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Virus-Hit Companies Get Broader SEC Reprieve on Filing Deadlines

March 25, 2020, 2:12 PM

Publicly traded companies could be given an additional 45 days to file annual and quarterly reports as the U.S. Securities and Exchange Commission expands efforts to help businesses cope with disruptions caused by the coronavirus pandemic.

Disclosures due between March 1 and July 1 will be eligible for extensions if the companies can justify the need, the SEC said in a statement Wednesday. The move broadens and extends relief that the agency announced earlier this month.

“These actions provide temporary, targeted relief to issuers,” SEC Chairman Jay Clayton said in the agency’s statement. “At the same time, we encourage public companies to provide current and forward-looking information to their investors.”

In addition to giving public companies more time for filings, the SEC said it would give money managers more time to submit reports with information for investors and more flexibility to avoid in-person meetings.

The SEC also said it wouldn’t sue fund managers who can’t send prospectuses to investors because of challenges stemming from the coronavirus pandemic.

To contact the reporter on this story:
Ben Bain in Washington at bbain2@bloomberg.net

To contact the editors responsible for this story:
Jesse Westbrook at jwestbrook1@bloomberg.net

Gregory Mott

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