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ESMA statement on publication of periodic reports for investment funds

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The European Securities and Markets Authority (ESMA) has published a statement on the coronavirus pandemic’s impact on the possibilities for managers of different types of funds to fulfil the requirements on when publication of periodic reports is to occur according to their respective regulations.

The statement sets forth that ESMA and the national supervisory authorities are aware that the ongoing pandemic can make it difficult for managers to prepare certain reports for funds, for example yearly and half-yearly reports, by the legislative deadline.

The managers subject to the statement include UCITS management companies, authorised AIFMs (alternative investment fund managers), AIFMs in third countries marketing AIFs within the EU pursuant to Article 42 of AIFMD, managers of European venture capital funds (EuVECA managers) and managers of European social entrepreneurship funds (EuSEF managers).

Managers are expected to exercise their best effort to meet their reporting obligation on time. However, national supervisory authorities are recommended to not prioritise supervisory actions against managers that are not able to publish reports within the legislative deadline assuming that the reports are published within a period specified in the statement.

Managers are furthermore expected to inform the national supervisory authority and investors that the reports will not be published within the legislative deadline, the reasons for the delay, and, to the extent possible, the estimated publication date. The statement also emphasises that certain funds are subject to the disclosure obligations laid down in Article 17 of the Market Abuse Regulation. ESMA comments in this section in particular on the information disclosure obligation regarding inside information that these funds are subject to.

FI supports ESMA’s statement.

Regulator Information

Abbreviation: FI
Jurisdiction: Sweden

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