Overall, EuropeanIssuers considers that there is no further need to harmonise information requirements for limited liability companies at EU level, as the current framework already extensively foresees provisions which are also easily accessible via the BRIS system.
EuropeanIssuers responded to the European Commission’s public consultation on Upgrading Digital Company Law.
EuropeanIssuers Secretary General Florence Bindelle expressed: “The
existing framework regarding the information requirement for companies
is already extensively harmonised at EU level, and easily accessible.
Therefore, issuers across Europe do not see the need for further actions
in this sense, which would only risk to impose additional requirements.
Rather, the focus could be directed at making available some
information already disclosed at national level, under certain
circumstances.”
EuropeanIssuers envisaged the
possibility of making available also via BRIS the information already
disclosed in national registers, even when there is no EU harmonisation
of such information, under the conditions that no additional filing or
disclosure requirement is imposed on companies, as well as no additional
costs, and being aware that the legal value of the company information,
when not harmonised, might differ depending on national law.
In addition, EuropeanIssuers considered
that there is no need to haver better access to company information
related to groups of companies in the single market, as the relevant
information is already widely foreseen in the financial statements of
companies, as well as in several pieces of EU legislation.
With regards to the possibility to
extend fully online formation and filing for all companies,
EuropeanIssuers noted that the Digitalisation Directive has just been
implemented, and therefore, a proper evaluation of this implementation
should be carried out first, before any extension is considered.
Finally, reflecting on the concept of
virtual registered office, EuropeanIssuers considered that it could be
envisaged as a virtual address that the law presumes to be permanently
controlled by the company and used by it to fulfil its obligations and
exercise its rights. Certain safeguard measures would need to be
considered, including the seriousness and accountability of those who
offer the service for the virtual registered office, the confidentiality
of the correspondence and documents received and the security of the
access to the Virtual registered office.
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- For EuropeanIssuers’ response to the public consultation upgrading digital company law, please click here.
- For this press release, please click here.
European Issuers
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