FCA follows ESMA statement and provides extension to AIFMs for publication of annual reports

The FCA today followed the statement issued by ESMA and provided fund managers of alternative investment funds with a two month extension for preparation of their AIFMD annual reports (see our previous post setting out the details of the ESMA statement ).

The FCA guidance provides for a straight two month extension irrespective of when the year end falls, as opposed to the ESMA statement which provides a shorter one month extension for year ends from 1 April to 1 May. 

The FCA has said firms should notify them if they decide to use this relief and fund managers should also publish a prominent statement on their website, no later than the original publishing date of the annual report explaining the reasons for their decision and giving the revised publication date. 

It is worth bearing in mind this guidance is an update to previous guidance issued for UICTIS, for which the website statement is probably more appropriate. However, for alternative investment fund managers this may be a reason why taking advantage of the relief may be less attractive.

Separately, the FCA has also confirmed that Annex IV reporting deadlines have not been extended, so managers should proceed as normal in this respect.