Firms told to inform SEC if they cannot file annual reports

PUBLICLY listed companies and those with registered securities should inform the Securities and Exchange Commission (SEC) this week if they are having difficulty in filing the 2019 annual reports and 2020 first-quarter reports.

In a July 3 notice posted on its website, the SEC said it is giving five days from the notice’s issuance for companies to file their SEC Form 17-L, or the notice of inability to file annual reports and quarterly reports.

This after the June 30 deadline to file the said reports lapsed. The regulator earlier gave a 60-day deadline extension, acknowledging the problems faced by companies in submitting the reports amid the lockdown.

“Despite the aforesaid (deadline) postponement, concerned companies, or through their representatives, have filed queries for additional extension...[I]n view of the lapse of the period provided… concerned companies are given five days from issuance of this notice to file their respective SEC Form 17-L,” the SEC added.

It noted the non-filing of the SEC Form 17-L within the prescribed period will warrant consequences and will be treated on a case-to-case basis.

The SEC in March issued a memorandum circular extending the deadlines for the filing of annual reports to accommodate companies that are challenged by quarantine restrictions.

Companies that operate domestically were given until June 30 to submit their filings, while those that have foreign operations have until 60 days from the date of lifting of travel restrictions to submit. — Denise A. Valdez