Fabian Demicoli

Directive 2012/17/EU on business registers: first set of obligations transposed by Member States

Directive 2012/17/EU on the
interconnection of business registers entered into force on 7 July 2012.
Member States have had two years to adapt their national laws to introduce the
first set of provisions in the Directive, including a new obligation on
business registers to make available documentation submitted by limited
liability companies normally within 21 days of receipt.

Ensuring that
information about companies is always up to date is one of the main objectives
of this Directive. From today, business registers will also have to make
available information on the rules in their national law, according to which
third parties can rely on certain company documents. The second set of
provisions in the Directive requires a Business Registers Interconnection
System (BRIS) to be established. The technical details of this system will be
adopted through an implementing act which will be prepared by the Commission by
7 July 2015. Member States will then have another two years to transpose the
remaining rules and make the necessary preparations for connecting to the new
system. When the Directive is fully transposed, BRIS will make it easy to
access information on EU companies via the e-Justice or other
national portals. In addition, it will facilitate electronic communication
between registers in relation to cross-border mergers and branches of companies
registered in other Member States.

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