One of the obligations introduced by CRD IV was the Country by Country disclosure, for the financial year, arising from Article 89 of the CRD and with the first full disclosure needing to be made on or before 31 December 2015 (initial, limited, disclosure had to be made for the first time on 1 July 2014) – see Regulatory Roundup 55 for further information.
The reporting was subject to the proviso that the European Commission had to report to both the European Parliament and European Commission on an assessment of whether there were any negative economic consequences of the public disclosure of information.
The EC has now published its report and, as might be expected, the EC has not identified any significant negative effects. Therefore the obligations under Article 89 will apply in full from 1 January 2015.
