La reforma de la asistencia financiera en Europa

Résumé

This paper analyzes the reform of the financial assistance rules in Europe. Article 23 of the Second Directive 77/91/EEC of 13 December 1976 forbade a public company for advancing funds, making loans or providing security, in order to promote or facilitate the acquisition of its shares by a third party. This prohibition of granting financial assistance has been subjected to criticism, since it represents, without any apparent justification, a serious obstacle to leveraged buy-outs (LBO) and other financial operations. Directive 2006/68/EC of 6 September 2006 has amended the Second Directive 77/91/EEC and changes these rules. Now Member States will be able to allow these transactions under certain safeguards (at fair market conditions, the operation must be approved by the company in general meeting, etc).