16. August 2023
Stephan Schmalzl on the Company Law Digitalization Act 2023 (GesDigG)
On July 12th, 2023, the ministerial draft of the Company Law Digitalization Act 2023 (GesDig 2023) was published. The draft contains significant changes concerning the consequences that individuals to be appointed and those already appointed to leadership positions will face in the event of criminal convictions. Additionally, the draft law, which aims to implement Article 13i of Directive (EU) 2019/1151, focuses on enhancing cross-border information exchange about so-called “disqualified” directors. The exact timing and form of the law’s implementation remain uncertain. The draft proposes that the amendments come into effect on December 1, 2023, and apply to convictions whose legal validity occurs after November 30, 2023. Whether this deadline can be met is at least questionable, but one thing is clear – the implementation deadline set by the directive will not be met. Due to the relevance and sensitivity of the topic, the effectiveness of the law is eagerly anticipated in many places. Read more on the topic in Stephan Schmalzl’s, partner and head of corporate at sms.law, recent article.