Changes from report parliamentary committee draft to plenary report

Added(b) any restrictions on the transfer of securities, including any agreements between shareholders which are known to the company that could result in restrictions on the transfer of securities;

Added(c) the identity of holders of any securities with special control rights and a description of those rights;

Added(d) any restrictions on voting rights, including any agreements between shareholders which are known to the company that could result in restrictions on voting rights;

Added(e) the identity of the shareholders holding multiple-vote shares and of the natural persons or legal entities entitled to exercise voting rights on behalf of such shareholders, where applicable.

Added2. Where the holders of multiple-vote shares or the persons entitled to exercise voting rights on their behalf or the holders of securities with special control rights are natural persons, the disclosure of their identity shall require only the disclosure of their names.

Added2a. Companies with multiple-vote share structures, the shares of which are traded or are to be traded on a regulated market, an SME growth market, or any other MTF, shall have a stock name that ends with the marker 'WVR' (weighted voting rights) in order to clearly indicate to the public that their shareholder structure is different from that of traditional companies.

Added2b. National competent authorities, regulated markets, SME growth markets and MTFs, shall promote investor understanding and awareness concerning the WVR marker and the impact on voting rights associated with investing in companies with multiple-vote share structures.

AddedReview

AddedBy [three years after the entry into force ot this Directive] and every three years thereafter, the Commission shall submit a report to the European Parliament and the Council on the implementation and effects of this Directive. To that effect by [two years after the entry into force of this Directive] and every year thereafter, Member States shall provide the Commission with all relevant information in particular on the following:

Added(a) the number of companies admitted to trading with multiple-vote shares;

Added(b) the sector in which the companies referred to in point (a) are active and the respective capitalisation at the moment of issuance;

Added(c) the investor protection safeguard applied by the companies referred to in point (a) with respect to multiple-vote share structures.

AddedTransposition

Added1. Member States shall bring into force the law, regulations and administrative provisions necessary to comply with this Directive by... [12 months after the date of entry into force of this Directive]. They shall immediately inform the Commission thereof. When Member States adopt those measures, they shall contain a reference to this Directive or be accompanied by such a reference on the occasion of their official publication. The methods of making such reference shall be laid down by Member States.

Added2. Member States shall communicate to the Commission the text of the main provisions of national law which they adopt in the field covered by this Directive.

AddedEntry into force

AddedThis Directive shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

AddedAddressees

AddedThis Directive is addressed to the Member States.

AddedDone at Brussels,

AddedFor the European Parliament For the Council

AddedThe President The President

Added[...] [...]

Added20.9.2023