Clifford Chance

BIS confirms early adoption of regulations requiring extractive industries to disclose payments to governments

11 September 2014

New European rules requiring the disclosure of payments to governments by extractive industries and loggers of primary forests were adopted in June 2013. Following a consultation in March 2014, the UK Government Department for Business, Innovation and Skills ("BIS") has now confirmed its intention to implement regulations by 1 December 2014 which will require affected undertakings to report from the start of their financial year commencing on or after 1 January 2015, well ahead of the deadline set by Europe for implementation of such rules.

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