04 Sep 28/8/20 – UK regulator, FCA, closes the consultation on ESEF implementation
The FCA, the regulator responsible for ESEF in the UK, has now closed the consultation period on whether the new ESEF directive should be postponed by 12 months for UK listed firms. Interested parties were given from July 22nd until August 28th, 2020 to comment on the FCA proposal. It’s unclear when the FCA will release the findings & conclusion of this consultation. Also, the FCA or their partners will need to give further guidance on the legal position for company directors of UK listed firms – if the UK does not leave the European Union (EU) on 31/12/20, as currently envisaged under the ‘Transition’ arrangement, then it’s unclear on whether UK companies would still need to follow EU rules in this area. Until the UK FCA announce more concrete guidance on the way forward for ESEF then it leaves UK listed companies in limbo unsure whether they need to implement a solution by 31/12/20 or one year later.