ESMA sets out supervisory expectations on publication of investment funds periodic reports

09 April 2020

The European Securities and Markets Authority (ESMA), the EU securities markets regulator, today issues 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

ESMA is aware that the confinement measures taken by Member States to prevent COVID-19 contagion present significant difficulties and challenges for Fund Managers and auditors in preparing their periodic reports for a publication within the regulatory deadlines. While recognising the importance of periodic reports for timely and transparent disclosure, ESMA is of the view that the burdens on Fund Managers associated with the COVID-19 outbreak should be taken into account by National Competent Authorities (NCAs) in a coordinated way. In the current situation, ESMA expects NCAs to adopt a risk-based approach and not prioritise supervisory actions against these market participants in respect of the upcoming reporting deadlines.

This public statement is without prejudice to obligations of Fund Managers stemming from national legislation and EU law.

ESMA will continue to closely monitor the situation and will take or recommend any measures necessary to mitigate the impact of COVID-19 on timely and appropriate periodic disclosure by Fund Managers in respect of the funds they manage or market.