ESMA (the European Securities and Markets Authority) published a public statement on March the 27th recommending each EU/EEA NCA (National Competent Authority) to postpone deadlines for the publication of annual and semi-annual reports of investment funds, also confirmed in another public statement of April the 9th.
A part of the NCAs confirmed the application of these recommendations in a public notice, others not: in this case, ESMA recommendations may be considered by default.
Market players acting in EU/EEA jurisdictions (UCITS management company, UCITS, AIFMs, non-EU AIFMs marketing AIFs pursuant to Article 42 of the AIFMD, EuVECA managers and EuSEF managers) must comply with the following amended deadlines, where:
- 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
Also, EU/EEA managers wishing to use this additional deadlines have to inform their NCAs as well as investors as soon as possible.
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