Commission sets out simplification proposals

BRUSSELS, Belgium— The European Commission has announced its plans for the simplification of the rules on company law, accounting and auditing.

The proposals, set out in a Commission Communication are open for comment until the middle of October. In a statement, the Commission said that the idea is to, "remove or reduce a range of administrative requirements that are considered outdated or excessive."

Charlie McCreevy, internal market and services commissioner, said in the statement that the intention was to reduce the burdens on E.U. businesses and enhance competition in the global market.

The announcement comes in the wake of the European Council's declaration in March 2007, emphasizing the importance of reducing administrative burdens for E.U. businesses.