05 February 2008

FEE: Commission should reflect on calls for more transparency

Commenting the Commission's announcements of 30 January on the seconnd progress report on the reduction of administrative burdens Jacques Potdevin, President of FEE reiterated his concerns that the Commission's current approach may reduce much needed market transparency and exclude SMEs from the internal market.

The FEE is still worried about some proposed accounting and auditing measures which would send the decision back to Member States and negatively impact the internal market.

FEE has already outlined the importance of impact assessments and the weaknesses of the EU standard cost model which measures cost on an arbitrary and speculative basis and at the same time ignores benefits.

Olivier Boutellis-Taft, CEO of FEE, said: “In the Commission's consultation on simplification in the area of company law, a contribution from the European Committee of Central Balance-Sheet Data Offices noted that the Commission's proposals are in contradiction with the increased demand for transparency and information from market participants, stakeholders and public authorities. On 22-23 November 2007, Council called for "an efficient and effective Internal Market, ensuring a level-playing field among enterprises across the EU to encourage, in particular SMEs, to engage more in cross-border activities", and on 29 January 2008, EU leaders calling for more transparency. The

Commission must strike the right balance in all these matters to safeguard the European public interest and, in regard to simplification, we are concerned that this might not be the case.”

Press release

© FEE