Company Law, Modernisation of Company Law and Enhancement of Corporate Governance, Simplifying the business environment for companies

Simplifying the business environment for companies

In the general context of Better Regulation, the European Commission has decided to simplify the regulatory environment for European businesses, in co-operation with the European Parliament and the Member States. The objective is to ensure that Community legislation in the fields of company law, accounting and auditing corresponds to today’s business needs and allows European businesses to compete more effectively and to be more successful in a highly competitive global environment.

The initiative is linked to the review of the Single Market adopted by the Commission in November 2007 as part of the citizens’ agenda. Furthermore, it forms part of the Commission initiative aiming at reducing administrative burdens, especially for SMEs.

In order to identify the scope for simplification, the Commission adopted, on 10 July 2007, a communication setting out proposals for possible measures to simplify the EU acquis in the areas of company law, accounting and auditing. The European Parliament, the Member States and the stakeholders were invited to comment on the Communication and the proposals contained therein by mid-October 2007.

In order to achieve first results rapidly, three “fast track” proposals were tabled by the Commission. The first one which aimed at aligning certain rules on expert reports in the case of domestic mergers and divisions with the rules contained in the Cross-border mergers Directive (Directive 2005/56/EC) was approved by the Council and the European Parliament in November 2007 (Directive 2007/63/EC). Furthermore, in April 2008, the Commission tabled two proposals to amend the First and Eleventh Company law Directives and the accounting directives.

In September 2008, the Commission then presented a proposal for further amendments to the directives on mergers and divisions and, in February 2009, a proposal to allow Member States exempting micro entities from the rules of the accounting directives.

The overall reduction potential of the legal proposals that have been tabled by the Commission amounts to approximately 7.3 billion euro.

Simplification of Company law

16.09.2009 Modification of the Third and the Sixth Company law Directives on domestic mergers and divisions
 
25.09.2008 Proposal for a modification of the Third and the Sixth Company law Directives on domestic mergers and divisions
  • Press release
  • Commission proposal (COM(2008)576) PDF - 44 KBDeutschEnglishFrançais
  • Impact Assessment - executive summary (SEC(2008)2487) PDF - 44 KBBulgarianČeštinaDanskDeutschEesti keelελληνικάEnglishEspañolFrançaisItalianoLatviešu valodaLietuviµ kalbaMagyarMaltiNederlandsPolskiPortuguêsRomanianSlovenčinaSlovenščinaSuomiSvenska
  • Impact Assessment (SEC(2008)2486) PDFEnglish

 

17.04.2008 Proposals for a fast track modification of the First and Eleventh Company law Directives as regards publication and translation obligations of certain types of companies
  • Press release
  • Commission Proposal (COM(2008)194) to amend the First and Eleventh Company law Directives as regards publication and translation obligations of certain types of companies
  • Impact assessment (SEC(2008)466) PDFEnglish
  • Executive summary to the impact assessment (SEC(2008)467)
    PDF - 44 KBBulgarianČeštinaDanskDeutschEesti keelελληνικάEnglishEspañolFrançaisItalianoLatviešu valodaLietuviµ kalbaMagyarMaltiNederlandsPolskiPortuguêsRomanianSlovenčinaSlovenščinaSuomiSvenska
17.11.2007 Fast track modification of the Third and Sixth Company law Directives regarding the requirement of a report of an independent expert
06.03.2007

Simplification of accounting rules

26.02.2009 Commission proposal for major burden reduction for micro entities
18.06.2009 Fast track modification of the Fourth and Seventh Company law Directives as regards certain disclosure requirements for medium-sized companies and obligation to draw up consolidated accounts
See also http://ec.europa.eu/internal_market/accounting/sme_accounting/index_en.htm
 

Commission Communication of 10 July 2007

19.12.2007 Reactions to the Commission communication of 10 July 2007
12.7.2007 Communication on a simplified business environment for companies in the areas of company law, accounting and auditing
10.7.2007 Study on administrative costs of the EU Company Law Acquis - Final report PDF - 44 KBEnglish

See also:

Last update: 27.06.2012