On March 26, the UK’s Financial Conduct Authority (FCA) published a statement of policy announcing temporary relief to listed companies that are required to publish audited annual financial reports pursuant to DTR 4.1 (the Statement).

The Statement confirms that listed companies will have six months from their year-end to publish their audited financial statements instead of the usual four. In the Statement, 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. The FCA then urges market participants not to draw undue adverse inferences when companies make use of the extra time provided under this temporary delay.

In connection with the Statement, on March 21 the FCA published a statement requesting companies observe a moratorium of at least two weeks on the publication of their preliminary statements of account. The FCA confirmed that they were in talks with the Financial Reporting Council and Prudential Regulation Authority on a package of relief measures. On March 26, the FCA confirmed that the moratorium period ends on April 5.

The Statement is available here.

The FCA has also published a Q&A on the duration scope and applicability of this temporary relief, available here.