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SEC Extends Filing Deadlines for Hurricane Victims, Warns Investors Against Hurricane and Fire Scams

October 23, 2017

Companies hit by hurricanes Harvey, Irma or Maria will receive an extension on certain filing deadlines, said the SEC in a September 28 press release. The release followed an earlier announcement of hurricane relief covered in this recent Ticker report.

To address compliance issues caused by the hurricanes, the SEC issued an order that exempts affected companies from certain filing requirements, including requirements to file periodic reports, annual reports and proxy statements. The exemptions have already lapsed for those affected by Harvey and Irma, but companies affected by Maria have until November 2 to file reports ordinarily due between September 20 and November 1. The September 28 press release acknowledges that “some companies and other affected persons may require additional or different assistance in their efforts to comply with the requirements of the federal securities laws.” Those requiring additional assistance are encouraged to contact the SEC for individual relief or interpretive guidance.

The SEC also adopted interim final temporary rules that extend the filing deadlines for certain reports that companies must file pursuant to Regulation Crowdfunding and Regulation A. The grace period will last until October 27 for those affected by Harvey, until November 8 for those affected by Irma and until November 22 for those affected by Maria.

Meanwhile, the SEC has issued a hurricane scam warning as well as a warning about investment scams related to the California wildfires, noting that natural disasters such as wildfires, floods and hurricanes often give rise to investment scams targeting lump sum insurance payouts received by disaster victims.

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