Translation of "Loi sur le contrôle des sociétés d'investissement " (French → English) :

F. whereas Egyptian Law 84/2002 regulating the functioning and activities of NGOs, adopted under the regime of former President Mubarak, continues to be used against civil society organisations in Egypt; whereas the raids on NGO offices, and the court sentences against NGO workers, are clear indications of an urgent need to adopt a new law and new regulations protecting and encouraging civil society activities in the country; whereas, on 29 May 2013, President Morsi sent to the Shoura Council a new draft law on NGOs that has provoked widespread criticism; whereas this law, if adopted in its current shape, would further strengthen and institutionalise state control over civi ...[+++]l society by giving excessive powers to the government; whereas any new law on NGOs should be drafted in full cooperation with Egyptian civil society actors, must fully comply with the country’s international commitments and obligations, and should follow international standards;

In addition, Member States may allow that in relation to AIFs which have no redemption rights exercisable during the period of 5 years from the date of the initial investments and which, in accordance with their core investment policy, generally do not invest in assets that must be held in custody in accordance with point (a) of paragraph 8 or generally invest in issuers or non-listed companies in order to potentially acquire control over such companies in accordance with Article 26, the depositary may be an entity which carries out d ...[+++]epositary functions as part of its professional or business activities in respect of which such entity is subject to mandatory professional registration recognised by law or to legal or regulatory provisions or rules of professional conduct and which can provide sufficient financial and professional guarantees to enable it to perform effectively the relevant depositary functions and meet the commitments inherent in those functions.

2. Where a merger by acquisition is carried out by a company which holds 90% or more but not all of the shares and other securities conferring the right to vote at general meetings of another company, reports by the management or administrative body, reports by an independent expert or experts and the documents necessary for scrutiny shall be required only to the extent that the national law governing either the acquiring company or the company being acquired so requires.

5. Consider imbalanced the position of the Commission that “shareholders own companies” and thus should have absolute veto rights on major decisions; tends to prefer the European continental approach that shareholders own shares to provide investments for companies, but that companies and their one-tier or two-tier management structures have a broader mission than only making profits for their shareholders; requests a broader fundamental debate about the ownership – control relationship and the European traditions of company law;

2. Where a merger by acquisition is carried out by a company which holds 90 % or more but not all of the shares and other securities conferring the right to vote at general meetings of another company, reports by the management or administrative body, reports by an independent expert or experts and the documents necessary for scrutiny shall be required only to the extent that the national law governing either the acquiring company or the company being acquired so requires.

2. Where a merger by acquisition is carried out by a company which holds 90 % or more but not all of the shares and other securities conferring the right to vote at general meetings of another company, reports by the management or administrative body, reports by an independent expert or experts and the documents necessary for scrutiny shall be required only to the extent that the national law governing either the acquiring company or the company being acquired so requires.