Vigenin: We negotiated less bureaucracy and a better environment for European businesses to grow

We managed to reach a balanced agreement that gives European businesses more room to grow, cuts unnecessary bureaucracy and creates a clearer and more predictable regulatory environment. High European standards for protecting citizens’ rights, personal data, public health and the environment are maintained. This is exactly what modern European policy should look like: support for competitiveness without compromising at the expense of citizens.” This was stated by Bulgarian MEP Kristian Vigenin from the Group of the Progressive Alliance of Socialists and Democrats in the European Parliament after the conclusion of negotiations on the regulation extending some of the simplified rules for small and medium-sized enterprises to so-called small mid-cap companies.

The role of the S&D rapporteur

As rapporteur for the Socialists and Democrats Group for the Committee on the Environment, Climate and Food Safety and the Committee on Civil Liberties, Justice and Home Affairs, Vigenin took an active part in the negotiations on this important regulation.

The main aim of the legislation is to support the growth of European companies that have outgrown the SME threshold, without burdening them with disproportionate administrative requirements. The regulation extends to this category of companies a number of simplifications previously available only to SMEs, and creates a clearer and more predictable regulatory environment.

The main results of the negotiations

Among the most important results of the negotiations are agreement on a single European definition of small mid-cap companies: up to 1,000 employees and up to EUR 200 million in annual turnover or an annual balance sheet not exceeding EUR 172 million; the extension of relief from certain administrative obligations; and the inclusion of a review clause. At the European Parliament’s insistence, the European Commission will be required to carry out a full assessment of how the new rules are applied, their effect on reducing the administrative burden and their economic, social and environmental consequences.

“It is particularly important that we managed to keep the necessary safeguards on personal data protection and to ensure that the simplifications will not apply to high-risk personal data processing or to public authorities,” the Bulgarian MEP commented.

In his view, theagreement reached is a good example of how we can support the competitiveness of the European economy, cut unnecessary bureaucracy and preserve high European standards for protecting citizens’ rights and the environment, all at the same time. ​ ​​ ​ ​ ​ ​ ​ ​​ ​