Corporate Financing in the “28th Legal Form” (SPEU)

The success of promising start-ups and scale-ups depends not least on the adequate financing of their activities. Consistently, in its project of a 28th legal form,European Commission, “A Competitiveness Compass for the EU”, COM (2025) 30 final, p. 4 f. the EU Commission also focuses on venture capital providers, i. e. VC investors, and seeks to create regulatory incentives for them to participate substantially in the financing of start-ups and scale-ups. Representatives of VC investors already have this regulation firmly in view in Brussels and wish to open it widely to the adoption of, in particular, U. S. legal rules. Within the European legislative process, such a regulatory approach requires intensive scrutiny, if only because it can all too easily neglect the interests and concerns of innovators and founders—the very heart of start-ups and scale-ups. The Union legislator must bring founders’ and investors’ interests into a balance shaped by private autonomy. The following theses concerning the croporate financing in the „Societas Privata Europaee Unficata“, the SPEU,This designation of the new European type as envisaged by the 28th regime has been suggested by Victoria Goll/Alexander P. Stern, “Wirkung und Gestaltung von Rechtsformzusätzen am Beispiel der “28. Rechtsform”, Neue Zeitschrift für Gesellschaftsrecht (NZG) 2025, 1458-1465. are devoted to this objective:The following theses have been presented by the author at the “Munich Lecture on Corporate Law” on 4 February 2026 in Munich; they will be more elaborated in an upcoming publication in Zeitschrift für das gesamte Handels- und Gesellschaftsrecht (ZHR) 2026.