Commission welcomes Council adoption of First Company Law Directive

11 June 2003

The Commission has welcomed the Council's definitive adoption of modifications to the First Company Law Directive making company information more easily and rapidly available to the public while at the same time simplifying the disclosure formalities required from companies.

The main changes to those requirements under the new proposal are among others that Member States will be required to make the filing of company documents and particulars by electronic means possible as from 1 January 2007. A new article has been inserted in the Directive with the aim of improving cross-border access to company information. Companies may disclose their documents and particulars, in addition to the mandatory disclosure made in one of the languages permitted in their Member State, in any official language(s) of the EU. Finally, a revision clause has been inserted, stipulating that the Commission will assess by 1 January 2012 the implementation and application in practice of the modified Directive.

Commission press release

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