Here’s a comprehensive review of the legal acts:
1. Multiple-Vote Share Structures Directive:
Establishes EU-wide rules allowing companies to maintain control while raising funds through MTFs. Companies must get qualified majority approval for MVS structures, with mandatory safeguards for minority shareholders and detailed transparency requirements about share structures.
2. European Disability and Parking Cards Directive:
Creates standardized EU-wide disability and parking cards for cross-border recognition. Cards will be available in physical and digital formats, with the Disability Card being free and the Parking Card potentially subject to fees. Implementation starts June 2028.
3. Extension of Disability Cards to Third-Country Nationals:
Extends the disability card system to non-EU citizens legally residing in the EU, including refugees and those under temporary protection, ensuring equal access to facilities and services.
4. Capital Markets Access Directive:
Modifies MiFID II to improve market access, introducing new rules for investment research, reducing free float requirements to 10%, and establishing provisions for issuer-sponsored research with an EU code of conduct.
5. Financial Markets Regulation Amendments:
Introduces simplified prospectus types for secondary issuances and SMEs, with standardized formats, page limits, and simplified risk disclosure requirements. Allows prospectuses in international finance language.
6. Crypto-assets Information Disclosure Regulation:
Sets technical standards for disclosing inside information about crypto-assets, requiring simultaneous EU-wide distribution through various media channels, with specific website requirements and delay notification procedures.
7. African Swine Fever Control Measures:
Updates restricted zones in Italy and Poland due to new ASF outbreaks, establishing control measures and detailed geographic descriptions of affected areas.
8. Flavoring Substances Regulation:
Removes Benzene-1,2-diol from authorized EU flavoring substances due to safety concerns, with transitional measures for existing products.
9. Nitrofurans in Collagen Regulation:
Exempts collagen from reference points for action regarding semicarbazide unless other nitrofuran metabolites are detected, recognizing processing-related occurrences.
10. Foreign Exchange Accounting Standard:
Amends IAS 21 with new criteria for determining currency exchangeability and calculating exchange rates for non-exchangeable currencies, applicable from January 2025.
11. Biocidal Products Authorization:
Authorizes “Teat disinfectants L-(+)-lactic acid based” product family for veterinary hygiene, valid until November 2034, with specific usage and safety requirements.
12. EU-Canada Architects Agreement:
Establishes mutual recognition of architectural qualifications between EU and Canada, requiring 12 years of combined education and experience, with specific procedures for cross-border practice.
Review of each of legal acts published today:
Directive (EU) 2024/2810 of the European Parliament and of the Council of 23 October 2024 on multiple-vote share structures in companies that seek admission to trading of their shares on a multilateral trading facility (Text with EEA relevance)
This Directive establishes common rules for multiple-vote share (MVS) structures in companies seeking admission to trading on multilateral trading facilities (MTFs). It aims to make public markets more attractive for companies, particularly SMEs, by allowing controlling shareholders to maintain control while raising funds through MTFs. The Directive introduces harmonized requirements for adopting MVS structures and protecting minority shareholders.The Directive consists of 9 articles covering: subject matter and scope, definitions, rules for adopting MVS structures, safeguards for minority shareholders, transparency requirements, review provisions, and implementation requirements. Key structural elements include allowing companies to adopt MVS structures before MTF admission, setting requirements for shareholder approval, and establishing mandatory safeguards.The main provisions include:
- Companies must obtain qualified majority approval from shareholders to adopt MVS structures
- Member States must implement either maximum voting rights ratios or special majority requirements for certain decisions
- Detailed transparency requirements about share structures and major MVS holders
- Clear identification requirements for MVS shares on trading venues
- Mandatory safeguards to protect non-MVS shareholders
Directive (EU) 2024/2841 of the European Parliament and of the Council of 23 October 2024 establishing the European Disability Card and the European Parking Card for persons with disabilities (Text with EEA relevance)
The Directive establishes two new EU-wide documents: the European Disability Card and the European Parking Card for persons with disabilities. These cards aim to facilitate free movement and equal access to services for persons with disabilities when traveling or visiting other EU Member States.The act consists of five chapters and 23 articles, along with two annexes detailing the technical specifications of both cards. The main structural elements include general provisions, specific rules for both cards, common provisions, delegated and implementing powers, and final provisions.Key provisions of the Directive include:
- Mutual recognition of disability status across EU Member States through standardized cards
- Equal access to special conditions and preferential treatment in areas such as culture, leisure, tourism, sports, and transport
- Both physical and digital versions of the cards will be available
- Free issuance of the Disability Card, while the Parking Card may be subject to administrative fees
- Member States must implement the Directive by June 5, 2027, with application starting from June 5, 2028
- Strong data protection measures and anti-fraud features including QR codes
- Requirements for accessibility of information about the cards and related services
The Directive provides detailed technical specifications for both cards, including standardized formats, colors, and security features. It establishes a comprehensive framework for issuing, using, and monitoring these cards while respecting Member States’ competence in determining disability status.
