Main points of the FCA guidance include:
- Firms may delay publishing annual and half-yearly fund reports;
- The FCA does not have supervisory concern on firms holding general meetings of fund unit-holders in a virtual format, save, subject to private law obligations and provisions under fund documentation;
- Firms are expected to ensure compliance with limits on value at risk (VaR) as part of their risk-limit systems and should speak to their supervisory contacts if they have difficulties in doing so; and
- The FCA is willing to accept electronic signatures on applications to authorise funds or approve changes to funds during the coronavirus crisis and the applicant may validate accompanying documentation electronically.