THE Securities and Exchange Commission (SEC) said it has extended the deadlines for the submission of annual reports and/or audited financial statements of companies with fiscal years ending in the middle of the new coronavirus disease 2019 (COVID-19 ) pandemic.
“In an en banc meeting through videoconferencing on May 7, the Commission resolved to allow companies with fiscal years ending between January 31, 2020 and March 31, 2020 to submit their annual reports and/or audited financial statements within 60 calendar days from the regular filing deadlines,” the SEC said.
“For instance, a publicly listed company or an issuer of registered securities whose fiscal year ended January 31, 2020 may file its annual report and audited financial statements until July 14, 2020 or 60 days from the original May 15, 2020 deadline,” it added.
Meanwhile, a corporation other than a publicly listed company and an issuer of registered securities with the same fiscal year may submit its audited financial statements until July 29, 2020, or 60 days from the original May 30 deadline, the SEC also said.
The SEC also granted companies with fiscal years ending April 30, 2020, an extension of 45 calendar days from the regular filing deadline.
“Accordingly, a publicly listed company or an issuer of registered securities will have until Sept. 27, 2020 to comply with the reportorial requirement. All other corporations may submit their audited financial statements until Oct. 12, 2020,” it said.
The SEC meanwhile has extended the deadline for the submission of quarterly reports for the first quarter for 45 calendar days from the regular filing deadlines.
The SEC said the extension shall automatically apply without the need for requests from covered companies, which include publicly listed companies and other issuers of registered securities.
“However, publicly listed companies and other issuers of registered securities under the supervision of the SEC Markets and Securities Regulation Department shall file the special disclosure form, SEC Form 17-LC, at least five calendar days before the regular filing deadline,” it said.
“Publicly listed companies shall continuously observe their disclosure obligations under Republic Act No. 8799, or The Securities Regulation Code, and Philippine Stock Exchange’s Consolidated Listing and Disclosure Rules,” it added.
The SEC reminded companies that “all material information must be disclosed on a timely basis.”
“Where the company’s operations are materially affected by the COVID-19 pandemic, disclosures on the financial impact or any other material aspects should be made immediately,” it said.
The Commission earlier granted corporations with fiscal years ending Nov. 30, 2019, and Dec. 31, 2019, more time to submit their annual reports and/or audited financial statements as well as quarterly reports, following the COVID-19 outbreak.
Affected corporations with domestic operations have until June 30, 2020, to file their annual reports and/or audited financial statements. For companies with domestic and foreign operations, the filing period is extended until June 30, 2020, or 60 days from the lifting of travel restrictions, whichever comes later.
