European Parliament consents to draft Council Regulation temporarily extending general meeting deadlines of European Companies and European Cooperative Societies in light of coronavirus (COVID-19)

European Parliament consents to draft Council Regulation temporarily extending general meeting deadlines of European Companies and European Cooperative Societies in light of coronavirus (COVID-19)

Given the challenges to company administration posed by the Coronavirus (COVID-19) pandemic, the European Parliament has consented to a proposal for a Council Regulation extending the general meeting deadlines of European companies (SEs) and European Cooperative Societies (SCEs).

Draft Council Regulation 07648/2020 is intended to provide temporary assistance to SEs and SCEs by allowing them to hold their general meetings within twelve months of the end of their financial year, instead of within six months. However, a general meeting must still be held by no later than 31 December 2020.

The draft Council Regulation was proposed by the European Commission on 29 April 2020. The European Council requested that the European Parliament consent to it on 11 May 2020. On 14 May 2020, the European Parliament passed a legislative resolution to consent to the draft Council Regulation in accordance with the special legislative consent procedure.

The next step is for the draft Council Regulation to be unanimously approved by the European Council, after which it will be published in the Official Journal of the European Union. It shall enter into force on the day following such publication.

Council Regulation (EC) No 2157/2001 of 8 October 2001 on the Statute for a European Company and Council Regulation (EC) No 1435/2003 of 22 July 2003 on the Statute for a European Cooperative Society (SCE) will be amended by the draft Council Regulation.

Sources:

• Temporary measures concerning the general meetings of European companies (SEs) and of European Cooperative Societies (SCEs)

• 'I' Item Note from General Secretariat of the Council to the Permanent Representatives Committee dated 15 May 2020 ​

• Proposal for a Council Regulation on temporary measures concerning the general meetings of European companies (SE) and of European Cooperative Societies (SCE)

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