The Securities and Exchange Commission 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 Covid-19 pandemic.
In an en banc meeting through videoconferencing on May 7, the Commission resolved to allow companies with fiscal years ending between Jan. 31 and March 31, 2020 to submit their annual reports and/or audited financial statements within 60 calendar days from the regular filing deadlines.
For instance, a publicly listed company or an issuer of registered securities whose fiscal year ended Jan. 31, 2020 may file its annual report and audited financial statements until July 14, 2020 or 60 days from the original May 15 deadline.
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 granted companies with fiscal years ending April 30, 2020 an extension of 45 calendar days from the regular filing deadline.
A publicly listed company or an issuer of registered securities will have until Sept. 27 to comply with the reportorial requirement. All other corporations may submit their audited financial statements until Oct. 12.
The commission likewise extended the deadline for the submission of quarterly reports for the first quarter of the covered companies for a period of 45 calendar days from the regular filing deadlines.
The extension provided under SEC Memorandum Circular 17, s. 2020 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.
Publicly listed companies shall continuously observe their disclosure obligations under Republic Act 8799, or the Securities Regulation Code, and Philippine Stock Exchange’s Consolidated Listing and Disclosure Rules.
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.
The public may read the full text of the guidelines on the SEC website at http://www.sec.gov.ph/public-information-2/investors-education-and-information/covid-19-related-issuances/. – Press release