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The FCA extends regulatory reporting deadlines.

Today, the FCA has announced a welcome extension to submission deadlines for firms submitting regulatory returns that are due up to 30 June 2020.

For small and medium-sized firms, the FCA have waived late-filing fees for a number of returns, including the submission of the FIN-A Annual accounts and COREP returns that fall due within this period. Firms with accounting reference dates of 31 December will have an additional 2 months to file their audited accounts, which were originally due by this Friday 24 April 2020. The submission of COREP returns has been extended by 1 month, which would indicate a new deadline of 12 June 2020.

Despite not imposing administrative fees for returns not submitted by the original due date, the FCA will continue to send reminders to firms that these particular returns are outstanding.

The full list of returns that have been granted filing extensions can be found here.

Please note the following returns are not included in the list of returns with extended deadlines by the FCA and will still have to be submitted within the usual deadlines set by the FCA:

MiFID exempt firms

Exempt-CAD firms

BIPRU/CPM/CPMI firms

IFPRU firms

FSA029 Balance Sheet

FSA029 Balance sheet

FSA001 Balance sheet

FSA001 Balance sheet

FSA030 Income statement

FSA030 Income statement

FSA002 Income statement

FSA002 Income statement

FSA035 Capital adequacy

FSA031 Capital adequacy

FSA003 Capital adequacy

FIN066 Capital adequacy (CPMs)

FIN068 Capital adequacy (CPMIs)

FIN067 Capital adequacy (CPMIs)

FSA039 – Client money and client assets

FSA039 – Client Money and client assets

FSA038 Volumes and type of business

FSA039 – Client Money and Client Assets

FSA038 Volumes and type of business

FSA039 – Client money and client assets

 

REP001 – Close links

REP001 – Close links

REP001 – Close links

 

REP002 - Controllers

REP002 - Controllers

REP002 - Controllers

(Note: this list is not exhaustive and only includes some of the common periodic regulatory returns that are reported by the above firm types)

In addition, Annex IV reporting deadlines (AIF001 and AIF002) for quarterly filing AIFMs has not been extended.

Firms are still expected to complete and submit returns within the usual timeframes, but where firms have experienced issues given the current COVID-19 pandemic, the extension will relieve some of the pressure of their regulatory burden. Where firms will be reporting information outside of the normal reporting deadlines, they should ensure that the delay is communicated to the FCA.

The FCA will continually monitor the situation and keep firms updated of any changes to the above or extensions for future returns which are due after 30 June 2020.

For any assistance or questions in relation to the completion or submission of FCA regulatory returns, please get in touch with your usual Buzzacott contact or send us a message through the form below.

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