Treasury is consulting on the "country-by-country" reporting requirements in the fourth Capital Requirements Directive (CRD4). CRD4 requires credit institutions and investment firms to report their name, their activities, their geographic location, their total employees and their turn over on a country-by-country basis on 1 July 2014. There are additional requirements for global systemically important institutions. Treasury seeks views on several aspects of UK implementation of the requirements, including whether:
- it is proportionate to apply the regime to all institutions within CRD4, regardless of their size or business, and to all businesses in the UK, whether they are UK headquartered or are UK subsidiaries or branches of overseas firms (but avoiding duplication in reporting where the top EU parent will be publishing information for its UK institutions);
- "establishment" for these purposes should include both subsidiaries and branches;
- there should be a standard disclosure template; there are likely to be any serious impediments that would stop institutions reporting by 1 July 2014; and
- the Government is using a sensible definition of "turnover" and the types and basis of taxes to include.
Treasury asks for comments by 18 October.
(Source: Treasury Consults on CRD Reporting)