Updating Connected Company Data
The second TOOP pilot area – Updating Connected Company Data – foresees a central role for the business registers. At the moment, company data are officially stored in the business register within individual Member States according to requirements of relevant EU regulations and directives as well as national legislation. In particular, the BRIS Regulation (Directive 2012/17/EC) has established cross-border updating rules which regulate exchanges between national business registers in order to align data on shareholding companies involved in cross-border mergers or with branch offices abroad.
The update notification service shifts the burden of reporting changes from the companies to the business registers. However, companies often deal with foreign public authorities other than the business registers. These include national and local agencies handling sector-specific trade registers and agencies ensuring compliance with specific national and EU regulations, for example in the areas of health, energy, the environment, labour, justice, etc. This means that information on companies is supplied to and stored by a number of public agencies, as well as by the base registers. Supplying the information and keeping it up-to-date create significant burdens for the companies and challenges for the administrations involved.
TOOP responds to these two needs with services for accessing business register data when needed – on demand, or in “pull” mode – and also through a change notification service – by subscription, or in “push” mode – triggered by company “life event” changes which by law must be communicated to the base register. The change notification service will extend the existing BRIS updating service, and will build on “Event Notification Services” currently available in several Member States.