ARTICLE
21 July 2014

European Commission Seeks Views On Sensitive Information Disclosure Under CRD IV

AO
A&O Shearman

Contributor

A&O Shearman was formed in 2024 via the merger of two historic firms, Allen & Overy and Shearman & Sterling. With nearly 4,000 lawyers globally, we are equally fluent in English law, U.S. law and the laws of the world’s most dynamic markets. This combination creates a new kind of law firm, one built to achieve unparalleled outcomes for our clients on their most complex, multijurisdictional matters – everywhere in the world. A firm that advises at the forefront of the forces changing the current of global business and that is unrivalled in its global strength. Our clients benefit from the collective experience of teams who work with many of the world’s most influential companies and institutions, and have a history of precedent-setting innovations. Together our lawyers advise more than a third of NYSE-listed businesses, a fifth of the NASDAQ and a notable proportion of the London Stock Exchange, the Euronext, Euronext Paris and the Tokyo and Hong Kong Stock Exchanges.
The European Commission published a consultation paper seeking views on the potential economic consequences of country-by-country reporting.
European Union Finance and Banking

On 11 July 2014, the European Commission published a consultation paper seeking views on the potential economic consequences of country-by-country reporting under the Capital Requirements Directive ("CRD") which requires banks and investment firms to disclose key information on their business, on a country-by-country basis. From 1 July 2014, firms were required to publish information on their name(s), nature of activities, geographical location, turnover and number of employees on a full time equivalent basis. From 1 January 2015 firms will be required to publish information on their profit or loss before tax, tax on profit or loss and public subsidies received ("sensitive information"). The Commission must report, before 31 December 2014, to the European Parliament and the Council of the EU on any potential negative consequences of the sensitive information disclosures, including any effects on competitiveness, investment and credit availability and the stability of the financial system. If any potential negative consequences are identified, the Commission may prepare a legislative proposal to amend CRD, including deferring the disclosure obligation. The consultation closes on 12 September 2014.

The consultation paper is available at: http://ec.europa.eu/internal_market/consultations/2014/country-by-country-crd4/docs/consultation-document_en.pdf.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More