On Wednesday 18 June, the organisation Eurochambres welcomed, in a publication, the outlines of the proposal for a 28th regime and the future EU Inc. for European companies, notably the fact that it is not limited solely to start-ups or so-called ‘innovative’ companies.
But while the regulation provides that all matters not expressly governed by it remain subject to the applicable national frameworks, “the emergence of 27 divergent versions of the EU Inc., accompanied by increased complexity and unproductive gold-plating, should be avoided”.
Without established case law, the new EU Inc. “risks inconsistent national court rulings, undermining a predictable investment environment. (...) The promotion of out-of-court dispute resolution mechanisms could be considered”.
The emphasis on digitalisation, rapid procedures and modernised governance and financing tools directly meets the business community’s expectations. However, “the framework must also allow the option to carry out procedures through physical presence in very specific, well-defined situations to ensure market accessibility. Preventive controls are vital for preventing market abuse, but the proposed requirements appear rather excessive”.
Legal opinion. On 24 June, Member States are due to examine the opinion of the Legal Service of the Council of the EU.
An oral presentation is said to have already been made and to have received a mixed response. The Legal Service is therefore said to believe that the proposal cannot be based solely on Article 114 and that one option would be to split the text into a regulation and a directive.
Link to Eurochambres’ position: https://aeur.eu/f/mgj (Original version in French by Solenn Paulic)