EU: Keine weitere Revision der Kapital-Richtlinie geplant (KPMG-Studie)

Die EU-Kom­mis­sion hat heute die externe Stu­die über die grund­sätz­li­che Reform der 2. gesell­schafts­recht­li­chen Richt­li­nie (Kapi­tal-RL) ver­öf­fent­licht, wel­che von der KPMG gefer­tigt wor­den war. Danach sieht es so aus, als ob eine wei­tere Revi­sion der Kapi­tal-RL vom Tisch ist.

Die Gene­ral­di­rek­tion Bin­nen­markt der Kom­mis­sion nimmt dazu Stel­lung wie folgt:

In the light of the con­clu­si­ons of the exter­nal study, the view of DG Inter­nal Mar­ket and Ser­vices is that the cur­rent capi­tal main­ten­ance regime under the Second Com­pany Law Direc­tive does not seem to cause signi­fi­cant ope­ra­tio­nal pro­blems for com­pa­nies. The­re­fore no fol­low-up mea­su­res or chan­ges to the Second Com­pany law Direc­tive are fore­seen in the imme­diate future.

From the results of the study it emer­ges that the 2nd Com­pany Law Direc­tive is a fle­xi­ble instru­ment inso­far as it requi­res a limi­ted (almost sym­bo­lic) amount of legal capi­tal and allows Mem­ber Sta­tes to impose hig­her capi­tal requi­re­ments if they so wish. Moreo­ver, under the Second Com­pany Law Direc­tive, Mem­ber Sta­tes remain free to require or allow com­pa­nies to pre­pare indi­vi­dual IFRS-based accounts for divi­dend dis­tri­bu­ti­ons pur­po­ses. The Second Com­pany Law Direc­tive already allows Mem­ber Sta­tes to intro­duce de facto no-par value sha­res; its requi­re­ment for an expert eva­lua­tion of con­tri­bu­ti­ons in kind has recently been signi­fi­cantly sim­pli­fied and its limi­ta­ti­ons to share buy backs signi­fi­cantly libe­ra­li­zed. Moreo­ver, the Second Com­pany Law Direc­tive already allows Mem­ber Sta­tes to adopt some of the sol­vency-based sys­tems exis­ting out­side the EU as well as some of the alter­na­tive pro­po­sals for reform, except the pos­si­bi­lity to dis­tri­bute pro­fits in the pre­sence of a nega­tive balance sheet. Finally, it appears from the study that the com­pli­ance costs of the 2nd Direc­tive are rather limi­ted, and not hig­her than those requi­red by the alter­na­tive regimes out­side the EU.”

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