17 July 2023
In its response to the Public Country-by-Country Reporting (CbCR), the Global Federation of Insurance Associations (GFIA) has stressed that the proposed regulations diverge from the OECD CbCR requirements.
GFIA further notes that there is a lack of data available to facilitate compliance and the extra-territoriality of the reporting requirements will place challenges on groups. In addition, in its written responses, it warns of the potential impact of public disclosure of sensitive financial information on the competitiveness of the companies that fall into scope, and that the regulations may give rise to an increase in burden and financial costs.
