Thursday April 9 2020

News Source: Fund Regulation

Focus: General - Fund Regulation

Type: General

Country: European Union




The European Securities and Markets Authority (ESMA), has issued a public statement directed at Fund Managers concerning their obligations to publish yearly and half-yearly reports.

The entities concerned are the following:

  • 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

The statement concerns the obligations on the above to publish annual and half yearly reports in respect of funds they manage, in relation to reporting periods ending from 31 December 2019 to 30 April 2020 inclusive.

In accordance with Article 31(2) of the ESMA Regulation, ESMA is issuing this Public Statement to promote coordinated action by NCAs in response to these adverse events of COVID-19 and to provide clarity to Fund Managers.

Considering that Fund Managers may be prevented from fulfilling the requirements due to COVID-19, ESMA expects NCAs to act in accordance with national rules set out in their Member States and when possible during this specific period not to prioritise supervisory actions against these market participants in respect of the upcoming deadlines set out in the UCITS Directive, the AIFMD, the EuSEF Regulation and the EuVECA Regulation regarding:

  • annual reports referring to a year-end occurring on or after 31 December 2019 but before 1 April 2020 for a period of two months following the relevant deadline;
  • annual reports referring to a year-end occurring on or after 1 April 2020 but before 1 May for a period of one month following the relevant deadline; and
  • half-yearly reports of UCITS referring to a reporting period ending on or after 31 January 2020 but before 1 April 2020 for a period of one month following the deadline set out in the UCITS Directive.

Furthermore, ESMA encourages NCAs to generally apply a risk-based approach in the exercise of supervisory powers in their day-to-day enforcement of the sectoral acts in a proportionate manner concerning the publication deadlines of the annual reports and halfyearly reports referred to above.

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