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The Global Compliance Calendar – Countdown to 2023

With 2023 just round the corner, the countdown is on for general counsels, company secretaries, corporate compliance and legal teams to start planning and building their compliance strategy.

Multinationals, with entities spread across the globe, are faced with the constant uphill task of ensuring they are compliant. Regulation and reporting requirements vary greatly across jurisdictions and 2023 brings with it new deadlines and annual obligations to be aware of.

Therefore, transparent calendaring and planning are essential now in order to remain compliant and to keep control over a global portfolio.

What are annual obligations?

There are numerous annual obligations that need to be completed for each subsidiary and recurring tasks to factor in. The exact number of annual obligations will depend on the specific entity type.

Annual obligations include: shareholders‘ approval of financial statements, review of ultimate beneficial owner (UBO) requirements, filing of financial statements with the commercial registries, directors’ approval of financial statements, filing of annual returns, filing of economic substance reports and quarterly board of directors meetings.

The list of annual obligations and their deadlines is dynamic. New rules are introduced every year and deadlines often change due to legislation changes or after major events in a companies’ life-cycle.

What is at risk?

Missing the deadline of annual obligations can result in negative consequences including delays for other filings, incorrect information available for third parties, reputational risk, fines and even closure of subsidiaries by authorities.

Introducing the Global Compliance Calendar

Mercator® by Citco’s (Mercator) Global Compliance Calendar is a customized and easy to navigate tool, with up-to-date information on all corporate compliance obligations across the entire entity portfolio.

It provides a schedule for the full year, with details of the work to be done and accompanying deadlines, increasing efficiency and visibility and ensuring that annual obligations do not take companies by surprise.

The list of recurring corporate compliance deadlines is powered by Mercator’s rules engine and regularly maintained by our dedicated team of jurisdictional experts.

Entity information is available to all project members 24/7 and located with our proprietary technology platform – Entica™ – ensuring corporate control through transparency.

In addition to providing real-time status updates on tasks, the information is used to provide analysis for efficiency improvements moving forward. The statistics of the overdue annual obligations can indicate the most problematical affiliates and subsequently identifies where the focus of corporate secretarial team should be for the upcoming year.

Mercator’s tailored calendars also help companies in scheduling annual leave for team members based on upcoming due dates as well as providing full visibility on the peak periods in the entities portfolio management.

To find out more about Mercator’s Global Compliance Calendar for 2023 contact mercator@citco.com or request a demo here.

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