Commission welcomes measures facilitating management of company data

The Commission has welcomed the Council’s adoption of modifications to the First Company Law Directive, which will facilitate public access to company information and will simplify the disclosure formalities.

Under the modifications, companies will be able to file their documents and data either on paper or electronically, and the same choice will apply to those wishing to retrieve such documents or data. Member States will be required to make electronic filing possible after 1 January 2007. The cost of document retrieval should not exceed the associated administrative costs. To improve cross-border access to company information, companies will have the option to file their documents and data not only in the language of their registration country but also in other EU languages. The modified Directive prescribes that companies will have to identify themselves by registration number, legal form and registered office address on all their communication.

The Commission proposed the modification of the Directive in June 2002, and it has now been adopted after first reading by the Council and the Parliament. By 1 January 2012 the Commission will assess the implementation of the modified Directive.

 

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