The FSC Extends Deadline for Filing of Financial Statements and Statutory Returns

The FSC Extends Deadline for Filing of Financial Statements and Statutory Returns

On 31 March 2021, the Financial Services Commission (FSC) issued a communique extending the due dates for filing financial statements and returns.

The FSC states that it is aware that the national lockdown of March 2021 is having a significant impact on licensees and there are practical constraints that may impair the filing and publishing of financial statements and returns. As a regulatory relief, the FSC is extending the timeline for filing financial statements and statutory returns.

 

Important Definitions

 

The FSC specified that:

Financial statements only include:

  • Audited financial statements/annual reports
  • Financial summaries
  • Quarterly/interim financial statements

Statutory Returns include:

  • Actuarial report
  • Auditor’s certificate
  • Statutory returns

RMF Returns include:

  • Documentation relating to the risk management framework
  • Auditor’s report
  • Actuary report

 

Deadline Extension

 

Financial Statements

 

  1. Audited Financial Statements/Financial Summaries for the year-end 30 September 2020 to 30 November 2020 – the new filing deadline is 30 June 2021.
  2. Annual Report/Audited Financial Statements for year-end 31 December 2020 to 28 February 2021 – the new filing deadline is 30 June 2021.
  3. Quarterly/Interim Financial Statements for the quarter-end 31 January 2021 to 30 April 2021 – the new filing deadline is 30 June 2021

 

Statutory Returns

 

  1. Actuary Report for year-end 31 December 2020 – the new filing deadline is 30 June 2021
  2. Auditor’s certificate for year-end 31 December 2020 – the new filing deadline is 30 June 2021.
  3. Statutory Returns for year-end 31 December 2020 – the new filing deadline is 30 June 2021

 

RMF Returns

 

  1. Documentation relating to RMF for year-end 31 December 2020 – the new filing deadline is 30 September 2021.
  2. Auditor’s report for year-end 31 December 2020 – the new filing deadline is 30 September 2021.
  3. Actuary Report for the year-end 31 December 2020 – the new filing deadline is 30 September 2021.

 

Penalties

 

No administrative penalties will be levied provided that the licensees comply with filing requirements within the new filing deadline that is 30 June 2021 for financial statements and statutory returns and 30 September 2021 for RMF Returns.

Failure to comply with filing requirements following this extension will incur administrative penalties.

 

 

 

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