The Capital Requirements (Country-by-Country Reporting) Regulations 2013 (CBCR Regulations) have been published along with an accompanying explanatory memorandum. The CBCR Regulations, implement article 89 of the CRD IV Directive in the UK which requires firms to disclose certain information annually on a consolidated basis by each country where they have an establishment.
HM Treasury has also published separately guidance on the CBCR Regulations, which covers:
- the ongoing reporting obligation;
- key terms used in the CBCR Regulations;
- the interim reporting obligation; and
- prior disclosure of information.
The CBCR Regulations will come into force on 1 January 2014. Firms will then have to ensure they first publish the information specified in the CBCR Regulations on 1 July 2014, with the second publication being by 31 December 2015 and annually from that date.
View Financial Services and Markets: Capital Requirements (Country-by-Country Reporting) Regulations 2013, 11 December 2013
View Explanatory memorandum to the Capital Requirements (Country-by-Country Reporting) Regulations 2013, 11 December 2013
View Capital Requirements (country-by-country reporting) Regulations 2013: guidance, 10 December 2013