On 6 April 2020, the FCA published a webpage setting out its expectations regarding funds in light of the COVID-19 pandemic.
The FCA reports that firms have raised queries that focus mainly on the associated challenges that they are facing both operationally and as a result of significantly increased volatility in global markets.
The web page covers:
- delaying annual and half-yearly fund reports;
- virtual general meetings;
- ensuring compliance with limits on value at risk (VaR); and
- electronic signatures.
The FCA adds that it acknowledges the significant challenge firms are facing in the current environment. Nevertheless it expects firms to continue to uphold the best interest of their investors at all times.