Covid-19: Extended deadlines for annual/periodical reports and annual accounts: New bills of law
- Articles and memoranda
- Posted 27.04.2020
On 26 and 27 March 2020, the Luxembourg government introduced two new bills, (“Bill 7540”) and (“Bill 7541”) in relation to the accounting/reporting obligations of operating business. They are still in the process of being adopted and they are therefore still subject to changes:
- Bill 7540 relates to a possible extension of the deadlines for the annual/periodical reports for entities of the financial sector;
- Bill 7541 relates to a possible extension of deadlines for the approval, filing and publication of annual accounts, consolidated accounts and related reports for other types of companies, including commercial companies.
In order to avoid possible abuse, those two bills expressly provide that the possibility to benefit from an extension of the above mentioned deadlines only applies to filings and publications (i) that were not due before the declaration of the state of emergency, i.e. 18 March 2020, and (ii) that relate to periods ending before the end of such state of emergency.
- Bill 7540: Extension of the deadlines in relation to the annual/periodical reports for entities of the financial sector
Bill 7540 provides the extension of certain deadlines for various obligations relating to filings and provision of periodical reports for Luxembourg undertakings of the financial sector. The deadlines are extended by three months.
As regards investment fund structures, Bill 7540 aims at postponing the obligation to make available to investors/publish the annual report, and/or where applicable, the semi-annual report or audit reports of SIFs, SICARs, Part II UCIs, RAIFs.
| SICARs | The annual report for the period ending on 31 December 2019 which should have been sent to investors by 30 June 2020, now needs to be sent by 30 September 2020 |
| SIFs | The annual report for the period ending on 31 December 2019 which should have been sent to investors by 30 June 2020, now needs to be sent by 30 September 2020 |
| Part II UCI | The annual report for the period ending on 31 December 2019 which should have been published by 30 April 2020, now needs to be published by 31 July 2020 |
| RAIFs | The annual report for the period ending on 31 December 2019 which should have been sent to investors by 30 June 2020, now needs to be sent by 30 September 2020 |
- Bill 7541 : Extension of deadlines for the approval, filing of annual accounts, consolidated accounts and related reports for other types of companies (including commercial companies)
Bill 7541 provides for a 3-month extension for the following filing obligations (where applicable) for all commercial companies:
- the filing of the annual accounts and related reports;
- the filing of consolidated accounts and related reports;
- the filing of the non-financial declaration as a separate report (or the publication thereof on the company’s website);
- the filing of the corporate governance declaration as a separate report (or the publication thereof on the company’s website); and
- the filing of the reports on payment to government entities.
As regards the annual general meeting itself, Bill 7541 which allows for the annual general meeting to be held during a 9-month period after the end of its financial year and an extension of four months for the filing of annual accounts with the RCS is also provided.