Europe: Council of the EU - SPE and reporting requirements

The Council of European Union met earlier this week: see here (pdf) for an overview of discussion and the decisions reached. A compromise text regarding the creation of a new corporate form - the European Private Company (Societas Privata Europaea) - was discussed but unanimity of agreement was not secured. Agreement was, however, reached with regard to legislation allowing member states to exempt very small enterprises (known as "micro-entities") from accounting and financial reporting obligations.