LONDON (Reuters) – Investment funds should not face enforcement action by their national regulators for failing to meet reporting deadlines during the pandemic crisis, the European Union’s markets watchdog said on Thursday.
The European Securities and Markets Authority (ESMA) said it was aware that lockdowns in member states to prevent COVID-19 contagion present significant difficulties for fund managers and auditors to meet reporting deadlines.
“In the current situation, ESMA expects national competent authorities to adopt a risk-based approach and not prioritise supervisory actions against these market participants in respect of the upcoming reporting deadlines,” the regulator said in a statement.
“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.”
(Reporting by Huw Jones, editing by Maiya Keidan)
