The European Securities and Markets Authority update on deadlines

Mar 27, 2020

Actions to mitigate the impact of COVID-19 on the EU financial markets regarding publication deadlines under the Transparency Directive


While recognising the importance of timely and transparent disclosure of financial reports, ESMA is of the view that the burdens on issuers associated with the COVID-19 outbreak should be taken into account by NCAs – in Ireland’s case, the Central Bank of Ireland in a coordinated way. This is in the interest of investor protection and contributes to the integrity of financial markets in the Union. ESMA therefore, in coordination with NCAs and considering that issuers may be prevented from fulfilling the requirements due to COVID-19, expects NCAs during this specific period not to prioritise supervisory actions against issuers in respect of the upcoming deadlines set out in the TD regarding: 

(a) annual financial reports referring to a year-end occurring on or after 31 December 2019 but before 1 April 2020 for a period of two months following the TD deadline; and 

(b). half-yearly financial reports referring to a reporting period ending on or after 31 December.

See the full statement from ESMA here