Short Reads

State Intervention and the Rights of Shareholders

State Intervention and the Rights of Shareholders

State Intervention and the Rights of Shareholders

18.01.2017 NL law

In its judgment dated 8 November 2016, the European Court of Justice (the “ECJ”) decided the issue of whether the Irish government violated certain fundamental provisions of corporate law by (i) increasing the capital, lowering the nominal value and amending the articles of association of Permanent TSB plc, formerly Irish Life and Permanent plc (“ILP”), a credit institution operating in Ireland, without the approval of ILP’s shareholders, and (ii) issuing new shares without respecting the pre-emptive rights of ILP’s existing shareholders.

The ECJ ruled that the rights that shareholders have pursuant to the Second Council Directive 77/91/EEC do not preclude a measure that is adopted where there is a serious disturbance to the economy and the financial system of a Member State that threatens the financial stability of the European Union.

Team

Related news

09.02.2022 NL law
Actualiteiten Internationaal Maatschappelijk Verantwoord Ondernemen (IMVO)

Short Reads - De aandacht voor (Internationaal) Maatschappelijk Verantwoord Ondernemen (“(I)MVO”) en Environmental, Social and Governance factoren (“ESG”) en verantwoording daarover blijft onverminderd groot. Wij zien op nationaal en Europees niveau tal van ontwikkelingen. Wij stippen enkele Europese en nationale initiatieven aan. 

Read more

30.03.2022 LU law
(R)evolution of the securitisation framework

Articles - On 4 March 2022, the law of 25 February 2022 amending the law of 22 March 2004 on securitisation (the 2004 Law) has been published. It entered into force on 8 March 2022. This is a welcomed (r)evolution in the securitisation operations in the Grand Duchy of Luxembourg after 18 years of implementation of a tested and widely admitted legal framework.

Read more

09.02.2022 NL law
Verplichte rapportering door accountants over fraude en continuïteit in de controleverklaring

Short Reads - De Koninklijke Nederlandse Beroepsorganisatie van Accountants ("NBA") heeft in 2021 voorgesteld om in de Nadere voorschriften controle- en overige standaarden ("NV COS") een verplichting voor accountants op te nemen om in de controleverklaring te rapporteren over fraude en continuïteit. Hiertoe heeft de NBA Standaard 700 gewijzigd1.

Read more