FCA grants listed companies additional 2 months to publish audited financial statements

Maria Nikolova

Under the temporary relief announced today the UK regulator will forbear from suspending the listing of companies if they publish financial statements within 6 months of their year-end.

As part of a wider initiative, the UK Financial Conduct Authority (FCA) is granting temporary relief to listed companies having hard time completing their audited financial statements. This temporary relief will permit listed companies which need the extra time to complete their audited financial statements an additional 2 months in which publish them.

At present, under the Transparency Directive, companies have 4 months from their financial year end in which to publish audited financial statements. Under the temporary relief announced today the FCA will, among other things, forbear from suspending the listing of companies if they publish financial statements within 6 months of their year-end.

The Market Abuse Regulation (MAR) remains in force and companies are still required to meet their obligations concerning inside information as soon as possible unless a valid reason to delay disclosure under the regulation exists. Companies must continue to assess carefully what information constitutes inside information at this time, recognising that the global pandemic and policy responses to it may alter the nature of information that is material to a business’s prospects.

The regulator recognises that some companies, given the nature of their operations, may feel it appropriate to maintain the 4-month calendar, but the FCA would urge all those companies that feel it appropriate to utilise the additional 2 months to do so.

The FCA strongly recommends that listed companies review all elements of their timetables for publication of financial information in order to make appropriate use of the time available within regulatory deadlines to ensure accurate and carefully prepared disclosures.

As FinanceFeeds reported several days ago, the FCA published a statement requesting companies observe a moratorium of at least 2 weeks on the publication of their preliminary statements of account. Today, the FCA confirms that the moratorium can end on April 5, 2020.

The regulator notes that it believes the practice of issuing financial statements earlier than required will add unnecessarily to the pressure on companies and the audit profession at this moment. However, the regulator says it believes that pressure can abate as companies react to the need to re-think and re-plan financial calendars in light of the coronavirus pandemic and the package of measures announced today.

This policy is intended to be temporary while the UK faces the extreme disruption of the coronavirus pandemic and its aftermath. The FCA will keep its application under review.

Read this next

blockdag

BlockDAG’s Impressive 30,000x ROI Potential and Moon-Based Keynote Captivate Solana And Bitcoin Cash Crypto Investors

Discover BlockDAG’s impressive moon keynote launch and its promise of a 30,000x ROI that is drawing investors from Solana and Bitcoin Cash.

Market News

This is it, the USD Strength has Come to an End

In the aftermath of Israel’s retaliatory strikes in Iran, the currency markets have entered a phase of heightened volatility, reflecting the intricate interplay between geopolitical tensions and economic fundamentals.

blockdag

BlockDAG Leads DeFi Innovation with $19M Presale, Overshadowing Cardano and Binance Coin With 30,000x ROI and DAG Structure

Learn about BlockDAG’s growth in its presale, surpassing $19M, and its impact on the DeFi landscape, overshadowing movements in Cardano and Binance Coin (BNB).

blockdag

BlockDAG Offering a Fresh Take on Meme Coin Development Amid Solana’s Challenges and Floki Inu’s Price Fluctuations With 30,000x ROI

Dive into how BlockDAG’s innovative presale, low-code platforms, and potential 30,000x ROI, outperform Solana’s technical hurdles and Floki Inu’s market predictions.

blockdag

BlockDAG Excels With $2.2M In Miner Sales And Moonshot Teaser, Overshadowing Litecoin’s Rally And Dogwifhat’s Market Highs

Explore how BlockDAG’s $2 million Miner Sales & Moonshot Teaser eclipse the Litecoin price recovery and the Dogwifhat all-time high.

blockdag

BlockDAG Leads Top 6 Cryptocurrencies to Buy in 2024 with a Potential Price Surge to $10 Leaving Cosmos, BNB, and Ethereum Behind

Discover the top six cryptocurrencies in 2024, including BDAG’s remarkable growth potential, BNB’s durability, Cosmos’ connectivity, and ETH’s eco-friendly advances.

Retail FX

Weekly Roundup: Prop firm arbitrarily accounts, Interactive Brokers’ CFDs in Japan

FX, Fintech and cryptocurrency markets have been bustling with activity over the past week, as is often the case. Keep yourself informed and ahead of the curve with a curated selection of crucial stories and developments that are most relevant to those engaged in the markets.

blockdag

BlockDAG Redefines Crypto Mining as Presale Tops $18.5M, Outshining Ethereum ETF & Dogecoin Dynamics

The recent approval of the first Ethereum ETF in Hong Kong underscores a significant advancement in the cryptocurrency’s mainstream acceptance. While Ethereum continues to attract institutional attention, the Dogecoin price prediction suggests a possible resurgence, despite its current undervaluation from past highs.

Digital Assets

Bitcoin halving is done: ViaBTC mines historic block 840K

The Bitcoin network has confirmed its fourth-ever halving block, mined by the cryptocurrency pool ViaBTC, according to data from Blockchain.com. This significant event in the Bitcoin ecosystem reduced the mining reward by half, a deflationary measure occurring approximately every four years to control the issuance of new bitcoins and curb inflation.

<