance with Directive 2009/38/EC or 2001/86/EC, before the date of the general meetings. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 45 Proposal for a directive Recital 28 b (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(28b) In order to be enabled to conduct an analysis of the report of each of the merging companies, each company involved in the cross-border merger should provide the employee representatives, the trade unions represented in the company and where applicable, any body thas been established for the purposes of transnational information and consultation in accordance with Directive 2009/38/EC or 2001/86/EC such financial and material resources necessary to enable them to apply the rights arising from this directive in an appropriate manner, such as for example access to a private and password-protected computer, a secure internet connection, meeting rooms, time off for meetings, the cost of organising meetings and if necessary, interpretation facilities, accommodation and travel expenses; | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 46 Proposal for a directive Recital 28 c (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(28c) The competent national authorities should be able to assess the accuracy of the information contained in the draft terms of merger and in the reports addressed to the members and employees. In this context, each report should contain all relevant information to enable the competent authority in each Member State of the merging companies to take an informed decision as to whether or not to issue the pre-merger certificate. To this end, the competent authorities of each Member State of the merging companies should be able to obtain all relevant company information, such as net turnover and profit or loss, number of employees and the composition of its balance sheet, collected by the company for the purposes of the preparation of financial statements in accordance with Union law and the law of Member States, and any documents needed to carry out the investigations necessary to gather the evidence required, and to assess the proposed cross-border merger with all necessary factual elements provided by the companies. However, in order to protect any confidential information, including business secrets of the companies, such information should not form part of the final reports of each competent authority which itself should be publically available. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 47 Proposal for a directive Recital 28 d (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(28d) On the basis of the draft terms of merger and the reports, each general meeting of the members of the companies involved in the cross-border merger should decide on whether or not to approve those draft terms. It is important that the majority requirement for such a vote should be sufficiently high in order to ensure that the decision to merge is a collective one. Before a decision is taken in each of the companies, any preceding applicable information and consultation rights should be respected in order for opinions by the employee representatives to be taken into account in accordance with Directive 2002/14/EC, and where applicable Directives 2009/38/EC and 2001/86/EC. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 48 Proposal for a directive Recital 29 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(29) Furthermore, in order to enhance the protection afforded to the employees of the merging company or companies, employees or their representatives may provide their opinion on the company report setting out the implications of the cross-border merger for them. The provision of the report should be without prejudice to the applicable information and consultation proceedings instituted at national level following the implementation of Council Directive 2001/23/EC48 , Directive 2002/14/EC or Directive 2009/38/EC. |
(29) Furthermore, in order to enhance the protection afforded to the employees of the merging company or companies, employees or their representatives may provide their opinion on the company report setting out the implications of the cross-border merger for them. The provision of the report should be without prejudice to the applicable information and consultation proceedings instituted at national level following the implementation of Council Directive 2001/23/EC48, Directive 2002/14/EC or Directive 2009/38/EC. In order to further enhance the existing cross-border merger procedure, it is necessary to simplify those merger rules, where appropriate, whilst at the same time ensuring that stakeholders, and in particular employees, are adequately protected. Therefore, the existing cross-border merger rules should be modified in order to oblige each of the management or administrative bodies of the merging companies to prepare a report providing information to its members and employees, detailing the legal and economic aspects and explaining the implications of the cross-border merger for both members and for employees, in particular the reasons for the cross-border merger, the implications of the cross-border merger for members and employees with regard to the future business of the company and the management organ's strategic plan. It should also include potential remedies available to members, where they do not agree with the decision to carry out a cross-border merger. The report of each merging company should explain in particular the implications of the proposed cross-border merger for the jobs of the employees, and for employee involvement, as well as measures to be taken in order to safeguard them, whether there would be any material change in the employment relationships and the locations of the companies’ places of business, information on the procedures by which arrangements for the information, consultation and participation rights of employees in the company resulting from the merger can be applied and how each of these factors would relate to any subsidiaries of the company. This requirement should not, however, apply where the only employees of the companies are in its administrative organ. Before the decision on each report is made, the representatives of the employees of the companies carrying out the cross-border merger or, if there are no representatives, the employees themselves, should be informed of and consulted on the proposed merger. Similarly, where applicable, the body established for the purposes of transnational information and consultation in accordance with Directive 2009/38/EC or 2001/86/EC should also be informed and consulted accordingly. The provision of the report should be without prejudice to any other applicable information and consultation proceedings instituted at national level following the implementation of Directive 2002/14/EC or Directive 2009/38/EC. It should be possible, however, to waive the obligation on the management or administrative organ of the company to prepare the report for the members and employees where those members are already informed about the legal and economic aspects of the proposed merger. However, the report prepared for employees should only be waived where the merging companies and their subsidiaries do not have any employees other than those who form part of the management or administrative organ. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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48 Council Directive 2001/23/EC of 12 March 2001 on the approximation of the laws of the Member States relating to the safeguarding of employees' rights in the event of transfers of undertakings, businesses or parts of undertakings or businesses (OJ L 82, 22.3.2001, p. 16). |
48 Council Directive 2001/23/EC of 12 March 2001 on the approximation of the laws of the Member States relating to the safeguarding of employees' rights in the event of transfers of undertakings, businesses or parts of undertakings or businesses (OJ L 82, 22.3.2001, p. 16). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 49 Proposal for a directive Recital 29 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(29a) Companies willing to make full use of the benefits of the internal market through cross-border mergers should in return adhere to an adequate level of transparency and good corporate governance. Public country by country reporting is an efficient and appropriate tool to increase transparency of multinational enterprises activities and to enable the public to assess their impact on the real economy. It will also improve shareholders ability to properly evaluate the risks taken by companies, lead to investment strategies based on accurate information and enhance decision-makers ability to assess the efficiency and the impact of national law. Therefore, a set of financial information should be published before the cross-border merger actually takes place. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 50 Proposal for a directive Recital 29 b (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(29b) To prevent conflicts of interests between the members of the management body and the interests of the company, those members should not be allowed to benefit financially from the merger in the form of variable compensation, bonuses or rising share prices. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 51 Proposal for a directive Recital 31 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(31) The lack of harmonisation of safeguards for members or creditors has been identified an obstacle for cross-border mergers by different stakeholders. Members and creditors should be offered the same level of protection regardless of the Member States in which the merging companies are situated. This is without prejudice to the Member States’ rules on protecting creditors or shareholders which are outside the scope of the harmonised measures, such as transparency requirements. |
(31) The lack of harmonisation of safeguards for employees, members or creditors has been identified an obstacle for cross-border mergers by different stakeholders. Employees, members and creditors should be offered at least the same level of protection regardless of the Member States in which the merging companies are situated. This is without prejudice to the Member States’ rules on protecting employees, creditors or shareholders which are outside the scope of the harmonised measures, such as transparency requirements. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 52 Proposal for a directive Recital 34 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(34) Companies involved in a cross-border merger should propose adequate measures to protect their creditors in the common draft terms of merger. In addition, in order to strengthen the protection of those creditors in case of insolvency following the cross-border merger, Member States should be allowed to require the merging companies to make a declaration of solvency stating that they are not aware of any reason why the company resulting from the merger should not be able to meet its liabilities. In those circumstances, Member States should be able to make the members of the management organ personally liable for the accuracy of that declaration statement. As legal traditions vary amongst Member States with regard to the use of solvency declarations and their possible consequences, it should be up to Member States to draw appropriate consequences for inaccurate or misleading declarations, including effective and proportionate sanctions and liabilities in compliance with Union law. |
(34) Companies involved in a cross-border merger should propose adequate measures to protect their creditors in the common draft terms of merger. In addition, in order to strengthen the protection of those creditors in case of insolvency following the cross-border merger, Member States should be allowed to require the merging companies to make a declaration of solvency stating that they are not aware of any reason why the company resulting from the merger should not be able to meet its liabilities following the cross-border merger. In those circumstances, Member States should be able to make the members of the management organ personally liable for the accuracy of that declaration statement. As legal traditions vary amongst Member States with regard to the use of solvency declarations and their possible consequences, it should be up to Member States to draw appropriate consequences for inaccurate or misleading declarations, including effective and proportionate sanctions and liabilities in compliance with Union law. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 53 Proposal for a directive Recital 35 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(35) In order to guarantee the appropriate protection of creditors in cases where they are not satisfied with the protection offered by the company in the common draft terms of the cross-border merger, creditors who are prejudiced by the cross-border merger may apply to the competent administrative or judicial authority of each Member State of the merging companies for the safeguards they consider adequate. In order to facilitate the assessment of prejudice, certain presumptions should be laid down whereby creditors would be deemed not to be prejudiced by a cross-border merger, where the risk of loss to a creditor is remote. A presumption should arise where an independent expert concludes that there is no reasonable likelihood that the creditors would be prejudiced or where creditors are offered a right to payment against the merged company or against a third party guarantee of equivalent value to the creditor's original claim and which can be brought in the same jurisdiction as the original claim. |
(35) In order to guarantee the appropriate protection of creditors in cases where they are not satisfied with the protection offered by the company in the common draft terms of the cross-border merger, creditors who are prejudiced by the cross-border merger may apply to the competent administrative or judicial authority of each Member State of the merging companies for the safeguards they consider adequate. In order to facilitate the assessment of prejudice, certain presumptions should be laid down whereby creditors would be deemed not to be prejudiced by a cross-border merger, where the risk of loss to a creditor is remote. A presumption should arise where creditors are offered a right to payment against the merged company or against a third party guarantee of equivalent value to the creditor's original claim and which can be brought in the same jurisdiction as the original claim. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 54 Proposal for a directive Recital 35 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(35a) To ensure a proper allocation of tasks among Member States and an efficient and effective ex-ante control of cross-border mergers, each of the Member States involved, should designate the appropriate court, notary or other competent authority. In particular, each competent authority of the Member States should have the power to issue a pre-merger certificate without which the competent authority in the Member State of the company resulting from the merger should not be able to complete the cross-border merger procedure. Member States shall ensure that competent authorities designated set up appropriate coordination mechanisms with other authorities and bodies in each Member State working in the policy fields concerned by this Directive and should where appropriate consult other relevant authorities with competence in the different fields concerned by the cross-border merger. The decision to issue a pre-merger certificate by the competent authority of each Member State of the merging companies or any approval by the competent authority in the Member State of the company resulting from the merger should not preclude any subsequent procedures or decisions by authorities in the Member States in respect of other relevant fields of law. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 55 Proposal for a directive Recital 35 b (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(35b) The issue of the pre-merger certificate by each Member State of the merging companies should be scrutinised to ensure the legality of the cross-border merger of the companies. Each competent authority of the Member State of the merging companies should decide on the issue of the pre-merger certificate within two months of the reception of all the necessary documents and information unless it has serious concerns as to the existence of an artificial arrangement or that the merger does not involve actual pursuit of genuine economic activity. In such a case, the competent authority should carry out an in-depth assessment. However, this in-depth assessment should not be carried out systematically but rather on a case-by-case basis, where there are serious concerns as to the existence of an artificial arrangement. For their assessment, competent authorities should take into account at least a number of factors, laid down in this Directive, which however should be only considered as indicative factors in the overall assessment and not be considered in isolation. Whenever the competent authority makes an assessment on whether the merger involves the actual pursuit of genuine economic activity, the competent authority should in particular verify whether the company has a fixed establishment in the Member State of the company resulting from the merger, which has the objective appearance of permanency, whether it has a management body, staff, equipment, premises and assets, and is materially equipped to autonomously negotiate business with third parties, and should consider whether the company has chosen to delegate its management to directors, officers or legal representatives, hired from an independent third party through a service contractor. In order not to burden companies with an overly lengthy procedure, such in-depth assessment should, in any event, be concluded within three months of informing the company that the in-depth assessment will be carried out. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 56 Proposal for a directive Recital 35 c (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(35c) After having received a pre-merger certificate, and after verifying that the incorporation requirements in the Member State of the company resulting from the merger are fulfilled, the competent authorities of the Member State of the company resulting from the merger should register the company in the business register of that Member State. Only after this registration, should each competent authority of the Member State of the merging companies strike the company off its own register. It should not be possible for the competent authority of the Member State of the company resulting from the merger to challenge the accuracy of the information provided by the pre-merger certificate of each competent authority. As a consequence of the cross-border merger, the company resulting from the merger should retain its legal personality, its assets and liabilities and all rights and obligations, including rights and obligations arising from contracts, acts or omissions. However, if during the two years following the date on which the cross-border merger takes effect, new information concerning the cross-border merger is brought to the attention of the competent authorities, suggesting there has been an infringement of any of the provisions in this Directive, the competent authorities should revise their assessment of the facts of the case and should be empowered to take effective, proportionate and dissuasive penalties in the event of an artificial arrangement. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 57 Proposal for a directive Recital 35 d (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(35d) In order to ensure that employee participation is not unduly prejudiced as a result of the cross-border merger, where a company involved in the cross-border merger is operating under an employee participation system in the Member State of the merging company, the company should be obliged to take a legal form allowing for the exercise of such participation, including through the presence of representatives of the employees in the appropriate management or supervisory body of the company in the Member State of the company resulting from the merger. Moreover, in such a case, a bona fide negotiation between the company and its employees should take place. As soon as possible after publishing the draft terms of merger, each company concerned should take the necessary steps, including providing information about the identity of the participating companies, subsidiaries or establishments concerned, and the number of their employees, to start negotiations with the representatives of the companies' employees, or, where applicable, the body established for the purposes of transnational information and consultation in accordance with Directive 2009/38/EC or 2001/86/EC, on arrangements for the involvement of employees in the company or companies resulting from the merger, along the lines of the procedure provided for in Directive 2001/86/EC, with a view to finding an amicable solution reconciling the right of each company to carry out a cross-border merger with the employees' rights of participation. As a result of those negotiations, either a bespoke and agreed solution or, in the absence of an agreement, the application of standard rules as set out in the Annex to Directive 2001/86/EC should apply, mutatis mutandis. In order to protect either the bespoke and agreed solution or the application of those standard rules, the company resulting from the merger should not be able to remove the participation rights through carrying out subsequent domestic or cross-border conversion, merger or division within three six years. Where, an applicable threshold for employee participation laid down in the law of a Member State involved in the merger is exceeded in the six years following the cross-border merger, the same level and elements of employee participation as would have been legally provided for had the company reached the relevant threshold in that Member State, should apply and new negotiations should be initiated. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 58 Proposal for a directive Recital 35 e (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(35e) In order to prevent the circumvention of employee participation rights by means of a cross-border merger, a company carrying out a merger which is registered in a Member State which provides for employee participation rights, should not be able to perform a cross-border merger without first entering into negotiations with its employees or their representatives when the average number of employees employed by that company is equivalent to four fifths of the national threshold for triggering such employee participation. Member States should ensure that employee’s representatives, when carrying out their functions, enjoy adequate protection and guarantees to enable them to perform properly the duties which have been assigned to them. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 59 Proposal for a directive Recital 35 f (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(35f) Following the merger, each company carrying out the cross-border merger should continue to observe the terms and conditions agreed in any collective agreement on the same terms applicable to the company before the merger under that agreement, until the date of termination or expiry of the collective agreement or the entry into force or application of another collective agreement, in accordance with Directive 2001/23/EC. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 60 Proposal for a directive Recital 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(40) The right of companies to carry out a cross-border division may in certain circumstances be used for abusive purposes such as for the circumvention of labour standards, social security payments, tax obligations, creditors' or members' rights or rules on employees participation. In order to combat such abuses, as a general principle of Union law, Member States are required to ensure that companies do not use the cross-border division procedure in order to create artificial arrangements aimed at obtaining undue tax advantages or at unduly prejudicing the legal or contractual rights of employees, creditors or members. In so far as it constitutes a derogation from a fundamental freedom, the fight against abuses must be interpreted strictly and must be based on an individual assessment of all relevant circumstances. A procedural and substantive framework which describes the margin of discretion and allows for the diversity of approaches by Member States whilst at the same time setting out the requirements to streamline the actions to be taken by national authorities to fight abuses in conformity with Union law should be laid down. |
(40) The right of companies to carry out a cross-border division should not under any circumstances be used for abusive, fraudulent or criminal purposes such as for the evasion, avoidance or circumvention of labour standards, social security payments, tax obligations, creditors' or members' rights or rules on employees participation. In order to combat such abuses, as a general principle of Union law, Member States are required to ensure that companies do not use the cross-border division procedure in order to create artificial arrangements. Member States are also required to ensure that the cross-border division corresponds to the actual pursuit of a genuine economic activity, including in the digital sector, through a fixed establishment in the Member States of the recipient companies for an indefinite period, in order to avoid the setting up of ‘letterbox’ or ‘front’ companies with the purpose of evading, circumventing or infringing national and/or Union law. The fight against abuses must be based on an individual assessment of all relevant circumstances. A procedural and substantive framework which describes the margin of discretion and allows for the diversity of approaches by Member States whilst at the same time setting out the requirements to streamline the actions to be taken by national authorities to fight abuses in conformity with Union law should be laid down. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 61 Proposal for a directive Recital 41 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(41) Given the complexity of cross-border divisions and the multitude of the interests concerned, it is appropriate to provide for an ex-ante control in order to create legal certainty. To that effect, a structured and multi-layered procedure should be set out whereby both the competent authorities of the Member State of the company being divided and of the Member State of the recipient companies ensure that a decision on the approval of a cross-border division is taken in a fair, objective and non-discriminatory manner on the basis of all relevant elements and by taking into account all legitimate public interests, in particular the protection of employees, shareholders and creditors. |
(41) Given the complexity of cross-border divisions and the multitude of the interests concerned, it is appropriate to provide for an ex-ante and an ex-post control in order to create legal certainty. To that effect, a structured and multi-layered procedure should be set out whereby both the competent authorities of the Member State of the company being divided and of the Member State of the recipient companies ensure that a decision on the approval of a cross-border division is taken in a fair, objective and non-discriminatory manner on the basis of all relevant elements and by taking into account all legitimate public interests, in particular the protection of employees, shareholders and creditors. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 62 Proposal for a directive Recital 42 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(42) To allow all stakeholders' legitimate interests to be taken into account, the company being divided should disclose the draft terms of the division containing the most important information about the proposed cross-border division, including the envisaged the exchange ratio of securities or shares, the instruments of constitution of the recipient companies and the proposed timetable for the cross-border division. Members, creditors and employees of the company carrying out the cross-border division should be notified that they can submit comments with regard to the division. |
(42) To allow all stakeholders' legitimate interests to be taken into account, the company being divided which intends to carry out a cross-border division should draw up the draft terms of the division, together with, where provided for in national law and/or in accordance with national practice, board level employee representatives, and disclose those draft terms . Board level employee representatives should also be included into the decision on the draft terms. The draft terms should contain the most important information about the proposed cross-border division, including the envisaged the exchange ratio of securities or shares, total turnover and total taxable turnover of the company being divided for the last reporting period, the amount of income tax paid by the company being divided and its subsidiaries and branches, information on the location and, where relevant, date of the transfer of the head office of the company to the Member State of the recipient companies, as well as information on the management bodies and, where applicable, staff, equipment, premises and assets, the number of employees on a full-time equivalent basis, the likely repercussions of the cross-border division on employment, including the likely changes to the organisation of work, the wages, the location of specific posts and the expected consequences for the employees occupying such posts, including employees in the subsidiaries and branches of the company being divided that are located within the Union, and oncompany level social dialogue including, where applicable, board level employee representation, the instruments of constitution of the recipient companies and the proposed timetable for the cross-border division. Members, creditors and employees of the company carrying out the cross-border division should be notified that they can submit comments with regard to the division. Before the decision on the draft terms of a cross-border division is made, the representatives of the employees of the company being divided or, where there are no such representatives, the employees themselves and the trade unions represented should be informed of and consulted on the proposed division. Similarly, where a body has been established for the purposes of transnational information and consultation in accordance with Directive 2009/38/EC or 2001/86/EC, it should also be informed and consulted accordingly. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 63 Proposal for a directive Recital 43 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(43) In order to provide information to its members, the company being divided should prepare a report. The report should explain and substantiate the legal and economic aspects of the proposed cross-border division, in particular explaining the implications of the cross-border division for members with regard to the future business of the company and the management organs’ strategic plan. It should also include explanations about the exchange ratio, where applicable, the criteria to determine the allocation of shares and potential remedies available to members, where they do not agree with the decision to carry out a cross-border division. |
(43) In order to provide information to its members and employees, the company being divided should prepare a report, explaining the implications of the proposed cross-border division. The report should explain and substantiate the legal and economic aspects of the proposed cross-border division, in particular the reasons for the cross-border division, explaining the implications of the cross-border division for members with regard to the future business of the company and the management organs’ strategic plan. It should also include explanations about the exchange ratio, where applicable, the criteria to determine the allocation of shares and potential remedies available to members, where they do not agree with the decision to carry out a cross-border division. The report should explain in particular the implications of the proposed cross-border division for the jobs of the employees, and for employee involvement, as well as measures to be taken in order to safeguard them, whether there would be any material change in the employment relationships and the locations of the companies’ places of business, information on the procedures by which arrangements for the information, consultation and participation rights of employees in the recipient companies can be applied and how each of these factors would relate to any subsidiaries of the company. This requirement should not, however, apply where the only employees of the company are in its administrative organ. Before the decision on the report is made, the representatives of the employees of the company carrying out the cross-border division or, if there are no representatives, the employees themselves, should be informed of and consulted on the proposed division. Similarly, where applicable, the body established for the purposes of transnational information and consultation in accordance with Directive 2009/38/EC or 2001/86/EC should also be informed and consulted accordingly. The provision of the report should be without prejudice to any other applicable information and consultation proceedings instituted at national level following the implementation of Directive 2002/14/EC or Directive 2009/38/EC . | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 64 Proposal for a directive Recital 43 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(43a) Where the administrative or management body of the company being divided receives, in good time, an opinion from the representatives of the employees or, where there are no such representatives, from the employees themselves, as provided for under national law, or where applicable, from the body established for the purposes of transnational information and consultation in accordance with Directive 2009/38/EC or 2001/86/EC, the members should be informed thereof and that opinion should be appended to that report. The administrative or management body of the company which intends to carry out the cross-border division, should provide a motivated response on the opinion provided by the employee representatives, and, where applicable, the body established for the purposes of transnational information and consultation in accordance with Directive 2009/38/EC or 2001/86/EC, before the date of the general meeting. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 65 Proposal for a directive Recital 43 b (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(43b) In order to be enabled to conduct an analysis of the report, the company carrying out the cross-border division should provide the employee representatives, the trade unions represented in the company and where applicable, the body established for the purposes of transnational information and consultation in accordance with Directive 2009/38/EC or 2001/86/EC, such financial and material resources necessary to enable them to apply the rights arising from this directive in an appropriate manner, such as for example access to a private and password-protected computer, a secure internet connection, meeting rooms, time off for meetings, the cost of organising meetings and if necessary, interpretation facilities, accommodation and travel expenses. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 66 Proposal for a directive Recital 44 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(44) In order to provide information its employees, the company being divided should prepare a report explaining the implications of the proposed cross-border division for employees. The report should explain in particular the implications of the proposed cross-border division on the safeguarding of the jobs of the employees, whether there would be any material change in the conditions of employment and the locations of the companies’ places of business, and how each of these factors would relate to any subsidiaries of the company. The provision of the report should be without prejudice to the applicable information and consultation proceedings instituted at national level following the implementation of Directives 2001/23/EC, 2002/14/EC or 2009/38/EC. |
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Amendment 67 Proposal for a directive Recital 45 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(45) In order to ensure the accuracy of the information contained in the draft terms of division and in the reports addressed to the members and employees and to provide factual elements necessary to assess whether the proposed division constitutes an artificial arrangement which could not be authorised, an independent expert report to assess the division plan should be required to be prepared. In order to secure the independence of the expert, the expert should be appointed by the competent authority, following an application by the company. In this context, the expert report should present all relevant information to enable the competent authority of the Member State of the company being divided to take an informed decision as to whether or not to issue the pre-division certificate. To this end, the expert should be able to obtain all the relevant company information and documents and carry out all necessary investigations in order to gather all the evidence required. The expert should use information, in particular net turnover and profit or loss, number of employees and the composition of balance sheet collected by the company in view of the preparation of financial statements in accordance with Union law and the law of Member States. However, in order to protect any confidential information, including business secrets of the company, such information should not form part of the expert’s final report which itself would be publically available. |
