ESMA issues guidance on financial reporting deadlines in light of COVID-19

27 March 2020

Metadata
Provider: 
ESMAESMA
URL: 
https://www.esma.europa.eu/press-news/esma-news/esma-issues-guidance-financial-reporting-deadlines-in-light-covid-19https://www.esma.europa.eu/press-news/esma-news/esma-issues-guidance-financial-reporting-deadlines-in-light-covid-19
Retrieved on: 
Friday, March 27, 2020
Information
Tags: 
Financial markets, Corporate governance, European Union law, Transparency Directive, European Union, European Securities and Markets Authority, Finance, Forbearance, Security
Summary
Key Points: 
  • 27 March 2020

    COVID-19

    Transparency

    The European Securities and Markets Authority (ESMA), the EUs securities markets regulator, has issued a Public Statement on the implications of the COVID-19 pandemic on the deadlines for publishing financial reports which apply to listed issuers under the Transparency Directive.

  • The Statement acknowledges the difficulties encountered by issuers in preparing financial reports and the challenges faced by auditors in carrying out timely audits of accounts due to the COVID-19 pandemic, which may impair the ability of issuers to publish within the legislative deadlines.
  • On that basis, the Statement recommends National Competent Authorities (NCAs) to apply forbearance powers towards issuers who need to delay publication of financial reports beyond the statutory deadline.
  • ESMA, together with NCAs, will continue to monitor the situation and re-assess the need to extend the forbearance period.
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