We propose a minor rule change to a transparency rules technical standard on electronic reporting.
We currently allow issuers to use, among other taxonomies, the UK Single Electronic Format (UKSEF) 2022 taxonomy from the Financial Reporting Council (FRC) to mark up their annual financial statements within the annual financial report.
Earlier this year, the FRC issued a replacement taxonomy version with updated standards following recently adopted EU legislation on the European Single Electronic Format (ESEF). However, our rules do not reference this new version.
In February 2022, we explained the plan to switch our National Storage Mechanism (NSM) over to accepting filings in UKSEF 2022 v2.0.0 in place of UKSEF 2022 v1.0.0.
We now propose to change the definition of UKSEF 2022 in Article 2(4B) of the Transparency Directive (TD) ESEF Regulation so that it refers to UKSEF 2022 v2.0.0 instead of v1.0.0.
We propose this change happens from Tuesday 3 May 2022. The last business day we would accept filings using UKSEF 2022 v1.0.0 would be Friday 29 April 2022.
This consultation applies to issuers who follow Disclosure, Guidance and Transparency Rules (DTR) 4.1.
The consultation has closed and we have issued Handbook Notice 98 and Handbook Notice 100 which set out the changes made to the rules in relation to the UKSEF 2022 taxonomy and the ESEF 2021 taxonomy which we previously consulted on.
Subject to feedback received, we propose this change would take effect from 3 May 2022.