On 10 March 2009, the European Parliament (Parliament) completed its first reading of a proposed Regulation for an EU Private Company Statute. The aim of the proposed Regulation is to establish uniform rules under which a private company may be set up anywhere in the EU. The rules are designed to facilitate cross-border establishment of subsidiaries in different Member States. The European Parliament has broadly accepted the European Commission's proposal but has suggested a number of amendments. The draft Regulation and the European Parliament's suggested amendments are now being considered by the Council.