(45) The competent national authorities should be able to assess the accuracy of the information contained in the draft terms of division and in the report addressed to the members and employees and to provide factual elements necessary to assess whether the proposed division constitutes an artificial arrangement which could not be authorised, an independent expert report to assess the division plan should be required to be prepared. In order to secure the independence of the expert, the expert should be appointed by the competent authority, following an application by the company. In this context, the expert report should contain all relevant information to enable the competent authority of the Member State of the company being divided to take an informed decision as to whether or not to issue the pre-division certificate. To this end, the competent authority should be able to obtain all the relevant company information such as net turnover and profit or loss, number of employees and the composition of balance sheet collected by the company in view of the preparation of financial statements in accordance with Union law and the law of Member States, and any documents needed to carry out the investigations necessary to gather the evidence required and to assess the proposed cross-border division, with all necessary factual elements provided by the company. However, in order to protect any confidential information, including business secrets of the company, such information should not form part of the final report which itself would be publically available. The competent authority should be able to have recourse to an independent expert. The expert should be appointed from a list that is drawn up by the competent authority, and should have no past or current link with the company concerned. The expert should have relevant expertise, in particular, in the fields of company law, taxation and fiscal law, social security and labour law. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 68 Proposal for a directive Recital 46 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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(46) With a view to avoiding disproportionate costs and burdens for smaller companies carrying out cross-border division, micro and small enterprises as defined in the Commission Recommendation 2003/361/EC of 6 May 2003 should be exempted from the requirement to have produce an independent expert. |
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Amendment 69 Proposal for a directive Recital 47 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(47) On the basis of the draft terms of the cross-border division and the reports, the general meeting of the members of the company being divided, should decide on whether or not to approve those draft terms. It is important that, the majority requirement for such a vote should be sufficiently high in order to ensure that the decision to divide is a collective one. |
(47) On the basis of the draft terms of the cross-border division and the reports, the general meeting of the members of the company being divided, should decide on whether or not to approve those draft terms. It is important that, the majority requirement for such a vote should be sufficiently high in order to ensure that the decision to divide is a collective one. Before a decision is taken, any preceding applicable information and consultation rights should be respected in order for an opinion by the employee representatives to be taken into account in accordance with Directive 2002/14/EC, and where applicable Directives 2009/38/EC and 2001/86/EC. In addition, members should also have the right to vote on any arrangements concerning employee participation, if they have reserved that right during the general meeting. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 70 Proposal for a directive Recital 50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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(50) In order to guarantee the appropriate protection of creditors in cases where they are not satisfied with the protection offered by the company in the draft terms of the cross-border division, creditors who are prejudiced by the cross-border division may apply to the competent judicial or administrative authority of the Member State of the company being divided for the safeguards they consider adequate. In order to facilitate the assessment of prejudice, certain presumptions should be laid down whereby creditors would be deemed not to be prejudiced by a cross-border division where the risk of loss to a creditor is remote. A presumption should arise where an independent expert report concludes that there is no reasonable likelihood that the creditors would be prejudiced or where creditors are offered a right to payment against the company resulting from the division or against a third party guarantee of equivalent value to the creditor's original claim and which can be brought in the same jurisdiction jurisdiction as the original claim. The creditor protection provided for in this Directive should be without prejudice to national laws of the Member State of the company being divided concerning payment to public bodies, including taxation or social security contributions. |
(50) In order to guarantee the appropriate protection of creditors in cases where they are not satisfied with the protection offered by the company in the draft terms of the cross-border division, creditors who are prejudiced by the cross-border division may apply to the competent judicial or administrative authority of the Member State of the company being divided for the safeguards they consider adequate. In order to facilitate the assessment of prejudice, certain presumptions should be laid down whereby creditors would be deemed not to be prejudiced by a cross-border division where the risk of loss to a creditor is remote. A presumption should arise where creditors are offered a right to payment against the company resulting from the division or against a third party guarantee of equivalent value to the creditor's original claim and which can be brought in the same jurisdiction as the original claim. The creditor protection provided for in this Directive should be without prejudice to national laws of the Member State of the company being divided concerning payment to public bodies, including taxation or social security contributions. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 71 Proposal for a directive Recital 51 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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(51) To ensure the proper allocation of tasks among Member States and an efficient and effective ex-ante control of cross-border divisions, the competent authority of the Member State of the company being divided should have the power to issue a pre-division certificate without which the authorities of the Member States of the recipient companies should not be able to complete the cross-border-division procedure. |
(51) To ensure the proper allocation of tasks among Member States and an efficient and effective ex-ante control of cross-border divisions, both, the Member State of the company being divided and the Member States of the recipient companies should designate the appropriate court, notary or other competent authorities. In particular, the competent authority of the Member States of the company being divided should have the power to issue a pre-division certificate without which the authorities of the Member States of the recipient companies should not be able to complete the cross-border-division procedure. Member States should ensure that the competent authorities designated set up appropriate coordination mechanisms with other authorities and bodies in that Member State working in the policy fields concerned by this Directive and should, where appropriate, consult other relevant authorities with competence in the different fields concerned by the cross-border division. The decision to issue a pre-division certificate by the competent authority of the Member State of the company being divided or any approval by the competent authority in the Member States of the recipient companies should not preclude any subsequent procedures or decisions by authorities in the Member States in respect of other relevant fields of law. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 72 Proposal for a directive Recital 52 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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(52) The issue of the pre-division certificate by the Member State of the company being divided should be scrutinised to ensure the legality of the cross-border division. The competent authority should decide whether to issue a pre-division certificate within one month of the application by the company has been submitted, unless it has serious concerns as to the existence of an artificial arrangement aimed at obtaining undue tax advantages or at unduly prejudicing the legal or contractual rights of employees, creditors or members. In such a case, the competent authority should carry out an in-depth assessment. However, this in-depth assessment should not be carried out systematically but it should be conducted on a case-by-case basis where there are serious concerns as to the existence of an artificial arrangement. For their assessment, competent authorities should take into account at least a number of factors laid down in this Directive which however should be only considered as indicative factors in the overall assessment and not be considered in isolation. In order not to burden companies with an overly lengthy procedure, this in-depth assessment should in any event be concluded within two months informing the company that the in-depth assessment will be carried out. |
(52) The issue of the pre-division certificate by the Member State of the company being divided should be scrutinised to ensure the legality of the cross-border division. The competent authority should decide whether to issue a pre-division certificate within two months of the reception of all the necessary documents and information, unless it has serious concerns as to the existence of an artificial arrangement or that the division does not involve the actual pursuit of genuine economic activity. In such a case, the competent authority should carry out an in-depth assessment. However, this in-depth assessment should not be carried out systematically but it should be conducted on a case-by-case basis where there are serious concerns as to the existence of an artificial arrangement. For their assessment, competent authorities should take into account at least a number of factors laid down in this Directive which however should be only considered as indicative factors in the overall assessment and not be considered in isolation. Whenever the competent authority makes an assessment on whether the division involves the actual pursuit of genuine economic activity, the competent authority should in particular verify whether the company has a fixed establishment in all Member States of the recipient companies, which has the objective appearance of permanency, whether it has a management body, staff, equipment, premises and assets, and is materially equipped to autonomously negotiate business with third parties and should consider whether the company has chosen to delegate its management to directors, officers or legal representatives, hired from an independent third party through a service contractor. In order not to burden companies with an overly lengthy procedure, this in-depth assessment should in any event be concluded within two months informing the company that the in-depth assessment will be carried out. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 73 Proposal for a directive Recital 53 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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(53) After having received a pre-division certificate, and after verifying that the incorporation requirements of the Member State of the recipient company or companies are fulfilled, the authorities of the Member States of the recipient companies should register the companies in the business registers of that Member State. Only after this registration should the competent authority of the Member State of the company being divided strike the company off its own register. The accuracy of the information provided by the pre-division certificate cannot be challenged by the competent authorities of the Member States of the recipient companies. |
(53) After having received a pre-division certificate, and after verifying that the incorporation requirements of the Member State of the recipient company or companies are fulfilled, the authorities of the Member States of the recipient companies should register the companies in the business registers of that Member State. Only after this registration should the competent authority of the Member State of the company being divided strike the company off its own register. It should not be possible for the competent authority of the Member States of the recipient companies to challenge the accuracy of the information provided by the pre-division certificate. However, if during the two years following the date on which the cross-border division takes effect, new information concerning the cross-border division is brought to the attention of the competent authorities, suggesting there has been an infringement of any of the provisions in this Directive, the competent authorities should revise their assessment of the facts of the case and should be empowered to take effective, proportionate and dissuasive penalties in the event of an artificial arrangement. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 74 Proposal for a directive Recital 55 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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(55) In order to ensure that employee participation is not unduly prejudiced as a result of the cross-border division where the company carrying out the cross-border division is operating under an employee participation system, the companies resulting from the division should be obliged to take a legal form allowing for the exercise of participation, including through the presence of representatives of the employees in the appropriate management or supervisory organs of the companies. Moreover, in such a case, a bona fide negotiation between the company and its employees should take place, along the lines of the procedure provided for in Directive 2001/86/EC, with a view to finding an amicable solution reconciling the right of the company to carry out a cross-border division with the employees'' rights of participation. As a result of those negotiations, either a bespoke and agreed solution or, in the absence of an agreement, the application of standard rules as set out in the Annex to Directive 2001/86/EC should apply mutatis mutandis. In order to protect either the agreed solution or the application of those standard rules, the company should not be able to remove the participation rights through carrying out subsequent domestic or cross-border conversions, mergers or divisions within 3 years. |
(55) In order to ensure that employee participation is not unduly prejudiced as a result of the cross-border division where the company carrying out the cross-border division is operating under an employee participation system, the companies resulting from the division should be obliged to take a legal form allowing for the exercise of participation, including through the presence of representatives of the employees in the appropriate management or supervisory organs of the companies. Moreover, in such a case, a bona fide negotiation between the company and its employees should take place. As soon as possible after publishing the draft terms of division, the company being divided should take the necessary steps, including providing information about the identity of the participating companies, subsidiaries or establishments concerned, and the number of their employees, to start negotiations with the representatives of the companies' employees, or where applicable the body established for the purposes of transnational information and consultation in accordance with Directives 2009/38/EC or 2001/86/EC, on arrangements for the involvement of employees in the company or companies resulting from the division, along the lines of the procedure provided for in Directive 2001/86/EC, with a view to finding an amicable solution reconciling the right of the company to carry out a cross-border division with the employees'' rights of participation. As a result of those negotiations, either a bespoke and agreed solution or, in the absence of an agreement, the application of standard rules as set out in the Annex to Directive 2001/86/EC should apply mutatis mutandis. In order to protect either the agreed solution or the application of those standard rules, the company should not be able to remove the participation rights through carrying out subsequent domestic or cross-border conversions, mergers or divisions within six years. Where, an applicable threshold for employee participation laid down in the law of the Member State of the dividing company is exceeded in the six years following the cross-border division, the same level and elements of employee participation as would have been legally provided for had the company reached the relevant threshold in the Member State of the dividing company, should apply and new negotiations should be initiated. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 75 Proposal for a directive Recital 56 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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(56) In order to prevent the circumvention of the employee participation rights by means of a cross-border division, the company carrying out a division which is registered in the Member State which provides for the employee participation rights, should not be able to perform a cross-border division without first entering into negotiations with its employees or their representatives when the average number of employees employed by that company is equivalent to four fifths of the national threshold for triggering such employee participation. |
(56) In order to prevent the circumvention of the employee participation rights by means of a cross-border division, the company carrying out a division which is registered in the Member State which provides for the employee participation rights, should not be able to perform a cross-border division without first entering into negotiations with its employees or their representatives when the average number of employees employed by that company is equivalent to four fifths of the national threshold for triggering such employee participation. Member States should ensure that employee’s representatives, when carrying out their functions, enjoy adequate protection and guarantees to enable them to perform properly the duties which have been assigned to them. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 76 Proposal for a directive Recital 56 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(56a) Following the division, the company carrying out the cross-border division should continue to observe the terms and conditions agreed in any collective agreement on the same terms applicable to the company before the division under that agreement, until the date of termination or expiry of the collective agreement or the entry into force or application of another collective agreement, in accordance with Directive 2001/23/EC. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 77 Proposal for a directive Recital 58 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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(58) The provisions of this Directive do not affect the legal or administrative provisions, including the enforcement of tax rules in cross-border conversions, mergers and divisions, of national law relating to the taxes of Member States, or its territorial and administrative subdivisions. |
(58) The provisions of this Directive do not affect the legal or administrative provisions, including the enforcement of tax rules in cross-border conversions, mergers and divisions, of national law relating to the taxes of Member States, or its territorial and administrative subdivisions. For example, in certain cases, departure Member States tax unrealised capital gains at the time of the cross-border conversion of a company. In such cases, Member states should be able to (i) give the companys the option to choose between the immediate payment of the tax or deferral of payment until realization of the values, with a request to pay interest; (ii) request payment by instalments; and (iii) request the company to provide guarantees only upon prior assessment of a risk of non-recovery of the tax. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 78 Proposal for a directive Recital 61 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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(61) This Directive respects the fundamental rights and observes the principles recognised in particular by the Charter of Fundamental Rights of the European Union. |
(61) This Directive ensures full respect for the fundamental rights and the principles recognised in the Charter of Fundamental Rights of the European Union, including the right to establishment in any Member State (Article 15(2)), freedom to conduct a business (Article 16), workers’ right to information and consultation within the undertaking (Article 27), the right of collective bargaining and action (Article 28), the right to protection in the event of unjustified dismissal (Article 30), the right to fair and just working conditions (Article 31), the right to an effective remedy and to a fair trial (Article 47) and the right to protection of personal data (Article 8). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 79 Proposal for a directive Recital 63 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(63) The Commission should carry out an evaluation of this Directive. Pursuant to paragraph 22 of the Interinstitutional Agreement between the European Parliament, the Council of the European Union and the European Commission on Better Law-Making of 13 April 201652 that evaluation should be based on the five criteria of efficiency, effectiveness, relevance, coherence and value added and should provide the basis for impact assessments of possible further measures. |
(63) The Commission should carry out an evaluation of this Directive. It should examine its impact on the economy, competitiveness and growth. Pursuant to paragraph 22 of the Interinstitutional Agreement between the European Parliament, the Council of the European Union and the European Commission on Better Law-Making of 13 April 201652 that evaluation should be based on the five criteria of efficiency, effectiveness, relevance, coherence and value added and should provide the basis for impact assessments of possible further measures. In its assessment, the Commission should also take into account the level of protection afforded to employees, creditors and minority shareholders in the implementation of this Directive. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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52 OJ L123, 12.5. 2016, p. 1. |
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Amendment 80 Proposal for a directive Article 1 – paragraph 1 – point -1 (new) Directive (EU) 2017/1132 Article 1 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 81 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86a – paragraph 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 82 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86b | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 83 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86c – paragraph 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 84 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86c – paragraph 2 – point b | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 85 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86c – paragraph 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 86 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86d – paragraph 1 – introductory part | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 87 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86d – paragraph 1 – point a | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 88 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86d – paragraph 1 – point d a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 89 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86d – paragraph 1 – point g | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 90 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86d – paragraph 1 – point h | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 91 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86d – paragraph 1 – point h a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 92 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86d – paragraph 1 – point i a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 93 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86d – paragraph 1 – point j | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 94 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86d – paragraph 1 – point k | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 95 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86d – paragraph 1 – point k a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 96 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86d – paragraph 1 – point k b (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 97 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86d – paragraph 1 – point k c (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 98 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86d – paragraph 1 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 99 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86d – paragraph 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 100 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86e – paragraph 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 101 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86e – paragraph 2 – point -a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 102 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86e – paragraph 2 – point c a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 103 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86e – paragraph 2 – point c b (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 104 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86e – paragraph 2 – point c c (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 105 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86e – paragraph 2 – point c d (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 106 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86e – paragraph 2 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 107 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86e – paragraph 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 108 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86e – paragraph 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 109 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86e – paragraph 4 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 110 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86e – paragraph 4 b (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 111 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86e – paragraph 4 c (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 112 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86e – paragraph 4 d (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 113 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86f | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 114 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86g – title | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 115 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86g – paragraph 1 – subparagraph 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 116 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86g – paragraph 1 – subparagraph 2 – introductory part | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 117 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86g – paragraph 1 – subparagraph 2 – point b | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 118 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86g – paragraph 1 – subparagraph 2 – point b a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 119 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86g – paragraph 1 – subparagraph 2 – point b b (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 120 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86g – paragraph 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 121 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86g – paragraph 3 – introductory part | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 122 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86g – paragraph 3 – point a | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 123 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86g – paragraph 3 – point b | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 124 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86g – paragraph 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 125 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86g – paragraph 5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 126 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86g – paragraph 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 127 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86g – paragraph 6 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 128 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86g – paragraph 6 b (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 129 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86g a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 130 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86h – paragraph 1 – point b | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 131 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86h – paragraph 1 – point c | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 132 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86h – paragraph 3 – point d | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 133 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86h – paragraph 3 – point d a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 134 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86h – paragraph 4 – subparagraph 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 135 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86h – paragraph 5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 136 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86i – paragraph 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 137 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86i– paragraph 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 138 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86i– paragraph 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 139 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article– paragraph 1 – introductory part | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 140 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article– paragraph 1 – point a | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 141 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86j – paragraph 1 – point b | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 142 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86j – paragraph 3 – subparagraph 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 143 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86j – paragraph 5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 144 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86j – paragraph 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 145 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86k – paragraph 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 146 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86k – paragraph 3 – point a | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 147 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86k – paragraph 3 – point b | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 148 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86l – title | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 149 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86l – paragraph -1 (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 150 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86l – paragraph 2 – point a | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 151 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86l – paragraph 3 – introductory part | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 152 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86l– paragraph 3 – point b | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 153 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86l– paragraph 3 – point e | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 154 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86l – paragraph 3 – point g | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 155 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86l – paragraph 3 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 156 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86l– paragraph 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 157 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86l– paragraph 5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 158 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86l– paragraph 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 159 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86l – paragraph 7 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 160 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86l– paragraph 8 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 161 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86l a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 162 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86m – paragraph 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 163 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86m– paragraph 2 – point b | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 164 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86m – paragraph 3 – subparagraph 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 165 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86m – paragraph 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 166 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86m – paragraph 5 – introductory part | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 167 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86m – paragraph 5 – point c a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 168 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86m – paragraph 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 169 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86m – paragraph 7 – introductory part | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 170 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86m – paragraph 7 – point a | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 171 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86m – paragraph 7 – point b | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 172 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86m – paragraph 7 – point c | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 173 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86m – paragraph 7 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 174 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86n – paragraph 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 175 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86n – paragraph 1 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 176 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86n – paragraph 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 177 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86n – paragraph 2 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 178 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86p – paragraph 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 179 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86p – paragraph 3 – subparagraph 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 180 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86p – paragraph 3 – subparagraph 2 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 181 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86t | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 182 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86u – paragraph 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 183 Proposal for a directive Article 1 – paragraph 1 – point 5 Directive (EU) 2017/1132 Article 120 – paragraph 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 184 Proposal for a directive Article 1 – paragraph 1 – point 6 – point b a (new) Directive (EU) 2017/1132 Article 121 – paragraphs 2 a and 2 b (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 185 Proposal for a directive Article 1 – paragraph 1 – point 7 – point -a (new) Directive (EU) 2017/1132 Article 122 – paragraph 1 – introductory part | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 186 Proposal for a directive Article 1 – paragraph 1 – point 7 – point -a a (new) Directive (EU) 2017/1132 Article 122 – paragraph 1 – point a a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 187 Proposal for a directive Article 1 – paragraph 1 – point 7 – point -a b (new) Directive (EU) 2017/1132 Article 122 – paragraph 1 – point c a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 188 Proposal for a directive Article 1 – paragraph 1 – point 7 – point -a c (new) Directive (EU) 2017/1132 Article 122 – paragraph 1 – point d | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 189 Proposal for a directive Article 1 – paragraph 1 – point 7 – point a Directive (EU) 2017/1132 Article 122 – paragraph 1 – point i | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 190 Proposal for a directive Article 1 – paragraph 1 – point 7 – point a a (new) Directive (EU) 2017/1132 Article 122 – paragraph 1 – point j | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 191 Proposal for a directive Article 1 – paragraph 1 – point 7 – point a b (new) Directive (EU) 2017/1132 Article 122 – paragraph 1 – points j a, j b and j c (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 192 Proposal for a directive Article 1 – paragraph 1 – point 7 – point c Directive (EU) 2017/1132 Article 122 – paragraph 1 – subparagraph 1a | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 193 Proposal for a directive Article 1 – paragraph 1 – point 7 – point c a (new) Directive (EU) 2017/1132 Article 122 – paragraphs 1 a and 1 b (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 194 Proposal for a directive Article 1 – paragraph 1 – point 9 Directive (EU) 2017/1132 Article 123 – paragraph 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 195 Proposal for a directive Article 1 – paragraph 1 – point 9 Directive (EU) 2017/1132 Article 123 – paragraph 3 – point d | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 196 Proposal for a directive Article 1 – paragraph 1 – point 9 Directive (EU) 2017/1132 Article 123 – paragraph 3 – point d a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 197 Proposal for a directive Article 1 – paragraph 1 – point 9 Directive (EU) 2017/1132 Article 123 – paragraph 4 – subparagraph 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 198 Proposal for a directive Article 1 – paragraph 1 – point 9 Directive (EU) No 2017/1132 Article 123 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 199 Proposal for a directive Article 1 – paragraph 1 – point 9 Directive (EU) 2017/1132 Article 124 – title | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 200 Proposal for a directive Article 1 – paragraph 1 – point 9 Directive (EU) 2017/1132 Article 124 – paragraph 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 201 Proposal for a directive Article 1 – paragraph 1 – point 9 Directive (EU) 2017/1132 Article 124 – paragraph 2 – point -a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 202 Proposal for a directive Article 1 – paragraph 1 – point 9 Directive (EU) 2017/1132 Article 124 – paragraph 2 – point e a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 203 Proposal for a directive Article 1 – paragraph 1 – point 9 Directive (EU) 2017/1132 Article 124 – paragraph 2 – point e b (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 204 Proposal for a directive Article 1 – paragraph 1 – point 9 Directive (EU) 2017/1132 Article 124 – paragraph 2 – point e c (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 205 Proposal for a directive Article 1 – paragraph 1 – point 9 Directive (EU) 2017/1132 Article 124 – paragraph 2 – point e d (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 206 Proposal for a directive Article 1 – paragraph 1 – point 9 Directive (EU) 2017/1132 Article 124 – paragraph 2 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 207 Proposal for a directive Article 1 – paragraph 1 – point 9 Directive (EU) 2017/1132 Article 124 – paragraph 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 208 Proposal for a directive Article 1 – paragraph 1 – point 9 Directive (EU) 2017/1132 Article 124 – paragraph 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 209 Proposal for a directive Article 1 – paragraph 1 – point 9 Directive (EU) 2017/1132 Article 124 – paragraph 4 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 210 Proposal for a directive Article 1 – paragraph 1 – point 9 Directive (EU) 2017/1132 Article 124 – paragraph 4 b (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 211 Proposal for a directive Article 1 – paragraph 1 – point 9 Directive (EU) 2017/1132 Article 124 – paragraph 4 c (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 212 Proposal for a directive Article 1 – paragraph 1 – point 9 Directive (EU) 2017/1132 Article 124 – paragraph 4 d (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 213 Proposal for a directive Article 1 – paragraph 1 – point 10 Directive (EU) 2017/1132 Article 124a | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 214 Proposal for a directive Article 1 – paragraph 1 – point 10 a (new) Directive (EU) 2017/1132 Article 124 b (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 215 Proposal for a directive Article 1 – paragraph 1 – point 11 a (new) Directive (EU) 2017/1132 Article 125 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 216 Proposal for a directive Article 1 – paragraph 1 – point 11 b (new) Directive (EU) 2017/1132 Article 125 b (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 217 Proposal for a directive Article 1 – paragraph 1 – point 12 – point a Directive (EU) 2017/1132 – paragraph 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 218 Proposal for a directive Article 1 – paragraph 1 – point 13 Directive (EU) 2017/1132 Article 126a – paragraph 1 – point a | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 219 Proposal for a directive Article 1 – paragraph 1 – point 13 Directive (EU) 2017/1132 Article 126a – paragraph 1 – point b | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 220 Proposal for a directive Article 1 – paragraph 1 – point 13 Directive (EU) 2017/1132 Article 126a – paragraph 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 221 Proposal for a directive Article 1 – paragraph 1 – point 13 Directive (EU) 2017/1132 Article 126a – paragraph 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 222 Proposal for a directive Article 1 – paragraph 1 – point 13 Directive (EU) 2017/1132 Article 126b – paragraph 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 223 Proposal for a directive Article 1 – paragraph 1 – point 14 – point a Directive (EU) 2017/1132 Article 127 – paragraph 1 – subparagraphs 1a, 1b, 1c and 1d | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 224 Proposal for a directive Article 1 – paragraph 1 – point 14 – point a a (new) Directive (EU) 2017/1132 Article 127 – paragraph 1 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 225 Proposal for a directive Article 1 – paragraph 1 – point 15 – point a Directive (EU) 2017/1132 Article 128 – paragraph 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 226 Proposal for a directive Article 1 – paragraph 1 – point 15 – point a a (new) Directive (EU) 2017/1132 Article 128 – paragraph 2 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 227 Proposal for a directive Article 1 – paragraph 1 – point 15 – point a b (new) Directive (EU) 2017/1132 Article 128 – paragraph 2 b (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 228 Proposal for a directive Article 1 – paragraph 1 – point 15 – point a c (new) Directive (EU) 2017/1132 Article 128 – paragraph 2 c (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 229 Proposal for a directive Article 1 – paragraph 1 – point 15 – point a d (new) Directive (EU) 2017/1132 Article 128 – paragraph 2 d (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 230 Proposal for a directive Article 1 – paragraph 1 – point 15 – point b Directive (EU) 2017/1132 Article 128 – paragraph 3 – subparagraph 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 231 Proposal for a directive Article 1 – paragraph 1 – point 15 a (new) Directive (EU) 2017/1132 Article 128 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 232 Proposal for a directive Article 1 – paragraph 1 – point 18 – point -a (new) Directive (EU) 2017/1132 Article 133 – paragraph -1 (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 233 Proposal for a directive Article 1 – paragraph 1 – point 18 – point -a a (new) Directive (EU) 2017/1132 Article 133 – paragraph 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 234 Proposal for a directive Article 1 – paragraph 1 – point 18 – point -a b (new) Directive (EU) 2017/1132 Article 133 – paragraph 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 235 Proposal for a directive Article 1 – paragraph 1 – point 18 – point -a c (new) Directive (EU) 2017/1132 Article 133 – paragraph 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 236 Proposal for a directive Article 1 – paragraph 1 – point 18 – point a a (new) Directive (EU) 2017/1132 Article 133 – paragraph 7 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 237 Proposal for a directive Article 1 – paragraph 1 – point 18 – point b a (new) Directive (EU) 2017/1132 Article 133 – paragraph 8 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 238 Proposal for a directive Article 1 – paragraph 1 – point 18 a (new) Directive (EU) 2017/1132 Article 133 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 239 Proposal for a directive Article 1 – paragraph 1 – point 19 a (new) Directive (EU) 2017/1132 Article 134 – paragraph 1 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 240 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160b | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 241 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 242 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160d – paragraph 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 243 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160d – paragraph 2 – point b | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 244 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160d – paragraph 2 – point d | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 245 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160d – paragraph 2 – point e | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 246 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160d – paragraph 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 247 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160e – paragraph 1 – introductory part | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 248 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160e – paragraph 1 – point -a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 249 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160e – paragraph 1 – point a | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 250 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160e – paragraph 1 – point d a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 251 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160e – paragraph 1 – point h | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 252 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160e – paragraph 1 – point h a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 253 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160e – paragraph 1 – point k a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 254 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160e – paragraph 1 – point k b (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 255 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160e – paragraph 1 – point l | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 256 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160e – paragraph 1 – point l a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 257 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160e – paragraph 1 – point l b (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 258 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160e – paragraph 1 – point l c (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 259 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160e – paragraph 3 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 260 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160e – paragraph 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 261 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160g – title | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 262 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160g – paragraph 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 263 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160g – paragraph 2 – point -a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 264 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160g – paragraph 2 – point e a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 265 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160g – paragraph 2 – point e b (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 266 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160g – paragraph 2 – point e c (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 267 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160g – paragraph 2 – point e d (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 268 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160g – paragraph 2 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 269 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160g – paragraph 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 270 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160g – paragraph 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 271 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160g – paragraph 4 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 272 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160g – paragraph 4 b (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 273 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160g – paragraph 4 c (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 274 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160 g – paragraph 4 d (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 275 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160 h | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 276 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160h a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 277 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160i – title | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 278 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160i – paragraph 1 – subparagraph 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 279 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160i – paragraph 1 – subparagraph 2 – introductory part | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 280 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160i – paragraph 1 – subparagraph 2 – point b | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 281 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160i – paragraph 1 – subparagraph 2 – point b a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 282 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160i – paragraph 1 – subparagraph 2 – point b b (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 283 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160i – paragraph 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 284 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160i – paragraph 3 – introductory part | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 285 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160i – paragraph 3 – point e | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 286 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160i – paragraph 3 – point f | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 287 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160i – paragraph 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 288 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160i – paragraph 5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 289 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160i – paragraph 6 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 290 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160i – paragraph 6 b (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 291 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160j – paragraph 1 – point b | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 292 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160j – paragraph 1 – point c | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 293 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160j – paragraph 3 – point d | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 294 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160j – paragraph 3 – point d a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 295 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160j – paragraph 4 – subparagraph 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 296 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160j – paragraph 4 – subparagraph 2 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 297 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160j – paragraph 5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 298 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160j – paragraph 6 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 299 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160k – paragraph 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 300 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160k – paragraph 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 301 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160l – paragraph 1 – point a | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 302 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160l – paragraph 1 – point b | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 303 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160l – paragraph 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 304 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160m – paragraph 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 305 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160m – paragraph 3 – point b | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 306 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160n – title | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 307 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160n – paragraph -1 (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 308 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160n – paragraph 2 – point a | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 309 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160n – paragraph 3 – introductory part | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 310 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160n – paragraph 3 – point b | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 311 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/ Article 160n – paragraph 3 – point e | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 312 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160n – paragraph 3 – point g | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 313 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160n – paragraph 3 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 314 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160n – paragraph 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 315 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160n – paragraph 5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 316 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160n – paragraph 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 317 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160n – paragraph 7 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 318 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160n – paragraph 8 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 319 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160n a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 320 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160o – paragraph 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 321 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160o – paragraph 2 – point b | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 322 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160o – paragraph 3 – subparagraph 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 323 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160o – paragraph 3 – subparagraph 2 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 324 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160o – paragraph 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 325 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160o – paragraph 5 – point c a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 326 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160o – paragraph 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 327 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160o – paragraph 7 – introductory part | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 328 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160o – paragraph 7 – point c | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 329 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160o – paragraph 7 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 330 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160p – paragraph 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 331 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160p – paragraph 1 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 332 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160p – paragraph 2 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 333 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160r – paragraph 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 334 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160r – paragraph 3 – subparagraph 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 335 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160r – paragraph 3 – subparagraph 2 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 336 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160v | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 337 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160w – paragraph 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 338 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160w – paragraph 1 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 339 Proposal for a directive Article 3 – paragraph 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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1. The Commission shall, no later than five years after [OP please insert the date of the end of the transposition period of this Directive], carry out an evaluation of this Directive and present a Report on the findings to the European Parliament, the Council and the European Economic and Social Committee accompanied, where appropriate, by a legislative proposal. Member States shall provide the Commission with the information necessary for the preparation of that report, in particular by providing data on the number of cross-border conversions, mergers and divisions, their duration and related costs. |
1. The Commission shall, no later than three years after [OP please insert the date of the end of the transposition period of this Directive], carry out an evaluation of this Directive and present a Report on the findings to the European Parliament, the Council and the European Economic and Social Committee accompanied, where appropriate, by a legislative proposal. Member States shall provide the Commission with the information necessary for the preparation of that report and legislative proposal, in particular by providing data on the number of cross-border conversions, mergers and divisions, their duration and related costs as well as their impact on employment, and on employee information, consultation and participation. They shall also provide data on the number and types of artificial arrangements that were detected and that prevented a cross-border activity from happening. |
EXPLANATORY STATEMENT
Background of the proposed Directive
The Commission proposal for a Directive as regards cross-border conversions, mergers and divisions was published at the end of April 2018. It was presented together with the Directive as regards the use of digital tools and processes in company law, as the since 2017 awaited „Company Law Mobility package“, amending Directive (EU) 2007/1132 relating to certain aspects of company law. The initiatives to revise the Mergers’ Directive, to enable cross-border divisions and to consider rules for the transfer of a companies’ registered office, were envisaged in the 2012’s Commission Action Plan "European Company law and corporate governance - a modern legal framework for more engaged shareholders and sustainable companies“[1]. Since certain aspects of company law were codified and merged 2017 by the Directive (EU) 2017/1132, the proposal introduces a new chapter on cross-border conversions, amends the chapter on cross-border mergers and includes a new chapter on cross-border divisions. While measures for cross-border mergers and division were already foreseen in the Commission Work Programme 2017[2], the ECJ - ruling Polbud-Wykonastwo (C-106/16) made it necessary to reconsider and adapt the Company Law Package in order to include legislation on cross-border conversions. The latest case law settled that the freedom of establishment also includes the right to convert cross-border into another national company law form of another Member State. The European Parliament has called several times to propose a directive for the transfer of a companies’ registered office or seat in then past.[3]
European Court of Justice case law
For 30 years, the European Court of Justice has been ruling through case law corporate mobility of companies, defining whether and to which extend corporate cross-border operations are covered by the freedom of establishment (Art 49, 54 TFEU). With the ground-breaking judgements Daily Mail and General Trust plc (C-81/87), followed by Centros (C-212/91), Überseering (C-208/00), Inspire Art (C-167/01), Cadburry Schweppes (C-196/04), Sevic (C-411/03), Cartesio (C-201/06), VALE (C-210/06), National Grid Indus (C-371/10) the ECJ interpreted in absence of any harmonization of the applicable law and any further secondary law defining rules for cross-border operations, the freedom of establishment. The extensive interpretation led to the result that companies enjoy the freedom to move to another Member State by registration of its firm (letterbox) in another Member States’ register, even if they don’t have any economic activity in this respect Member State and only do it for the purpose of enjoying the benefit of more favorable legislation.
The need to establish clear rules for cross-border corporate operations/movement of companies
Companies are facing difficulties when exercising their rights provided by the freedom of establishment. With regard of corporate mobility, the lack of regulation, clear processes and proper protection of stakeholders has created legal uncertainty for decades, the EU-legislators have been inactive and the ECJ has ruled in the past instead.
The level of harmonization of company law in Europe has been in general low. Member States follow their own national company law approach and the involved Member States don’t have appropriate tools to control and evaluate a cross-border operation or safeguard the main stakeholder’ interests by their national law when it comes to corporate cross-border mobility. Due to the cross-border nature, strong safeguards and protection for stakeholders need to go along with the rights of companies to move abroad.
The tax scandals of the latest years, since Swiss Leaks and Lux Leaks, followed by the revelations with Panama-Papers, Bahama Leaks and Paradise Papers, have visualized how companies create cross-border operations and „reconstructing“ measures corporate constructions including artificial arrangements in order to avoid or circumvent national tax law. The creation of artificial arrangements, so-called „letterbox-companies“, „shell-companies“ or „front subsidies“ needs to be prevented. Letterbox-companies are artificial creatures of company law, which is therefor the appropriate and best place to tackle their formation as such. They are established by registration in a Member State while conducting its business in other Member states, with the aim to avoid national tax laws, social security contributions, collective agreements, employee participation laws or other national laws affected. In some sectors, e.g. the road transport sector, letterbox-companies with no or very little economic activity in the country of establishment are used frequently with its main objective of sending workers abroad, sometimes even falsely called ‚posted‘.
With the registration of the registered office in another Member State not only the nationality of a company, but also the applicable law and by-laws are changing. Company reconstructing and relocation have an enormous impact on workers’ rights, their job situation and contractual rights. Their basis of existence depend on their jobs, which are put in danger when companies restructure and relocate their business. Employees are the most worth protecting stakeholders. They have a genuine interest of sustainability and long-term success of the companies as their jobs depend on the companies’ success. In the light of the European Pillar of Social Rights, laws must upheld and strengthen the position and protection of workers and employees.
It is for the co-legislators to act now and set clear procedures and binding rules for cross-border operations of companies with strong safeguards for all stakeholders and protection of employees and their rights.
Main points of the proposed Directive:
The proposed directive complements the fragmented picture of cross-border mobility within the European Single Market. The Commission proposed two new chapters for cross-border company mobility, providing at the same time protection for stakeholders, namely employees, creditors and minority shareholders. Both involved Member States (departure and destination Member State) are involved in the cross-border operation. While the departure Member State will have to issue a pre-conversion or pre-division certificate in order to scrutinize the cross-border operation, the departure Member States are empowered to scrutinize the legality of the cross-border operation with regard to the part of procedure governed by its national laws.
Conversions
Following Polbud-Wykonastwo (C-106/16), the proposal includes a new chapter on cross-border conversion which introduces the procedure for companies to convert across the border into another company law form of this Member State. New rules allow companies to move their seat from the departure Member State to another (destination) Member State within the EU, without losing legal personality, keeping their contracts and exercise their freedom of establishment to move within the internal market. The procedure to convert is accompanied by safeguards for Member States in order to protect the public interest, which includes protection of employees, creditors and minority shareholders.
Mergers
The chapter on cross-border mergers is revised and updated in order to have the same safeguards for creditors and minority shareholders as foreseen for conversions and divisions. Contrarily to cross-border conversions and divisions, workers’ involvement rights are untouched and in the result on a lower level as for conversions and divisions.
Divisions
A new chapter for cross-border divisions is proposed which covers the procedure of cross-border divisions of companies which wish to split up into two or more newly created companies. Other divisions are excluded. According to the proposal, stakeholders of the dividing company will enjoy the same rights and protection as foreseen for conversions.
Main points of the rapporteurs’ changes:
Avoid artificial arrangements, the so-called „Letterbox-companies“
The most efficient and sustainable way to avoid artificial arrangements is to require genuine economic activity at the place of registration of the company. Therefore, the rapporteur introduces the requirement of genuine economic activity in the Member State where the company moves to. Also the ECJ considered in Cadburry Schweppes (C-196/04) that freedom of establishment requires a stable and continuing basis in the economic life of a Member State other than the state of origin. Therefore, a company cannot invoke freedom of establishment in another Member State for the sole purpose of benefiting from more advantageous legislation unless the establishment in the other member state is intended to carry on genuine economic activity. According to the ECJ a restriction of freedom of establishment is therefore possible in cases of a ‘letterbox’ or ‘front’ subsidiary. This directive needs to prevent any „Delaware effect“ and regime arbitrage within the Union. Company mobility should not lead to forum shopping by companies while the effects potentially create tensions between the Member States. Unless, there is no agreement on the real seat approach, where the registered office and the headquarter have to be on the same place, your rapporteur is of the opinion that a requirement of genuine economic activity in the destination Member States can prevent the creation of a letterbox-company through a cross-border operation.
Strengthen Employee involvement
In order to protect employees’ interests, especially worker’ board level representation, existing under national laws in 17 Member States in different forms, the rapporteur proposes stronger protection of employee participation, information and consultation rights and complements the correct references on the basis of Directive (EC) 2157/200 and Directive (EC) 2002/14 and others. A cross-border operation of a company should not lead to the loss of acquired rights of workers in Europe.
Simplify the procedure and lower the costs for companies
In respect of the companies’ economic interests, the procedures to convert and merge needs to be clear and simple. The competent national authority is responsible to decide on the cross-border operation. It is in its own discretion to require more information and consult an independent expert. The requirement to do so in any case would overload the directive, therefor, the rapporteur is deleting the requirement to consult an independent expert when doing an in-depth assessment and strengthens the information flow between the national authorities.
No added value for divisions
The proposal is only applicable to a small amount of cross-border divisions. Therefore, your rapporteur suggests to delete the chapter on cross-border divisions. In the absence of rules for transferring the seat of a company cross-border, companies made use of national divisions combined with a cross-border merger. Given to create clear rules for cross-border conversions, the added value for a separate chapter for divisions is not proofed.
Clarify of terms and definitions
In order to set legally certain rules and to create a clear procedure for all cross-border conversions and mergers in Europe, the rapporteur clarifies interpretative terms and complements the relevant definitions.
- [1] COM(2012) 740 final.
- [2] COM(2016) 710 final.
- [3] Lehne - Report with recommendations to the Commission on the cross-border transfer of the registered office of a company(2008/2196(INI)); Regner - Report with recommendations to the Commission on a 14th company law directive on the cross-border transfer of company seats (2011/2046(INI)).
OPINION of the Committee on Employment and Social Affairs (21.11.2018)
for the Committee on Legal Affairs
on the proposal for a directive of the European Parliament and of the Council amending Directive (EU) 2017/1132 as regards cross-border conversions, mergers and divisions
(COM(2018)0241 – C8‑0167/2018 – 2018/0114(COD))
Rapporteur for opinion (*): Anthea McIntyre
(*) Associated committee – Rule 54 of the Rules of Procedure
SHORT JUSTIFICATION
The Company Law package which includes this proposed Directive on cross-border conversions, mergers and divisions is a welcome step towards clear rules for companies seeking to move within the internal market.
Currently legislation varies across Member States which contributes to legal uncertainty and discourages business from engaging in cross-border operations. To combat this, it is important to bring a level of consistency in legislation across Member States, especially when dealing with cross-border mergers.
The Rapporteur believes that these rules should be simple, uniform, clear and easily enforceable to facilitate mobility while protecting company stakeholders including employees’ rights. Rules that are unclear or difficult to enforce are likely to lead to Member States interpreting rules differently as well as reduce the effectiveness of their enforcement, thereby risking the fragmentation of the internal market. Rules that are unclear are hard to enforce effectively and do not lead to better protection for employees.
Protection for company stakeholders including employees are necessary, including measures to combat the establishment of letterbox companies throughout the internal market. However, such protections must be reasonable and proportionate and not act as a deterrent preventing the honest entrepreneur from expanding their business across borders.
The procedure for cross-border conversions is extremely complex and lengthy for both the involved companies and the relevant authorities. In addition to this, there are also issues around business sensitive information, unpredictability and principles of legal certainty that need to be taken into account.
The Rapporteur welcomes and supports specific measures contained within the proposal that ensure, that in the case of conversions, Member States can require or perform an in-debt assessment of the company if there are strong suspicions that a company is deliberately seeking to avoid or breach a particular law (letter-box companies). In this context, the Rapporteur’s proposals avoid putting companies in a situation where they have to prove that they are not trying to circumvent or abuse the law in place. Instead, the proposal includes a requirement that the competent authority of the departure Member State shall not authorise the cross-border conversion where it determines that the company in question is seeking to abuse or deliberately circumvent legislation.
The Rapporteur has also proposed that the Commission develops common guidelines for Member States, which would help competent authorities determine situations in which a deeper analysis of the company operation could be required.
With regard to management reports and reports in the case of cross-border conversions, mergers and divisions, the Rapporteur advocates for simpler rules on employees’ involvement and stresses that the proposed directive should not generate additional administrative burden for companies. In this regard, the Rapporteur has brought this proposal in line with existing well-functioning Union legislation on information and consultation, in particular, Directive 2002/14 on a general framework for informing and consulting employees; Directive 2001/23/EC on transfers and undertakings; and Directive 2009/38/EC on European Works Council.
With regard to employees’ participation, the Rapporteur has also sought to bring this proposal in line with existing legislation on Mergers (Directive 2017/1132) thereby ensuring that in the case of conversions and divisions the same rules apply. This in order to avoid the creation of new complicated rules for companies.
