Normes d’encadrement | Page 2

Bonjour à toutes et à tous, l’ESMA vient de publier la réponse à sa consultation sur l’intégration des risques et des facteurs de durabilité (ici).

The European Securities and Markets Authority (ESMA) has published the responses received to its Consultations on integrating sustainability risks and factors in MiFID II, and in the UCITS Directive/AIFMD.

Pour accéder aux documents de réponse :

• Consultation on integrating sustainability risks and factors in MiFID II
• Consultation on integrating sustainability risks and factors in the UCITS Directive and AIFMD

À la prochaine…

Alors que la fiscalité des GAFA soulève de nombreuses discussions (discussions qui montrent que la RSE est loin d’avoir intégrée un volet fiscalité !), voici une nouvelle qui se doit d’être relayée : « EU Commission pushes plan to tax internet companies » (euobserver, 3 janvier 2019).

The European Commission is pushing ahead with plans to end unanimity on tax, asking member states to respond before 17 January to a consultation on producing a plan of action in the first quarter of 2019, reports the Irish Times. EU countries have so far failed to agree on a joint digital sales tax on multinational internet giants, as individual states plan national taxes on such companies.

À la prochaine…

Ivan

L’EMCA (un groupe d’experts de haut niveau en droit des sociétés) vient de rendre publique sur le site SSRN son modèle de droit des sociétés par actions à l’échelle européenne : « European Model Company Act (EMCA) ». Ce document d’harmonisation est très intéressant et propose des solutions pertinentes, tout en proposant un bilan de la position des différents États sur leur droit des sociétés.

While harmonization or convergence of European Company Law can be achieved by a toolbox of measures, until now the tools have been confined largely to Regulations, Directives, Recommendations and Corporate Governance Codes. It is submitted that there is a need to provide new measures to develop future European company law and that a European Model Act (EMCA) would be a useful tool for European integration in this area. The objective of the EMCA project thus is to establish, on a solid scientific foundation, a new way forward in European company law inspired by the US Model Business Corporation Act (MBCA).

The EMCA is designed as a free-standing general company statute that can be enacted by Member States either substantially in its entirety or by the adoption of selected provisions.

This approach differs from previous European company law initiatives, as it is a general settlement of the debate on which of the two regulatory approaches is superior – regulatory competition or harmonization. The EMCA offers the Member States a harmonized company law, but leaves it to each Member State to decide whether it will offer its businesses the advantages given by harmonization. The major benefit from an integrated company law framework is that it establishes similar conditions for company shareholders and third parties all over the EU, thus facilitating cross-border investment and trading by ensuring shareholder rights and rebuilding investor confidence. The EMCA is not a mandatory harmonization instrument, as Member States are not bound to follow the Model Act. Thus the EMCA can promote regulatory competition, but can also act as a tool for a harmonization of, and convergence between, Member States’ company laws.

At the same time the EMCA allows for special local considerations and for experimentation with new or different ideas, as Member States are free to opt out of parts of the Model Act in order to implement national company law innovations.

The EMCA can be regarded as a tool for better regulation in the EU since it provides a coherent, dynamic and responsive European legislative framework. Member States can benefit from using the Model Act as a company law paradigm, as it will be a modern competitive Companies Act. Moreover, the project allows the EU Commission the opportunity to take part in, or to support, a continuous modernization of the Model Act, without forcing legislation on the Member States.

The EMCA may be viewed as a dynamic piece of legislation capable of being continuously developed in response to the changing environment and market conditions that modern businesses face. The EMCA may thus overcome some of the criticism of traditional inflexible law-making, as it will offer a more informal and organic convergence of European company law.

À la prochaine…

Ivan Tchotourian

À la prochaine…

Ivan Tchotourian

Le bien informé Financial Times (« Brussels deal to give shareholders more clout on directors’ pay« , 8 décembre 2016) vient de révéler une information qui fera réagir les lectrices et lecteurs de ce blogue. L’UE serait sur le point d’adopter un accord donnant plus de pouvoir aux actionnaires en matière de rémunération des dirigeants, l’objectif étant de contrecarrer le court-termisme dont feraient preuve les CA.

Pour les points essentiels, voici ce qui a été décidé :

Under the deal struck between negotiators from the European Parliament and Slovakia, which holds the EU’s presidency, shareholders will get a vote on companies’ pay policy at least every four years.

The agreement reached will leave individual nations to decide whether to opt for a system of binding shareholder votes on pay, or to allow votes to be advisory. However, even an advisory vote against pay structures would require companies to present a revised policy for another vote at the next general meeting of shareholders.

Investors will also get an advisory say on listed companies’ annual remuneration reports, which provide an individual breakdown of pay and benefits given to individual directors over the last financial year.

À la prochaine…

Ivan Tchotourian

La Commission européenne vient de publier un document sur le financement participatif qui fait l’état des lieux des initiatives nationales : « COMMISSION STAFF WORKING DOCUMENT
– Crowdfunding in the EU Capital Markets Union » (SWD(2016) 154 final).

Voici la conclusion de ce document :

This report demonstrates that crowdfunding remains relatively small in the EU but is developing rapidly. It has the potential to be a key source of financing for SMEs over the long term.

Crowdfunding is one of many technological innovations that have the potential to transform the financial system. Therefore, crowdfunding warrants consideration as part of our broader approach to FinTech and the digitalisation of financial services, which is being looked at further in the Green Paper on Retail Financial Services.

As demonstrated in this report, to promote the growth of crowdfunding and appropriately protect investors, EU Member States have put in place a range of measures to regulate crowdfunding – either using the EU legislative framework where appropriate or via national regimes. These national frameworks are broadly consistent in terms of the objectives and outcomes they seek to achieve, but are tailored to local markets and domestic regulatory approaches.

Given the predominantly local nature of crowdfunding, there is no strong case for EU level policy intervention at this juncture. Crowdfunding is still relatively small and needs space to innovate and develop. Given the dynamism of crowdfunding and the potential for future cross border expansion, it will be important to monitor the development of the sector and the effectiveness, and degree of convergence of, national regulatory frameworks.

The Commission Services will therefore maintain regular dialogue, through twice yearly meetings, with the European Supervisory Authorities, Member States, and the crowdfunding sector to promote convergence, sharing of best practice and keep developments under review. We will assess the development of cross-border business and consider in particular the investor protection aspects. This will ensure the Commission is able to respond in a timely manner if further steps to support convergence of regulatory approaches are needed, both to promote the development of the sector and to ensure appropriate investor protection.

À la prochaine…

Ivan Tchotourian