The Securities and Exchange Commission issued an order Wednesday providing publicly traded companies with 45 extra days to file certain disclosure reports that had a due date between March 1 and April 30.
The Commission issued the order in response to fallout from the coronavirus, which it says may impact certain companies—including U.S. firms located in the affected areas and those with operations in those areas—required to give information to trading markets, shareholders, and the SEC.
One condition for the extended filing date is companies must provide a summary of why such an extension is needed.
SEC Chairman Jay Clayton said in a press release: “The health and safety of all participants in our markets is of paramount importance. While timely public filing of Exchange Act reports is a cornerstone of well-functioning markets, we recognize that this situation may prevent certain issuers from compiling these reports within required timeframes.”
Clayton also issued a reminder to firms to make sure to keep investors updated on how they are being impacted by the coronavirus, what steps they are taking to mitigate the risk, and how they plan to address any events that may unfold due to the disease.
Going forward, the Commission says it may extend the time period of the delay as it sees fit. The regulator is encouraging companies to contact the Division of Corporation Finance at 202-551-3500.
No comments yet