Directive (EU) 2024/2842 of the European Parliament and of the Council of 23 October 2024 extending Directive (EU) 2024/2841 to third-country nationals legally residing in a Member State
This Directive extends the European Disability Card and European Parking Card system to third-country nationals legally residing in EU Member States. It ensures that non-EU citizens with disabilities who legally reside in the EU have the same rights and access to facilities as EU citizens with disabilities. The Directive also covers persons accompanying disabled individuals and assistance animals.The act consists of 8 articles that establish the scope of application, define key terms, and set implementation deadlines. The main changes include extending all rights and obligations from Directive 2024/2841 to third-country nationals, while maintaining existing rules on mobility across the EU. The Directive specifically includes beneficiaries of temporary protection and international protection, such as refugees.Key provisions include:
– Equal treatment of third-country nationals regarding disability status recognition across EU
– Access to special conditions and preferential treatment in various services and facilities
– Recognition of parking rights for disabled third-country nationals
– Member States’ ability to provide information in languages understood by third-country nationals
– Special attention to multiple forms of discrimination, particularly affecting women and girls with disabilities
– Implementation deadline set for June 5, 2027, with application starting from June 5, 2028
Directive (EU) 2024/2811 of the European Parliament and of the Council of 23 October 2024 amending Directive 2014/65/EU to make public capital markets in the Union more attractive for companies and to facilitate access to capital for small and medium-sized enterprises and repealing Directive 2001/34/EC (Text with EEA relevance)
This Directive aims to make public capital markets in the EU more attractive for companies and facilitate access to capital for small and medium-sized enterprises (SMEs). It amends Directive 2014/65/EU (MiFID II) and repeals Directive 2001/34/EC.The Directive introduces significant changes to the EU capital markets framework by modifying research unbundling rules, establishing new provisions for issuer-sponsored research, and updating requirements for SME growth markets.The main structural elements include:
- New rules on investment research and issuer-sponsored research, including establishment of an EU code of conduct
- Modified requirements for SME growth markets and their segments
- Updated conditions for admission of shares to trading on regulated markets
- Repeal of Directive 2001/34/EC and transfer of relevant provisions to MiFID II
Key provisions that may be most important for implementation:
- Removal of market capitalization threshold for bundling of research payments
- Requirement for investment firms to have organizational arrangements ensuring compliance with the EU code of conduct for issuer-sponsored research
- Reduction of minimum free float requirement from 25% to 10% for admission to trading
- New rules allowing segments of MTFs to apply for SME growth market status
- Requirements for issuer non-objection before trading on additional venues
Regulation (EU) 2024/2809 of the European Parliament and of the Council of 23 October 2024 amending Regulations (EU) 2017/1129, (EU) No 596/2014 and (EU) No 600/2014 to make public capital markets in the Union more attractive for companies and to facilitate access to capital for small and medium-sized enterprises (Text with EEA relevance)
This Regulation amends three key EU financial regulations to make public capital markets more attractive and facilitate access to capital for small and medium-sized enterprises (SMEs):The main changes include:
- Introduction of new simplified prospectus types – the EU Follow-on prospectus for secondary issuances and the EU Growth issuance prospectus for SMEs
- Standardization of prospectus format and content requirements, including maximum page limits
- Simplification of risk factor disclosure requirements and working capital statements
- Changes to language requirements allowing prospectuses to be drawn up in a language customary in international finance
- New rules on market soundings and disclosure of inside information
- Enhanced cooperation between supervisory authorities through collaboration platforms
The Regulation provides detailed requirements for the content and format of different types of prospectuses through new annexes. It aims to reduce administrative burden while maintaining appropriate investor protection. The changes will apply gradually, with most provisions becoming applicable between March and June 2026.Key provisions include standardized formats for prospectuses, simplified disclosure requirements for secondary issuances and SMEs, clearer rules on risk factors, and enhanced supervisory cooperation. The Regulation maintains core investor protection while reducing compliance costs for issuers.
