A reminder of previous developments:
- In 2010 the US passed the Dodd-Frank Act. Section 1504 of this act imposes country by country reporting rules on all Securities and Exchange Commission (SEC) registered companies in the extractive industries.
- In July 2013, the EU Parliament agreed to adopt similar country by country reporting rules for extractives and the logging industry. An EU Accounting and Transparency Directive is in the process of being implemented.
- The Capital Requirements Directive IV (CRD IV) - which the European Commission introduced in June 2013 - requires credit institutions and investment firms to report country by country data. This includes taxes, turnover, profits and employee numbers.
It's important for companies to closely monitor these developments, contribute to consultations and understand how the provisions interact where relevant. Data collection and reporting will become important once these provisions are apply. Our briefing document prepared in November 2013 will be updated shortly to reflect the latest OECD proposals .