AMENDMENTS
The Committee on Employment and Social Affairs calls on the Committee on Legal Affairs, as the committee responsible, to take into account the following amendments:
Amendment 1 Proposal for a directive Recital -1 (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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(-1) Companies play a crucial role in promoting economic growth, creating jobs and attracting investment in the European Union. They help deliver greater economic as well as social value for society at large. To better achieve their potential they should be able to take advantage of the possibilities the Single Market can offer them to develop and grow across national borders. Directive 2005/56/EC of the European Parliament and of the Council of 26 October 2005 on cross-border mergers of limited liability companies has had a profound impact on the cross border merger activity between Member States by providing a unified general framework for mergers with simplified procedures involving lower costs and shorter times. These advantages should be carried over to the field of cross-border conversions and divisions, too. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 2 Proposal for a directive Recital 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) In the absence of harmonisation of Union law, the definition of the connecting factor that determines the national law applicable to a company or firm falls, in accordance with Article 54 of the TFEU, within the competence of each Member State to so define. Article 54 of the TFEU places the factor of the registered office, the central administration and the principal place of business of a company or firm at the same degree of connection. Therefore, as clarified in case-law42, where the Member State of new establishment, namely the destination Member State, requires only the transfer of the registered office as a connecting factor for the existence of a company under its national legislation, the fact that only the registered office (and not the central administration or principal place of business) is transferred does not as such exclude the applicability of the freedom of establishment under Article 49 of the TFEU. The choice of the specific form of company in cross-border mergers, conversions and divisions or the choice of a Member State of establishment are inherent in the exercise of the freedom of establishment guaranteed by the TFEU as part of a Single Market. |
(3) In the absence of harmonisation of Union law, the definition of the connecting factor that determines the national law applicable to a company or firm falls, in accordance with Article 54 of the TFEU, within the competence of each Member State to so define. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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42 Judgment of the Court of Justice of 25 October 2017, Polbud – Wykonawstwo, C-106/16, ECLI:EU:C:2017:804, paragraph 29. |
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Amendment 3 Proposal for a directive Recital 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(4) These developments in the case-law have opened up new opportunities for companies and firms in the Single Market in order to foster economic growth, effective competition and productivity. At the same time, the objective of a Single Market without internal borders for companies must also be reconciled with other objectives of European integration such as social protection (in particular the protection of workers), the protection of creditors and the protection of shareholders. Such objectives, in the absence of harmonised rules specifically regarding cross-border conversions, are pursued by Member States through a number of multifarious legal provisions and administrative practices. As a result, whereas companies are already able to merge cross-border, they experience a number of legal and practical difficulties when wishing to perform a cross-border conversion. Moreover, the national legislation of many Member States provides for the procedure of domestic conversions without offering an equivalent procedure for converting cross-border. |
(4) These developments in the case-law have opened up new opportunities for companies and firms in the Single Market in order to foster economic growth, effective competition and productivity. At the same time, in the absence of a level playing field in the form of coherent social and fiscal rules, these developments went hand-in-hand with the proliferation of letterbox companies and abusive practices, constituting artificial arrangements and circumventing fiscal and social security obligations as well as undercutting workers’ rights. The objective of a Single Market without internal borders for companies must be reconciled with other objectives of European integration such as social protection for all, the protection of workers’ rights, the protection of creditors and the protection of shareholders, as well as the fight against attacks on financial interests of the Union via for example money laundering and tax evasion. In the absence of harmonised rules specifically regarding cross-border conversions, Member States have developed a number of multifarious legal provisions and administrative practices. As a result, whereas companies are already able to merge cross-border, they experience a number of legal and practical difficulties when wishing to perform a cross-border conversion. Moreover, the national legislation of many Member States provides for the procedure of domestic conversions without offering an equivalent procedure for converting cross-border. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 4 Proposal for a directive Recital 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(6) It is appropriate therefore to provide procedural and substantive rules on cross-border conversions which would contribute to the abolition of restrictions on freedom of establishment and provide at the same time adequate and proportionate protection for stakeholders such as employees, creditors and minority shareholders. |
(6) It is appropriate therefore to provide procedural and substantive rules on cross-border conversions which would contribute to the abolition of restrictions on freedom of establishment and provide at the same time adequate and proportionate protection for stakeholders such as creditors and minority shareholders and, in particular, employees. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 5 Proposal for a directive Recital 6 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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(6a) The definition of consultation needs to take account of the aim of expressing an opinion which will be useful to the decision-making process, which implies that the consultation must take place at such time, in such fashion and with such content as are appropriate. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 6 Proposal for a directive Recital 6 b (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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(6b) This Directive establishes minimum requirements applicable throughout the Member States while allowing and encouraging Member States to provide more favourable protection of employees. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 7 Proposal for a directive Recital 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(7) The right to convert an existing company formed in a Member State into a company governed by another Member State may in certain circumstances be used for abusive purposes such as for the circumvention of labour standards, social security payments, tax obligations, creditors', minority shareholders' rights or rules on employees participation. In order to combat such possible abuses, a general principle of Union law, Member States are required to ensure that companies do not use the cross-border conversion procedure in order to create artificial arrangements aimed at obtaining undue tax advantages or at unduly prejudicing the legal or contractual rights of employees, creditors or members. In so far as it constitutes a derogation from a fundamental freedom, the fight against abuses must be interpreted strictly and be based on an individual assessment of all relevant circumstances. A procedural and substantive framework which describes the margin of discretion and allows for the diversity of approach by Member States whilst at the same time setting out the requirements to streamline the actions to be taken by national authorities to fight abuses in conformity with Union law should be laid down. |
(7) The right to merge, divide or convert an existing company formed in a Member State into a company governed by another Member State should never be used for abusive purposes such as for the circumvention of labour standards, social security payments, tax obligations, creditors', minority shareholders' rights or rules on employees participation, as this is the case for example of letterbox companies. In order to combat such possible abuses, a general principle of Union law, Member States are required to ensure that companies do not use the cross-border conversion, merger or division procedure in order to create artificial arrangements aimed, solely or partially, at obtaining tax or social security advantages or at prejudicing the legal or contractual rights of employees, creditors or members. The fight against abuses must be based on an individual assessment of all relevant circumstances. A common procedural and substantive framework which sets out the requirements to streamline the actions to be taken by national authorities to fight abuses in conformity with Union law should be laid down, whilst describing, where strictly necessary, the margin of discretion allowed for Member States. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 8 Proposal for a directive Recital 10 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(10) To allow all stakeholders' legitimate interests to be taken into account in the procedure governing a cross-border conversion, the company should disclose the draft terms of the cross-border conversion containing the most important information about the proposed cross-border conversion, including the envisaged new company form, the instrument of constitution and the proposed timetable for the conversion. Members, creditors and employees of the company carrying out the cross-border conversion should be notified in order that they can submit comments with regard to the proposed conversion. |
(10) To allow all stakeholders' legitimate interests to be taken into account in the procedure governing a cross-border conversion, the company should disclose the draft terms of the cross-border conversion containing the information about the proposed cross-border conversion, including the envisaged new company form, the instrument of constitution and the proposed timetable for the conversion. Members, creditors and employees of the company carrying out the cross-border conversion should be notified and be given this information in due time in order that they can submit comments with regard to the proposed conversion. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 9 Proposal for a directive Recital 12 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(12) In order to provide information to its employees, the company carrying out the cross-border conversion should prepare a report explaining the implications of the proposed cross-border conversion for employees. The report should explain in particular the implications of the proposed cross-border conversion on the safeguarding of the jobs of the employees, whether there would be any material change in the employment relationships and the locations of the companies’ places of business and how each of these factors would relate to any subsidiaries of the company. This requirement should not however apply where the only employees of the company are in its administrative organ. The provision of the report should be without prejudice to the applicable information and consultation proceedings instituted at national level following the implementation of Directive 2002/14/EC of the European Parliament and of the Council43 or Directive 2009/38/EC of the European Parliament and of the Council44 . |
(12) In order to provide information to its employees, this report should also explain the implications of the proposed cross-border conversion for employees and/or their representatives. In order to avoid duplications, companies may decide to combine this report with the report addressed to the members. It should explain in particular the implications of the proposed cross-border conversion on the safeguarding of the jobs of the employees, whether there would be any material change in the employment relationships, on the application of collective agreements and the locations of the companies’ central administration or places of business and how each of these factors would relate to any subsidiaries of the company. The requirement for certain specific information should not however apply where the only employees of the company are in its administrative organ and should be delivered in a timely manner. The provision of the report should not create unnecessary administrative requirements or duplication of existing requirements and should be without prejudice to the applicable information and consultation proceedings instituted at national level following the implementation of Directive 2002/14/EC of the European Parliament and of the Council43 or Directive 2009/38/EC of the European Parliament and of the Council44 . | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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43 Directive 2002/14/EC of the European Parliament and of the Council of 11 March 2002 establishing a general framework for informing and consulting employees in the European Community (OJ L 80, 23.3.2002, p. 29). |
43 Directive 2002/14/EC of the European Parliament and of the Council of 11 March 2002 establishing a general framework for informing and consulting employees in the European Community (OJ L 80, 23.3.2002, p. 29). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
44 Directive 2009/38/EC of the European Parliament and of the Council of 6 May 2009 on the establishment of a European Works Council or a procedure in Community-scale undertakings and Community-scale groups of undertakings for the purposes of informing and consulting employees (Recast) (OJ L 122, 16.5.2009, p. 28). |
44 Directive 2009/38/EC of the European Parliament and of the Council of 6 May 2009 on the establishment of a European Works Council or a procedure in Community-scale undertakings and Community-scale groups of undertakings for the purposes of informing and consulting employees (Recast) (OJ L 122, 16.5.2009, p. 28). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 10 Proposal for a directive Recital 12 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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(12a) The freedom of establishment and the development of the internal market are no stand-alone principles or objectives of the Union. They should always be balanced with, in particular in the context of this Directive, the Union’s principles and objectives regarding social progress, the promotion of a high level of employment and the guarantee of adequate social protection, embedded in Article 3 of the Treaty on the European Union and Article 9 of the TFEU. It is therefore clear that the development of the internal market should contribute to social cohesion and upward social convergence, and should not fuel competition between social systems, putting pressure on those systems to lower their standards. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 11 Proposal for a directive Recital 12 b (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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(12b) Union policy should also contribute to the promotion and reinforcement of social dialogue, in line with Article 151 TFEU. It is therefore also the objective of this Directive to secure employees’ information, consultation and participation rights and to ensure that any cross-border mobility of companies can never lead to the lowering of these rights. Ensuring information, consultation and participation of employees is essential for all such actions to succeed. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 12 Proposal for a directive Recital 12 c (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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(12c) The freedom of establishment should also in no way undermine the principles regarding the countering fraud and any other illegal activities affecting the financial interests of the Union included in Article 310 TFEU. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 13 Proposal for a directive Recital 12 d (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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(12d) There is a need to ensure consistency for companies and employees in order to avoid duplication of existing Union legislation. Directive 2002/14/EC, Directive 2001/23/EC1a and Directive 2009/38/EC already include requirements on information and consultation of employees that apply in situations of cross border conversions, mergers and divisions. It is important that this Directive complements these existing directives in order to avoid unnecessary administrative burdens by undermining the current provisions in place for information, consultation and participation of employees. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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1a Council Directive 2001/23/EC of 12 March 2001 on the approximation of the laws of the Member States relating to the safeguarding of employees' rights in the event of transfers of undertakings, businesses or parts of undertakings or businesses (OJ L 82, 22.3.2001, p. 16). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 14 Proposal for a directive Recital 13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(13) In order to assess the accuracy of the information contained in the draft terms of conversion and in the reports addressed to the members and employees and to provide factual elements necessary to assess whether the proposed conversion constitutes an artificial arrangement, an independent expert report should be required to be prepared in order to assess the proposed cross-border conversion. In order to secure the independence of the expert, the expert should be appointed by the competent authority, following an application by the company. In this context, the expert report should present all relevant information to enable the competent authority in the departure Member State to take an informed decision as to whether or not to issue the pre-conversion certificate. To this end, the expert should be able to obtain all the relevant company information and documents and carry out all necessary investigations in order to gather all the evidence required. The expert should use information, in particular net turnover and profit or loss, number of employees and the composition of balance sheet collected by the company in view of the preparation of financial statements in accordance with Union law and the law of Member States. However, in order to protect any confidential information, including business secrets of the company, such information should not form part of the expert’s final report which itself would be publically available. |
(13) In order to assess the accuracy of the information contained in the draft terms of conversion and in the reports addressed to the members and employees and to provide factual elements necessary to assess whether the proposed conversion constitutes an artificial arrangement, an independent expert report should be required to be prepared in order to assess the proposed cross-border conversion. In order to secure the independence of the expert, the expert should be appointed by the competent authority, following an application by the company. The appointment of the independent experts should be based on objective criteria to ensure their independence. In this context, the expert report should present all relevant information to enable the competent authority in the departure Member State to take an informed decision as to whether or not to issue the pre-conversion certificate. To this end, the expert should be able to obtain all the relevant company information and documents and carry out all necessary investigations in order to gather all the evidence required. The expert should use information, in particular net turnover and profit or loss, number of employees and the composition of balance sheet collected by the company in view of the preparation of financial statements in accordance with Union law and the law of Member States. However, in order to protect any confidential information, including business secrets of the company, such information should not form part of the expert’s final report which itself would be publically available. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 15 Proposal for a directive Recital 14 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(14) With a view to avoiding disproportionate costs and burdens for smaller companies carrying out the cross-border conversion, micro and small enterprises, as defined in the Commission Recommendation 2003/361/EC45 , should be exempted from the requirement to produce an independent expert report. However, these companies can resort to an independent expert report to prevent litigation costs with creditors. |
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45 Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36). |
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Amendment 16 Proposal for a directive Recital 15 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(15) On the basis of the draft terms of conversion and the reports, the general meeting of the members of the company should decide on whether or not to approve those draft terms. It is important that the majority requirement for such a vote should be sufficiently high in order to ensure that the decision to convert is a collective one. In addition, members should also have the right to vote on any arrangements concerning employee participation, if they have reserved that right during the general meeting. |
(15) On the basis of the draft terms of conversion and the reports, the general meeting of the members of the company should decide on whether or not to approve those draft terms. It is important that the majority requirement for such a vote should be sufficiently high in order to ensure that the decision to convert is a collective one. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 17 Proposal for a directive Recital 19 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(19a) The great diversity of rules and practices existing in the Member States as regards the manner in which employees' representatives are involved in decision-making within companies should be respected and acknowledged. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 18 Proposal for a directive Recital 19 b (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(19b) Information and consultation procedures at national and transnational level should nevertheless be ensured in all companies resulting from the cross-border conversion or merger. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 19 Proposal for a directive Recital 20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(20) In order to prevent the circumvention of employee participation rights by means of a cross-border conversion, the company carrying out a conversion which is registered in the Member State which provides for the employee participation rights, should not be able to perform a cross-border conversion without first entering into negotiations with its employees or their representatives when the average number of employees employed by that company is equivalent to four fifths of the national threshold for triggering such employee participation. |
(20) In order to prevent the circumvention of employee participation rights by means of a cross-border conversion, the company carrying out a conversion which is registered in the Member State which provides for the employee participation rights, should not be able to perform a cross-border conversion without first entering into negotiations with its employees or their representatives. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 20 Proposal for a directive Recital 26 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(26) The evaluation of the implementation of the cross-border merger rules in Member States has shown that the number of cross-border mergers in the Union has significantly increased. However, this evaluation has also revealed certain shortcomings in relation specifically to creditor protection and shareholder protection as well as to the lack of simplified procedures which impede the full effectiveness and efficiency of those cross-border merger rules. |
(26) The evaluation of the implementation of the cross-border merger rules in Member States has shown that the number of cross-border mergers in the Union has significantly increased. However, this evaluation has also revealed certain shortcomings in relation specifically to employee, creditor and shareholder protection as well as to the lack of simplified procedures which impede the full effectiveness and efficiency of those cross-border merger rules. While no available data could conclusively establish that the employee participation procedure was inefficient, the evaluation revealed that companies considered it too complex and leading to unnecessary costs and delays within the merger. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 21 Proposal for a directive Recital 28 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(28) In order to further enhance the existing cross-border merger procedure, it is necessary to simplify those merger rules, where appropriate, whilst at the same time ensuring that stakeholders, and in particular employees, are adequately protected. Therefore, the existing cross-border merger rules should be modified in order to oblige the management or administrative organs of the merging companies to prepare separate reports detailing the legal and economic aspects of the cross-border merger for both members and for employees. The obligation on the management or administrative organ of the company to prepare the report for the members may however be waived, where those members are already informed about legal and economic aspects of the proposed merger. However, the report prepared for employees may only be waived where the merging companies and their subsidiaries do not have any employees other than those who form part of the management or administrative organ. |
(28) In order to further enhance the existing cross-border merger procedure, it is necessary to simplify those merger rules, where appropriate, whilst at the same time ensuring that shareholders, creditors and in particular employees, are adequately protected. Therefore, the existing cross-border merger rules should be modified in order to oblige the management or administrative organs of the merging companies to prepare a detailed report on the legal and economic aspects of the cross-border merger for both members, especially minority shareholders, and for employees in full respect of the autonomy of the social partners. The obligation on the management or administrative organ of the company to provide certain specific information for the members may however be waived, where those members are already informed about legal and economic aspects of the proposed merger. However, the requirement to provide certain specific information related to employees may only be waived where the merging companies and their subsidiaries do not have any employees other than those who form part of the management or administrative organ. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 22 Proposal for a directive Recital 29 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(29) Furthermore, in order to enhance the protection afforded to the employees of the merging company or companies, employees or their representatives may provide their opinion on the company report setting out the implications of the cross-border merger for them. The provision of the report should be without prejudice to the applicable information and consultation proceedings instituted at national level following the implementation of Council Directive 2001/23/EC48 , Directive 2002/14/EC or Directive 2009/38/EC. |
(29) Furthermore, in order to enhance the protection afforded to the employees of the merging company or companies, employees or their representatives may provide, prior to the merge, their opinion, to be included in the report, on the implications of the cross-border merger for them. The provision of the report should be without prejudice to the applicable information and consultation proceedings instituted at national level following the implementation of Council Directive 2001/23/EC48 , Directive 2002/14/EC or Directive 2009/38/EC. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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48 Council Directive 2001/23/EC of 12 March 2001 on the approximation of the laws of the Member States relating to the safeguarding of employees' rights in the event of transfers of undertakings, businesses or parts of undertakings or businesses (OJ L 82, 22.3.2001, p. 16). |
48 Council Directive 2001/23/EC of 12 March 2001 on the approximation of the laws of the Member States relating to the safeguarding of employees' rights in the event of transfers of undertakings, businesses or parts of undertakings or businesses (OJ L 82, 22.3.2001, p. 16). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 23 Proposal for a directive Recital 31 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(31) The lack of harmonisation of safeguards for members or creditors has been identified an obstacle for cross-border mergers by different stakeholders. Members and creditors should be offered the same level of protection regardless of the Member States in which the merging companies are situated. This is without prejudice to the Member States’ rules on protecting creditors or shareholders which are outside the scope of the harmonised measures, such as transparency requirements. |
(31) The lack of harmonisation of safeguards for employees, members or creditors has been identified an obstacle for cross-border mergers by different stakeholders. Employees, members and creditors should be offered at least the same level of protection regardless of the Member States in which the merging companies are situated. This is without prejudice to the Member States’ rules on protecting employees, creditors or shareholders which are outside the scope of the harmonised measures, such as transparency requirements. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 24 Proposal for a directive Recital 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(40) The right of companies to carry out a cross-border division may in certain circumstances be used for abusive purposes such as for the circumvention of labour standards, social security payments, tax obligations, creditors' or members' rights or rules on employees participation. In order to combat such abuses, as a general principle of Union law, Member States are required to ensure that companies do not use the cross-border division procedure in order to create artificial arrangements aimed at obtaining undue tax advantages or at unduly prejudicing the legal or contractual rights of employees, creditors or members. In so far as it constitutes a derogation from a fundamental freedom, the fight against abuses must be interpreted strictly and must be based on an individual assessment of all relevant circumstances. A procedural and substantive framework which describes the margin of discretion and allows for the diversity of approaches by Member States whilst at the same time setting out the requirements to streamline the actions to be taken by national authorities to fight abuses in conformity with Union law should be laid down. |
(40) The right of companies to carry out a cross-border division may in certain circumstances be used for abusive purposes such as for the circumvention of labour standards, social security payments, tax obligations, creditors' or members' rights or rules on employees participation. In order to combat such abuses, as a general principle of Union law, Member States are required to ensure that companies do not use the cross-border division procedure in order to abuse the law or to commit a fraudulent act. In so far as it constitutes a derogation from a fundamental freedom, the fight against abuses must be interpreted strictly and must be based on an individual assessment of all relevant circumstances. A procedural and substantive framework which describes the margin of discretion and allows for the diversity of approaches by Member States whilst at the same time setting out the requirements to streamline the actions to be taken by national authorities to fight abuses in conformity with Union law should be laid down. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 25 Proposal for a directive Recital 41 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(41) Given the complexity of cross-border divisions and the multitude of the interests concerned, it is appropriate to provide for an ex-ante control in order to create legal certainty. To that effect, a structured and multi-layered procedure should be set out whereby both the competent authorities of the Member State of the company being divided and of the Member State of the recipient companies ensure that a decision on the approval of a cross-border division is taken in a fair, objective and non-discriminatory manner on the basis of all relevant elements and by taking into account all legitimate public interests, in particular the protection of employees, shareholders and creditors. |
