The draft European Business Code applies to all businesses, with a particular focus on MSMEs and innovative start-ups, which require access to European savings to grow in the internal market.
It is not intended to create an artificial 28th body of law applicable only to a certain type of business, which is not subject to generally applicable law, including tax, employment and social security law. Rather, in the areas in which this is possible, its purpose is to lay the foundations for a European Commercial Code – a true European commercial and business law applicable to all businesses, which serves to simplify, consolidate, converge and decompartmentalise markets.
The availability of an optional 28th regime for businesses will be invaluable in expediting the introduction of new European instruments that are currently lacking if a true European savings market is to emerge, and that do not interfere with public policy rules at the national level. These include, for example, Simplified European Companies, European security interests (including European security, guarantees and trusts) and European loan contracts (European private bonds and their issuance).
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