COVID-19: ESMA recommendations to financial stakeholders
On 11 March 2020, in the midst of the coronavirus crisis, ESMA released its recommendations to financial players with respect to business continuity plans, market information, financial reporting and asset management.
Business continuity plan - All financial market players, including infrastructures, should be ready to activate their contingency plans in order to ensure business continuity in line with regulatory obligations;
Market information - Issuers should promptly report any material information on the implications of COVID-19 on their business fundamentals, outlook or financial position in line with their transparency obligations;
Financial reporting - Issuers must ensure transparency to the largest extent possible, with respect to the actual and potential implications of COVID-19, by way of a qualitative and quantitative assessment of their trading operations, their financial position and their business performance in their 2019 end-of-year financial reports;
Funds management - Asset managers should continue to apply risk management requirements and to respond accordingly.