United Kingdom (and EU regulation)

FCA consults on the delay to the implementation of the European Single Electronic Format

By Simon Lovegrove (UK) on July 23, 2020 Posted in Regulation and compliance, United Kingdom

On 22 July 2020, the FCA published Consultation Paper 20/12: Delay to the implementation of the European Single Electronic Format (CP20/12).

In summary, the FCA’s proposals in CP20/12 are as follows:

The requirement for all issuers to publish their annual financial reports in XHTML web browser format, replacing the current PDF format, be pushed back to financial years starting on or after 1 January 2021, for publication from 1 January 2022.
The requirement for issuers who prepare consolidated annual financial statements in accordance with International Financial Reporting Standards (IFRS) to tag basic financial information, be pushed back to financial years starting on or after 1 January 2021, for publication from 1 January 2022.
The requirement for issuers who prepare IFRS consolidated annual financial statements to tag notes to the financial statements, be pushed back to financial years starting on or after 1 January 2023, for publication from 1 January 2024.

Issuers will be able to publish and file their annual financial reports voluntarily in the new European Single Electronic Format if they choose to do so.

The deadline for comments on CP20/12 is 28 August 2020.