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CMVM supports ESMA recommendations on half-yearly financial reports


22 May 2020

 
The CMVM support the recommendations of the European Securities and Markets Authority (ESMA) to promote transparency on the effects of the Covid-19 outbreak on half-yearly financial reports.

The public statement addresses the preparation of the interim financial statements according to IFRS and the interim management reports for the 2020 half-yearly reporting periods. It includes recommendations in essential areas identified by ESMA, highlighting "the importance of providing relevant and reliable information", "the importance of updating information included in previous annual accounts", "the need for specific information about the entity in the past and the expected future impact of Covid-19".

ESMA “acknowledges that the COVID-19 outbreak has posed significant challenges and a high degree of uncertainty”.  In this context, ESMA “has consistently highlighted the need to continue providing the necessary level of transparency in financial communication, while considering measures that could provide assistance to issuers in facing these difficult circumstances.”

The CMVM is a member of the European Securities and Markets Authority (ESMA) - one of the three financial supervisory authorities in the European Union, participating as such in the definition and implementation of its regulatory policies and instruments. ESMA was created on 1 January 2011, with the mission of protecting investors and the integrity of the market, contributing to the stability and effectiveness of the financial system, to the benefit of the European economy and its citizens and companies.

The CMVM was created on 10 May 1991 and its mission is to regulate and supervise the Portuguese financial instruments market and the entities that operate therein, for the benefit of investors and the smooth functioning of the market.