On 24 March 2020, in recognition of the impact of the current COVID-19 pandemic on the financial services industry, the FSCA released general communication 9 of 2020 which sets out relaxations of regulatory requirements.
In summary, the FSCA has granted:
Financial services providers
- A four month extension for the submission of some financial statements (not applicable to banks, registered insurers and authorised users under the Financial Markets Act 2012).
- An extension of all 2020 deadlines for regulatory examinations, completion of qualifications and class of business training, until December 2020.
- A three month extension on the current CPD cycle.
Collective investment schemes
- A three month extension for the submission of financial statements (not applicable to listed portfolios).
- Please note: the FSCA has not granted any extensions for the submission of the following reports – capital adequacy, mark-to-market, risk reports and portfolio holding quarterly reports. Where a CIS manager experiences any difficulties in submitting the relevant report, it must contact the FSCA.
- A one month extension for the submission of Conduct of Business Returns – these will now fall due on 31 May 2020.
- A three month extension for the submission of annual returns for section 13B Administrators.
- A three month extension for the submission of financial statements and valuation reports by pension funds.
- A three month extension for the submission of financial statements, reports and statistics.