Article 89

Capital Requirements Directive (CRD) > TITLE VII > CHAPTER 2 > Section II > Sub-Section 3 > Article 89
Article 89
Country-by-country reporting
Main content: 

1.    From 1 January 2015 Member States shall require each institution to disclose annually, specifying, by Member State and by third country in which it has an establishment, the following information on a consolidated basis for the financial year:

(a)    name(s), nature of activities and geographical location;

(b)    turnover;

(c)    number of employees on a full time equivalent basis;

(d)    profit or loss before tax;

(e)    tax on profit or loss;

(f)    public subsidies received.

2.    Notwithstanding paragraph 1, Member States shall require insti­ tutions to disclose the information referred to in paragraph 1(a), (b) and
(c) for the first time on 1 July 2014.

3.    By 1 July 2014, all global systemically important institutions auth­ orised within the Union, as identified internationally, shall submit to the Commission the information referred to in paragraph 1(d), (e) and (f) on a confidential basis. The Commission,  after consulting  EBA,  EIOPA and ESMA, as appropriate, shall conduct a general assessment as regards potential negative economic consequences of the public disclosure of such information, including the impact on competitiveness, investment and credit availability and the stability of the financial system. The Commission shall submit its report to the European Parliament and to the Council by 31 December 2014.

In the event that the Commission report identifies significant negative effects, the Commission shall consider making an appropriate legislative proposal for an amendment of the disclosure obligations set out in paragraph 1 and may, in accordance with point (h) of  Article  145, decide to defer those obligations. The Commission shall review the necessity to extend deferral annually.

4.    The information referred to in paragraph 1 shall be audited in accordance with Directive 2006/43/EC and shall be published, where possible, as an annex to the annual financial statements or, where applicable, to the consolidated financial statements of the institution concerned.

5.    To the extent that future Union legislative acts for disclosure obligations go beyond those laid down in  this  Article,  this  Article shall cease to apply and shall be deleted accordingly.

6.    By 1 January 2021, the Commission, after consulting EBA, EIOPA and ESMA, shall review whether the information referred to in points (a) to (f) of paragraph 1 is still adequate, while taking into account previous impact assessments, international agreements and legislative developments in the Union, and whether further relevant information requirements may be added to paragraph 1.

By 30 June 2021, the Commission shall, on the basis of the consultation with EBA, EIOPA and ESMA, report to the European Parliament and to the Council on the assessment referred to in this paragraph and, where appropriate, submit a legislative proposal to the European Parliament and to the Council.