On 12 April 2018, the European Commission launched a consultation on its proposed minimum requirements regarding shareholder identification, the transmission of information and the facilitation of the exercise of shareholder rights under the Shareholder Rights Directive (2007/36/EC) (the "SRD). The consultation publishes a draft Regulation and Annex which will implement these requirements pursuant to the directive ((EU) 2017/828) which amends the SRD, known as "SRD II". Responses are due to be submitted by 9 May 2018.
For background on the SRD II, click here.
Minimum content requirements for corporate documents
The draft Regulation and Annex specify standardised formats and minimum content requirements across a range of documents, including:
- requests to disclose information regarding a shareholder's identity;
- notices of general meetings and notifications of other corporate events;
- confirmations of entitlement to exercise shareholder rights at a general meeting and notices of participation by a shareholder at a general meeting; and
- forms of confirmation of the receipt and counting of votes.
The use of standardised formats and content requirements is intended to harmonise practice across member states and to enable efficient and reliable processing of information between an issuer, a chain of intermediaries and the shareholders. Additionally, the Regulation prescribes deadlines for the transmission of information between an issuer and the chain of its intermediaries, together with minimum security requirements in respect of the transmission.
Responses to the consultation are requested by 9 May 2018. Click here to access the draft implementing Regulation and Annex.