Düsseldorf – Düsseldorf-based Schnigge Wertpapierhandelsbank AG recently converted to a European stock corporation (SE – Societas Europaea). A key reason for choosing this legal form was to enable the company to adopt the one-tier management structure, which is found in many countries around the world. The previous structure comprising a management board and separate supervisory board has been transformed into a single administrative board, with executive directors being responsible for the company's operational business. In making this change, the company is playing a pioneering role in its sector.
A CMS team led by Dr Jürgen Frodermann advised the company on all legal aspects of the conversion. The instruction included a cross-border merger with an Austrian corporation established as part of the conversion process. Although the company did not have a foreign subsidiary, the chosen transaction structure enabled it to be converted quickly into an SE without holding periods. CMS Hasche Sigle has many years' experience in establishing European corporations. CMS lawyers recently advised Westfleisch on the first ever conversion of a German cooperative to a European Cooperative Society (SCE).
Schnigge Wertpapierhandelsbank SE specialises in the settlement of securities transactions and advising on corporate finance matters. The company mainly serves small and medium-sized enterprises and is part of the Augur Capital Group.
CMS Hasche Sigle
Dr Jürgen Frodermann, Lead Partner
Dr Christoph von Eiff, Senior Associate
Christopher Frhr. von Lilien-Waldau, Senior Associate
Reimund von der Höh, Associate, all Corporate
Dr Richard Mayer-Uellner, Partner, Capital Markets
Dr Rainer Kienast, Partner
Dr Richard Jansen, Associate, both Employment
Thomas Gerdel, Partner
Ben Dörnhaus, Senior Associate, both Tax
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