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Preparers Levy 2024-25 - GDRs

PREPARERS LEVY 2024-25 FACT SHEET (for GDR issuers)

The Financial Reporting Council (FRC) serves the public interest by setting high standards of corporate governance, reporting and audit and by holding to account those responsible for delivering them. The FRC's powers come primarily from the Companies Act 2006 (CA 2006) and the Statutory Auditors and Third Country Auditors Regulations 2016.

The FRC sets the UK Corporate Governance Code and UK Stewardship Code, UK accounting standards (UK GAAP) and actuarial standards; promotes high quality of corporate reporting; sets audit and ethical standards for auditors; monitors and enforces audit quality; and operates independent enforcement arrangements for accountants and actuaries; supervises and oversees relevant professional bodies.

The FRC carries out these responsibilities under the sponsorship of the Department for Business and Trade (DBT).

FRC Preparers Levy

By agreement with the Department for Business and Trade and HM Treasury, the FRC is funded partly through a voluntary 'preparers' levy' on the following organisations that are subject to, or have regard to, FRC regulatory requirements in preparing their accounts:

Companies listed on the London Stock Exchange.
All UK AIM and AQUIS Market group companies with equity share listing.
All large private entities with a turnover of £500m or more. Large private subsidiaries of UK listed companies are invoiced on the same invoice as their parent company.
Standard Global Depository Receipt (‘GDR') companies
Government Departments and other public sector organisations that publish accounts.

The FRC's levies are currently operated on a non-statutory basis. Should this approach prove unsustainable, the FRC may request that the Secretary of State make regulations for the FRC to levy its funding on a statutory basis under Section 17 of the Companies (Audit, Investigations and Community Enterprise) Act 2004.

How much to pay?

The 2024-25 Preparers levy for GDR issuers is made up of a flat fee, depending on the location of their home competent authority. For issuers that have UK as their home competent authority, the levy is £3,450. For the rest of GDR issuers, the levy is £2,750. The invoiced amount will appear on an invoice issued by the Financial Conduct Authority.

Contact Us

If you have a question about the method of payment, please contact the FCA contact centre on 0300 500 0597 or [email protected]

If you have a policy related question on the levy, please email on [email protected]

Financial Reporting Council

July 2024

8th Floor, 125 London Wall, London EC2Y 5AS Tel: +44 (0)20 7492 2300 Fax: +44 (0)20 7492 2399 www.frc.org.uk The Financial Reporting Council Limited is a company limited by guarantee. Registered in England number 2486368. Registered office: as above.

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Name Preparers Levy 2024-25 - GDRs

Publication date 16 July 2024

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