The EU’s ministers, meeting in the Competitiveness Council on 25 May, welcomed the green paper on the interconnection of business registers, adopted by the European Commission on 4 November 2009. They noted the need to facilitate access by all parties to business information in application of Directive 2009/101/EC on safeguards required of companies by member states for the protection of the interests of members and third parties. The Council considers that a network of business registers should provide citizens, businesses and public authorities with business information from companies that is reliable and up-to-date, in accordance with Directive 2009/101/EC. The data transmitted through the network should be based on a common minimum list of documents and particulars and be technically standardised.

BETTER REGULATION

The ministers also noted that future proposals in this area should respect the principles of better regulation. They should be based on national registration and on their disclosure formalities and effects, including rules on data protection, should avoid any increase in administrative burdens on businesses and be substantiated by a detailed impact assessment, including a cost-benefit analysis of the proposed measures.

The Council invites the Commission to move forward, taking steps to enable centralised access to the information in the business registers of the member states, including through the e-Justice portal, which is part of the e-Justice project. It recommends further study and establishment of an electronic network or platform of electronic networks connecting the nationally designated mechanisms for storing the information. The legal framework governing such interconnection should ensure that all member states participate and that there is a legal basis for cooperation between registers. The Council adds that clear channels of communication should be established to ensure smooth cooperation between business registers in cross-border procedures, such as mergers and divisions, seat transfers and foreign branch registration.

“In the long term, the possibility to connect the enhanced network of business registers to the electronic network, set up under the Transparency Directive (Directive 2004/109/CE of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC), storing regulated information on listed companies could be examined.”

Clear channels of communication should be established to ensure smooth cooperation