The Financial Services Commission (“Commission”) is aware that the current lockdown/ COVID-19 curfew period is having a significant impact on its licencees resulting in practical constraints which may significantly impair the licensees to file and publish their:

1. (a)  audited financial statements/annual reports, financial summaries and

   quarterly/interim financial statements (together referred to as “financial

   statements”);

2. (b)  actuarial report, auditor’s certificate and statutory returns (together referred to as

   “statutory returns”); and

3. (c)  documentation relating to risk management framework, auditor’s report and

   actuary report (together referred to as “RMF returns”),

within the statutory time period as per the relevant Acts and FSC Rules.

Therefore, the Commission wishes to inform its licensees that it is extending the timeline for filing of financial statements and statutory returns for licensees, as per relevant Acts / FSC Rules, for licensees (including entities registered as Reporting Issuers), as applicable, for years and quarters ended as specified in the table below, to 30 June 2021.

As for the timeline for filling of RMF returns, as specified in table below, same is extended to 30 September 2021.

Additionally, administrative penalties will not be levied provided that the licencees comply with their filing requirements within the extended timeline granted by the Commission, i.e. up to 30 June 2021 for financial statements and statutory returns and 30 September 2021 for RMF Returns.

However, failure to comply within the extended time granted (i.e. 30 June 2021 or 30 September 2021, as applicable) will trigger the imposition of administrative penalties pursuant to Financial Services (Administrative Penalties) Rules 2013.

The below table outlines the revised deadlines for the specific timeline:

A. Financial Statements

B. Statutory Returns

C. RMF Returns

The Commission would, nonetheless, encourage licensees to submit their financial statements, statutory returns and RMF Returns within the current statutory deadlines or as soon as practicable, to ensure shareholders, investors and stakeholders have access to recent/timely financial information for their needs.

Licensees are also encouraged to continuously review their business continuity plan to proportionately respond to the coronavirus threat and to ensure continuity of their services as warranted.

The Commission will continue to monitor the impact of the lockdown/COVID-19 pandemic and would keep the licencees and stakeholders abreast of any new developments on this subject matter.