A New Eldorado For European Group Companies And For Practitioners ? A French Perspective " (2)
(Medonlad Welsh)
An SE may be listed (subject to complying with all specific provisions applicable to listed companies provided for in the Regulation and in force in the national law concerned) or remain private.
Undoubtedly, the SE shall create a certain competition among EU Member States by inducing them to amend their legislation in order to better accommodate the specific needs of a pan-European legal entity. This credo must be somewhat nuanced in light of the forum shopping limitation embodied in the Regulation itself, as detailed below.
France has added the Directive to its national laws by Law No. 2005-842 dated 26 July 2005, referred to as the ?Loi Breton,? in the interest of economic modernization and confidence. The long-awaited implementing Decree - which was a prerequisite to any incorporation of SE in France - has been enacted recently (Decree No. 2006-448 of 14 April 2006). Consequently, French jurisdiction is now fully operational in this respect.
According to our information gathered from EU data bases, to date:
- 22 out of 28 Member States have implemented the Directive (including France): Denmark, Sweden, Hungary, Iceland, Austria, Finland, Slovak Republic, United Kingdom, Belgium, Malta, Czech Republic, Germany, Cyprus, Estonia, The Netherlands, Norway, Poland, Latvia, Lithuania, France, Italy, and Portugal. Have still not implemented it: Greece, Spain, Ireland, Luxembourg, Slovenia and Liechtenstein. The implementation status in all EU Member States is obviously critical since without it the participation of a legal entity domiciled in a non-implementing Member State in the formation of an SE would in practice be impossible;
- no SE has been incorporated in France, unlike in Germany, Sweden, The Netherlands and Belgium, the latter Member States thus appearing as quite ahead in adapting their domestic legislation to allow the formation of SEs in their territory.
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