Commenting on today’s release of a Communication from the European Commission on the simplification of EU rules on company law, accounting and auditing, Jacques Potdevin, President of FEE said: “This consultation is welcomed as today’s proposals to reduce EU rules will struggle to deliver the expected and much needed reduction of administrative costs, most of which originate from regulatory requirements at national level. Furthermore, the approach to accounting and auditing appears in many respects to overlook the added value which accounting and auditing provide to a wide range of stakeholders such as managers, business partners, bankers, creditors, investors, employees, trade unions and public administrations. In our experience, greater burdens for business derive, for instance, from multiple and often overlapping regulatory requirements in areas such as tax, incorporation, employment law and statistics.’

 Background note on Simplification

Related links: European Commission, DG Enterprise and Industry, Better Regulation