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.
