The Department for Business, Energy and Industrial Strategy (BEIS) has published updated drafts of the regulations requiring large companies and LLPs to publicly report how quickly they pay their suppliers (the "Regulations"). These differ significantly from the draft regulations previously published: • the Regulations apply to large UK companies and large LLPs. Large companies or LLPs are those which have exceeded two or all of the thresholds for medium sized companies on both of the last two balance sheet dates: (i) £36 million turnover, (ii) balance sheet total of £18 million, and (iii) 250 employees; • the Regulations require that reports be published on a centralised website provided by the government, such that the information is readily accessible by third parties; and • the Regulations require qualifying companies to publish reports twice yearly. The government expects the regulations to come into force on 6 April 2017. The Regulations will only apply to contracts for goods and services which have a significant connection to the UK. The Regulations will not apply to financial contracts. Publication of reports on a centralised government website facilitates the government's strategy of "naming and shaming", since the media can easily access the site. In addition, failure to publish a report is a criminal offence, as is publishing a report which is false or misleading. In England, the company and directors are liable to a fine. For more information, please contact Nathan Akhavan-Moossavi.