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The Legal Affairs Committee took up 1,418 amendments to the 28th regime on 7 September 2026, and the Irish Presidency told the same committee it wants trilogue negotiations by November. What the amendments ask for on the legal basis, employee participation, insolvency and stock options, and what a November trilogue would need first.
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Twenty-one of twenty-seven member states filed 1,815 drafting interventions on the 28th regime in a single 618-page Council table, WK 9143/2026 INIT of 26 June 2026. One article of 109 drew nothing at all. A full read, with what each finding means.
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Options are the thing Europe gets most wrong. What the 28th regime's EU-ESO (Articles 78 and 79) would change, what it would not, and why it is a timing fix rather than a tax cut. Read against the Council's member-state drafting suggestions and the 43 amendments Parliament has tabled on the chapter.
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The European Parliament's draft report on the 28th regime (rapporteur René Repasi, PE790.143v01-00, 29 June 2026) runs 151 pages and 246 amendments. Inside: Article 4 deleted, a labour-law firewall, a numeric startup test, a listing ban, steward ownership, and a new employee ownership plan.
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The pitch is a company in 48 hours for 100 euros. Here is the real process the proposal describes (Articles 16 to 18), what runs underneath it, and what you would still have to decide yourself.
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What the proposal (Article 21) actually lets an existing company do: convert into the 28th regime, or back out to a national form. And the one thing it does not do.
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