Recent Developments
On April 2, 2020, the Banking Regulatory and Supervisory
Authority ("BRSA") introduced certain
measures facilitating financial institutions' compliance with
their reporting requirements through its decision No. 8976.
What's New?
Due to the COVID-19 pandemic, a limited number of staff is
conducting operational processes. In response, the BRSA introduced
the following measures:
- (i) The deadlines for the year-end (December 12, 2019) and
interim (March 31, 2020) financial reports; independent audit
reports; activity reports; and
(ii) the deadlines for other notifications
that banks, independent audit institutions, rating agencies, asset
management companies leasing, factoring and financing companies
must submit to the BRSA and other relevant authorities, in
accordance with the regulations below, are extended for 60 days.
The extension for the deadlines in respect of the notifications in
paragraph (ii) above will be applicable until
