The **.Professor, Dr. Jur. & LL.M., University of Copenhagen, Faculty of Law.European Commission presented a package of proposals to strengthen the Capital Market Union. The main proposals concern a reform of the regulation in EU law of listing and they contain many good initiatives to reform the current regulation that forms the backbone of EU securities trading. However, the package also contains a proposal for a directive to introduce multiple voting shares in all Member States for national SMEs that seek admission to an SME growth market. The article focuses on the latter directive proposal and argues that contrary to the main proposals on a listing, harmonisation is unwarranted in this area of national law on corporate governance.
1. Introduction to the Listing Act Package*
On 7 December 2022, the European Commission presented several proposals to strengthen the Capital Markets Union (CMU), which could be viewed as the equivalent for securities to the ‘internal market’ for goods, that is, seamless access to marketplaces (trading venues) for all European issuers and investors. The initiative is very ambitious and aims to reform the access to trading venues, known as listing, and related areas such as clearing and insolve ...