The Commission of the European Union (EU) has introduced a package of measures that it says will help to simplify existing rules and regulations in order to further support the EU’s market size and future growth.
The Commission’s package of measures, titled “Simplifying the Single Market,” would, according to the Commission, “make it easier for businesses to operate, innovate, and grow, while maintaining high standards of protection for consumers and the environment.” The proposed initiatives in the package include:
- Supporting small mid-cap companies—The Commission would create a new category of business entities for small mid-cap companies (SMCs), and give these companies access to simplified rules and reduced compliance barriers.
- Simplifying GDPR rules—Record keeping obligations under the EU’s General Data Protection Regulations would also be simplified for small and medium-sized enterprises (SMEs) and small mid-caps (SMCs).
- Digitalizing product legislation—This initiative would allow companies to provide product information in digital format, easing administrative burdens while also making it easier for consumers to access critical product information.
- Postponement of battery due diligence requirements—The Commission will postpone the implementation of due diligence requirements under its Batteries Regulation for a period of two years, giving companies more time to comply.
The EU Commission’s webpage providing full details of its “Simplifying the Single Market” package is available at https://single-market-economy.ec.europa.eu/single-market/simplification_en.