Following the Practice Direction (No.5 of 2020) pursuant to section 20(A) of the Companies Act 2001) issued by the Registrar of Companies which provides flexibility to reporting issuers in complying with their regulatory obligations with regards to the sending of annual reports during the Covid-19 period and post Covid-19 period, the Financial Services Commission (FSC) issued a communique to that effect on 21 July 2020 (the “Communique"). According to the Communique, an exemption is being granted to Reporting Issuers from sending hard copies of the audited financial statements together with the directors’ report to every member of reporting issuers and every holder of debt securities issued by the reporting issuers (together “shareholders") as required under Rule 6 (c) and (d) of the Securities (Disclosure Obligations of Reporting Issuers) Rules 2007, provided that:

• Reporting issuers publish a communique in 2 local newspapers and/or their websites informing their shareholders that their audited financial statements together with the directors’ report can be accessed on their respective websites or can be consulted at their registered offices (or at any other place of business as may be designated by the reporting issuers); and
• Copies of the audited financial statements including the directors’ report can be requested by the shareholders from the company secretary. Same will have to be sent by e-mail or by any other means acceptable to the shareholders within 2 working days of the request.

To access the official Communique issued by the FSC, please click Here