The Financial Services and Markets Act 2000 (Transparency) Regulations 2014 were laid before Parliament together with an explanatory memorandum.
Amending Directive 2013/50/EU (the Amending Directive) made various amendments to the Transparency Directive, which came into effect last year. Such amendments included a provision to modify the deadline for publishing half-yearly financial reports to be extended by three months after the end of the reporting period for extractive industries issuers. The Regulations modify the Financial Services and Markets Act 2000 to partially transpose the amendments to article 6 so that the FCA has the power to remove the quarterly reporting requirement. The transposition deadline for the Amending Directive is 26 November 2015. The Government has stated that it intends to allow the FCA to remove the quarterly reporting requirement before the transposition deadline and will consider the transposition of the Amending Directive’s remaining provisions at a later stage.