SEC extends deadline for filing quarterly financial statement due on October 30, 2020

The Security and Exchange Commission (SEC) has announced the extension of the deadline for the filing of the quarterly statement for the period ending September 30, 2020, due to the recent general disruptions to business operations across the country.

In the extension, SEC grants public companies, capital market operators, and other regulated entities a 30-day grace period for the submission of their quarterly financial statements. This means that quarterly financial statements that were due to be filed by October 30, 2020, are now due for submission by Monday, November 30, 2020.

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The disclosure was made in a circular which was issued by SEC to public companies and capital market operators on November 5, 2020.

The capital market operator noted that these disruptions may have prevented public companies, capital market operators, and others from convening meetings for the purpose of considering quarterly financial statements that were due to be filed/released.

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SEC in its statement said, “The Securities and Exchange Commission (SEC) has noted the recent general disruption to business operations across the country and the challenges this may have posed on businesses.’’

‘’The SEC is also aware that the disruption to business operations may have prevented public companies, capital market operators and other regulated entities from convening meetings for the purpose of considering quarterly financial statements that were due to be filed/released by October 30, 2020.’’

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‘’In view of the above, the SEC hereby grants public companies, capital market operators and other regulated entities, a thirty-day grace period for the submission of their quarterly financial statements. The quarterly financial statements are now due for submission by Monday, November 30, 2020.’’

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What you should know

It can be recalled that businesses and socio-economic lives were negatively impacted by the #EndSARS protests against police brutality and extra-judicial killings, which went on across the country for about 2 weeks.