Data Act: Commission proposes measures for a fair and innovative data economy
01 August 2022
The European Commission proposed new restrictions on who can use and access EU data across...
Abigail Mamo –
Last week the JURI committee voted on the recast of the Late Payment Directive. The vote was particularly relevant, as the JURI committee is responsible for the issue of contractual freedom in payment terms.
In the amendments proposed on the JURI report, several MEPs expressed their readiness to limit the freedom of contract of business to business relations in the field of payment terms. Some proposals went as far as to set a maximum payment term of not more than 30 days.
We are happy to inform you that the JURI committee rejected all of these amendments. Not only did the JURI committee reject aforementioned proposals, the adopted text of compromise 6 literally echoes our message on the importance of trade credit to SMEs.
Also relevant is the acceptance of compromise amendment 3, which deals with our amendment on additional liquidity.
For further information you will find the proposed amendments and the outcome of the vote. The latter document also includes the adopted compromise 6, in which the importance of trade credit to SMEs is emphasized.
The next important step will be the vote in the IMCO committee, scheduled on the 8th of April. After this, the dossier will go to plenary in May.
Although yesterday's vote in JURI is a positive development, the further course of the dossier is unpredictable. In IMCO there are still many MEPs that want to restrict contractual freedom in payment terms.
The Malta Chamber of SMEs represents over 7,000 members from over 90 different sectors which in their majority are either small or medium sized companies, and such issues like the one we're experiencing right now, it's important to be united. Malta Chamber of SMEs offers a number of different services tailored to its members' individual requirements' and necessities. These range from general services offered to all members to more individual & bespoke services catered for specific requirements.
A membership with Malta Chamber of SMEs will guarantee that you are constantly updated and informed with different opportunities which will directly benefit your business and help you grow. It also entails you to a number of services which in their majority are free of charge and offered exclusively to its members (in their majority all free of charge).