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CRD IV- HM Treasury consults country-by-country reporting

HM Treasury has published a paper “Capital Requirements Directive 4 (CRD IV): consultation on country-by-country reporting [CBCR]”.  CRD IV requires institutions to disclose: (i) their name, (ii) the nature of their activities and geographic location, (iii) the number of employees, and (iv) their turnover on a country-by-country basis on 1 July 2014.

In addition, global systemically important institutions will be required to disclose to the European Commission: (i) their pre-tax profit or loss, (ii) taxes paid, and
(iii) any public subsidies received.

Subject to the European Commission’s impact assessment, all firms will be required to disclose the these items from 2015.

The responses to this consultation paper will be used by the UK Government to
inform the transposition of CRD IV into national law.  The deadline for
comments is 18 October 2013.  The Government then intends to consult for
one week on draft legislation and guidance in early/mid November 2013 with the
aim of having the implementing legislation in force from 1 January 2014.

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