Commission sets out vision for simplifying EU rules on company law, accounting and auditing
The European Commission has put forward measures which would simplify the business environment for EU companies in the areas of company law, accounting and auditing. The proposed measures, which are set out in a Communication, would remove or reduce a range of administrative requirements that are considered outdated or excessive. All interested parties are invited to comment on the proposals by mid-October 2007.
Internal Market and Services Commissioner Charlie McCreevy said: "If we want to enable European businesses to compete in today's global market, we need to cut red tape. Many EU rules on company law and accounting are more than twenty years old and place unnecessary burdens on EU businesses. We now need to ask how they could be improved to meet today's requirements."
Proposed simplification measures
The Commission would like to know stakeholders’ views on a range of possible simplification measures. The key measures under consideration are:
* repealing company law Directives that deal mainly with domestic situations (e.g. domestic mergers of companies, domestic divisions, capital of public limited companies and private single-member limited-liability companies) or removing certain information obligations in the company law Directives;
* simplifying disclosure requirements for companies and for branches;
* further reducing reporting and auditing requirements for small and medium-sized enterprises.
See full Press Release.
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