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SEC Postpones Final Phase-In For Accelerated Filing

Compliance Week | November 23, 2004

As expected, last week the Securities and Exchange Commission adopted its August proposal to postpone, for one year, the final phase-in period for acceleration of periodic report deadlines.

The postponement, which applies to accelerated filers with market capitalizations of at least $75 million, was the shortest postponement considered by the Commission; the original proposal called for a delay for at least 12 calendar months.

The Phases

Under the new rule, the annual report deadline for accelerated filers will remain at 75 days for an additional year. The quarterly report deadline will remain at 40 days. The accelerated filing phase-in will resume for reports filed for fiscal years ending on or after Dec. 15, 2005.

"Year One" of the phase-in period began for accelerated filers with fiscal years ending on or after
Dec. 15, 2002. At that time, the actual filing deadline didn't change—the annual report deadline...

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