Commission Implementing Regulation (EU) 2024/2861 of 12 November 2024 laying down implementing technical standards for the application of Regulation (EU) 2023/1114 of the European Parliament and of the Council with regard to the technical means for the appropriate public disclosure of inside information and for delaying the public disclosure of that information
This Regulation establishes technical standards for the public disclosure of inside information related to crypto-assets and the procedures for delaying such disclosure. It sets detailed requirements for issuers, offerors, and persons seeking admission to trading of crypto-assets to ensure transparent and efficient information dissemination across the European Union. The act is implementing Regulation (EU) 2023/1114 on markets in crypto-assets.The Regulation consists of four articles covering: technical means for public disclosure of inside information (Article 1), requirements for posting information on websites (Article 2), procedures for notification of delayed disclosure (Article 3), and entry into force provisions (Article 4). Compared to previous regulations, this act introduces new specific requirements for crypto-asset information disclosure using modern communication channels, including social media and web-based platforms.Key provisions include:
- Information must be disseminated to as wide a public as possible, free of charge, and simultaneously throughout the EU
- Inside information should be communicated through traditional media, social media, or web-based platforms that are reasonably relied upon by the public
- Websites must provide easily accessible, downloadable information in chronological order, with push notification capabilities
- Detailed requirements for recording and notifying delays in information disclosure, including specific documentation of decision-making processes
- Information must be provided in the language of the crypto-asset white paper and, where feasible, in a language customary in international finance
Commission Implementing Regulation (EU) 2024/2886 of 12 November 2024 amending Annex I to Implementing Regulation (EU) 2023/594 laying down special control measures for African swine fever
This is a Commission Implementing Regulation amending Annex I to Regulation (EU) 2023/594 regarding special control measures for African swine fever (ASF). The regulation updates the restricted zones I, II and III in various EU member states where special disease control measures need to be applied due to ASF outbreaks. The main changes include: – New outbreaks of ASF in kept porcine animals in Italy (Piedmont Region) and in wild porcine animals in Poland (several regions) requiring updates to zoning The regulation’s structure includes:
- Legal basis and recitals explaining the context and reasons for amendments
- Two articles – one amending the zones in Annex I and one on entry into force
- An annex providing detailed lists of restricted zones I, II and III in affected member states
Key provisions:
- Establishes new restricted zones of sufficient size around outbreak areas
- Updates zoning based on epidemiological situation, risk levels, and scientific criteria
- Provides detailed geographic descriptions of restricted zones at municipal/regional level
- Takes into account international standards and justifications from competent authorities
Commission Regulation (EU) 2024/2856 of 12 November 2024 amending Annex I to Regulation (EC) No 1334/2008 of the European Parliament and of the Council as regards the removal of the flavouring substance Benzene-1,2-diol (FL No. 04.029) from the Union list
This Commission Regulation amends the EU list of authorized flavoring substances by removing Benzene-1,2-diol (FL No. 04.029) from the Union list due to safety concerns identified by the European Food Safety Authority. The substance was found to have genotoxic properties when administered orally, making it unsafe for consumer use in food products.The regulation consists of three main articles. Article 1 introduces the amendment to remove Benzene-1,2-diol from Annex I of Regulation (EC) No 1334/2008. Article 2 establishes transitional measures for foods containing this substance that are already on the market or in transit. Article 3 sets the entry into force of the regulation.Key provisions include:
