The Comisión Nacional de los Mercados y la Competencia (CNMC) has released a report on a draft law aimed at modifying the criteria for the size of companies regarding corporate information obligations. This reform, which aligns with European regulations, is expected to allow more SMEs to lessen their accounting requirements.

As a result of the changes, a greater number of entities will be able to prepare abbreviated balance sheets and statements of changes in equity, be exempt from audits, and qualify as SMEs under the Audit Law. The CNMC has positively assessed the introduction of measures that enable operators of varying sizes to compete effectively in the market.

While the CNMC does not identify unnecessary or disproportionate restrictions on competition, it has made several recommendations for improvement. These include the implementation of an automatic threshold adjustment mechanism in response to certain conditions, such as high inflation across the EU, and enhancing the justification for the thresholds set in Spain within the limits of European regulations.

Additionally, the CNMC suggests minimizing potential negative impacts of the new regulations, such as reduced financial reliability for operators in the eyes of third-party investors, through complementary measures. Coordination with other European instruments that also use size criteria, particularly those related to state aid, is also recommended.