What are the main legal provisions regulating SA corporations with securities listed on the ATHEX?
Societe Anonyme, S.A. (Anonymos Etairia) is a company subject to increased state supervision, incorporated by one or more shareholders and governed by a board of directors. SA company is regulated by Law 2190/1920, as it has been modified. In terms of the Greek Law, SA is the type of company mainly listed on the Stock Exchange, due to its basic characteristics and particularly due to the fact, that the shareholders of a Societe Anonyme are not liable for the company’s debts with their own assets. This close relationship between stock market and societe anonyme is also evident in the legislation, as the regulation on listed companies is a combination of the law on SA companies and of Capital Market and Stock Exchange law. More specifically, Law 2190/20 on SA companies, with its recent amendment by Law 3884/2010 which implemented the EU Directive 2007/36/EC, regulates the exercise of certain rights by shareholders of listed SA companies. On the other hand, Capital Market and Stock Exchange regulations also apply to listed SA companies and especially:
- Law 3371/2005 (implementing Directive 2001/34/EC) on capital markets;
- Law 3401/2005 (implementing Directive 2003/71/EC) on the prospectus to be published when securities are offered to the public or admitted to trading;
- Law 3340/2005 (implementing Directives 2003/6/EC, 2003/124/EC, 2003/125/EC, 2004/72/EC) on the protection from abuse of privileged information and market manipulation;
- Law 3556/2007 (implementing the Transparency Directive 2004/109/EC) on certain reporting obligations of listed companies.