Brussels, 17/10/2013 (Agence Europe) - On Thursday 17 October, the Council of the EU adopted a directive updating the transparency directive (2004/109) that will come into force at the end of 2015.
The new rules will require EU extractive and forestry companies to report on any special payments, taxes and bonuses paid each year to non-EU countries over and above €100,000 and to list them project by project (see EUROPE 10865 and 10824). The United States has introduced a similar measure to provide information to enable the inhabitants and NGOs of the countries in question to hold their governments to account to stamp out corruption.
Accounting rules will be simplified for quoted small and medium-sized enterprises while ensuring protection for investors. Said enterprises will no longer have to publish quarterly financial reports. In order to shed light on company ownership, investors will have to notify details of financial instruments having a similar economic impact to share ownership. Fines will apply in the event of breach of the new rules, calculated on a common minimum basis with the aim of dissuasion. (MB/transl.fl)