– Complete removal of Benzene-1,2-diol from the Union list of authorized flavoring substances
– Foods containing this substance that were lawfully placed on the market before the regulation’s entry into force may continue to be sold until their expiry date
– Imported foods containing the substance may be marketed until their expiry date if they were in transit before the regulation’s entry into force
– The transitional measures do not apply to the pure substance itself or to preparations containing it that are not intended for direct consumption
Commission Regulation (EU) 2024/2858 of 12 November 2024 amending Regulation (EU) 2019/1871 as regards the application of reference points for action for nitrofurans and their metabolites in collagen
This Regulation amends the rules regarding reference points for action (RPA) for nitrofurans and their metabolites in collagen. It specifically addresses the presence of semicarbazide (SEM), a metabolite of nitrofurazone, in processed animal products and establishes new exemptions for collagen products.The Regulation modifies Commission Regulation (EU) 2019/1871 by adding collagen to the list of products exempted from RPA enforcement for SEM. This change is based on evidence that higher levels of SEM can occur in collagen as a result of processing rather than illegal use of nitrofurans.The main provisions include:
- Exemption of collagen from RPA enforcement for SEM unless other nitrofuran metabolites are detected
- Maintenance of the 0.5 μg/kg RPA for SEM in various products including collagen, but only when illegal use is established
- Removal of the previous requirement for food business operators to provide data by a specific deadline, as this requirement has been fulfilled
The regulation specifies that the RPA for SEM will only be applied when illegal use of nitrofurazone or SEM is confirmed through the detection of other nitrofuran metabolites (AOZ, AMOZ, AHD, and DNSH). This approach recognizes that elevated SEM levels can occur naturally during processing in certain products without indicating illegal substance use.
Commission Regulation (EU) 2024/2862 of 12 November 2024 amending Regulation (EU) 2023/1803 as regards International Accounting Standard 21
This Regulation amends the International Accounting Standard 21 (IAS 21) regarding the effects of changes in foreign exchange rates. The amendments specify how to determine when a currency is exchangeable into another currency and how to calculate exchange rates when a currency is not exchangeable.The act introduces new definitions and criteria for currency exchangeability assessment. A currency is considered exchangeable when an entity can obtain another currency within a normal administrative timeframe through a market mechanism that creates enforceable rights and obligations. If an entity can obtain only an insignificant amount of another currency, the currency is considered non-exchangeable.The main provisions include:
- New requirements for estimating spot exchange rates when a currency is not exchangeable
- Detailed guidance on assessing currency exchangeability for different purposes (reporting transactions, presentation currency, foreign operations)
- New disclosure requirements when dealing with non-exchangeable currencies
- Specific transition provisions for implementing these changes
The amendments will become applicable for annual reporting periods beginning on or after January 1, 2025, with earlier application permitted. Companies are not required to restate comparative information when first applying these amendments. The regulation provides detailed guidance in its Appendix A on how to assess exchangeability and estimate exchange rates when currencies are not exchangeable.
