Access to Information in Company Registers

Abstract

In all jurisdictions, it is a common feature that certain basic information about all companies is published and becomes accessible to market participants through corporate registries. Since the adoption of the First Company Law Directive, disclosure of such basic information has been a predominant feature in the harmonisation of company law in the EU. The purpose and functioning of this disclosure regime have later developed over time due to new regulatory challenges and new technologies. This contribution will analyse this development by comparing it with the way in which corporate information is disclosed outside the EU and by focusing on the nature and validity of the information disclosed, how access to information is ensured, and what the effects of this disclosure are. It is concluded that disclosure of corporate information in the EU is more advanced than in most other jurisdictions. There are, however, still challenges which are mainly due to the fact that corporate registration in the EU is still based on national registers that, to a large extent, operate independently.

Keywords: Disclosure, access to information

JEL Classification: K22