FATCA

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FORTHCOMING CHANGES: The UK is due to implement the OECD’s Cryptoasset Reporting Framework (CARF) into domestic law with effect from 1 January 2026. The implementing measure is the Reporting Cryptoasset Service Providers (Due Diligence and Reporting Requirements) Regulations 2025 (SI 2025/744), which was laid before the House of Commons on 25 June 2025. On the same day, HMRC published tax impact and information notes (TIIN) for the measure. HMRC has also published guidance on reporting under the CARF.

The government has also introduced legislation amending the domestic law implementing the OECD’s Common Reporting Standard (CRS) and the UK’s obligations under the Intergovernmental Agreement with the US for the implementation of the US Foreign Account Tax Compliance Act (FATCA). The principal legislation is the International Tax Compliance Regulations 2015 (SI 2015/878) and the amending measure is the International Tax Compliance (Amendment) Regulations 2025 (SI 2025/740). The amendments implement the OECD’s 2023 changes to the CRS and introduce other changes ‘to make the UK’s implementation of the rules more effective’ (Explanatory Memorandum, para 5.5). The principal changes are to include e-money

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Latest Financial Services News

Financial Services—other developments (25/7/2025)

A round-up of other developments, which have not been covered in full by the LexisNexis Financial Services practical guidance team but may nevertheless be of interest.

ECON Committee proposes major changes to EU corporate sustainability reporting rules

The European Parliament's Committee on Economic and Monetary Affairs (ECON) adopted an opinion on 15 July 2025, proposing significant amendments to EU corporate sustainability reporting requirements. The opinion recommends increasing the reporting threshold to companies with over 5,000 employees and €450m in net worldwide turnover, replacing the current 1,000-employee threshold. For value chain reporting, companies would be prevented from seeking information from business partners below these thresholds, thereby significantly reducing reporting obligations.

IFRS Foundation publishes near-final guidance on reporting uncertainties in financial statements

The International Financial Reporting Standards (IFRS) Foundation has published near-final examples that illustrate how companies can improve disclosure of uncertainties in their financial statements, using climate-related scenarios as illustrations. Developed by the International Accounting Standards Board (IASB) in response to stakeholder feedback regarding insufficient uncertainty reporting, these examples are applicable to all types of uncertainties, not solely those related to climate. The IASB collaborated with the International Sustainability Standards Board (ISSB) to ensure alignment with sustainability disclosure requirements. Final examples are anticipated in October 2025.

European Commission publishes guidelines for green bond disclosure templates

The European Commission has published guidelines establishing voluntary pre-issuance disclosure templates for bonds marketed as either environmentally sustainable or sustainability-linked. These templates support the EU's objective of achieving climate neutrality by 2050 by standardising disclosures for issuers using the EU Taxonomy, thereby complementing the European Green Bond Standard and filling a market gap in demonstrating taxonomy-aligned bond proceeds allocation. The guidelines provide two detailed templates: one for environmentally sustainable bonds, which requires issuers to detail their environmental strategy, the intended allocation of bond proceeds, environmental impacts, and reporting commitments; and another for sustainability-linked bonds, which focuses on the environmental strategy, bond characteristics, performance indicators, and reporting requirements.

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