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23 October 2017

New requirements for companies: The UK Modern Slavery Act and the French Duty of Vigilance law

Date: 1 November 2017
Registration: 09:30 - 10:00
Time: 10:00 - 13:00
Address: 10 Presnenskaya Naberezhnaya, Block C, Floor 31

Dear colleagues,

The UK Modern Slavery Act (the UK MSA) entered into force in the United Kingdom on 29 October 2015. The UK MSA applies to all companies, regardless of their country of registration and form of ownership, which wholly or partly operate in the UK and have annual turnover of more than £36 million pounds.

Companies that fall under these criteria are required to issue an annual public statement (no later than 6 months after the end of the financial year) in which they disclose the measures (if any) they have taken to prevent slavery in their business and supply chain.

On 28 March 2017, the French Duty of Vigilance law entered into force in France. This law aims to increase the level of responsibility carried by companies for preventing violations of human rights and stopping environmental destruction. However, the right to file claims for damages due to non-compliance with the Law only comes into effect on 1 January 2018.

The law applies to the following:

1.     Companies which have a parent company registered in France. The total number of employees in these companies must have been at least 5,000 during the last 2 years.

2.     Subsidiaries and controlled companies registered in France. The total number of employees in these companies must be at least 10,000.

Companies complying with these criteria are required to issue an annual Public Due Diligence Plan at the same time as their annual financial report. This plan should contain information on the measures taken to prevent human rights violations and environmental offences by the Company, by the Company’s subsidiaries, and by any controlled companies and firms in the Company's supply chain.

In regard to the above, we are pleased to invite you to participate in our KPMG event "New requirements for companies: the UK Modern Slavery Act and the French Duty of Vigilance law", which will be held at KPMG’s Moscow office (10 Presnenskaya Naberezhnaya, "Bashnya na Naberezhnoy", Block C, Floor 31) on 1 November 2017.

Registration for the event is available here: https://anketolog.ru/s/170657/qt4O0qjR

If you have any questions regarding these topics that you would like to discuss at the event, or any other additional questions, please send them in advance to Elena Birukova at: ebirukova@kpmg.ru

The event will be particularly interesting for chief executives and financial directors, as well as for specialists in compliance, risk management and internal audit.

Participation is free, but the number of participants is limited (no more than 2 people per company).

Thank you in advance,

Best regards,

KPMG