UK-incorporated companies that are part of the extractive industries and have securities trading on a regulated market must make an annual disclosure of their payments to various governments. These Payments to Governments (PtG) reports should be filed with the Financial Conduct Authority (FCA) in the eXtensible Markup Language (XML) format. PtG reporting requirements are set out in the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules (DTR) 4.3A.
The Timelines
PtG reporting requirements were first introduced in January 2015. In August 2016, the rules were revised to bring in XML reporting. PtG reports must be made public six months after the end of each financial year – at the latest.
Who Needs to Comply?
Any company active in mining, quarrying, or logging which is incorporated in England and Wales and whose transferable securities are trading on a UK-regulated market is in the scope of the Payments to Governments reporting requirements.
The Requirements
In the PtG report, companies must disclose the governments to which they have made payments; the total payment to each government; the total amount per payment type; the total amount per type of payment for each project, along with the total amount for each project.
How We Support Organizations in the UK with PtG XML Reporting?
Send Us Your Input Data
Provide our experts with an Excel file that has all the data points for your latest Payments to Governments report.
We Will Map Your Data
Our experts will use the IRIS iDEAL® application to map your input data with the FCA-defined XML schema.
Review And File Your XML
We will provide you with the final XML report and its human-readable version to help you review your data before the FCA filing.
Why IRIS iDEAL®?
IRIS iDEAL® is your best bet for high-quality Payments to Governments XML reporting. We’ll tell you why.
High-quality XML Reporting
IRIS iDEAL® has an unparalleled track record for high-quality reporting – whether in XML or XBRL format. We consistently rank #1 in third-party digital data quality assessments.
Unlimited Expert Assistance
Consider our experts an extension of your regulatory compliance team. Our professionals are available anytime you need help or advice on PtG XML compliance.
Experience You Can Trust
IRIS iDEAL® has been handling regulatory filings for over 100 banks, credit institutions, and investment firms worldwide for over a decade now. You can count on us!
Easy Compliance Options
Choose IRIS iDEAL® for flexible compliance options. Outsource your reporting to us or do it in-house using our solution. We also offer a third hybrid option combining the two.
Need Assistance?
You have questions? Contact us today, we’re here to help.