One year on, the Commission has published a White Paper covering those proposals in more detail, and with a narrower focus on a particular regime proposal: the “targeted transparency system”. The deadline for responses was 3 October 2014. The refined proposals contained in the White Paper come amidst continued opposition from businesses and the investor community, and are of particular concern to investors acquiring minority shareholdings in businesses active on the same or closely related markets, and to firms acquiring minority interests in joint ventures or other strategic alliances. Depending upon consultation feedback, the Commission may put forward a legislative proposal to revise the EUMR as early as next year, with entry into force in 2016/2017.
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