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A prospectus is a legally required document presenting information about a company and the securities that it offers to the public or seeks to admit to trading on a regulated market. The relevant EU legislation consists of a directive, adopted in 2003, amended in 2010, and finally replaced by a regulation in 2017. Drawing up a prospectus entails time and costs, which in the current economic context may deter issuers in distress from seeking to raise new funds, in particular equity. To remedy this ...

In recent years, the phenomenon of common ownership by institutional investors has sparked considerable debate about its impact on competition and companies’ corporate governance. The original full study analyses some specific features of common ownership by institutional investors in the European banking sector, at the intersection between competition policy, financial sector regulation and corporate governance rules. This document was provided by the Policy Department for Economic, Scientific ...

In recent years, the phenomenon of common ownership by institutional investors has sparked considerable debate among scholars about its impact on competition and companies’ corporate governance. This study analyses some specific features of common ownership by institutional investors in the European banking sector. It also examines closely the tension between competition policy and corporate governance tools aimed at enhancing shareholder engagement. This document was provided by the Policy Department ...

This study was commissioned by the European Parliament's Policy Department for Citizens' Rights and Constitutional Affairs at the request of the JURI Committee. It looks at the effects the recent Commission proposal might have both on micro and small and medium-sized enterprise, thus reflecting the diversity of SMEs. It identifies and explains the issues at stake of concerned SMEs related to their capacity as both debtors and creditors.

This document gives an overview of the Bank Recovery and Resolution Directive and State Aid rules applicable for recapitalisation of banks.

The economic and financial crisis has significantly reduced banks' lending to businesses. This gap in financing, coupled with the rise of social media and interactive online platforms, has contributed to the increased popularity of crowdfunding as a possible alternative source of funding. In this context, the European Commission adopted a communication on unleashing the potential of crowdfunding in the EU, as part of efforts to improve the long-term financing of enterprises and encourage innovation ...

Les actionnaires sont à la fois des associés titulaires d’un droit de vote pouvant prendre part aux décisions collectives de la société, et les propriétaires de titres de capital ayant vocation à tirer profit de leur revente à terme. Au vu de cette double dimension, il est apparu que l’efficience juridique de leurs droits et obligations pouvait être améliorée au travers (i) de la reconnaissance de la primauté de l’intérêt social et (ii) de la possibilité d’agir de manière concertée.

This workshop aims to prepare the upcoming discussion on the expected Commission proposal for a securities law directive (SLD) which is expected to be adopted in Summer 2011 and the subsequent report of the Committee on Economic and Monetary Affairs. It is linked to the briefing paper PE 464.416 on 'cross-border issues of securities law: European efforts to support securities markets with a coherent legal framework' and is designed to illustrate present European and U.S. regulation on securities ...

While ownership and control were under the effective supremacy of the firm’s (factual) owners at the beginning of the 20th century, the 21st century was entered by listed companies of which the growing size and the dispersion of ownership have paved the way for public corporations entailing systemic risk that are often characterized by a separation of ownership and control, coinciding the well-defined agency problem. While the agency problem was first attempted to be covered by monitoring mechanisms ...