General

FCA delays ESEF

10 November 2020

Following a consultation ending in August, the Financial Conduct Authority (FCA) has released a policy statement setting out its decision to push back European Single Electronic Format (ESEF) requirements by 1 year.

Many breathed a sigh of relief at the latest news that ESEF requirements have been delayed.

Originally scheduled for financial years starting on or after 1 January 2020, the ESEF requirements for filing and publication of machine-readable financial statements and mandatory tagging of primary financial information will now apply to financial years starting on or after 1 January 2021, for publication from 1 January 2022. ESEF requirements for tagging of notes to the financial statements will keep to the original timetable, commencing for financial years starting on or after 1 January 2022, publication from 1 January 2023.

Earlier in the year, the FCA announced a series of measures, including the extension of the deadlines of financial statements, aimed at assisting companies through the coronavirus crisis, and the delay of ESEF is another measure that seeks to ease the burden on issuers in an unprecedented and disruptive environment.

While the news will be welcomed for many issuers facing a challenging year-end, the FCA maintain that financial reports can still be published and filed in ESEF if issuers choose to do so.

If you need support or guidance with any of the latest FCA requirements, please get in touch with rochelle@gather.london