SEC Announces Regulatory Relief for Companies Affected by COVID-19
By George Wilson
As we discussed in this post, the Coronavirus 2019 or COVID-19 continues to impact public companies. On March 4, 2019 the SEC provided conditional relief for companies affected by COVID-19. The Order provides an additional 45 days to file certain reports, including Forms 10-K, 10-Q and 20-F.
If companies need to use this regulatory relief, they must file a current report on Form 8-K or Form 6-K by the later of March 16 or the original deadline for the filing. This current report must include details of why the affected report cannot be filed on time. The relief includes other requirements such as consideration of a risk factor explaining the impact of COVID-19 on the company and, if other parties are contributing to the delay, a statement from that other party. The Order provides details about how use of the relief generally will not affect S-3 eligibility and WKSI status.
The Order also includes relief for furnishing proxy statements to shareholders in areas affected by COVID-19.
The SEC is continuing to monitor this situation and may provide additional relief as events unfold.
As always, your thoughts and comments are welcome!