Company law: formation of public limited companies, maintenance and alteration of their capital (amend. Directive 77/91/EEC)
2004/0256(COD)
The committee adopted the report by Piia-Noora KAUPPI (EPP-ED, FI) amending the proposal under the codecision procedure (1st reading). MEPs deleted or amended certain provisions which, they felt, went beyond the remit of EU-level legislation in this field, in particular the provisions regulating sell-out and squeeze-out rights, as well as the obligation for the company to inform all shareholders of the reasons which lead it to restrict or withdraw the right of pre-exemption.
Moreover, whereas the Commission had proposed a deadline of 31 December 2006 for the transposition of the directive into Member States' national legislation, the committee wanted to allow more time and therefore proposed that the deadline should be 18 months after the directive's entry into force.