FCA update on extension of deadline for fund reports and accounts

In April, the FCA released a statement giving fund managers extra time to produce their annual and half-yearly fund reports and accounts due to the considerable disruption caused by Covid-19.

The FCA has now announced that this temporary relief will be coming to an end in the next few months, as described below:

1. For funds with an annual or half-yearly accounting date on or before 31 August 2020, the temporary relief will remain in place. The FCA gives the example of a fund manager of a UCITS where the annual reports would need to be published by 28 February 2021 (instead of 31 December 2020) and half yearly reported by 30 November 2020 (instead of 31 October 2020).
2. For funds with an annual or half-yearly accounting date on or before 30 September 2020 (but after 31 August 2020) – 1 month's relief will be permitted where necessary. The FCA gives the example  of a fund manager of a UCITS where the annual reports would need to be published by 28 February 2021(instead of 31 January 2021) and half yearly reported by 30 December 2020 (instead of 30 November 2020).
3. For funds with an annual or half-yearly accounting date after 30 September 2020 – the temporary relief will expire and no extra time will be provided. Annual and half yearly reports will need to be published in line with the FCA's usual timelines.

A copy of the FCA's statement can be found here.