SEC Declines to Further Extend Filing Deadlines Beyond July 1, 2020
As The Ticker has previously reported, the SEC responded to the COVID-19 pandemic by providing public companies with a 45-day extension to file certain disclosure reports that would otherwise have been due on or before July 1, 2020. In a statement dated June 26, 2020, the SEC declined to extend this relief beyond July 1.
According to the June 26 statement, which was jointly issued by the SEC’s Chairman and the Directors of three SEC divisions, “as market participants have worked to implement business continuity plans and adjusted in many cases to a more remote and distributed workforce, the present need for extensions of certain regulatory deadlines has diminished.” While the statement does not foreclose the possibility of additional extensions in the future, public companies should be prepared to make all future filings on a timely basis, COVID-19 notwithstanding.
More broadly, the statement provides a useful summary of all the various actions taken by the SEC to provide relief in response to COVID-19, along with the SEC’s latest views on whether such relief should be extended or modified. For example, the SEC states that it is monitoring the interest in and effectiveness of the temporary amendments to Regulation Crowdfunding discussed elsewhere in this edition of The Ticker, and that it will determine whether to extend this relief prior to August 31, 2020.