Published: 23rd December 2013

HM Treasury has published ‘The Capital Requirements (Country by Country Reporting) Regulations 2013’.

The draft stems from Article 89 of the Capital Requirements Directive and impacts on all ‘institutions’ – basically investment firms and credit institutions that are subject to CRD IV.

The Regulations require each institution to publicly disclose annually on a consolidated basis for the financial year, for each country where they have an establishment:

  1. Name, nature of activities and geographic location
  2. Number of employees
  3. Turnover
  4. Pre-tax profit/loss
  5. Corporation tax paid
  6. Any public subsidies received

The disclosure – which should be in the institution’s annual financial statement where possible – has to be made before 31 December 2015 and annually thereafter. However all institutions have to disclose the information in a, b & c above for the first time on 1 July 2014. Global systemically important institutions authorised in the UK have to report, on a confidential basis, the information in d, e & f above to the EC and to HMRC on or before 1 July 2014. The EC will assess the potential negative economic consequences of the public disclosure of such information and should any be identified then a deferral of the disclosure obligations may be put in hand.

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