CP14/17: Early implementation of the Transparency Directive’s requirements for reports on payments to governments

Published: 26/08/2014     Last Modified: 15/01/2015

We are consulting on the early implementation of the Transparency Directive Amending Directive 2013/50/EU requirement for issuers who are active in the extractive or logging of primary forest industries to prepare a report annually on payments made to the governments in the countries in which they operate.

The Transparency Directive (TD) has recently been amended by the Transparency Directive Amending Directive (the TDAD) to introduce, among other changes, new country by country reporting requirements for issuers who are active in the extractive or logging of primary forest industries.

The TDAD came into force on 26 November 2013 and each Member State is required to implement the TDAD within 24 months of that date.

However, the Treasury has asked us to align implementation of the country by country reporting requirements set out in Article 6 of the TD (as revised by the TDAD) with the implementation by the Department for Business, Innovation and Skills of the country by country reporting requirements set out in Chapter 10 of the Accounting Directive 2013/34/EU (AD) which takes effect for financial years commencing on or after 1 January 2015.

This paper sets out that proposal.

CP14/17 Early implementation of the Transparency Directive’s requirements for reports on payments to governments

Who will this interest?

This paper will interest:

  • issuers of securities admitted to trading on a regulated market where the UK acts as home Member State and the FCA’s Disclosure Rules and Transparency Rules (DTRs) apply and who are or who may be active in the extractive or logging of primary forest industries
  • listed companies who are required by the Listing Rules to comply with DTR4 as if they were an issuer for the purposes of the DTRs and who are or who may be active in the extractive or logging of primary forest industries
  • issuers of securitised derivatives who the FCA considers should comply with DTR4 as if they were an issuer of debt securities and who are or who may be active in the extractive or logging of primary forest industries
  • firms advising issuers
  • firms or persons investing or dealing in listed securities
  • primary information providers

Next steps

Please send us your comments by 7 October 2014 in writing or using the online response form. We intend to publish our feedback at the end of the year.

For more information:

 

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