The UK’s financial regulator, the Financial Conduct Authority (“FCA”), has warned listed companies and issuers involved in the extractive (or logging of primary forest (“LPF”) industries) that they should prepare for new reporting requirements from 1 January 2015. The FCA expects to confirm new rules implementing the Transparency Directive Amending Directive (2013/50/EU) requirements before the end of 2014. These new disclosure and transparency rules will require companies and firms to produce annual reports on payments made to governments in countries in which they operate in respect of financial years on or after 1 January 2015. The FCA has fast-tracked the implementation of these new rules to align with the implementation of parallel rules in the Reports on Payments to Government Regulations 2014 which implements the Accounting Directive 2013/34/EU (AD), also in effect from 1 January 2015.

Our previous blog on the UK’s implementation of the two directives is here.

The FCA’s press release can be found here.