Press Release: European Commission proposes simplifying and modernising the provision of company information

The European Commission presented on 3 June 2002 a proposal to modify the First Company Law Directive (68/151/EEC) to make company information more easily and rapidly available to the public while at the same time simplifying the disclosure formalities required from companies. The proposed modifications would allow full advantage to be taken of modern technology. Companies would be able to file their documents and particulars either by paper means or by electronic means. Interested parties would be able to obtain copies by either means. Companies would continue to file their documents and particulars in the language(s) of their Member State but would be able voluntarily to file the same information in other EU languages, in order to improve cross-border access.