(41) Given the complexity of cross-border divisions and the multitude of the interests concerned, it is appropriate to provide for an ex-ante and an ex-post control in order to create legal certainty. To that effect, a structured and multi-layered procedure should be set out whereby both the competent authorities of the Member State of the company being divided and of the Member State of the recipient companies ensure that a decision on the approval of a cross-border division is taken in a fair, objective and non-discriminatory manner on the basis of all relevant elements and by taking into account all legitimate public interests, in particular the protection of employees, shareholders and creditors. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 26 Proposal for a directive Recital 43 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(43) In order to provide information to its members, the company being divided should prepare a report. The report should explain and substantiate the legal and economic aspects of the proposed cross-border division, in particular explaining the implications of the cross-border division for members with regard to the future business of the company and the management organs’ strategic plan. It should also include explanations about the exchange ratio, where applicable, the criteria to determine the allocation of shares and potential remedies available to members, where they do not agree with the decision to carry out a cross-border division. |
(43) In order to provide information to its members and employees, the company being divided should prepare a report in full respect of the autonomy of the social partners. With regard to the interests of members, and especially minority shareholders, the report should explain and substantiate the legal and economic aspects of the proposed cross-border division, in particular explaining the implications of the cross-border division for members with regard to the future business of the company and the management organs’ strategic plan. It should also include explanations about the exchange ratio, where applicable, the criteria to determine the allocation of shares and potential remedies available to members, where they do not agree with the decision to carry out a cross-border division. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 27 Proposal for a directive Recital 44 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(44) In order to provide information its employees, the company being divided should prepare a report explaining the implications of the proposed cross-border division for employees. The report should explain in particular the implications of the proposed cross-border division on the safeguarding of the jobs of the employees, whether there would be any material change in the conditions of employment and the locations of the companies’ places of business, and how each of these factors would relate to any subsidiaries of the company. The provision of the report should be without prejudice to the applicable information and consultation proceedings instituted at national level following the implementation of Directives 2001/23/EC, 2002/14/EC or 2009/38/EC. |
(44) The report should also explain the implications of the proposed cross-border division for employees. It should explain in particular the implications of the proposed cross-border division on the safeguarding of the jobs of the employees, whether there would be any material change in the conditions of employment including the conditions laid down in law and collective agreements and the locations of the companies’ places of business, and how each of these factors would relate to any subsidiaries of the company. The provision of the report should be without prejudice to the applicable information and consultation proceedings instituted at national level following the implementation of Directives 2001/23/EC, 2002/14/EC or 2009/38/EC while not causing any duplication of reporting requirements. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 28 Proposal for a directive Recital 52 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(52) The issue of the pre-division certificate by the Member State of the company being divided should be scrutinised to ensure the legality of the cross-border division. The competent authority should decide whether to issue a pre-division certificate within one month of the application by the company has been submitted, unless it has serious concerns as to the existence of an artificial arrangement aimed at obtaining undue tax advantages or at unduly prejudicing the legal or contractual rights of employees, creditors or members. In such a case, the competent authority should carry out an in-depth assessment. However, this in-depth assessment should not be carried out systematically but it should be conducted on a case-by-case basis where there are serious concerns as to the existence of an artificial arrangement. For their assessment, competent authorities should take into account at least a number of factors laid down in this Directive which however should be only considered as indicative factors in the overall assessment and not be considered in isolation. In order not to burden companies with an overly lengthy procedure, this in-depth assessment should in any event be concluded within two months informing the company that the in-depth assessment will be carried out. |
(52) The issue of the pre-division certificate by the Member State of the company being divided should be scrutinised to ensure the legality of the cross-border division. The competent authority should decide whether to issue a pre-division certificate within one month of the application by the company has been submitted, unless it has serious concerns as to the existence of an intention to abuse the law or to commit a fraudulent act. In such a case, the competent authority should carry out an in-depth assessment. However, this in-depth assessment should not be carried out systematically but it should be conducted on a case-by-case basis where there are serious concerns as to the existence of an artificial arrangement. For their assessment, competent authorities should take into account at least a number of factors laid down in this Directive which however should be only considered as indicative factors in the overall assessment and not be considered in isolation. In order not to burden companies with an overly lengthy procedure, this in-depth assessment should in any event be concluded within two months informing the company that the in-depth assessment will be carried out. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 29 Proposal for a directive Recital 56 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
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(56) In order to prevent the circumvention of the employee participation rights by means of a cross-border division, the company carrying out a division which is registered in the Member State which provides for the employee participation rights, should not be able to perform a cross-border division without first entering into negotiations with its employees or their representatives when the average number of employees employed by that company is equivalent to four fifths of the national threshold for triggering such employee participation. |
(56) In order to prevent the circumvention of the employee participation rights by means of a cross-border division, the company carrying out a division which is registered in the Member State which provides for the employee participation rights, should not be able to perform a cross-border division without first entering into negotiations with its employees or their representatives when the average number of employees employed by that company is equivalent to the national threshold in case of SMEs, or to four fifths of this threshold in case of other companies for triggering such employee participation. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment 30 Proposal for a directive Article 1 – paragraph 1 – point -1 (new) Directive (EU) 2017/1132 Article 1 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 31 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86a – paragraph 1 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 32 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86b – paragraph 1 – point 6 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 33 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86b – paragraph 1 – point 6 b (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 34 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86b – paragraph 1 – point 6c (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 35 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86b – paragraph 1 – point 6d (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 36 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86c – paragraph 2 – point e a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 37 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86c – paragraph 2 – point e b (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 38 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86c – paragraph 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 39 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86d | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 40 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86e | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 41 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86f | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 42 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86g – title | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 43 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86g – paragraph 1 – subparagraph 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 44 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86g – paragraph 1 – subparagraph 2 – introductory part | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 45 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86g – paragraph 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 46 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86g – paragraph 3 – introductory part | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 47 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86g – paragraph 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 48 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86g – paragraph 5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 49 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86h – paragraph 1 – point c | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 50 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86h – paragraph 1 – subparagraph 1 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 51 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86i – paragraph 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 52 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86j – paragraph 1 – point a | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 53 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86j – paragraph 2 – introductory part | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 54 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86j – paragraph 3 – subparagraph 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 55 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86k – paragraph 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 56 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86l | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 57 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86m – paragraph 1 – point b a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 58 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86m – paragraph 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 59 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86m – paragraph 5 – point b | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 60 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86m – paragraph 7 – point a | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 61 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) 2017/1132 Article 86n – paragraph 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 62 Proposal for a directive Article 1 – paragraph 1 – point 4 a (new) Directive (EU) 2017/1132 Article 119 – point 2 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 63 Proposal for a directive Article 1 – paragraph 1 – point 4 b (new) Directive (EU) 2017/1132 Article 119 – point 2 b (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 64 Proposal for a directive Article 1 – paragraph 1 – point 4 c (new) Directive (EU) 2017/1132 Article 119 – point 2 c (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 65 Proposal for a directive Article 1 – paragraph 1 – point 4 d (new) Directive (EU) 2017/1132 Article 119 – point 2 d (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 66 Proposal for a directive Article 1 – paragraph 1 – point 4 e (new) Directive (EU) 2017/1132 Article 119 – point 2 e (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 67 Proposal for a directive Article 1 – paragraph 1 – point 4 f (new) Directive (EU) 2017/1132 Article 119 – point 2 f (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 68 Proposal for a directive Article 1 – paragraph 1 – point 4 g (new) Directive (EU) 2017/1132 Article 119 – point 2 g (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 69 Proposal for a directive Article 1 – paragraph 1 – point 5 Directive (EU) 2017/1132 Article 120 – paragraph 4 – introductory part | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 70 Proposal for a directive Article 1 – paragraph 1 – point 5 Directive (EU) 2017/1132 Article 120 – paragraph 4 – point e a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 71 Proposal for a directive Article 1 – paragraph 1 – point 5 Directive (EU) 2017/1132 Article 120 – paragraph 4 – point e b (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 72 Proposal for a directive Article 1 – paragraph 1 – point 5 Directive (EU) 2017/1132 Article 120 – paragraph 4 – point e c (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 73 Proposal for a directive Article 1 – paragraph 1 – point 7 – point c Directive (EU) 2017/1132 Article 122 –subparagraph 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 74 Proposal for a directive Article 1 – paragraph 1 – point 9 Directive (EU) 2017/1132 Article 124 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 75 Proposal for a directive Article 1 – paragraph 1 – point 10 Directive (EU) 2017/1132 Article 124a | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 76 Proposal for a directive Article 1 – paragraph 1 – point 12 – point a Directive (EU) 2017/1132 Article 126 – paragraph 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 77 Proposal for a directive Article 1 – paragraph 1 – point 13 Directive (EU) 2017/1132 Article 126a – paragraph 2 – introductory wording | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 78 Proposal for a directive Article 1 – paragraph 1 – point 13 Directive (EU) 2017/1132 Article 126a – paragraph 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 79 Proposal for a directive Article 1 – paragraph 1 – point 18 – point -a (new) Directive (EU) 2017/1132 Article 133 – paragraph 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 80 Proposal for a directive Article 1 – paragraph 1 – point 18 – point -a a (new) Directive (EU) 2017/1132 Article 133 – paragraph 1 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 81 Proposal for a directive Article 1 – paragraph 1 – point 18 – point -a b (new) Directive (EU) 2017/1132 Article 133 – paragraph 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 82 Proposal for a directive Article 1 – paragraph 1 – point 18 – point -a c (new) Directive (EU) 2017/1132 Article 133 – paragraph 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 83 Proposal for a directive Article 1 – paragraph 1 – point 18 – point -a d (new) Directive (EU) 2017/1132 Article 133 – paragraph 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 84 Proposal for a directive Article 1 – paragraph 1 – point 18 – point -a e (new) Directive (EU) 2017/1132 Article 133 – paragraph 5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 85 Proposal for a directive Article 1 – paragraph 1 – point 18 – point -a f (new) Directive (EU) 2017/1132 Article 133 – paragraph 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 86 Proposal for a directive Article 1 – paragraph 1 – point 18 – point a Directive (EU) 2017/1132 Article 133 – paragraph 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 87 Proposal for a directive Article 1 – paragraph 1 – point 18 – point b Directive (EU) 2017/1132 Article 133 – paragraph 8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 88 Proposal for a directive Article 1 – paragraph 1 – point 18 – point b a (new) Directive (EU) 2017/1132 Article 133 – paragraph 8 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 89 Proposal for a directive Article 1 – paragraph 1 – point 18 – point b b (new) Directive (EU) 2017/1132 Article 133 – paragraph 8 b (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 90 Proposal for a directive Article 1 – paragraph 1 – point 18 – point b c (new) Directive (EU) 2017/1132 Article 133 – paragraph 8 c (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 91 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160b – paragraph 1 – point 3 a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 92 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160b – paragraph 1 – point 3 b (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 93 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160b – paragraph 1 – point 3 c (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 94 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160b – paragraph 1 – point 3 d (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 95 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160b – paragraph 1 – point 3 e (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 96 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160b – paragraph 1 – point 3 f (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 97 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160d – paragraph 2 – point e a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 98 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160d – paragraph 2 – point e b (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 99 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160d – paragraph 2 – point e c (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 100 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160d – paragraph 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 101 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160e – paragraph 1 – introductory part | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 102 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160e – paragraph 1 – point d a (new) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 103 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160e – paragraph 1 – point e | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 104 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160e – paragraph 1 – point l | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 105 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160e – paragraph 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 106 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160g | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 107 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160h | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 108 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160i – paragraph 1 – subparagraph 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 109 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160i – paragraph 3 – point f | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 110 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160k – paragraph 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 111 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160l – paragraph 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amendment 112 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) 2017/1132 Article 160n | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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PROCEDURE – COMMITTEE ASKED FOR OPINION
Title |
Cross-border conversions, mergers and divisions |
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References |
COM(2018)0241 – C8-0167/2018 – 2018/0114(COD) |
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Committee responsible Date announced in plenary |
JURI 28.5.2018 |
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Opinion by Date announced in plenary |
EMPL 28.5.2018 |
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Associated committees - date announced in plenary |
4.10.2018 |
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Rapporteur Date appointed |
Anthea McIntyre 11.7.2018 |
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Discussed in committee |
24.9.2018 |
18.10.2018 |
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Date adopted |
15.11.2018 |
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Result of final vote |
+: –: 0: |
27 23 1 |
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Members present for the final vote |
Laura Agea, Guillaume Balas, Tiziana Beghin, Brando Benifei, Mara Bizzotto, Vilija Blinkevičiūtė, Enrique Calvet Chambon, David Casa, Ole Christensen, Michael Detjen, Geoffroy Didier, Lampros Fountoulis, Arne Gericke, Marian Harkin, Czesław Hoc, Danuta Jazłowiecka, Agnes Jongerius, Rina Ronja Kari, Jan Keller, Ádám Kósa, Jean Lambert, Jérôme Lavrilleux, Patrick Le Hyaric, Verónica Lope Fontagné, Javi López, Thomas Mann, Anthea McIntyre, Joëlle Mélin, Miroslavs Mitrofanovs, Elisabeth Morin-Chartier, Emilian Pavel, Marek Plura, Dennis Radtke, Terry Reintke, Sofia Ribeiro, Robert Rochefort, Claude Rolin, Siôn Simon, Romana Tomc, Ulrike Trebesius, Renate Weber, Jana Žitňanská |
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Substitutes present for the final vote |
Lynn Boylan, Silvia Costa, Eduard Kukan, Miapetra Kumpula-Natri, Paloma López Bermejo, António Marinho e Pinto, Evelyn Regner, Csaba Sógor |
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Substitutes under Rule 200(2) present for the final vote |
Olle Ludvigsson |
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FINAL VOTE BY ROLL CALL IN COMMITTEE ASKED FOR OPINION
27 |
+ |
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EFDD ENF GUE/NGL PPE S&D
VERTS/ALE |
Laura Agea, Tiziana Beghin Mara Bizzotto Lynn Boylan, Rina Ronja Kari, Patrick Le Hyaric, Paloma López Bermejo Jérôme Lavrilleux, Dennis Radtke, Claude Rolin Guillaume Balas, Brando Benifei, Vilija Blinkevičiūtė, Ole Christensen, Silvia Costa, Michael Detjen, Agnes Jongerius, Jan Keller, Miapetra Kumpula‑Natri, Olle Ludvigsson, Javi López, Emilian Pavel, Evelyn Regner, Siôn Simon Jean Lambert, Miroslavs Mitrofanovs, Terry Reintke |
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23 |
- |
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ALDE ECR ENF NI PPE |
Enrique Calvet Chambon, Marian Harkin, António Marinho e Pinto, Renate Weber Arne Gericke, Czesław Hoc, Anthea McIntyre, Ulrike Trebesius, Jana Žitňanská Joëlle Mélin Lampros Fountoulis David Casa, Geoffroy Didier, Danuta Jazłowiecka, Eduard Kukan, Ádám Kósa, Verónica Lope Fontagné, Thomas Mann, Elisabeth Morin‑Chartier, Marek Plura, Sofia Ribeiro, Csaba Sógor, Romana Tomc |
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1 |
0 |
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ALDE |
Robert Rochefort |
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Key to symbols:
+ : in favour
- : against
0 : abstention
OPINION of the Committee on Economic and Monetary Affairs (14.11.2018)
for the Committee on Legal Affairs
on the proposal for a directive of the European Parliament and of the Council amending Directive (EU) 2017/1132 as regards cross-border conversions, mergers and divisions
(COM(2018)0241 – C8‑0167/2018 – 2018/0114(COD))
Rapporteur for opinion: Olle Ludvigsson
SHORT JUSTIFICATION
The proposal to amend Directive (EU) 2017/1132 as regards cross-border conversions, mergers and divisions aims to foster cross-border mobility for companies while, at the same time, offer company stakeholders adequate protection in order to safeguard the fairness of the Single Market.
The rapporteur agrees that there is a need to stimulate cross-border movement of companies in the Single Market and by doing this making better use of the potential of the Single Market. However, it is essential that any measures aimed at facilitating cross-border movement go hand in hand with strong safeguards, preventing abuses and fictitious transfers for the purpose of social or fiscal dumping.
The proposal from the European Commission is important, especially following the Polbud-ruling from the European Court of Justice, and gives a good base for further discussion. However, within the remit of the ECON Committee, it is clear there is room for simplifications and further clarifications in the proposal, while at the same time strengthening safeguards and closing any potential loopholes, making sure that the new directive does not facilitate for instance circumvention of taxation and social security obligations.
In this respect, the rapporteur proposes to insert a definition for determining artificial arrangements. In the absence of a clear definition, there is a risk that Member States interpret the rules in an inconsistent way. It is important to avoid that the definition is contestable in order to prevent the set-up of more letterbox companies. Moreover, the proposal is also amended by extending the concept of artificial arrangements to cross-border mergers. This is about ensuring harmonised rules for the different cross-border operations as well as closing a potential loophole and create greater clarity.
Linked to artificial arrangements, there is also an amendment in Article 86c introducing the requirement of a real economic connection with the State of registration, a genuine link, in order to further strengthen legal certainty and prevent the abuse of the freedom of establishment with regard to for instance tax avoidance.
The proposal from the European Commission foresees in Article 86g an examination by an independent expert. This is an important provision, however, the examination should be undertaken as an exercise of a public authority. There are therefore several amendments addressing this issue, changing the concept from an examination by an independent expert to an examination by the competent authority.
The proposal does not foresee any possibilities for ex-post monitoring and enforcement. This is important, considering that it might be problematic to detect or discover artificial arrangements in advance. There is therefore an amendment introducing the concept of ex-post monitoring for cross-border conversions, including sanctions where requirements are not met.
Finally, the rapporteur is not convinced of including cross-border divisions in the proposal. The division proposal only covers a limited range of divisions, that is splitting up the firm into two or more newly created companies. There are doubts about the need for divisions to be included, as well as concerns about the risks and dangers of doing it, and it is therefore suggested to delete this part from the proposal.
AMENDMENTS
The Committee on Economic and Monetary Affairs calls on the Committee on Legal Affairs, as the committee responsible, to take into account the following amendments:
Amendment 1 Proposal for a directive Recital 1 | |||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||
(1) The Directive (EU) 2017/1132 of the European Parliament and of the Council2 regulates cross-border mergers of limited liability companies. These rules represent a significant milestone in improving the functioning of the Single Market for companies and firms and to exercise the freedom of establishment. However, evaluation of these rules shows that there is a need for modifications in cross-border merger rules. Furthermore, it is appropriate to provide for rules regulating cross-border conversions and divisions. |
(1) The Directive (EU) 2017/1132 of the European Parliament and of the Council2 regulates cross-border mergers of limited liability companies. These rules represent a significant milestone in improving the functioning of the Single Market for companies and firms and to exercise the freedom of establishment and provide adequate protection for stakeholders, such as workers, creditors and minority shareholders However, evaluation of these rules shows that there is a need for modifications in cross-border merger rules. Furthermore, it is appropriate to provide for rules regulating cross-border conversions. | ||||||||||||||||||||||||||||||||||||||||||
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2 Directive (EU) 2017/1132 of the European Parliament and of the Council of 14 June 2017 relating to certain aspects of company law (codification) (OJ L 169, 30.6.2017, p. 46). |
2 Directive (EU) 2017/1132 of the European Parliament and of the Council of 14 June 2017 relating to certain aspects of company law (codification) (OJ L 169, 30.6.2017, p. 46). | ||||||||||||||||||||||||||||||||||||||||||
Amendment 2 Proposal for a directive Recital 2 | |||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||
(2) Freedom of establishment is one of the fundamental principles of Union law. Under the second paragraph of Article 49 of the Treaty on the Functioning of the European Union (‘TFEU’), when read in conjunction with Article 54 of the TFEU, the freedom of establishment for companies or firms includes, inter alia, the right to form and manage such companies or firms under the conditions laid down by the legislation of the Member State of establishment. This has been interpreted by the Court of Justice of the European Union as encompassing the right of a company or firm formed in accordance with the legislation of a Member State to convert itself into a company or firm governed by the law of another Member State, provided that the conditions laid down by the legislation of that other Member State are satisfied and, in particular, that the test adopted by the latter Member State to determine the connection of a company or firm to its national legal order is satisfied. |
(2) Freedom of establishment is one of the fundamental principles of Union law. Under the second paragraph of Article 49 of the Treaty on the Functioning of the European Union (‘TFEU’), when read in conjunction with Article 54 of the TFEU, the freedom of establishment for companies or firms includes, inter alia, the right to form and manage such companies or firms under the conditions laid down by the legislation of the Member State of establishment. This has been extensively interpreted by the Court of Justice of the European Union as encompassing the right of a company or firm formed in accordance with the legislation of a Member State to convert itself into a company or firm governed by the law of another Member State, provided that the conditions laid down by the legislation of that other Member State are satisfied and, in particular, that the test adopted by the latter Member State to determine the connection of a company or firm to its national legal order is satisfied. Moreover, additional elements such as the existence of economic substance criteria are particularly important to take into account in order to avoid the misuse of this fundamental freedom for fraud purposes. | ||||||||||||||||||||||||||||||||||||||||||
Amendment 3 Proposal for a directive Recital 2 a (new) | |||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||
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(2a) While competition in the single market and the freedom of establishment are key principles of the Union, the freedom of companies to move their registered office from one Member State to another is based on undesired system competition between Member States fuelled by an unlevel playing field with different national provisions in social and fiscal policies. Abusive conversions, mergers or divisions constituting artificial arrangements or social dumping, but also reducing fiscal obligations or undercutting social rights of employees are therefore to be avoided in order to respect Treaty principles and European values. The case law of the European Court of Justice regarding a very far-reaching right to cross-border conversions is regrettable, as the possibility for firms to move their registered office without moving core activities has contributed to incomprehension and anti-European sentiments by employees and other stakeholders as regards this problematic form of competition. | ||||||||||||||||||||||||||||||||||||||||||
Amendment 4 Proposal for a directive Recital 2 b (new) | |||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||
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(2b) Moving towards a common and consolidated corporate tax system at the Union level and ensuring minimum common social standards in all Member States should be a pre-condition for common rules on company mobility, to allow for fair competition and a level playing field that does not put any Member State or stakeholder at a disadvantage. | ||||||||||||||||||||||||||||||||||||||||||
Amendment 5 Proposal for a directive Recital 3 | |||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||
(3) In the absence of harmonisation of Union law, the definition of the connecting factor that determines the national law applicable to a company or firm falls, in accordance with Article 54 of the TFEU, within the competence of each Member State to so define. Article 54 of the TFEU places the factor of the registered office, the central administration and the principal place of business of a company or firm at the same degree of connection. Therefore, as clarified in case-law,3 where the Member State of new establishment, namely the destination Member State, requires only the transfer of the registered office as a connecting factor for the existence of a company under its national legislation, the fact that only the registered office (and not the central administration or principal place of business) is transferred does not as such exclude the applicability of the freedom of establishment under Article 49 of the TFEU. The choice of the specific form of company in cross-border mergers, conversions and divisions or the choice of a Member State of establishment are inherent in the exercise of the freedom of establishment guaranteed by the TFEU as part of a Single Market. |
