AFM exercises forbearance in the event of late publication and filing of financial reports
The European Securities and Markets Authority (ESMA) believes that the same rules should apply throughout the European Union for companies that cannot publish their financial reports before 1 May due to the corona crisis. National supervisory authorities may exercise forbearance. ESMA has issued a directive about this.
Normally, issuing institutions are obliged to make their financial reports for the previous year - in this case 2019 - available no later than 30 April and to file them with the AFM. In view of the special circumstances that currently apply because of the coronavirus outbreak, ESMA proposes in its statement that national supervisory authorities should apply the deadline less strictly, insofar as any delay is caused as a consequence of the coronavirus.
AFM applies the forbearance and monitors developments closely
The AFM has decided to exercise the forbearance in the statement if, as a result of the corona crisis, companies are unable to make their financial reports generally available in good time and at the same time also to file them with the AFM. However, the AFM also emphasises that the provisions of the Market Abuse Directive continue to apply in full. Under these rules, listed companies are obliged to keep their investors informed of any delay.
The AFM closely monitors developments in the financial markets in the interests of stable and orderly financial markets. The AFM works together with supervisory authorities in the Netherlands and abroad and is in direct contact with trading and market parties.
Journalists may contact Maarten Dijksma, AFM Press Officer, on 06 1134 0281 or maarten.dijksma@afm.nl.
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