On 9 September 2020, the FCA updated its web page regarding extending the deadlines to publishing fund reports and accounts.
Earlier this year the FCA published a statement giving fund managers extra time to produce their annual and half-yearly reports and accounts due to the operational challenges of the COVID-19 pandemic. This included an assessment of value reports where applicable.
The FCA states that now that businesses have had time to adjust to the new environment, it intends to end the temporary relief in stages over the coming months as follows:
- For funds with an annual or half-yearly accounting date on or before 31 August 2020 – the temporary relief will remain in place. For example, this means for an Authorised Fund Manager of a UK UCITS scheme, relevant annual reports would need to be published at the latest by 28 February 2021 instead of 31 December 2020. Relevant half-yearly reports would need to be published at the latest by 30 November 2020 instead of 31 October 2020.
- For funds with an annual or half-yearly accounting date on or before 31 September 2020 (but after 31 August 2020) – 1 month’s relief will be permitted where necessary. For example, this means for an Authorised Fund Manager of a UK UCITS scheme, relevant annual reports would need to be published at the latest by 28 February 2021 instead of 31 January 2021. Relevant half-yearly reports would need to be published at the latest by 30 December 2020 instead of 30 November 2020.
- For funds with an annual or half-yearly accounting date after 30 September 2020 – the temporary relief will expire and no extra time will be provided. The FCA expects relevant reports to be published in line with the usual timelines
Over the coming months the FCA will continue to monitor the situation.
