Recital 15

(15)Member States should have discretion to introduce and maintain additional safeguards to ensure adequate protection of the interests of shareholders who do not hold MVSs, such as sunset clauses. Member States should assess the appropriateness of such safeguards in light of their effectiveness in protecting the interests of such shareholders, while ensuring that the safeguards do not defeat the purpose of MVS structures, inter alia, the possibility for holders of MVSs to influence the appointment and dismissal of members of the administrative, management and supervisory bodies of the company and thereby the operational decisions of the company. When communicating the main measures of national law adopted in the field covered by this Directive, Member States should also communicate to the Commission any additional safeguards, including when there are changes to any safeguards. The Commission is to inform the European Supervisory Authority (European Securities and Markets Authority) (ESMA) established by Regulation (EU) No 1095/2010 of the European Parliament and of the Council ⁵ of any additional safeguards.