The EC is moving quickly to deliver on its 2008 programme to cut administrative costs. Today’s proposals aim to abolish requirements in company law. Companies will no longer need to publish business data in the national gazettes and they can (re-) use translations certified in one Member State (including Lithuania) when opening branches in other Member States (including Lithuania). In the accounting area, parent companies with no material subsidiaries no longer need to prepare consolidated accounts. Furthermore medium-sized companies can be exempted from providing detailed data in the annual accounts.