Commission Implementing Regulation (EU) 2024/2863 of 12 November 2024 granting a Union authorisation for the biocidal product family Teat disinfectants L-(+)-lactic acid based biocidal product family of Novadan in accordance with Regulation (EU) No 528/2012 of the European Parliament and of the Council
This Commission Implementing Regulation grants Union authorization for a biocidal product family called ‘Teat disinfectants L-(+)-lactic acid based biocidal product family of Novadan’ for veterinary hygiene purposes. The authorization is valid from December 3, 2024 until November 30, 2034.The regulation consists of two main parts: the authorization decision itself and a detailed annex containing the summary of product characteristics. The authorization is granted to ITW Novadan ApS for making available and using their biocidal product family.The regulation’s structure includes:
- Administrative information about the product family and authorization holder
- Product composition details – containing L-(+)-lactic acid as the active substance at 4.1% concentration
- Detailed usage instructions for different application methods (manual dipping, automated dipping, manual and automated spraying)
- Safety precautions, hazard statements and risk mitigation measures
- Storage conditions and shelf-life information
Key provisions include:
- The products are authorized for use as teat disinfectants for dairy animals (cows, buffaloes, sheep, goats) after milking
- Specific application rates and methods are defined for different animal types
- Mandatory use of eye protection during handling
- 24-month shelf life under proper storage conditions
- Multiple trade names are authorized under two meta-SPCs (Summary of Product Characteristics)
Judgment of the General Court (Third Chamber) of 13 November 2024.Administration of the State Border Guard Service of Ukraine v European Union Intellectual Property Office.EU trade mark – Application for EU figurative mark RUSSIAN WARSHIP, GO F**K YOURSELF – Absolute ground for refusal – No distinctive character – Article 7(1)(b) of Regulation (EU) 2017/1001 – Political slogan – Equal treatment – Principle of sound administration – Article 71(1) of Regulation 2017/1001.Case T-82/24.
Judgment of the General Court (Sixth Chamber, Extended Composition) of 13 November 2024.Aboca SpA Soc. agr. and Others v European Commission.Consumer protection – Substances prohibited, restricted or under EU scrutiny – Article 8(1) and (2) of, and Annex III to, Regulation (EC) No 1925/2006 – Prohibition and placing under control of certain substances and preparations containing hydroxyanthracene derivatives – First, second and third entries in Article 1(1), and Article 1(2), of Regulation (EU) 2021/468 – Concepts of ‘substance’, ‘ingredient’ and ‘preparations’ – Error of law.Case T-302/21.
Judgment of the General Court (Sixth Chamber, Extended Composition) of 13 November 2024.Aloe Vera of Europe BV v European Commission.Consumer protection – Substances prohibited, restricted or under EU scrutiny – Article 8(1) and (2) of, and Annex III to, Regulation (EC) No 1925/2006 – Prohibition of preparations from the leaf of Aloe species containing hydroxyanthracene derivatives – Third entry in Article 1(1) of Regulation (EU) 2021/468.Case T-189/21.
Judgment of the General Court (Tenth Chamber, Extended Composition) of 13 November 2024.Orion Oyj v European Commission.Medicinal products for human use – Generic medicinal products – Decision granting marketing authorisation for the medicinal product for human use Dexmedetomidine Accord – dexmedetomidine – Eligibility of a medicinal product as a reference medicinal product – Article 10(1) and (2) of Directive 2001/83/EC.Case T-223/20.
Judgment of the General Court (Seventh Chamber, Extended Composition) of 13 November 2024.Deutsche Telekom AG v European Commission.Competition – Concentrations – German markets for TV services and telecommunications services – Decision declaring the concentration compatible with the internal market and the EEA Agreement – Commitments – Assessment of the horizontal and vertical effects of the transaction on competition – Competitive relationship between the parties to the concentration – Merger-specific change – Manifest error of assessment.Case T-64/20.
Decision No 1/2024 of the Joint Committee on Mutual Recognition of Professional Qualifications of 10 October 2024 setting out an agreement on the mutual recognition of professional qualifications for architects [2024/2873]
This Decision establishes a framework for mutual recognition of professional qualifications for architects between the European Union and Canada. It sets out conditions and procedures for recognizing architectural qualifications obtained in one jurisdiction for practice in another jurisdiction under the Comprehensive Economic and Trade Agreement (CETA).The Decision consists of the main text and an Annex containing the detailed Agreement on Mutual Recognition. The main text includes 14 articles covering adoption, territorial scope, dispute settlement, and conditions for the Decision’s effectiveness. The Annex contains 8 articles and 3 appendices detailing recognition requirements, procedures, and necessary documentation.Key provisions include:
- Requirements of minimum 12 years of education, training and professional experience for recognition
- Mandatory 10-hour online pre-registration course for EU architects seeking to practice in Canada
- Three-month timeline for processing complete applications
- Detailed procedures for application submission and review
- Requirements to comply with host jurisdiction’s laws and regulations
- Mechanisms for cooperation between competent authorities
