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Countries drag their feet over Shareholder Rights Directive transposition

The European Commission has published a table detailing implementation of the Shareholder Rights Directive by the 27 member states (along with other directives). Member states were required to bring into force the laws, regulations and administrative provisions necessary to comply with the Shareholder Rights Directive by 3 August 2009 at the latest.

Eleven member states have not notitifed the Commission of any measures transposing the Shareholder Rights Directive, and two other countries have only partly completed the process.

Transposition Status – Shareholder Rights Directive
Commission Notified & Checked or Being Examined Commission Partially Notified No Notification Received

Austria

Bulgaria

Czech Republic

Germany

Denmark

Estonia

Finland

Ireland

Lithuania

Latvia

Poland

Romania

Slovenia

United Kingdom

Belgium

Sweden

Cyprus

Greece

Spain

France

Hungary

Italy

Luxembourg

Malta

Netherlands

Portugal

Slovakia



Although certain countries have introduced the laws necessary, the implementation dates of these vary, and indeed it may be that for some member states they will not be in force for proxy season 2010.

For a number of countries where the Commission has yet to receive notification of transposition, the process is well under way. Parliamentarians in both Italy and France have been discussing implementing measures in recent weeks, although indications are that Greece’s implementation will be subject to a further delay.

Further Reading

The Law Society – The Brussels Office Law Reform Update Series, Company Law and Financial Services (Jan 2010)

European Commission – Transposition of Company Law and Anti-Money Laundering Directives – State of play as at 04/01/2010

What do you think?