Simpler Legislation in the Internal Market (SLIM)

The SLIM Initiative - Simpler Legislation in the Internal Market was launched by the EU Commission in May, 1996 with the objective of identifying ways in which Single Market legislation could be simplified. In October, 1998, the Commission announced the launch of the fourth phase of SLIM. The Report of the outcome of the Fourth Phase of SLIM is available via this link SLIM-Report The SLIM work to-date on Company Law issues relate to the 1^st and 2^nd Company Law Directives, which provide respectively for disclosure and filing in Company Registration Offices of certain company data and capital maintenance requirements in PLCs.

The 1st Company Law Directive 68/151/EEC of 9 March 1968 sets out the main EU level requirements in respect of the filing and disclosure of documents and particulars by limited liability companies.

On 3 June, 2002, the European Commission presented a proposal to modify the 1^st Directive 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 European Commission has welcomed the Council's definitive adoption (view Press Release) of Directive 2003/58/EC of 15 July 2003 amending Council Directive 68/151/EEC, as regards disclosure requirements in respect of certain types of companies which will modify Directive (68/151/EEC). The modifications will allow full advantage to be taken of modern technology. Companies will be able to file their documents and particulars either by paper means or by electronic means. Interested parties will be able to obtain copies by either means. Companies will continue to file their documents and particulars in the language(s) of their Member State but will have the option of voluntarily filing the same information in other EU languages, in order to improve cross-border access.

The SLIM proposals on the 2^nd Company Law Directive are much more complex and these have been referred to the Company Law Experts Group for further consideration/assessment.