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8th Company Law
Directive
from
the
Sarbanes Oxley
Compliance Professionals Association (SOXCPA)
the largest
Association of Sarbanes Oxley professionals in the world
European Union
Directives
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The European Union
The European Union (EU) constitutes a new legal order
of international law for the benefit of which the EU member states
have limited their sovereign rights.
Independently of the legislation of member states,
community law not only imposes obligations on individuals but is
also intended to confer upon them rights which become part of
their legal heritage.
The decision-making triangle
1. The Council (representing national governments)
This is the Council of Ministers from the national
governments of all the EU countries. The member states take in
turns the Council Presidency for a six-month period. Meetings are
attended by ministers responsible for the items to be discussed
2. The European Parliament (representing the
people)
It is elected every five years.
3. The European Commission
It drafts proposals for new European laws, which it
presents to the European Parliament and the Council
The European
Union is based on the rule of law. The rules and procedures for EU
decision-making are laid down in the treaties. Every new European
law is based on a specific treaty article. This is the ‘legal
basis’ of the proposed law.
The Co-decision procedure
This is the main legislative procedure by which
directives
are adopted.
Parliament shares legislative power equally with the Council. Both
the Parliament and the Council
are required to agree on an identical legal text,
and only after that
it becomes law.
Directives
A directive is a collective legislative act of the
EU.
It describes a result. Member states must develop
their own national legislation and do whatever is needed to
achieve this result.
Directives are binding on the member states to
which they are addressed.
The Court of Justice
If a member state fails to pass the required
national legislation, or if the national legislation does not
comply with the directive, the Commission can initiate legal
action against the member state in the European Court of Justice.
The Court of Justice is the judicial institution of
the Community: Examines the legality of Community measures and
ensures the uniform interpretation and application of Community
law
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