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29 May 2020

Commission Implementing Regulation – 3 September deadline confirmed 

On 9th April 2020, a joint trade association sent a letter to the European Commission on the impact of Covid 19 on the further implementation of the shareholder rights directive (SRD II). In this letter, the association asked for a postponement of the implementation date of the SRD II Commission Implementing Regulation by one year. The request was justified by the disruptions caused by the COVID-19 pandemic to the operations of their members which required re-directing IT and technical staff to ensure business continuity amidst the lockdown measures.

In a letter sent on 28 May 2020, the Commission indicates that it understands the difficulties and challenges caused by the sanitary emergency. However it considers that the different impacted entities have been allowed sufficient time to adapt existing practices and procedures to the new rules. The Commission therefore confirms the 3 September 2020 deadline.

Should you have any questions on the above, or on SRD II feel free to contact our FI advisory experts.