ESMA has published a short recommendation for listed companies concerning the handling of COVID-19 in connection with the duties of disclosure and financial expectations.
The European Securities and Markets Authority (ESMA) has published a recommendation concerning the handling of the COVID-19 virus under the Market Abuse Regulation  (MAR). The recommendation is available here.
ESMA recommends that issuers ensure:
Investment managers should also ensure risk management and act accordingly.
Undertakings are already affected – or will be affected – by COVID-19 and the ensuing macroeconomic instability. Therefore, it is of particular importance that listed companies on a current basis consider the effects on their previously issued financial forecasts, including whether adjustments are required.
A number of large, listed companies have included a short description of COVID-19 in their company announcements in relation to issuing the 2019 annual report and financial forecasts. The majority of these announcements include a general comment concerning the uncertainty associated with the future effects of the COVID-19 virus. Considering the previously communicated information, undertakings will be obliged to consider the effects of COVID-19 and to publish the relevant adjustments.
Gorrissen Federspiel follows the development and on a current basis provides updates on new measures in this respect.