Serge Vaskov’s Post

Regulation doesn’t have to slow innovation – it can actually make it thrive. Last week in Paris, during the Investment Day organized by @FinanceInnovation, our CEO Xavier Corman moderated a panel on how regulation and public policy can truly nurture fintech innovation in Europe. As part of the FINE project, the discussion brought together experts from law and investment – Marion Peresse-Brilleaud (Lco.legal) and David Manjarres (Seventure Partners). Xavier opened the session by asking three key questions: Can smart regulation be used as a branding tool for the EU? How can we ensure compliance costs don’t hit startups harder than incumbents? And how can Europe remain competitive against Big Tech in financial services? A great exchange that reminded us that Europe doesn’t lack innovation – it needs clarity, proportion, and coordination to turn its rulebook into a competitive advantage. #Fintech #Regulation #Innovation #Investment #Entrepreneurship #Europe #Finrack #FinanceInnovation

Eurocorns, not Unicorns🦄 ? Last week, Peter Depauw joined the EU Parliamentary Breakfast on how innovative companies can retain #ownership in Europe and stay independent. The message from leading European entrepreneurs was clear and strong: >>We need new possibilities when designing innovative European companies, like Steward-ownership<< There’s a lot happening at the European level around the principles of #StewardOwnership, especially in the context of designing the 28th Regime. For non-exit-oriented start-ups (more than 30% of all European start-ups), introducing asset lock mechanisms and equity-like financing options would be true game changers for their future. Anchoring these Steward-ownership principles in the 28th Regime would provide European companies with a reliable, affordable, and future-oriented framework to preserve their independence, strengthen innovation, and enhance Europe’s competitiveness in the global economy. 1️⃣ From Génica Schäfgen, Head of Ecosia EU: As Ecosia works on developing the first EU-neutral search index, she emphasized the importance of protecting the independence of such a crucial public-good activity for the future of information and truth. 2️⃣ From Gonçalo Quadros, Chairman of Critical Software (an international IT company with 1,000+ employees from Portugal): He shared that he does not want to see his company end up as an American firm. Beyond that, they aim to remain competitive in the global battle for talent, as people increasingly prefer to work for companies where shareholder primacy doesn’t rule. 3️⃣ From Melanie Rieback, CEO of Radically Open Security: She called for more Eurocorns, not Unicorns, highlighting the importance of an asset lock and the urgent need for acceleration in Steward-owned-aligned-finance. We also heard how the governments of Germany and the Netherlands are actively planning/discussing the introduction of new legal forms for Steward-ownership, and how this approach could also help address succession challenges in the upcoming Silver Transition. Members of the European Parliament Angelika Niebler, Axel Voss, and René Repasi explained why cross-border legal options for implementing these principles are so crucial — enabling European companies to remain independent, innovative, and resilient. Very valuable to hear the perspectives of Armin Steuernagel (Stiftung Verantwortungseigentum) and Clark Parsons (European Startup Network). From a broader perspective, we can argue that Steward-owned businesses - free from exit pressure - can pursue ambitious long-term strategies, contributing to a distinct European innovation model that complements, but differs from, Silicon Valley’s short-term, investor-driven approach. >> This was probably one the key takeaway for most attendees #BecauseOwnershipMatters

“Euro-🇪🇺corns, not Unicorns”, by Melanie Rieback Steward-owned, by Peter Depauw: “From a broader perspective, we can argue that Steward-owned businesses - free from exit pressure - can pursue ambitious long-term strategies, contributing to a distinct European innovation model that complements, but differs from, Silicon Valley’s short-term, investor-driven approach.”

Start-ups are thriving in the European Union, yet experts highlight that bureaucracy hinders their ability to expand across borders. In contrast, U.S. start-ups enjoy certain advantages, particularly in their ability to raise capital. Entering foreign markets presents its own set of complexities. For further insights, you can read more in the article linked here: https://lnkd.in/ekPQpQm3

Europe’s Startup Ecosystem Poised for Reform — What It Means for You The European Investment Bank (EIB) President recently called on the European Commission to push through the so-called “28th Regime” — a sweeping reform aimed at harmonising financial, legal and tax rules for startups across the EU. Here’s what we see: ➡️Today, many startups still navigate 27 national rule-books. The 28th Regime promises a unified legal framework, making expansion, funding and talent mobility far smoother. ➡️This matters for SMEs too: fewer regulatory hurdles = lower overhead, faster scaling and clearer paths to investment. ➡️But reforms take time and require political alignment; the countdown to implementation has begun. 🛠️ What you can do now: ➡️Audit your cross-border plans. If you’re expanding or hiring across Europe, map out where current national rules may slow you down. ➡️Align your legal & tax set-up early — structure your business so it’s ready for a unified regime, not just current national rules. ➡️Use this period of transition as a positioning advantage — being “regime-ready” can help when it comes time to raise capital or partner. #StartupsEU #SMEs #GrowthStrategy #EURegulation #BusinessScaling #Innovation

