Two EU Directives were passed in 2013 which mandate annual reports on payments to governments by companies in the extractive industries. In the UK, the government has confirmed that these provisions will be implemented early and will apply to listed and other large companies for financial years beginning on or after 1 January 2015. The UK government has now issued its response paper following its consultation on implementing the relevant provisions in the Accounting Directive. It sets out how those aspects of the law over which EU Member States have some control, including timing of implementation of the requirements, format and timing of publication of reports, and the penalty regime, will be addressed in the UK.
The Financial Conduct Authority has also issued its corresponding consultation paper on amendments to the Transparency Rules to implement the equivalent provisions in the Transparency Directive.
We have prepared a briefing setting out a summary of the requirements introduced by the Directives and the main features of UK implementation.
Key contacts
Disclaimer
The articles published on this website, current at the dates of publication set out above, are for reference purposes only. They do not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action.