The Financial Conduct Authority (FCA) says it will publish a report this week that will show the financial performance of the biggest technology companies.
The report will show whether they are complying with the new EU directive on the protection of people and property and whether they have made effective commitments to keep their costs down.
The FCA has not yet released a full list of companies that it says have been given the green light to open up their financials for the first time, but has made it clear that the companies it is looking at are a small number of the tech giants in the market.
“We have given a very broad brush to the technology sector and we’re going to take that very seriously,” said Brendan Hughes, head of financial regulatory compliance at the FCA.
“The FCO is going to go out there and get the data and we’ll make the case for them.”
Hughes is looking to get the FCO data for the big tech companies as early as next week, but he says it is likely that they will be given until mid-September to release their financial statements.
“The FCEA has to be a very, very, strict regulator,” Hughes said.
“We are not going to be able to get a full report until late September, but the fact that the firms have been granted the greenlight is a good sign that they’re going through this process.”
The report, due to be released on Monday, will look at the companies’ financials as they relate to the environment, health, tax, social welfare, employment and corporate governance.
The issue is also likely to come up at the European Parliament, which is due to vote on the proposed new rules next week.