The European Commission’s 2026 Work Programme, published today, reveals that the awaited proposal for a ‘28th regime’ as an optional EU-wide company form for startups and scaleups will take the form of a Directive rather than a Regulation. This decision marks a significant shift from earlier expectations and risks undermining the Commission’s own ambition to build a ‘bolder, simpler, and faster’ Union and foster Single Market integration. Mike Sax, founder and chairperson of ACT | The App Association, an international trade association for app developers, entrepreneurs, and small and medium-sized tech enterprises (SMEs), released the following statement: ‘Europe’s innovators and founders need the legal certainty and the ability to grow within the Single Market. That’s what a Regulation provides. A Directive means 27 different national transpositions, preserving the very fragmentation that the 28th regime was meant to solve. ‘The European Union cannot afford another missed opportunity. A Directive would only hold Europe’s founders back’, Sax concluded. ‘We urge the Commission to reconsider this choice and deliver a true Regulation, one framework, fully harmonised, for the benefit of all European startups’.

“The real challenge isn’t political compromise – it’s building something the market will actually use.” Couldn’t agree more with Andreas Klinger. The latest Financial Times piece on the EU-wide company regime highlights the core issue: policy only matters if founders can actually use it. Europe doesn’t need another layer of bureaucracy, it needs a structure that works in practice, simplifies cross-border growth, and helps startups scale from day one. Let’s make sure EU–INC becomes exactly that. https://lnkd.in/djFhgBzW

The EU is finally talking about building Startup Europe Inc. The Commission just announced plans for a unified startup legal framework — a single regime that could replace the 27 different systems we currently stumble through when making our investments in the EU. It’s an idea people like Andrea Klinger have been pushing for years: Europe can’t compete globally if founders need a law degree just to expand from Berlin to Paris. A proper “Europe Inc.” could finally make scaling across the continent feel like scaling across one market — not 27. At Carbon13, we’ve feel both the pain and see the potential. We’ve made 90+ climate tech investments across five European jurisdictions, and every round teaches us the same thing: Europe’s fragmentation is killing momentum, but also hiding massive opportunity if we can fix it. A unified setup won’t solve everything — execution will matter more than announcements. It needs to simplify cross-border equity, stock options, and IP, without flattening what’s already working in places like the Nordics or the Baltics. Still, this is the first serious sign that Brussels understands startups aren’t just another “sector” — they are Europe’s growth engine. Together we can decarbonise our grid, bring down energy costs and build a better economy! Let’s get building in Europe!

The #EuropeanCommission plans to introduce a unified legal framework; the “28th Regime”, by 2026, designed to make it easier for startups to operate and scale across all 27 #EU member states. Under this proposal, #startups will be able to opt into one harmonised set of rules covering areas such as company law, labour, tax, and insolvency. The goal: simplify the legal and regulatory procedures, reduce compliance costs, and encourage cross-border growth and innovation. For #legaltech and other innovative sectors, this could mean: 🔹Simplified regulatory compliance 🔹Easier cross-border expansion and hiring 🔹Lower administrative and legal costs 🔹Greater investor confidence and access to capital A harmonised regime could redefine how innovation, legal frameworks, and technology coexist across Europe, offering a clearer path to a truly single digital market. Sources: European Commission: https://lnkd.in/dmyUTqid European Parliament: https://lnkd.in/dmyUTqid #AGPLAW #legaltech #StartupEcosystem #LegalTechEurope #HarmonisedRegime #RegulatoryCompliance #EUInnovation #agpaphitis

We are thrilled to announce the release of the first issue of Volume 4 (2025-2026)! This edition showcases insightful articles by our members that explore today’s emerging topics in business law. Read the latest issues here:  Rhode to a Billion: What Silicon Valley Startups Can Learn from Rhode’s $1B Exit to e.l.f- Jasmin Singh & Joseph Schafer https://lnkd.in/gUaceRqe A Case for Change in Graffiti Law- Dee Santrach & Audrey P. https://lnkd.in/gZBs9C9H SAFE in Name Only? An Analysis of How Simple Agreements Drive Startup Growth- Michael Garabedian, Durim Choi, & Lauren Lemieux https://lnkd.in/gxzUn33N Incentivizing Innovation: How the One Big Beautiful Bill Act Supercharged QSBS- Will Tasista & Wes Harkins https://lnkd.in/gG9thjQE Subsidies to Shares: The Federal Government’s Move Into Equity- Mishleen Kaur & Aaditya Divekar https://lnkd.in/g_yjrfYN Expanding Oversight: Private Investment and the Bank Secrecy Act- Vaibhav Pandey & Nolan Del Toro https://lnkd.in/g-QnWG3M A sincere thank you to our board, editors, and associates for their dedication and hard work in producing this publication.