FSB statement on smooth and timely transition away from LIBOR

This statement encourages authorities to ensure that regulated entities align their use of new LIBOR contracts with the relevant timelines for the respective currency, regardless of where the trades are booked.

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Public country-by-country reporting by big multinationals: EU co-legislators reach political agreement

• Representatives of the Portuguese presidency of the Council today reached a provisional political agreement with the European Parliament’s negotiating team on the proposed directive on the disclosure of income tax information by certain undertakings and branches, commonly referred to as the public country-by-country reporting (CBCR) directive.

• Such practices are facilitated by the absence of any obligation for big multinational companies to report on where they make their profits and where they pay their tax in the EU on a country-by-country basis.

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