Regulatory Alerts2020-03-31
Circular To All Regulated Entities And The Market on COVID-19 Disclosure and Compliance
The Commission issued this circular to direct public companies and debt issuers to maintain continuous material disclosures regarding the COVID-19 pandemic’s impact on business operations, financial trends, and continuity plans. Entities planning annual general meetings must ensure strict compliance with the Companies and Allied Matters Act, Investments and Securities Act, and current health guidelines. Debt issuers are further required to engage trustees for ongoing disclosure management, with trustees obligated to submit regular updates directly to the Commission.
In light of the global pandemic of the Coronavirus Disease (COVID-19) and in furtherance to the Commission’s circular of March 24, 2020 , the Commission wishes to provide additional guidance to the Capital Market as follows: Issuers All public companies are required to continue to make material disclosures to investors on the impact of COVID-19 Pandemic on their business operations. They should also continue to disclose the trend and outlook for the company, and updates on implementation of business continuity plans. Public companies are to publish these disclosures on their websites and on other relevant media. Public companies who plan to conduct AGMs are required to ensure that the conduct of the meetings comply with the provisions of the Companies and Allied Matters Act, the Investments and Securities Act, the SEC Rules and Regulations, relevant government and health circulars and guidelines issued in this regard. Debt Issuers are also expected to continue to engage Trustees to ensure that relevant disclosures are provided. Trustees are required to provide updates to the Commission accordingly. For further guidance, all Issuers and Trustees may contact the Commission through the following email addresses: