Diario Oficial de la Unión Europea del 22/2/2023 - Comunicaciones e Informaciones
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Source: Diario Oficial de la Unión Europea - Comunicaciones e Informaciones
C 65/2
EN
Official Journal of the European Union
22.2.2023
EUROPEAN DATA PROTECTION SUPERVISOR
Summary of the Opinion of the European Data Protection Supervisor on the proposal for a Directive of the European Parliament and of the Council on multiple-vote share structures in companies that seek the admission to trading of their shares on an SME growth market 2023/C 65/02
The full text of this Opinion can be found in English, French and German on the EDPS website https edps.europa.eu
On 7 December 2022, the European Commission issued the proposal for a Directive of the European Parliament and of the Council on multiple-vote share structures in companies that seek the admission to trading of their shares on an SME growth market 1.
The proposal aims to achieve a minimum harmonisation of national laws on multiple-vote share structures of companies listing on small and medium-sized companies growth markets, while leaving sufficient flexibility to Member States for its implementation. Furthermore, the proposal is part of the Listing Act package, consisting of a set of measures to make public capital markets more attractive for EU companies and facilitate access to capital for SMEs.
With regard to the publication of personal data provided for in Article 6 of the proposal, the EDPS recalls that any requirement to publish personal data should, in addition to being provided by law, also fulfil the other requirements arising from the Charter and the GDPR 2, and in particular must meet an objective of public interest and be proportionate to the legitimate aim pursued.
The EDPS questions whether making available to the public at large the identity of holders of multiple-votes shares or of the persons entitled to exercise voting rights on their behalf or of the holders of securities with special control rights is in fact strictly necessary to strengthen investor confidence and facilitate informed investment decision-making. In any event, the EDPS considers that objectives of public interest that would justify public accessibility of such data should be clearly set out in the enacting terms of the proposal. In addition, the EDPS recommends to consider providing for a mechanism that would allow access to parties capable of demonstrating a legitimate interest linked to the proposals objectives, as a safeguard to ensure that access to these data would be limited to investment related purposes.
1.
INTRODUCTION
1.
On 7 December 2022, the European Commission issued the proposal for a Directive of the European Parliament and of the Council on multiple-vote share structures in companies that seek the admission to trading of their shares on an SME growth market the proposal.
2.
The objective of the proposal is to achieve a minimum harmonisation of national laws on multiple-vote share structures of companies listing on small and medium-sized companies SMEs growth markets, while leaving sufficient flexibility to Member States for its implementation.
1 COM/2022/761 final.
2 Regulation EU 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC General Data Protection Regulation OJ L 119, 4.5.2016, p. 1.
