SEC Extends Deadline for Annual, Quarterly Reports for companies affected by COVID-19

Overview

SEC Extends Deadline for Annual, Quarterly Reports for companies affected by COVID-19

Filing guidelines are listed below:

1. Affected corporations with domestic operations only may file until 30 June their annual reports (SEC Form 17-A) and/or annual financial statements for the period ended 31 December 2019.
2. Companies with domestic and foreign operations, the filing period is extended until 30 June or 60 days from the date of lifting of travel restrictions by concerned government authorities, whichever comes later.
3. The filing period for the quarterly reports (SE Form 17-Q) of publicly listed companies and registered issuers of securities for 2020 will accordingly adjust.
4. