The Treasury has published the draft Capital Requirements (Country by Country Reporting) Regulations 2013. These Regulations implement the requirements in the fourth Capital Requirements Directive (CRD4) that institutions in the UK disclose, annually and on a consolidated basis, certain information for each country where they have an establishment. The requirements will start applying partially on 1 July 2014, and fully on 1 January 2015, unless disclosure by SIFIs of information about, profits, tax and subsidies could have potential negative economic consequences. (Source: CRD4 Country-By-Country Reporting Draft Legislation and Draft Guidance)