The FCA said listed companies would have two more months to publish audited financial statements during the crisis.

Regulators have announced a series of measures to ensure information continues to flow to investors and ensure capital markets can function properly during the coronavirus pandemic.

A joint statement from the Financial Conduct Authority (FCA), Financial Reporting Council (FRC) and the Prudential Regulation Authority was released this morning (26 March) outlining several moves including giving more time for corporate reporting during the coronavirus crisis.

The statement said companies and their auditors "currently face unprecedented challenges" in preparing audited financial information.

The FCA said listed companies would have two more months to publish audited financial statements during the crisis.

It said the temporary relief extended the amount of time companies have to publish audited financial statements to six months from their financial year-end.

However, it added the Market Abuse Regulation was still in force and companies are still required to fulfil their obligations on inside information as soon as possible unless there is a valid reason.

The joint statement also said no adverse inferences should be drawn by other market participants should companies choose to take advantage of the extra two-month leeway.

"For a great many companies it will be a sensible decision to make in unprecedented times," the statement said.

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Originally posted by:

Jenna Brown

www.investmentweek.co.uk

March 26th, 2020