The Commission intends to submit a proposal for new legislation to the European Parliament and the Council by the end of 2002. Among the proposals on which comment is sought is a differential approach to financial reporting. An equity issuer whose annual turnover exceeds €25 million would have to provide, on a quarterly basis, a condensed set of financial statements and a management report. Smaller equity issuers would also report quarterly, but only on net turnover and profit or loss before and after deduction of tax. Issuers of debt securities whose shares were not publicly traded could be subject only to half-yearly reporting requirements. Click for EC Press Release. Comments on the proposals are due 5 July 2002.