16 December 2014 by Alexandra Jones
The Financial Conduct Authority is to confirm new rules implementing new Transparency Directive requirements which will come into force from 1 January 2015.
The new requirements will affect companies involved in the extractive or logging of primary forest industries.
These companies will be required to produce annual reports on payments made to the governments of the countries in which they operate, in respect of financial years beginning on or after 2015.
A consultation paper issued in August proposed to align these rules with those in the Accounting Directive, implemented by the Department of Business and Skills.
An announcement confirming the adoption of the rules will be formally made via the FCA website in the coming weeks.