(3) In the absence of harmonisation of Union law, the definition of the connecting factor that determines the national law applicable to a company or firm falls, in accordance with Article 54 of the TFEU, within the competence of each Member State to so define. Article 54 of the TFEU places the factor of the registered office, the central administration and the principal place of business of a company or firm at the same degree of connection. Given the contradictions arising from the freedom of establishment and the absence of a level playing field in the form of common coherent social and fiscal rules between Member States, it is crucial to strike a balance between companies’ right to converge, merge and divide and other Treaty principles. Cross-border conversions should be conditioned to the company moving its registered office together with its head office in order to carry out a substantial part of its economic activity in the Member State of destination. | ||||||||||||||||||||||||||||||||||||||||||
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3 Judgment of the Court of Justice of 25 October 2017, Polbud – Wykonawstwo, C-106/16, ECLI:EU:C:2017:804, paragraph 29. |
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Amendment 6 Proposal for a directive Recital 4 | |||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||
(4) These developments in the case-law have opened up new opportunities for companies and firms in the Single Market in order to foster economic growth, effective competition and productivity. At the same time, the objective of a Single Market without internal borders for companies must also be reconciled with other objectives of European integration such as social protection (in particular the protection of workers), the protection of creditors and the protection of shareholders. Such objectives, in the absence of harmonised rules specifically regarding cross-border conversions, are pursued by Member States through a number of multifarious legal provisions and administrative practices. As a result, whereas companies are already able to merge cross-border, they experience a number of legal and practical difficulties when wishing to perform a cross-border conversion. Moreover, the national legislation of many Member States provides for the procedure of domestic conversions without offering an equivalent procedure for converting cross-border. |
(4) These developments in the case-law have opened up new opportunities for companies and firms in the Single Market in order to foster economic growth, effective competition and productivity. At the same time, the objective of a Single Market without internal borders for companies must also be reconciled with other objectives of European integration such as social protection (in particular the protection of workers), the protection of creditors and the protection of shareholders, as well as the fight against attacks on financial interests of the Union via for example money laundering and tax evasion. Similarly, the Union committed to respect the EU Charter of Fundamental Rights. The freedom of establishment shall in no way undermine other values and principles guaranteed by the TFEU such as the promotion of a high level of employment and the guarantee of adequate social protection (Article 9), improved living and working conditions and dialogue between management and labour, the development of human resources with a view to lasting high employment and the combating of exclusion (Article 151) or countering fraud and any other illegal activities affecting the financial interests of the Union (Article 310). Such objectives, in the absence of harmonised rules specifically regarding cross-border conversions, are pursued by Member States through a number of multifarious legal provisions and administrative practices. As a result, whereas companies are already able to merge cross-border, they experience a number of legal and practical difficulties when wishing to perform a cross-border conversion. Moreover, the national legislation of many Member States provides for the procedure of domestic conversions without offering an equivalent procedure for converting cross-border. | ||||||||||||||||||||||||||||||||||||||||||
Amendment 7 Proposal for a directive Recital 6 | |||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||
(6) It is appropriate therefore to provide procedural and substantive rules on cross-border conversions which would contribute to the abolition of restrictions on freedom of establishment and provide at the same time adequate and proportionate protection for stakeholders such as employees, creditors and minority shareholders. |
(6) It is appropriate therefore to provide procedural and substantive rules on cross-border conversions which would facilitate freedom of establishment and provide at the same time the necessary protection for stakeholders such as employees, creditors and minority shareholders. | ||||||||||||||||||||||||||||||||||||||||||
Amendment 8 Proposal for a directive Recital 7 | |||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||
(7) The right to convert an existing company formed in a Member State into a company governed by another Member State may in certain circumstances be used for abusive purposes such as for the circumvention of labour standards, social security payments, tax obligations, creditors', minority shareholders' rights or rules on employees participation. In order to combat such possible abuses, a general principle of Union law, Member States are required to ensure that companies do not use the cross-border conversion procedure in order to create artificial arrangements aimed at obtaining undue tax advantages or at unduly prejudicing the legal or contractual rights of employees, creditors or members. In so far as it constitutes a derogation from a fundamental freedom, the fight against abuses must be interpreted strictly and be based on an individual assessment of all relevant circumstances. A procedural and substantive framework which describes the margin of discretion and allows for the diversity of approach by Member States whilst at the same time setting out the requirements to streamline the actions to be taken by national authorities to fight abuses in conformity with Union law should be laid down. |
(7) The right to convert an existing company formed in a Member State into a company governed by another Member State may not under any circumstances be used for abusive purposes such as for the circumvention of labour standards, social security payments, tax obligations, creditors', minority shareholders' rights or rules on employees participation. In order to combat such possible abuses, a general principle of Union law, Member States are required to ensure that companies do not use the cross-border conversion procedure in order to create artificial arrangements. The procedure set out in this Directive aims at protecting the discretion of the Member States to impose corporate taxes on profits and employee representation obligations on companies. Member States may, on a case-by-case basis, conclude that conversions, mergers and divisions constitute an artificial arrangement and may decide on this basis not to authorise it. Any derogation from a fundamental right or freedom, the fight against abuses must be interpreted strictly and be based on an individual assessment of all relevant circumstances. A common procedural and substantive framework to set out the requirements to streamline the actions to be taken by national authorities to fight abuses in conformity with Union law should be laid down. With the aim of preventing the possibility of abuses in the field of taxation, legislation has already been adopted at EU level to combat tax avoidance practices, such as Directive (EU) 2016/1164 of 12 June 2016 laying down rules against tax avoidance practices that directly affect the functioning of the internal market. In the event of cross-border conversion, merger and division, Member States must ensure that a company intending to undertake such a conversion complies with these rules. | ||||||||||||||||||||||||||||||||||||||||||
Amendment 9 Proposal for a directive Recital 7 a (new) | |||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||
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(7a) This Directive does not exert downward pressure on national corporate tax rates, national taxation systems and mandatory board-level employee representation, which is fundamental to many Member States’ systems of corporate governance. It aims at facilitating freedom of establishment conditioned by a genuine economic activity in the destination Member State. Where a company cannot prove a genuine economic activity in the destination Member State, a Member State may rule that the conversion constitutes an artificial arrangement and may decide not to authorise it. | ||||||||||||||||||||||||||||||||||||||||||
Amendment 10 Proposal for a directive Recital 9 | |||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||
(9) Given the complexity of cross-border conversions and the multitude of the interests concerned, it is appropriate to provide for an ex-ante control in order to create legal certainty. To that effect, a structured and multi-layered procedure should be set out whereby the competent authorities of both the departure and the destination Member State ensure that a decision on the approval of a cross-border conversion is taken in a fair, objective and non-discriminatory manner on the basis of all relevant elements and by taking into account all legitimate public interests, in particular, the protection of employees, members and creditors. |
(9) Given the complexity of cross-border conversions and the multitude of the interests concerned, it is appropriate to provide for an ex-ante control in order to create legal certainty. To that effect, a structured and multi-layered procedure should be set out whereby the competent authorities of both the departure and the destination Member State ensure that a decision on the approval of a cross-border conversion is taken in a fair, objective and non-discriminatory manner on the basis of all relevant elements and by taking into account all legitimate public interests, in particular, the protection of employees, members and creditors. Procedures should also be in place for situations where additional information is available after the conversion but question whether the conversion has been done for abusive purposes. | ||||||||||||||||||||||||||||||||||||||||||
Amendment 11 Proposal for a directive Recital 10 | |||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||
(10) To allow all stakeholders' legitimate interests to be taken into account in the procedure governing a cross-border conversion, the company should disclose the draft terms of the cross-border conversion containing the most important information about the proposed cross-border conversion, including the envisaged new company form, the instrument of constitution and the proposed timetable for the conversion. Members, creditors and employees of the company carrying out the cross-border conversion should be notified in order that they can submit comments with regard to the proposed conversion. |
(10) To allow all stakeholders' legitimate interests to be taken into account in the procedures governing a cross-border conversion, the company should disclose the draft terms of the cross-border conversion containing the most important information about the proposed cross-border conversion, including the envisaged new company form and the rationale behind the conversion, the instrument of constitution and the proposed timetable for the conversion. Members, creditors, trade unions and employees of the company carrying out the cross-border conversion should be notified so that they can submit comments with regard to the proposed conversion. | ||||||||||||||||||||||||||||||||||||||||||
Amendment 12 Proposal for a directive Recital 12 a (new) | |||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||
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(12a) Companies willing to make full use of the benefits of the internal market through cross-border conversions shall submit in return to an adequate level of transparency and good corporate governance. Public Country by Country Reporting is an efficient and appropriate tool to increase transparency of multinational enterprises activities and to enable the public to assess their impact on the real economy. It will also improve shareholders ability to properly evaluate the risks taken by companies, lead to investment strategies based on accurate information and enhance decision-makers possibility to assess the efficiency and the impact of national legislations. Therefore, a set of financial information shall be published ahead of the cross-border operation ahead of its execution. | ||||||||||||||||||||||||||||||||||||||||||
Amendment 13 Proposal for a directive Recital 13 | |||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||
(13) In order to assess the accuracy of the information contained in the draft terms of conversion and in the reports addressed to the members and employees and to provide factual elements necessary to assess whether the proposed conversion constitutes an artificial arrangement, an independent expert report should be required to be prepared in order to assess the proposed cross-border conversion. In order to secure the independence of the expert, the expert should be appointed by the competent authority, following an application by the company. In this context, the expert report should present all relevant information to enable the competent authority in the departure Member State to take an informed decision as to whether or not to issue the pre-conversion certificate. To this end, the expert should be able to obtain all the relevant company information and documents and carry out all necessary investigations in order to gather all the evidence required. The expert should use information, in particular net turnover and profit or loss, number of employees and the composition of balance sheet collected by the company in view of the preparation of financial statements in accordance with Union law and the law of Member States. However, in order to protect any confidential information, including business secrets of the company, such information should not form part of the expert’s final report which itself would be publically available. |
(13) In order to assess the accuracy of the information contained in the draft terms of conversion and merger and in the report addressed to the members and employees and to provide factual elements necessary to assess whether the proposed conversion constitutes an artificial arrangement, the competent authority should be required to assess the proposed cross-border conversion and merger. In this context, the company should present all relevant information to enable the competent authority in the departure Member State to take an informed decision as to whether or not to issue the pre-conversion certificate. To this end, the competent authority should be able to obtain all the relevant company information and documents and carry out all necessary investigations in order to gather all the evidence required. The competent authority of the departure Member State may also in this regard ask questions to the competent authority in the Member State of destination. The competent authority should use information, in particular net turnover and profit or loss, number of employees and the composition of balance sheet collected by the company in view of the preparation of financial statements in accordance with Union law and the law of Member States. However, in order to protect any confidential information, including business secrets of the company, such information should not be made publically available, but should nevertheless be at the disposal, under confidentiality requirements, to the competent authority and where applicable under national law, to employee representatives. | ||||||||||||||||||||||||||||||||||||||||||
Amendment 14 Proposal for a directive Recital 14 | |||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||
(14) With a view to avoiding disproportionate costs and burdens for smaller companies carrying out the cross-border conversion, micro and small enterprises, as defined in the Commission Recommendation 2003/361/EC45 , should be exempted from the requirement to produce an independent expert report. However, these companies can resort to an independent expert report to prevent litigation costs with creditors. |
(14) With a view to avoiding disproportionate costs and burdens for smaller companies carrying out the cross-border conversion, micro and small enterprises, as defined in the Commission Recommendation 2003/361/EC45,should be exempted from the requirement to obtain an assessment by the competent authority. However, these companies can resort to such assessment to prevent litigation costs with creditors. | ||||||||||||||||||||||||||||||||||||||||||
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45 Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36). |
45 Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36). | ||||||||||||||||||||||||||||||||||||||||||
Amendment 15 Proposal for a directive Recital 15 | |||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||
(15) On the basis of the draft terms of conversion and the reports, the general meeting of the members of the company should decide on whether or not to approve those draft terms. It is important that the majority requirement for such a vote should be sufficiently high in order to ensure that the decision to convert is a collective one. In addition, members should also have the right to vote on any arrangements concerning employee participation, if they have reserved that right during the general meeting. |
(15) On the basis of the draft terms of conversion and the reports, the general meeting of the members of the company should decide on whether or not to approve those draft terms. It is important that the majority requirement for such a vote should be sufficiently high in order to ensure that the decision to convert is a collective one. | ||||||||||||||||||||||||||||||||||||||||||
Amendment 16 Proposal for a directive Recital 16 | |||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||
(16) It is appropriate that those members who held voting rights and who did not vote to approve the draft terms of conversion and those members without voting rights, who could not present their position, should be afforded the right to exit the company. Those members should be able to leave the company and receive cash compensation for their shares equivalent to the value of their shares. Furthermore, they should have a right to challenge the calculation and adequacy of that cash compensation offered before a court. |
(16) It is appropriate that members who held voting rights and who have explicitly objected to the draft terms of conversion should be afforded the right to exit the company. Those members should be able to leave the company and receive cash compensation for their shares equivalent to the value of their shares. Furthermore, members who have refused the offer of cash compensation because they do not consider the compensation to be adequate should have a right to challenge the calculation and adequacy of that cash compensation offered before a court. | ||||||||||||||||||||||||||||||||||||||||||
Justification | |||||||||||||||||||||||||||||||||||||||||||
It is more appropriate to limit this entitlement to the members who have explicitly objected to the draft terms of division. In addition, it is questionable why a member who has accepted the offer of cash compensation should be permitted to seek a judicial review despite the fact that the member would leave the company after accepting the offer. | |||||||||||||||||||||||||||||||||||||||||||
Amendment 17 Proposal for a directive Recital 18 | |||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||
(18) In order to guarantee the appropriate protection of creditors in cases where they are not satisfied with the protection offered by the company in the draft terms of the cross-border conversion, creditors may apply to the competent judicial or administrative authority of the departure Member State for the adequate the safeguards. In order to facilitate the assessment of prejudice, certain presumptions should be laid down whereby creditors would be deemed not to be prejudiced by a cross-border conversion, where the risk of loss to a creditor is remote. A presumption should arise where an independent expert report concludes that there is no reasonable likelihood that the creditors would be prejudiced or where creditors are offered a right to payment against the converted company or against a third party guarantee of equivalent value to the creditor's original claim and which can be brought in the same jurisdiction as the original claim. The creditor protection provided for in this Directive should be without prejudice to national laws of the Member State of departure concerning payment to public bodies, including taxation or social security contributions. |
(18) In order to guarantee the appropriate protection of creditors in cases where they are not satisfied with the protection offered by the company in the draft terms of the cross-border conversion, creditors may apply to the competent judicial or administrative authority of the departure Member State for the adequate the safeguards. In order to facilitate the assessment of prejudice, certain presumptions should be laid down whereby creditors would be deemed not to be prejudiced by a cross-border conversion, where the risk of loss to a creditor is remote. A presumption should arise where creditors are offered a right to payment against the converted company or against a third party guarantee of equivalent value to the creditor's original claim and which can be brought in the same jurisdiction as the original claim. The creditor protection provided for in this Directive should be without prejudice to national laws of the Member State of departure concerning payment to public bodies, including taxation or social security contributions. | ||||||||||||||||||||||||||||||||||||||||||
Amendment 18 Proposal for a directive Recital 19 | |||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||
(19) In order to ensure that employee participation is not unduly prejudiced as a result of the cross-border conversion, where the company carrying out the cross-border conversion is operating under an employee participation system in the departure Member State, the company should be obliged to take a legal form allowing for the exercise of such participation, including through the presence of representatives of the employees in the appropriate management or supervisory organ of the company in the destination Member State. Moreover, in such a case, a bona fide negotiation between the company and its employees should take place, along the lines of the procedure provided for in Directive 2001/86/EC, with a view to finding an amicable solution reconciling the right of the company to carry out a cross-border conversion with the employees' rights of participation. As a result of those negotiations, either a bespoke and agreed solution or, in the absence of an agreement, the application of standard rules as set out in the Annex to Directive 2001/86/EC should apply, mutatis mutandis. In order to protect either the agreed solution or the application of those standard rules, the company should not be able to remove the participation rights through carrying out subsequent domestic or cross-border conversion, merger or division within three years. |
(19) In order to ensure that employee participation is not unduly prejudiced as a result of the cross-border conversion, where the company carrying out the cross-border conversion is operating under an employee participation system in the departure Member State, the company should be obliged to take a legal form allowing for the exercise of such equivalent participation, including through the presence of representatives of the employees in the appropriate management or supervisory organ of the company in the destination Member State. Moreover, in such a case, a bona fide negotiation between the company and its employees should take place in a timely manner ahead of the conversion, along the lines of the procedure provided for in Directive 2001/86/EC, with a view to finding an amicable solution reconciling the right of the company to carry out a cross-border conversion with the employees' rights of participation. As a result of those negotiations, either a bespoke and agreed solution or, in the absence of an agreement, the application of standard rules as set out in the Annex to Directive 2001/86/EC should apply, mutatis mutandis. In order to protect either the agreed solution or the application of those standard rules, the company should not be able to remove the participation rights through carrying out subsequent domestic or cross-border conversion, merger or division within ten years. | ||||||||||||||||||||||||||||||||||||||||||
Amendment 19 Proposal for a directive Recital 20 | |||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||
(20) In order to prevent the circumvention of employee participation rights by means of a cross-border conversion, the company carrying out a conversion which is registered in the Member State which provides for the employee participation rights, should not be able to perform a cross-border conversion without first entering into negotiations with its employees or their representatives when the average number of employees employed by that company is equivalent to four fifths of the national threshold for triggering such employee participation. |
(20) In order to prevent the circumvention of employee participation rights by means of a cross-border conversion, the company carrying out a conversion which is registered in the Member State which provides for the employee participation rights, should not be able to perform a cross-border conversion without first entering into negotiations with its employees or their representatives when the average number of employees employed by that company is at least equivalent to four fifths of the national threshold for triggering such employee participation. | ||||||||||||||||||||||||||||||||||||||||||
Amendment 20 Proposal for a directive Recital 21 | |||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||
(21) To ensure a proper allocation of tasks among Member States and an efficient and effective ex-ante control of cross-border conversions, both the departure and the destination Member States should designate the appropriate competent authorities. In particular, the competent authorities of the departure Member States should have the power to issue a pre-conversion certificate without which the competent authorities in the destination Member State should not be able to complete the cross-border conversion procedure. |
(21) To ensure a proper allocation of tasks among Member States and an efficient and effective ex-ante control of cross-border conversions, both the departure and the destination Member States should designate the appropriate competent authorities. In particular, the competent authorities of the departure Member States should have the power to issue a pre-conversion certificate without which the competent authorities in the destination Member State should not be able to complete the cross-border conversion procedure. A list of national competent authorities in the Member States shall be prepared and publish by the Commission. Member States’ competent authorities are expected to collaborate together in cases of cross-border conversions. | ||||||||||||||||||||||||||||||||||||||||||
Amendment 21 Proposal for a directive Recital 22 | |||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||
(22) The issue of the pre-conversion certificate by the departure Member State should be scrutinised to ensure the legality of the cross-border conversion of the company. The competent authority of the departure Member State should decide on the issue of the pre-conversion certificate within one month of the application by the company, unless it has serious concerns as to the existence of an artificial arrangement aimed at obtaining undue tax advantages or unduly prejudicing the legal or contractual rights of employees, creditors or members. In such a case, the competent authority should carry out an in-depth assessment. However, this in-depth assessment should not be carried out systematically, but it should be conducted on a case-by-case basis, where there are serious concerns as to the existence of an artificial arrangement. For their assessment, competent authorities should take into account at least a number of factors laid down in this Directive which however should be only considered as indicative factors in the overall assessment and not be considered in isolation. In order not to burden companies with an overly lengthy procedure, this in-depth assessment should in any event be concluded within two months of informing the company that the in-depth assessment will be carried out. |
(22) The issue of the pre-conversion certificate by the departure Member State should be scrutinised to ensure the legality of the cross-border conversion of the company. The competent authority of the departure Member State should decide on the issue of the pre-conversion certificate within two months of the application by the company, unless it has concerns as to the existence of an artificial arrangement. In such a case, the competent authority should carry out an in-depth assessment. However, this in-depth assessment should not be carried out systematically, but it should only be conducted on a case-by-case basis, where there are concerns as to the existence of an artificial arrangement. For their assessment, competent authorities should take into account at least a number of factors laid down in this Directive which however should be only considered as indicative factors in the overall assessment and not be considered in isolation. In order not to burden companies with an overly lengthy procedure, this in-depth assessment should in any event be concluded within three months of informing the company that the in-depth assessment will be carried out. The assessment by the departure Member States, once final, shall be shared with the destination Member State’s competent authority. | ||||||||||||||||||||||||||||||||||||||||||
Amendment 22 Proposal for a directive Recital 23 | |||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||
(23) After having received a pre-conversion certificate, and after verifying that the incorporation requirements in the destination Member State are fulfilled, the competent authorities of the destination Member State should register the company in the business register of that Member State. Only after this registration should the competent authority of the departure Member State strike the company off its own register. It should not be possible for the competent authority of the destination Member State to challenge the accuracy of the information provided by the pre-conversion certificate. As a consequence of the cross-border conversion, the converted company should retain its legal personality, its assets and liabilities and all rights and obligations, including rights and obligations arising from contracts, acts or omissions. |
(23) After having received a pre-conversion certificate, and after verifying that the incorporation requirements in the destination Member State are fulfilled, the competent authorities of the destination Member State should register the company in the business register of that Member State. The destination Member States should also verify the ultimate beneficial owner(s) of the converted company, based on information received. Only after this registration should the competent authority of the departure Member State strike the company off its own register. It should be possible for the competent authority of the destination Member State to contact and submit questions to the competent authority in the Member State of departure as to the accuracy of the information provided by the pre-conversion certificate, in particular to avoid an artificial arrangement. The competent authority of the Member State of departure shall reply to such questions without undue delay. As a consequence of the cross-border conversion, the converted company should retain its legal personality, its assets and liabilities and all rights and obligations, including rights and obligations arising from contracts, acts or omissions. | ||||||||||||||||||||||||||||||||||||||||||
Amendment 23 Proposal for a directive Recital 26 | |||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||
(26) The evaluation of the implementation of the cross-border merger rules in Member States has shown that the number of cross-border mergers in the Union has significantly increased. However, this evaluation has also revealed certain shortcomings in relation specifically to creditor protection and shareholder protection as well as to the lack of simplified procedures which impede the full effectiveness and efficiency of those cross-border merger rules. |
(26) The evaluation of the implementation of the cross-border merger rules in Member States has shown that the number of cross-border mergers in the Union has significantly increased. However, this evaluation has also revealed certain shortcomings in relation specifically to the protection of creditors, shareholders and employees as well as to the lack of simplified procedures which impede the full effectiveness and efficiency of those cross-border merger rules. | ||||||||||||||||||||||||||||||||||||||||||
Amendment 24 Proposal for a directive Recital 28 | |||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||
(28) In order to further enhance the existing cross-border merger procedure, it is necessary to simplify those merger rules, where appropriate, whilst at the same time ensuring that stakeholders, and in particular employees, are adequately protected. Therefore, the existing cross-border merger rules should be modified in order to oblige the management or administrative organs of the merging companies to prepare separate reports detailing the legal and economic aspects of the cross-border merger for both members and for employees. The obligation on the management or administrative organ of the company to prepare the report for the members may however be waived, where those members are already informed about legal and economic aspects of the proposed merger. However, the report prepared for employees may only be waived where the merging companies and their subsidiaries do not have any employees other than those who form part of the management or administrative organ. |
