The FCA has published Policy Statement 15/1: Early implementation of the Transparency Directive’s requirements for reports on payments to governments (PS15/1).
In PS15/1 the FCA reports on the main issues arising from Consultation Paper 14/17 which set out proposals to align the implementation of the requirement for reports on payments to governments (or country by country reporting) set out in Article 6 of the Transparency Directive (as amended) with the implementation by the Department for Business, Innovation & Skills of the country by country reporting requirements set out in Chapter 10 of the Accounting Directive.
In PS15/1 the FCA states that it has decided to proceed with the policy proposals as outlined in its earlier consultation.
The new country by country reporting requirements will apply in respect of financial years beginning on or after 1 January 2015. They will affect relevant issuers where the UK acts as home Member State and the Disclosure and Transparency Rules (DTRs) apply. They will also affect listed companies and issuers of securitised derivatives who are required by the Listing Rules to comply with DTR4.