October 2025 – Multiple voting rights have long been a topic of debate across Europe. The EU is now following the example of major global exchanges such as the NYSE, NASDAQ, and LSE by enabling founders and entrepreneurs to raise capital without relinquishing strategic control.
With the Multiple Voting Share Directive (MVSD), the EU introduces a harmonised legal framework allowing companies seeking admission to multilateral trading facilities (MTFs)—including SME growth markets—to adopt multiple voting rights under specified conditions. This allows companies to preserve influence while accessing capital markets, offering opportunities not only for start-ups but also for strategically important sectors and family-owned businesses pursuing innovation and growth.
Austria, which has prohibited multiple voting rights for more than 60 years, will now need to adapt, joining member states such as Germany and the Scandinavian countries that already allow more flexible share structures. Member states must transpose the MVSD by 5 December 2026 at the latest.
Click on the image below or use the following link to download our detailed guide on multiple-vote share structures and their impact on European capital markets.