(28) In order to further enhance the existing cross-border merger procedure, it is necessary to simplify those merger rules, where appropriate, whilst at the same time ensuring that stakeholders, and in particular employees, are adequately protected. Therefore, the existing cross-border merger rules should be modified in order to oblige the management or administrative organs of the merging companies to prepare a separate report detailing the legal and economic aspects as well as the rationale for the cross-border merger for both members and for employees. | ||||||||||||||||||||||||||||||||||||||||||
Amendment 25 Proposal for a directive Recital 29 | |||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||
(29) Furthermore, in order to enhance the protection afforded to the employees of the merging company or companies, employees or their representatives may provide their opinion on the company report setting out the implications of the cross-border merger for them. The provision of the report should be without prejudice to the applicable information and consultation proceedings instituted at national level following the implementation of Council Directive 2001/23/EC48 , Directive 2002/14/EC or Directive 2009/38/EC. |
(29) Furthermore, in order to enhance the protection afforded to the employees of the merging company or companies, employees or their representatives shall provide their opinion on the company report setting out the implications of the cross-border merger for them. The provision of the report should be without prejudice to the applicable information and consultation proceedings instituted at national level following the implementation of Council Directive 2001/23/EC48 , Directive 2002/14/EC or Directive 2009/38/EC. | ||||||||||||||||||||||||||||||||||||||||||
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48 Council Directive 2001/23/EC of 12 March 2001 on the approximation of the laws of the Member States relating to the safeguarding of employees' rights in the event of transfers of undertakings, businesses or parts of undertakings or businesses (OJ L 82, 22.3.2001, p. 16). |
48 Council Directive 2001/23/EC of 12 March 2001 on the approximation of the laws of the Member States relating to the safeguarding of employees' rights in the event of transfers of undertakings, businesses or parts of undertakings or businesses (OJ L 82, 22.3.2001, p. 16). | ||||||||||||||||||||||||||||||||||||||||||
Amendment 26 Proposal for a directive Recital 29 a (new) | |||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||
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(29a) Companies willing to make full use of the benefits of the internal market through cross-border mergers shall submit in return to an adequate level of transparency and good corporate governance. Public Country by Country Reporting is an efficient and appropriate tool to increase transparency of multinational enterprises activities and to enable the public to assess their impact on the real economy. It will also improve shareholders ability to properly evaluate the risks taken by companies, lead to investment strategies based on accurate information and enhance decision-makers possibility to assess the efficiency and the impact of national legislations. Therefore, a set of financial information shall be published ahead of the cross-border merger ahead of its execution. | ||||||||||||||||||||||||||||||||||||||||||
Amendment 27 Proposal for a directive Recital 29 b (new) | |||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||
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(29b) To prevent conflicts of interests between the members of the management body and the interest of the company, they should not be allowed to benefit financially from the merger in the form of variable compensation, bonuses or rising share prices. | ||||||||||||||||||||||||||||||||||||||||||
Amendment 28 Proposal for a directive Recital 30 a (new) | |||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||
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(30a) With a view to avoiding disproportionate costs and burdens for smaller companies carrying out the cross-border merger, micro and small enterprises, as defined in the Commission Recommendation 2003/361/EC, should be exempted from the requirement to obtain an assessment by the competent authority. However, these companies can resort to such assessment to prevent litigation costs with creditors. | ||||||||||||||||||||||||||||||||||||||||||
Amendment 29 Proposal for a directive Recital 31 | |||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||
(31) The lack of harmonisation of safeguards for members or creditors has been identified an obstacle for cross-border mergers by different stakeholders. Members and creditors should be offered the same level of protection regardless of the Member States in which the merging companies are situated. This is without prejudice to the Member States’ rules on protecting creditors or shareholders which are outside the scope of the harmonised measures, such as transparency requirements. |
(31) The lack of harmonisation of safeguards for members, employees or creditors has been identified as an obstacle for cross-border mergers by different stakeholders. Members, employees and creditors should be offered the same level of protection regardless of the Member States in which the merging companies are situated. This is without prejudice to the Member States’ rules on protecting creditors, employees or shareholders which are outside the scope of the harmonised measures, such as transparency requirements. | ||||||||||||||||||||||||||||||||||||||||||
Amendment 30 Proposal for a directive Recital 35 | |||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||
(35) In order to guarantee the appropriate protection of creditors in cases where they are not satisfied with the protection offered by the company in the common draft terms of the cross-border merger, creditors who are prejudiced by the cross-border merger may apply to the competent administrative or judicial authority of each Member State of the merging companies for the safeguards they consider adequate. In order to facilitate the assessment of prejudice, certain presumptions should be laid down whereby creditors would be deemed not to be prejudiced by a cross-border merger, where the risk of loss to a creditor is remote. A presumption should arise where an independent expert concludes that there is no reasonable likelihood that the creditors would be prejudiced or where creditors are offered a right to payment against the merged company or against a third party guarantee of equivalent value to the creditor's original claim and which can be brought in the same jurisdiction as the original claim. |
(35) In order to guarantee the appropriate protection of creditors in cases where they are not satisfied with the protection offered by the company in the common draft terms of the cross-border merger, creditors who are prejudiced by the cross-border merger may apply to the competent administrative or judicial authority of each Member State of the merging companies for the safeguards they consider adequate. In order to facilitate the assessment of prejudice, certain presumptions should be laid down whereby creditors would be deemed not to be prejudiced by a cross-border merger, where the risk of loss to a creditor is remote. A presumption should arise where creditors are offered a right to payment against the merged company or against a third party guarantee of equivalent value to the creditor's original claim and which can be brought in the same jurisdiction as the original claim. | ||||||||||||||||||||||||||||||||||||||||||
Amendment 31 Proposal for a directive Recital 40 | |||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||
(40) The right of companies to carry out a cross-border division may in certain circumstances be used for abusive purposes such as for the circumvention of labour standards, social security payments, tax obligations, creditors' or members' rights or rules on employees participation. In order to combat such abuses, as a general principle of Union law, Member States are required to ensure that companies do not use the cross-border division procedure in order to create artificial arrangements aimed at obtaining undue tax advantages or at unduly prejudicing the legal or contractual rights of employees, creditors or members. In so far as it constitutes a derogation from a fundamental freedom, the fight against abuses must be interpreted strictly and must be based on an individual assessment of all relevant circumstances. A procedural and substantive framework which describes the margin of discretion and allows for the diversity of approaches by Member States whilst at the same time setting out the requirements to streamline the actions to be taken by national authorities to fight abuses in conformity with Union law should be laid down. |
(40) The right of companies to carry out a cross-border division may not under any circumstances be used for abusive purposes such as for the circumvention of labour standards, social security payments, tax obligations, creditors' or members' rights or rules on employees participation. In order to combat such abuses, as a general principle of Union law, Member States are required to ensure that companies do not use the cross-border division procedure in order to create artificial arrangements. Any derogation from a fundamental right or freedom, the fight against abuses must be interpreted strictly and must be based on an individual assessment of all relevant circumstances. A common procedural and substantive framework to set out the requirements to streamline the actions to be taken by national authorities to fight abuses in conformity with Union law should be laid down. | ||||||||||||||||||||||||||||||||||||||||||
Amendment 32 Proposal for a directive Recital 44 | |||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||
(44) In order to provide information its employees, the company being divided should prepare a report explaining the implications of the proposed cross-border division for employees. The report should explain in particular the implications of the proposed cross-border division on the safeguarding of the jobs of the employees, whether there would be any material change in the conditions of employment and the locations of the companies’ places of business, and how each of these factors would relate to any subsidiaries of the company. The provision of the report should be without prejudice to the applicable information and consultation proceedings instituted at national level following the implementation of Directives 2001/23/EC, 2002/14/EC or 2009/38/EC. |
(44) In order to provide information to its employees, the company being divided should prepare a report explaining the implications of the proposed cross-border division for employees. The report should explain in particular the implications of the proposed cross-border division on the safeguarding of the jobs of the employees, whether there would be any material change in the conditions of employment and the locations of the companies’ places of business, and how each of these factors would relate to any subsidiaries of the company. The provision of the report should be without prejudice to the applicable information and consultation proceedings instituted at national level following the implementation of Directives 2001/23/EC, 2002/14/EC or 2009/38/EC. Employees of the company carrying out the cross-border division should be notified well in advance so that they can submit comments with regard to the proposed division. | ||||||||||||||||||||||||||||||||||||||||||
Amendment 33 Proposal for a directive Recital 45 | |||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||
(45) In order to ensure the accuracy of the information contained in the draft terms of division and in the reports addressed to the members and employees and to provide factual elements necessary to assess whether the proposed division constitutes an artificial arrangement which could not be authorised, an independent expert report to assess the division plan should be required to be prepared. In order to secure the independence of the expert, the expert should be appointed by the competent authority, following an application by the company. In this context, the expert report should present all relevant information to enable the competent authority of the Member State of the company being divided to take an informed decision as to whether or not to issue the pre-division certificate To this end, the expert should be able to obtain all the relevant company information and documents and carry out all necessary investigations in order to gather all the evidence required. The expert should use information, in particular net turnover and profit or loss, number of employees and the composition of balance sheet collected by the company in view of the preparation of financial statements in accordance with Union law and the law of Member States. However, in order to protect any confidential information, including business secrets of the company, such information should not form part of the expert’s final report which itself would be publically available. |
(45) In order to ensure the accuracy of the information contained in the draft terms of division and in the reports addressed to the members and employees and to provide factual elements necessary to assess whether the proposed division constitutes an artificial arrangement which could not be authorised, the competent authority should be required to assess the division plan. In this context, the report should present all relevant information to enable the competent authority of the Member State of the company being divided to take an informed decision as to whether or not to issue the pre-division certificate. To this end, the competent authority should be able to obtain all the relevant company information and documents and carry out all necessary investigations in order to gather all the evidence required. The competent authority should use information, in particular net turnover and profit or loss, number of employees and the composition of balance sheet collected by the company in view of the preparation of financial statements in accordance with Union law and the law of Member States. However, in order to protect any confidential information, including business secrets of the company, such information should not be made publically available, but should nevertheless be at the disposal, under confidentiality requirements, to the competent authority and where applicable under national law, to employee representatives. | ||||||||||||||||||||||||||||||||||||||||||
Amendment 34 Proposal for a directive Recital 50 | |||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||
(50) In order to guarantee the appropriate protection of creditors in cases where they are not satisfied with the protection offered by the company in the draft terms of the cross-border division, creditors who are prejudiced by the cross-border division may apply to the competent judicial or administrative authority of the Member State of the company being divided for the safeguards they consider adequate. In order to facilitate the assessment of prejudice, certain presumptions should be laid down whereby creditors would be deemed not to be prejudiced by a cross-border division where the risk of loss to a creditor is remote. A presumption should arise where an independent expert report concludes that there is no reasonable likelihood that the creditors would be prejudiced or where creditors are offered a right to payment against the company resulting from the division or against a third party guarantee of equivalent value to the creditor's original claim and which can be brought in the same jurisdiction jurisdiction as the original claim. The creditor protection provided for in this Directive should be without prejudice to national laws of the Member State of the company being divided concerning payment to public bodies, including taxation or social security contributions. |
(50) In order to guarantee the appropriate protection of creditors in cases where they are not satisfied with the protection offered by the company in the draft terms of the cross-border division, creditors who are prejudiced by the cross-border division may apply to the competent judicial or administrative authority of the Member State of the company being divided for the safeguards they consider adequate. In order to facilitate the assessment of prejudice, certain presumptions should be laid down whereby creditors would be deemed not to be prejudiced by a cross-border division where the risk of loss to a creditor is remote. A presumption should arise where creditors are offered a right to payment against the company resulting from the division or against a third party guarantee of equivalent value to the creditor's original claim and which can be brought in the same jurisdiction as the original claim. The creditor protection provided for in this Directive should be without prejudice to national laws of the Member State of the company being divided concerning payment to public bodies, including taxation or social security contributions. | ||||||||||||||||||||||||||||||||||||||||||
Amendment 35 Proposal for a directive Recital 52 | |||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||
(52) The issue of the pre-division certificate by the Member State of the company being divided should be scrutinised to ensure the legality of the cross-border division. The competent authority should decide whether to issue a pre-division certificate within one month of the application by the company has been submitted, unless it has serious concerns as to the existence of an artificial arrangement aimed at obtaining undue tax advantages or at unduly prejudicing the legal or contractual rights of employees, creditors or members. In such a case, the competent authority should carry out an in-depth assessment. However, this in-depth assessment should not be carried out systematically but it should be conducted on a case-by-case basis where there are serious concerns as to the existence of an artificial arrangement. For their assessment, competent authorities should take into account at least a number of factors laid down in this Directive which however should be only considered as indicative factors in the overall assessment and not be considered in isolation. In order not to burden companies with an overly lengthy procedure, this in-depth assessment should in any event be concluded within two months informing the company that the in-depth assessment will be carried out. |
(52) The issue of the pre-division certificate by the Member State of the company being divided should be scrutinised to ensure the legality of the cross-border division. The competent authority should decide whether to issue a pre-division certificate within two months of the application by the company has been submitted, unless it has concerns as to the existence of an artificial arrangement. In such a case, the competent authority should carry out an in-depth assessment. However, this in-depth assessment should not be carried out systematically but it should be conducted on a case-by-case basis where there areconcerns as to the existence of an artificial arrangement. For their assessment, competent authorities should take into account at least a number of factors laid down in this Directive which however should be only considered as indicative factors in the overall assessment and not be considered in isolation. In order not to burden companies with an overly lengthy procedure, this in-depth assessment should in any event be concluded within three months informing the company that the in-depth assessment will be carried out. The assessment by the departure Member States, once final, shall be shared with the destination Member State’s competent authority. | ||||||||||||||||||||||||||||||||||||||||||
Amendment 36 Proposal for a directive Recital 58 | |||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||
(58) The provisions of this Directive do not affect the legal or administrative provisions, including the enforcement of tax rules in cross-border conversions, mergers and divisions, of national law relating to the taxes of Member States, or its territorial and administrative subdivisions. |
(58) The provisions of this Directive do not affect the legal or administrative provisions, including the enforcement of tax rules in cross-border conversions, mergers and divisions, of national law relating to the taxes of Member States, or its territorial and administrative subdivisions. Departure Member States shall for example have the right to impose taxes on hidden reserves of departing companies that have not yet been subject to taxation in the departing Member State, in accordance with the case law of the European Court of Justice. | ||||||||||||||||||||||||||||||||||||||||||
Amendment 37 Proposal for a directive Recital 63 | |||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||
(63) The Commission should carry out an evaluation of this Directive. Pursuant to paragraph 22 of the Interinstitutional Agreement between the European Parliament, the Council of the European Union and the European Commission on Better Law-Making of 13 April 201652 that evaluation should be based on the five criteria of efficiency, effectiveness, relevance, coherence and value added and should provide the basis for impact assessments of possible further measures. |
(63) The Commission should carry out an evaluation of this Directive. This evaluation should pay particular attention to the impact of this Directive in detecting and preventing cases of cross-border conversions, mergers or divisions representing artificial arrangements. The Commission should consult the European social partners. Pursuant to paragraph 22 of the Interinstitutional Agreement between the European Parliament, the Council of the European Union and the European Commission on Better Law-Making of 13 April 201652 that evaluation should be based on the five criteria of efficiency, effectiveness, relevance, coherence and value added and should provide the basis for impact assessments of possible further measures. | ||||||||||||||||||||||||||||||||||||||||||
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52 OJ L123, 12.5. 2016, p. 1. |
52 OJ L123, 12.5. 2016, p. 1. | ||||||||||||||||||||||||||||||||||||||||||
Amendment 38 Proposal for a directive Article 1 – paragraph 1 – point -1 (new) Directive (EU) No 2017/1132 Article 1 a (new) | |||||||||||||||||||||||||||||||||||||||||||
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(https://eur-lex.europa.eu/legal-content/frn/TXT/?uri=celex:32017L1132) | |||||||||||||||||||||||||||||||||||||||||||
Amendment 39 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86b – paragraph 1 – point 6 a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 40 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86c – paragraph 2 – point a a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 41 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86c – paragraph 2 – point b | |||||||||||||||||||||||||||||||||||||||||||
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Justification | |||||||||||||||||||||||||||||||||||||||||||
The general exclusion of a conversion or division of companies subject to restructuring proceedings is too far-going, since the conversion or division as such may serve the purpose of restructuring / avoiding insolvency. | |||||||||||||||||||||||||||||||||||||||||||
Amendment 42 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86c – paragraph 2 – point c a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 43 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86c – paragraph 2 – point c b (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 44 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86c – paragraph 2 – point e a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 45 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86c – paragraph 2 a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Justification | |||||||||||||||||||||||||||||||||||||||||||
The general exclusion of a conversion or division of companies subject to restructuring proceedings is too far-going, since the conversion or division as such may serve the purpose of restructuring / avoiding insolvency. | |||||||||||||||||||||||||||||||||||||||||||
Amendment 46 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86c – paragraph 3 | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 47 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86c – paragraph 4 a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 48 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86d – paragraph 1 – point b a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 49 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86d – paragraph 1 – point d a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 50 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86d – paragraph 1 – point j a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 51 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86d – paragraph 1 – point j b (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 52 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86d – paragraph 1 – points j c (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 53 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86d – paragraph 1 – points j d (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 54 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86d – paragraph 1 – points j e (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 55 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86d – paragraph 2 a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 56 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86e – title | |||||||||||||||||||||||||||||||||||||||||||
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Justification | |||||||||||||||||||||||||||||||||||||||||||
From an efficiency point of view, it would be more sensible for the reports of the management or administrative organ to be condensed into one report, especially as both reports are in any case to be made available to both the members and the employees. | |||||||||||||||||||||||||||||||||||||||||||
Amendment 57 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86e – paragraph 1 | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 58 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86e – paragraph 2 – point a | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 59 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86e – paragraph 2 – point c a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 60 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86e – paragraph 2 – point c b (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 61 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86e – paragraph 2 – point c c (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 62 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86e – paragraph 2 a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Justification | |||||||||||||||||||||||||||||||||||||||||||
The additional statement will facilitate the correct assessment by the competent authorities in order to prevent artificial arrangements set up to obtain undue tax advantages or the infringements of rights of employees, creditors or minority shareholders. It remains consistent with and supports the realization of taxation of capital gains in cases of transfer of assets, tax residence or the permanent establishment, provided for in the Council Directive (EU) 2016/1164 of 12 July 2016. | |||||||||||||||||||||||||||||||||||||||||||
Amendment 63 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86e – paragraph 3 | |||||||||||||||||||||||||||||||||||||||||||
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Justification | |||||||||||||||||||||||||||||||||||||||||||
The proposed time limit differs from the corresponding provision for cross-border mergers. The time limits for all restructuring measures should be harmonised. | |||||||||||||||||||||||||||||||||||||||||||
Amendment 64 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86e – paragraph 3 a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 65 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86e – paragraph 4 | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 66 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86e – paragraph 4 a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 67 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86e – paragraph 4 b (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 68 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86f | |||||||||||||||||||||||||||||||||||||||||||
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Justification | |||||||||||||||||||||||||||||||||||||||||||
Deleted because Article 86f is being integrated into Article 86e. | |||||||||||||||||||||||||||||||||||||||||||
Amendment 69 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86g – title | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 70 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86g – paragraph 1 – subparagraph 1 | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 71 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86g – paragraph 1 – subparagraph 2 – introductory part | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 72 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86g – paragraph 1 – subparagraph 2 – point b | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 73 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86g – paragraph 2 | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 74 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86g – paragraph 3 – introductory part | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 75 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86g – paragraph 3 – point a | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 76 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86g – paragraph 3 – point b | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 77 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86g – paragraph 4 | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 78 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86g – paragraph 5 | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 79 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86h – paragraph 1 – subparagraph 1 – point b | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 80 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86h – paragraph 1 – subparagraph 1 – point c | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 81 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86h – paragraph 3 – point d a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 82 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86h – paragraph 4 – subparagraph 1 | |||||||||||||||||||||||||||||||||||||||||||
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Justification | |||||||||||||||||||||||||||||||||||||||||||
This amendment is intended to create consistency with proposal for a directive (COM (2018) 239 final) concerning the use of digital tools and processes in company law. | |||||||||||||||||||||||||||||||||||||||||||
Amendment 83 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86h – paragraph 4 – subparagraph 2 | |||||||||||||||||||||||||||||||||||||||||||
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Justification | |||||||||||||||||||||||||||||||||||||||||||
The term ‘suspicion of fraud’ is given different meanings in different Member States. Moreover, it is doubtful that the proposed wording encompasses all intended situations. | |||||||||||||||||||||||||||||||||||||||||||
Amendment 84 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86h – paragraph 4 – subparagraph 2 a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Justification | |||||||||||||||||||||||||||||||||||||||||||
The term ‘suspicion of fraud’ is given different meanings in different Member States. Moreover, it is doubtful that the proposed wording encompasses all intended situations. | |||||||||||||||||||||||||||||||||||||||||||
Amendment 85 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86h – paragraph 6 a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 86 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86i – title | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 87 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86i – paragraph 1 | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 88 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86i – paragraph 2 | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 89 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86j – paragraph 1 – introductory part | |||||||||||||||||||||||||||||||||||||||||||
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Justification | |||||||||||||||||||||||||||||||||||||||||||
It is more appropriate to restrict the entitlement to compensation to those members who explicitly opposed the decision to approve the conversion, as is already the provision in 86e(2)(c). | |||||||||||||||||||||||||||||||||||||||||||
Amendment 90 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86j – paragraph 5 | |||||||||||||||||||||||||||||||||||||||||||
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Justification | |||||||||||||||||||||||||||||||||||||||||||
It would be more sensible to stipulate a single time limit for all members. Moreover, it is unclear why a member who has accepted the offer of cash compensation should be able to demand a judicial review despite the fact that this member would leave the company after accepting the offer. | |||||||||||||||||||||||||||||||||||||||||||
Amendment 91 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86k – paragraph 1 | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 92 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86k – paragraph 2 | |||||||||||||||||||||||||||||||||||||||||||
