FCA consults on approach to ESEF Taxonomies, related changes
Yesterday afternoon the UK’s securities regulator, the Financial Conduct Authority (FCA), published a consultation paper on its approach to the publication and maintenance of taxonomies relevant to filers with securities in UK markets. The proposal is to localise the rules and incorporate them into the UK’s disclosure and transparency rule book, while still maintaining (for the moment) full aliginment with Europe’s ESEF taxonomy.
Given that we are just weeks away from the upcoming busy season for annual reports, we are comforted by this point made in the proposals: “This streamlining of our rules and new guidance is not intended to change the existing requirements for companies, nor disrupt companies’ existing preparations or future
plans for their digitally structured annual financial reports.”
We have not yet dug fully into the proposals but will do so in the coming days. Perhaps you should too? You’ll find the consultation paper here. Responses are due by 24 February 2023.