FRC and FCA issue joint letter to CEOs on structured reporting
18 Nov, 2021
The Financial Reporting Council (FRC) and the Financial Conduct Authority (FCA) have jointly written to Chief Executive Officers (CEOs) of companies in scope of new structured electronic reporting requirements that will be required by Disclosure and Transparency Rule (DTR) 4.1.14.
Last year the FCA delayed, by one year, the mandation of Disclosure and Transparency Rule 4.1.14, which introduced a requirement for companies on a regulated market to publish annual reports in XHTML format. These requirements now apply for financial years beginning on or after 1 January 2021. As a result of the requirements, electronic data for thousands of companies will become available for automatic extraction, analysis and comparison. However, such data will only be useful if it is of high quality.
The joint letter is therefore intended to remind in-scope companies of their obligations. It also sets out combined expectations on quality and identifies actions the FRC and FCA may take in the event of their expectations not being met.
A press release and the letter are available on the FRC website.
