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ARTICLE · 23 OCTOBER 2023

Draft Reporting Regulations Withdrawn

Herbert Smith Freehills Kramer LLP
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The Department of Business and Trade (DBT) has announced that it has withdrawn the draft Companies (Strategic Report and Directors' Report) (Amendment) Regulations 2023, which were laid...

United KingdomCorporate/Commercial Law
Heidi Gallagher
Heidi Gallagher
Sarah Hawes
Sarah Hawes
James Palmer
James Palmer

The Department of Business and Trade (DBT) has announced that it has withdrawn the draft Companies (Strategic Report and Directors' Report) (Amendment) Regulations 2023, which were laid in Parliament in July this year.

The Regulations (which were part of a package of measures to implement the proposals from the government's March 2021 white paper on audit and corporate governance reform, Restoring trust in audit and corporate governance – see our blog post here) would have introduced significant new annual reporting requirements for companies in scope, including a requirement to disclose distributable profits and make a new resilience statement and material fraud statement (for further details on the Regulations, see our briefing here).

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