COVID-19: ESMA Issues A Public Statement On The Deadlines For The Publication Of Periodic Reports By Fund Managers – Coronavirus (COVID-19)



Malta:

COVID-19: ESMA Issues A Public Statement On The Deadlines For The Publication Of Periodic Reports By Fund Managers


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The European Securities and Markets Authority (ESMA) has
published a public statement to promote coordinated action
among national competent authorities (NCAs) due to the COVID-19
pandemic. It concerns the obligations of:

  • UCITS management companies;

  • self-managed UCITS investment companies;

  • authorised AIFMs;

  • non-EU AIFMs marketing AIFs pursuant to Article 42 of the
    AIFMD;

  • EuVECA managers; and

  • EuSEF managers,

to publish annual and half-yearly reports in respect of funds
under management.

ESMA is aware that undertaking a timely audit and publishing
accounts within existing timelines presents considerable
difficulties for funds managers and auditors. While ESMA advised
fund managers to exercise their best efforts to meet the deadlines
under the relevant regulatory regime, it also cautioned NCAs to
adopt a risk-based approach and act in a proportionate manner.

Accordingly, ESMA expects a one or two-month grace periods for
fund managers depending on the date of the deadline and type of
report.

ESMA urged fund managers to inform NCAs and investors of any
anticipated delays as soon as possible. It also reminded fund
managers to continue to adhere to disclosure requirements
established in Article 17 of the Market Abuse Regulation.

The Malta Financial Services Authority (MFSA) already issued a
circular on 20 March 2020 dealing with the
timelines of regulatory reports by various Maltese entities
(including listed companies, credit institutions,
insurance/reinsurance undertakings, insurance intermediaries, MiFID
firms, fund managers, investment funds and CSPs). In this respect,
kindly refer to our regulatory briefing at the following
link
.

Until now, fund managers and investment funds have been granted
a two-month extension in respect of annual reports, audited
financial statements and interim/annual financial returns due by
March or April 2020.

In view of ESMA’s public statement and the ongoing COVID-19
outbreak, the MFSA should shortly follow-up with details for
post-April submissions.

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.

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