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13 Eur. Company L. 3 (2016)

handle is hein.kluwer/eurcompl0013 and id is 1 raw text is: Table of Contents Editorial Shareholders' Duties in European Company Law Hanne Sondergaard Birkmose Taxation of Foreign Foundations in Light of EU Law 7 In Denmark the qualification for tax purposes of a foreign foundation has so far been decided on the basis purely of national tax law. This article argues that it is necessary to consider European law in the testing because it creates a restriction on the freedom of establishment and capital movement if the foundation is not approved as the 'beneficial owner' of the income received by the foundation. Such restriction must be able to be justified on the grounds of compelling reasons, suitability and proportionality. Erik Werlauff Undertakings for the Collective Investment in Transferable Securities Directive V: 14 Increased Protection for Investors This article considers the impact of the European Union's new Undertakings for the Collective Investment in Transferable Securities Directive (UCITS V) on investor protections and the system's alignment with the EU's Alternative Investment Fund Managers Directive (AIMFD). It scrutinizes the historical development of the UCITS Directives, the pivotal role of the depositary in the UCITS fund industry and the key regulatory changes of UCITS V. It concludes that the UCITS V provides greater protection for investors and should encourage confidence in UCITS products. Mohanmned K. Alshaleel The Social Cooperative Enterprise in Greece: A Vehicle for the Social and Solidarity 23 Economy The Social Cooperative Enterprise (SCE) was introduced in Greece by Law 4019/2011 as a particular form of civil cooperative with an explicit social purpose. One issue that need to be addressed is that the necessity of a distinct management organ such as the executive board is not always obvious and could prove to be even counterproductive. Also, since a Social Enterprise is not a wealth maximizing vehicle for its members it is clear that the profits should not be distributed to them. Nevertheless the Greek law provides for the possibility to distribute up to 35% of the surplus to the workers, regardless of their member status. Angelos Kornilakis FEBRUARY 2016, VOLUME 13, ISSUE 1 EUROPEAN COMPANY IAW -- 3 --

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