EFAA Replies to the EC call for evidence Administrative burden – Rationalization of Reporting Requirements

EFAA for SMEs welcomes the European Commission initiatives detailed in the SME relief package, in particular the intention of streamlining reporting obligations which are excessively burdensome for SMEs. EFAA recognises that regulation is intended to help markets operate fairly, orderly, and efficiently while protecting the public interest. While we recognise that high quality corporate reporting serves the public interest, it is essential that it be tailored to the capacity of SMEs and their SMP advisers.

EFAA invites the European Commission to extend these efforts to the many other obligations and regulatory requirements with which SMEs must comply and which constitute a burden for them e.g., administrative requirements, labelling information, various standardisation and certification processes, and so on.