ESMA issues recommendations on effects of coronavirus

European Securities and Markets Authority (ESMA) issued recommendations for financial market participants on the effects of coronavirus. European supervisor recommends, among others, planning business continuity and ensuring transparency of information on the effects of coronavirus.

The Polish Financial Supervision Authority (KNF)  has stated that ESMA, together with the competent national authorities, is monitoring the development of the situation related to the persistent effects of the spread of disease on the European Union financial markets.

ESMA stated that all financial market participants, including market infrastructure operators, should prepare for the application of their contingency plans, including the implementation of business continuity measures to ensure operational continuity in accordance with legal obligations.

In addition, the Authority indicates that issuers should disclose as soon as possible any relevant information about the coronavirus's impact on their fundamental parameters, forecasts or financial position in accordance with their transparency obligations.

(PAP)