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Your business is moving fast. You need to assess new developments quickly, determine if they apply to your business, and act accordingly. The Ticker is designed to focus your attention on key developments in the areas of SEC compliance, capital markets, corporate governance, executive compensation and other matters important to public companies and their officers and directors. Below are summaries of recent developments in these areas.
The SEC recently provided guidance on how delinquent filers can come back into compliance without filing all of their missed Exchange Act reports. The process involves a catch-up filing of a Form 10-K for the most recently completed fiscal year with “all material information that would have been included in those filings.” Of course, the delinquent filer would also need to file any required Form 10-Qs for subsequent periods. The SEC’s discretion to permit a catch-up filing does not clear the company of potential liabilities and does not result in the company becoming “current” for purposes of Forms S-3 or S-8 or Rule 144. See the Financial Reporting Manual (links to updates at page 1 of the manual).