FCA policy statement PS20-14 – 1-year delay to ESEF (financial electronic formats)
- The Financial Conduct Authority (FCA) published its Policy Statement PS20/14 (“Delay to the implementation of European Single Electronic Format and update on Coronavirus-related measures”) on 5 November 2020
- This PS sets out the FCA’s decision on its previous proposals to push back by 1 year mandatory requirements related to the European Single Electronic Format (ESEF)
- The FCA’s proposals to delay implementation by one year aim to relieve the burden on issuers during the exceptional circumstances of the coronavirus pandemic
- These proposals were set out by the FCA in its Consultation about delay to the implementation of the European Single Electronic Format (ESEF) (CP 20/12)
- This PS affects issuers with transferable securities admitted to trading on UK regulated markets, or who are considering admission to trading on a UK regulated market. It is also of interest to:
- issuers with securities admitted to the FCA Official List
- firms advising issuers or advising persons investing in them
- firms or persons investing or dealing in UK listed securities or securities admitted to trading on a UK regulated market
- firms providing research and analysis on issuers, and accountants and other advisors and service providers helping issuers with the preparation and publication of their annual financial statements.
The ESEF initiative includes requirements for publication and filing of machine-readable financial statements and the electronic tagging of basic financial statements and notes to these financial statements.
This Policy Statement summarises the feedback the FCA received and sets out its response to that feedback. It also gives an update on measures to extend deadlines for the publication by listed companies of financial statements.
The FCA has issued rule changes to delay by one year the ESEF requirements for filing and publication of machine-readable financial statements and mandatory tagging of basic financial information. These were scheduled for financial years starting on or after 1 January 2020 but will now apply to financial years starting on or after 1 January 2021.
Timeline with relevant dates to be logged on regulatory calendar
- The new rules will come into force on IP completion day as defined in the European Union (Withdrawal Agreement) Act 2020 (that is, 31 December 2020 at 11pm). The impact therefore applies from 1 January 2021.
All impacted firms need to note this change in the regulatory implementation date.
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