Brussels, 12/06/2003 (Agence Europe) - The Council has formally adopted the new Company Law Directive simplifying the disclosure formalities for limited companies. As from 1 January 2007 Member States will be required to make the filing of company documents possible electronically although companies will still be able to use paper versions. The Directive allows companies to disclose their documents in any official EU language and allows Member States to replace publication in the national gazette with "equally effective means". The new directive simplifies and updates the 1968 Company Law Directive 68/151. The draft was adopted in a single reading by the European Parliament and the Council. In a press release, Commissioner Frits Bolkestein said: "I am very pleased that the European Parliament and the Council have been able to adopt the modified Directive almost a year to the day since the Commission first proposed it, with all the main elements put forward by the Commission retained."