Brexit is likely to lead to the relocation of UK financial services firms to the EU in order to be able to access EU markets, mainly through the EU passport. The same applies to the EU firms intending to be active on the UK markets. The access conditions to the EU markets are numerous and...

The post-trade activities in securities has again raised considerable attention and discussions: recent public consultations of European Commission have resulted in a very active debate concentrating on three issues: new regime for settlement finality, with specific attention to the Buy-in...

The Regulation on the Single Supervisory Mechanism mandates the European Central Bank to exercise prudential supervision on the most significant banks located in the Euro area, whether directly by the Bank's own services, or indirectly by the national prudential supervisors but under the general...

This interim report attempts to give a short overview of the most important workstreams in the field of securities regulation within the EU. It further gives a provisional analysis of the future supervisory structure after the adoption by the Council of ministers of the regulation on the future...

This paper contains the European Company Law Experts' response to one of the main issues raised in the European Commission's Action Plan of 12 December 2012, namely how to make corporate governance codes more effective. The concept of “codes' effectiveness” has two meanings: effectiveness of...

This paper contains the European Company Law Experts' response to the report of the European Commission of 28 June 2012 on the application of the Takeover Bids Directive of 2004 and the reform initiatives announced. For evaluating these initiatives the rationale of the mandatory bid rule is...

The Belgian company code of 7 May 1999 has been replaced by a new law dated 23 April 2019, entering into force on the 1st of May 2019. The new law is entitled: “Code on companies, associations and divers provisions”. This law has been the subject of amendments implementing a European...

The present paper gives a systematic overview of the takeover regulation as applicable in Belgium after the implementation of the Takeover directive. It contains a high level description of the main provisions of the new law of April 1, 2007, and the Royal Decree of 27 April, 2007, implementing...

The relationship between corporate governance codes and the legal order in which they function is a complex one. This paper aims at analysing this relationship on the one hand by describing the factual situation in which the codes have been developed, and on the other the enforcement and...

Corporate governance codes have been published in several European jurisdictions. Most are of a self regulatory nature, others are rooted in the law. In both cases the provisions of the codes apply on a comply and explain basis. Enforcement mainly takes place through market mechanisms, including...