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Justification | |||||||||||||||||||||||||||||||||||||||||||
The term ‘dissatisfied’ leaves space for the creditor’s subjective judgement. It would be more sensible to use the term ‘prejudiced’. | |||||||||||||||||||||||||||||||||||||||||||
Amendment 93 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86k – paragraph 3 – point a | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 94 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86l – paragraph 4 – point a | |||||||||||||||||||||||||||||||||||||||||||
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Justification | |||||||||||||||||||||||||||||||||||||||||||
Correctly ‘destination Member States’ in the English wording. | |||||||||||||||||||||||||||||||||||||||||||
Amendment 95 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86m – paragraph 1 | |||||||||||||||||||||||||||||||||||||||||||
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Justification | |||||||||||||||||||||||||||||||||||||||||||
Consistency with Directive (EU) 2017/1132 on cross-border mergers, especially Article 127(1). | |||||||||||||||||||||||||||||||||||||||||||
Amendment 96 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86m – paragraph 2 – subparagraph 1 – point b | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 97 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86m – paragraph 2 – subparagraph 2 | |||||||||||||||||||||||||||||||||||||||||||
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Justification | |||||||||||||||||||||||||||||||||||||||||||
It makes more sense to refer to 86h. | |||||||||||||||||||||||||||||||||||||||||||
Amendment 98 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86m – paragraph 3 – subparagraph 1 | |||||||||||||||||||||||||||||||||||||||||||
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Justification | |||||||||||||||||||||||||||||||||||||||||||
This amendment is intended to create consistency with proposal for a directive (COM (2018) 239 final) concerning the use of digital tools and processes in company law. | |||||||||||||||||||||||||||||||||||||||||||
Amendment 99 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86m – paragraph 3 – subparagraph 2 | |||||||||||||||||||||||||||||||||||||||||||
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Justification | |||||||||||||||||||||||||||||||||||||||||||
The term ‘suspicion of fraud’ is given different meanings in different Member States. It is doubtful that the proposed article encompasses all intended situations. | |||||||||||||||||||||||||||||||||||||||||||
Amendment 100 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86m – paragraph 4 | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 101 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86m – paragraph 6 | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 102 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86m – paragraph 7 – introductory part | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 103 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86m – paragraph 7 – point c | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 104 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86n – paragraph 1 – subparagraph 1 | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 105 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86n – paragraph 2 | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 106 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86o – paragraph 1 | |||||||||||||||||||||||||||||||||||||||||||
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Justification | |||||||||||||||||||||||||||||||||||||||||||
It is unclear why the option of judicial review should not apply in cases where the pre-conversion certificate is issued by a court as well. | |||||||||||||||||||||||||||||||||||||||||||
Amendment 107 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86o – paragraph 2 | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 108 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86p – paragraph 1 – subparagraph 1 | |||||||||||||||||||||||||||||||||||||||||||
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Justification | |||||||||||||||||||||||||||||||||||||||||||
Consistency with Directive (EU) 2017/1132 on cross-border mergers, especially Article 127(1). | |||||||||||||||||||||||||||||||||||||||||||
Amendment 109 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86p – paragraph 3 – subparagraph 1 | |||||||||||||||||||||||||||||||||||||||||||
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Justification | |||||||||||||||||||||||||||||||||||||||||||
This amendment is intended to create consistency with proposal for a directive (COM (2018) 239 final) concerning the use of digital tools and processes in company law. | |||||||||||||||||||||||||||||||||||||||||||
Amendment 110 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86p – paragraph 3 – subparagraph 2 | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 111 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86p – paragraph 3 – subparagraph 2 a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 112 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86s a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 113 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86t – paragraph 1 | |||||||||||||||||||||||||||||||||||||||||||
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Justification | |||||||||||||||||||||||||||||||||||||||||||
A clarification that the liability is towards the shareholders and creditors is needed. | |||||||||||||||||||||||||||||||||||||||||||
Amendment 114 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86t – paragraph 1 | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 115 Proposal for a directive Article 1 – paragraph 1 – point 3 Directive (EU) No 2017/1132 Article 86u – paragraph 1 a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 116 Proposal for a directive Article 1 – paragraph 1 – point 4 a (new) Directive (EU) No 2017/1132 Article 119 – paragraph 1 – point 2 a (new) | |||||||||||||||||||||||||||||||||||||||||||
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(https://eur-lex.europa.eu/legal-content/frn/TXT/?uri=celex:32017L1132) | |||||||||||||||||||||||||||||||||||||||||||
Amendment 117 Proposal for a directive Article 1 – paragraph 1 – point 5 Directive (EU) No 2017/1132 Article 120 – paragraph 4 – point a a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 118 Proposal for a directive Article 1 – paragraph 1 – point 5 Directive (EU) No 2017/1132 Article 120 – paragraph 4 – point b | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 119 Proposal for a directive Article 1 – paragraph 1 – point 5 Directive (EU) No 2017/1132 Article 120 – paragraph 4 – point c a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 120 Proposal for a directive Article 1 – paragraph 1 – point 5 Directive (EU) No 2017/1132 Article 120 – paragraph 4 – point c b (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 121 Proposal for a directive Article 1 – paragraph 1 – point 5 a (new) Directive (EU) No 2017/1132 Article 120 – paragraph 4 a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 122 Proposal for a directive Article 1 – paragraph 1 – point 7 – point a a (new) Directive (EU) No 2017/1132 Article 122 – paragraph 1 – points l a to l f (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 123 Proposal for a directive Article 1 – paragraph 1 – point 7 – point c a (new) Directive (EU) No 2017/1132 Article 122 – paragraph 1 b (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 124 Proposal for a directive Article 1 – paragraph 1 – point 8 Directive (EU) No 2017/1132 Article 122a – paragraph 1 – subparagraph 2 – introductory part | |||||||||||||||||||||||||||||||||||||||||||
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Justification | |||||||||||||||||||||||||||||||||||||||||||
The accounting date must be before the merger comes into effect, since the organs of the absorbing company have to continue to be able to function. | |||||||||||||||||||||||||||||||||||||||||||
Amendment 125 Proposal for a directive Article 1 – paragraph 1 – point 9 Directive (EU) No 2017/1132 Article 123 – paragraph 3 – point d a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 126 Proposal for a directive Article 1 – paragraph 1 – point 9 Directive (EU) No 2017/1132 Article 123 – paragraph 4 – subparagraph 1 | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 127 Proposal for a directive Article 1 – paragraph 1 – point 9 Directive (EU) No 2017/1132 Article 123 – paragraph 4 – subparagraph 2 | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 128 Proposal for a directive Article 1 – paragraph 1 – point 9 Directive (EU) No 2017/1132 Article 123 – paragraph 4 – subparagraph 2 a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 129 Proposal for a directive Article 1 – paragraph 1 – point 9 Directive (EU) No 2017/1132 Article 123 – paragraph 4 – subparagraph 2 b (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 130 Proposal for a directive Article 1 – paragraph 1 – point 9 Directive (EU) No 2017/1132 Article 123 a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 131 Proposal for a directive Article 1 – paragraph 1 – point 9 Directive (EU) No 2017/1132 Article 124 – title | |||||||||||||||||||||||||||||||||||||||||||
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Justification | |||||||||||||||||||||||||||||||||||||||||||
From an efficiency point of view, it would be more sensible for the reports of the management or administrative organ to be condensed into one report, especially as both reports are in any case to be made available to both the members and the employees. | |||||||||||||||||||||||||||||||||||||||||||
Amendment 132 Proposal for a directive Article 1 – paragraph 1 – point 9 Directive (EU) No 2017/1132 Article 124 – paragraph 2 – point e a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 133 Proposal for a directive Article 1 – paragraph 1 – point 9 Directive (EU) No 2017/1132 Article 124 – paragraph 2 – point e b (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 134 Proposal for a directive Article 1 – paragraph 1 – point 9 Directive (EU) No 2017/1132 Article 124 – paragraph 2 – point e c (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 135 Proposal for a directive Article 1 – paragraph 1 – point 9 Directive (EU) No 2017/1132 Article 124 – paragraph 2 a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 136 Proposal for a directive Article 1 – paragraph 1 – point 9 Directive (EU) No 2017/1132EC Article 124 – paragraph 3 | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 137 Proposal for a directive Article 1 – paragraph 1 – point 9 Directive (EU) No 2017/1132EC Article 124 – paragraph 3 a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 138 Proposal for a directive Article 1 – paragraph 1 – point 9 Directive (EU) No 2017/1132 Article 124 – paragraph 4 | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 139 Proposal for a directive Article 1 – paragraph 1 – point 9 Directive (EU) No 2017/1132EC Article 124 – paragraph 4 a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 140 Proposal for a directive Article 1 – paragraph 1 – point 9 Directive (EU) No 2017/1132EC Article 124 – paragraph 4 b (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 141 Proposal for a directive Article 1 – paragraph 1 – point 10 Directive (EU) No 2017/1132 Article 124a | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 142 Proposal for a directive Article 1 – paragraph 1 – point 11 Directive (EU) No 2017/1132 Article 125 – paragraph 1 | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 143 Proposal for a directive Article 1 – paragraph 1 – point 11 a (new) Directive (EU) No 2017/1132 Article 125 | |||||||||||||||||||||||||||||||||||||||||||
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(https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32017L1132&from=EN) | |||||||||||||||||||||||||||||||||||||||||||
Amendment 144 Proposal for a directive Article 1 – paragraph 1 – point 13 Directive (EU) No 2017/1132 Article 126a – paragraph 6 | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 145 Proposal for a directive Article 1 – paragraph 1 – point 13 Directive (EU) No 2017/1132 Article 126b – paragraph 3 – point a | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 146 Proposal for a directive Article 1 – paragraph 1 – point 14 – point –a (new) Directive (EU) No 2017/1132 Article 127 – paragraph 1 | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 147 Proposal for a directive Article 1 – paragraph 1 – point 14 – point a Directive (EU) No 2017/1132 Article 127 – paragraph 1 – subparagraphs 1a and 1b | |||||||||||||||||||||||||||||||||||||||||||
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(https://eur-lex.europa.eu/legal-content/frn/TXT/?uri=celex:32017L1132) | |||||||||||||||||||||||||||||||||||||||||||
Amendment 148 Proposal for a directive Article 1 – paragraph 1 – point 15 – point b Directive (EU) No 2017/1132 Article 128 – paragraph 3 | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 149 Proposal for a directive Article 1 – paragraph 1 – point 19 Directive (EU) No 2017/1132 Article 133a – paragraph 1 | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 150 Proposal for a directive Article 1 – paragraph 1 – point 19 a (new) Directive (EU) No 2017/1132 Article 133 b (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 151 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160b – paragraph 1 – point 3 a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 152 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160d – paragraph 2 – point b | |||||||||||||||||||||||||||||||||||||||||||
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Justification | |||||||||||||||||||||||||||||||||||||||||||
The general exclusion of a conversion or division of companies subject to restructuring proceedings is too far-going, since the conversion or division as such may serve the purpose of restructuring / avoiding insolvency. | |||||||||||||||||||||||||||||||||||||||||||
Amendment 153 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160d – paragraph 2 a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Justification | |||||||||||||||||||||||||||||||||||||||||||
The general exclusion of a conversion or division of companies subject to restructuring proceedings is too far-going, since the conversion or division as such may serve the purpose of restructuring / avoiding insolvency. | |||||||||||||||||||||||||||||||||||||||||||
Amendment 154 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160d – paragraph 3 | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 155 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160d – paragraph 4 a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 156 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160e – paragraph 1 – points r a to r g (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 157 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160e – paragraph 4 | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 158 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160f – paragraph 1 – subparagraph 2 | |||||||||||||||||||||||||||||||||||||||||||
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Justification | |||||||||||||||||||||||||||||||||||||||||||
The accounting date must be before the division comes into effect, since the organs of the resulting company have to continue to be able to function. | |||||||||||||||||||||||||||||||||||||||||||
Amendment 159 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160g – title | |||||||||||||||||||||||||||||||||||||||||||
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Justification | |||||||||||||||||||||||||||||||||||||||||||
From an efficiency point of view, it would be more sensible for the reports of the management or administrative organ to be condensed into one report, especially as both reports are in any case to be made available to both the members and the employees. | |||||||||||||||||||||||||||||||||||||||||||
Amendment 160 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160g – paragraph 1 | |||||||||||||||||||||||||||||||||||||||||||
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Justification | |||||||||||||||||||||||||||||||||||||||||||
The reports aims not only at the protection of the interests of shareholders, but may also be helpful for the assessment whether the artificial structure has been put in place in order to obtain undue tax advantages or infringe on the rights of employees, creditors or minority shareholders applicable based on the provisions of law, as well as contractual rights referred to in Art. 86c para 3 and Art. 160d para 3. | |||||||||||||||||||||||||||||||||||||||||||
Amendment 161 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160g – paragraph 2 – point a | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 162 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160g – paragraph 2 – point e a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 163 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160g – paragraph 2 – point e b (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 164 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160g – paragraph 2 – point e c (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 165 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160g – paragraph 2 a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Justification | |||||||||||||||||||||||||||||||||||||||||||
The additional statement will facilitate the correct assessment by the authorities in order to prevent artificial arrangements set up to obtain undue tax advantages or the infringements of rights of employees, creditors or minority shareholders. It remains consistent with and supports the realization of taxation of capital gains in cases of transfer of assets, tax residence or the permanent establishment, provided for in the Council Directive (EU) 2016/1164 of 12 July 2016. | |||||||||||||||||||||||||||||||||||||||||||
Amendment 166 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160g – paragraph 3 | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 167 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160g – paragraph 3 a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 168 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160g – paragraph 4 | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 169 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160g – paragraph 4 a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 170 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160g – paragraph 4 b (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 171 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160h | |||||||||||||||||||||||||||||||||||||||||||
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Justification | |||||||||||||||||||||||||||||||||||||||||||
Deleted because Article 160h is being integrated into Article 160g. | |||||||||||||||||||||||||||||||||||||||||||
Amendment 172 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160i – title | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 173 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160i – paragraph 1 – subparagraph 1 | |||||||||||||||||||||||||||||||||||||||||||
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Justification | |||||||||||||||||||||||||||||||||||||||||||
Directive (EU) 2017/1132 does not as yet set a time limit for the application for the appointment of the expert. Rules on time limits should be harmonised here as well. | |||||||||||||||||||||||||||||||||||||||||||
Amendment 174 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160i – paragraph 1 – subparagraph 2 | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 175 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160i – paragraph 1 – subparagraph 2 – point b | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 176 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160i – paragraph 2 | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 177 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160i – paragraph 3 – introductory part | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 178 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160i – paragraph 3 – point e | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 179 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160i – paragraph 3 – point f | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 180 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160i – paragraph 4 | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 181 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160i – paragraph 5 | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 182 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160j – paragraph 1 – point b | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 183 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160j – paragraph 3 – point d a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 184 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160j – paragraph 4 – subparagraph 1 | |||||||||||||||||||||||||||||||||||||||||||
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Justification | |||||||||||||||||||||||||||||||||||||||||||
This amendment is intended to create consistency with proposal for a directive (COM (2018) 239 final) concerning the use of digital tools and processes in company law. | |||||||||||||||||||||||||||||||||||||||||||
Amendment 185 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160j – paragraph 4 – subparagraph 2 | |||||||||||||||||||||||||||||||||||||||||||
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Justification | |||||||||||||||||||||||||||||||||||||||||||
The term ‘suspicion of fraud’ is given different meanings in different Member States. It is doubtful that the proposed article encompasses all intended situations. | |||||||||||||||||||||||||||||||||||||||||||
Amendment 186 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160j – paragraph 4 – subparagraph 2 a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 187 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160j – paragraph 6 a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 188 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160m – paragraph 1 | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 189 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160m – paragraph 2 | |||||||||||||||||||||||||||||||||||||||||||
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Justification | |||||||||||||||||||||||||||||||||||||||||||
The term ‘dissatisfied’ leaves space for the creditor’s subjective judgement. The use of the objectively verifiable term ‘prejudiced’ is preferable. | |||||||||||||||||||||||||||||||||||||||||||
Amendment 190 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160m – paragraph 3 – point a | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 191 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160n – paragraph 2 – introductory part | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 192 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160o – paragraph 1 | |||||||||||||||||||||||||||||||||||||||||||
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Justification | |||||||||||||||||||||||||||||||||||||||||||
Consistency with Directive (EU) 2017/1132 on cross-border mergers, especially Article 127(1). | |||||||||||||||||||||||||||||||||||||||||||
Amendment 193 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160o – paragraph 2 – point b | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 194 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160o – paragraph 2 – subparagraph 2 | |||||||||||||||||||||||||||||||||||||||||||
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Justification | |||||||||||||||||||||||||||||||||||||||||||
It makes more sense to refer to 86h. | |||||||||||||||||||||||||||||||||||||||||||
Amendment 195 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160o – paragraph 3 – subparagraph 1 | |||||||||||||||||||||||||||||||||||||||||||
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Justification | |||||||||||||||||||||||||||||||||||||||||||
This amendment is intended to create consistency with proposal for a directive (COM (2018) 239 final) concerning the use of digital tools and processes in company law. | |||||||||||||||||||||||||||||||||||||||||||
Amendment 196 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160o – paragraph 3 – subparagraph 2 | |||||||||||||||||||||||||||||||||||||||||||
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Justification | |||||||||||||||||||||||||||||||||||||||||||
The term ‘suspicion of fraud’ is given different meanings in different Member States. It is doubtful that the proposed article encompasses all intended situations. | |||||||||||||||||||||||||||||||||||||||||||
Amendment 197 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160o – paragraph 3 – subparagraph 2 a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 198 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160o – paragraph 4 | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 199 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160o – paragraph 6 | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 200 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160o – paragraph 7 – introductory part | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 201 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160o – paragraph 7 – point c | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 202 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160p – paragraph 1 – subparagraph 1 | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 203 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160p – paragraph 2 | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 204 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160q – paragraph 1 | |||||||||||||||||||||||||||||||||||||||||||
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Justification | |||||||||||||||||||||||||||||||||||||||||||
It is unclear why the option of judicial review should not apply in cases where the pre-conversion certificate is issued by a court as well. | |||||||||||||||||||||||||||||||||||||||||||
Amendment 205 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160q – paragraph 2 | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 206 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160r – paragraph 1 – subparagraph 1 | |||||||||||||||||||||||||||||||||||||||||||
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Justification | |||||||||||||||||||||||||||||||||||||||||||
Consistency with Directive (EU) 2017/1132 on cross-border mergers, especially Article 127(1) | |||||||||||||||||||||||||||||||||||||||||||
Amendment 207 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160r – paragraph 3 – subparagraph 1 | |||||||||||||||||||||||||||||||||||||||||||
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Justification | |||||||||||||||||||||||||||||||||||||||||||
This amendment is intended to create consistency with proposal for a directive (COM (2018) 239 final) concerning the use of digital tools and processes in company law. | |||||||||||||||||||||||||||||||||||||||||||
Amendment 208 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160r – paragraph 3 – subparagraph 2 | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 209 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160r – paragraph 3 – subparagraph 2 a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 210 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160s – paragraph 2 – point d a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 211 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160u a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 212 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160v – paragraph 1 | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 213 Proposal for a directive Article 1 – paragraph 1 – point 20 Directive (EU) No 2017/1132 Article 160v – paragraph 1 a (new) | |||||||||||||||||||||||||||||||||||||||||||
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Amendment 214 Proposal for a directive Article 3 – paragraph 1 | |||||||||||||||||||||||||||||||||||||||||||
Text proposed by the Commission |
Amendment | ||||||||||||||||||||||||||||||||||||||||||
1. The Commission shall, no later than five years after [OP please insert the date of the end of the transposition period of this Directive], carry out an evaluation of this Directive and present a Report on the findings to the European Parliament, the Council and the European Economic and Social Committee accompanied, where appropriate, by a legislative proposal. Member States shall provide the Commission with the information necessary for the preparation of that report, in particular by providing data on the number of cross-border conversions, mergers and divisions, their duration and related costs. |
1. The Commission shall, no later than five years after [OP please insert the date of the end of the transposition period of this Directive] carry out an evaluation of this Directive and present a Report on the findings to the European Parliament, the Council and the European Economic and Social Committee accompanied, where appropriate, by a legislative proposal. This evaluation should pay particular attention to the impact of this Directive in detecting and preventing cases of cross-border conversions, mergers or divisions representing artificial arrangements. The European Commission shall consult the European social partners. Member States shall provide the Commission with the information necessary for the preparation of that report, in particular by providing data on the number of cross-border conversions, mergers and divisions, their duration and related costs. |
PROCEDURE – COMMITTEE ASKED FOR OPINION
Title |
Cross-border conversions, mergers and divisions |
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References |
COM(2018)0241 – C8-0167/2018 – 2018/0114(COD) |
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Committee responsible Date announced in plenary |
JURI 28.5.2018 |
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Opinion by Date announced in plenary |
ECON 28.5.2018 |
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Rapporteur Date appointed |
Olle Ludvigsson 31.5.2018 |
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Discussed in committee |
29.8.2018 |
8.10.2018 |
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Date adopted |
18.10.2018 |
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Result of final vote |
+: –: 0: |
36 1 2 |
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Members present for the final vote |
Gerolf Annemans, Hugues Bayet, Pervenche Berès, Thierry Cornillet, Giuseppe Ferrandino, Stefan Gehrold, Sven Giegold, Neena Gill, Roberto Gualtieri, Gunnar Hökmark, Danuta Maria Hübner, Wolf Klinz, Werner Langen, Sander Loones, Bernd Lucke, Olle Ludvigsson, Marisa Matias, Gabriel Mato, Alex Mayer, Bernard Monot, Caroline Nagtegaal, Luděk Niedermayer, Sirpa Pietikäinen, Anne Sander, Alfred Sant, Martin Schirdewan, Molly Scott Cato, Pedro Silva Pereira, Peter Simon, Theodor Dumitru Stolojan, Paul Tang, Ramon Tremosa i Balcells, Marco Valli, Tom Vandenkendelaere, Jakob von Weizsäcker |
||||
Substitutes present for the final vote |
Andreas Schwab, Lieve Wierinck |
||||
Substitutes under Rule 200(2) present for the final vote |
Aleksander Gabelic, Bogdan Brunon Wenta |
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FINAL VOTE BY ROLL CALL IN COMMITTEE ASKED FOR OPINION
36 |
+ |
|
ALDE |
Thierry Cornillet, Wolf Klinz, Caroline Nagtegaal, Ramon Tremosa i Balcells, Lieve Wierinck |
|
ECR |
Sander Loones, Bernd Lucke |
|
GUE/NGL |
Marisa Matias, Martin Schirdewan |
|
PPE |
Stefan Gehrold, Gunnar Hökmark, Danuta Maria Hübner, Werner Langen, Gabriel Mato, Luděk Niedermayer, Sirpa Pietikäinen, Anne Sander, Andreas Schwab, Theodor Dumitru Stolojan, Tom Vandenkendelaere, Bogdan Brunon Wenta |
|
S&D |
Hugues Bayet, Pervenche Berès, Giuseppe Ferrandino, Aleksander Gabelic, Neena Gill, Roberto Gualtieri, Olle Ludvigsson, Alex Mayer, Alfred Sant, Pedro Silva Pereira, Peter Simon, Paul Tang, Jakob von Weizsäcker |
|
VERTS/ALE |
Sven Giegold, Molly Scott Cato |
|
1 |
- |
|
ENF |
Gerolf Annemans |
|
2 |
0 |
|
EFDD |
Bernard Monot, Marco Valli |
|
Key to symbols:
+ : in favour
- : against
0 : abstention
PROCEDURE – COMMITTEE RESPONSIBLE
Title |
Cross-border conversions, mergers and divisions |
||||
References |
COM(2018)0241 – C8-0167/2018 – 2018/0114(COD) |
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Date submitted to Parliament |
25.4.2018 |
|
|
|
|
Committee responsible Date announced in plenary |
JURI 28.5.2018 |
|
|
|
|
Committees asked for opinions Date announced in plenary |
ECON 28.5.2018 |
EMPL 28.5.2018 |
IMCO 28.5.2018 |
|
|
Not delivering opinions Date of decision |
IMCO 19.6.2018 |
|
|
|
|
Associated committees Date announced in plenary |
EMPL 4.10.2018 |
|
|
|
|
Rapporteurs Date appointed |
Evelyn Regner 15.5.2018 |
|
|
|
|
Discussed in committee |
10.7.2018 |
3.9.2018 |
10.10.2018 |
|
|
Date adopted |
6.12.2018 |
|
|
|
|
Result of final vote |
+: –: 0: |
21 2 0 |
|||
Members present for the final vote |
Max Andersson, Joëlle Bergeron, Jean-Marie Cavada, Mady Delvaux, Rosa Estaràs Ferragut, Mary Honeyball, Gilles Lebreton, Julia Reda, Evelyn Regner, Pavel Svoboda, József Szájer, Axel Voss |
||||
Substitutes present for the final vote |
Geoffroy Didier, Pascal Durand, Ana Miranda, Jens Rohde, Virginie Rozière, Tiemo Wölken |
||||
Substitutes under Rule 200(2) present for the final vote |
Lucy Anderson, Georges Bach, Kostadinka Kuneva, Jeroen Lenaers, Philippe Loiseau, Marco Zullo |
||||
Date tabled |
10.1.2019 |
||||
FINAL VOTE BY ROLL CALL IN COMMITTEE RESPONSIBLE
21 |
+ |
|
ALDE |
Jean-Marie Cavada, Jens Rohde |
|
EFDD |
Joëlle Bergeron, Marco Zullo |
|
GUE/NGL |
Kostadinka Kuneva |
|
PPE |
Georges Bach, Geoffroy Didier, Rosa Estaràs Ferragut, Jeroen Lenaers, Pavel Svoboda, József Szájer, Axel Voss |
|
S&D |
Lucy Anderson, Mady Delvaux, Mary Honeyball, Evelyn Regner, Virginie Rozière, Tiemo Wölken |
|
VERTS/ALE |
Max Andersson, Ana Miranda, Julia Reda |
|
2 |
- |
|
ECR |
Angel Dzhambazki |
|
ENF |
Philippe Loiseau |
|
0 |
0 |
|
|
|
|
Key to symbols:
+ : in favour
- : against
0 : abstention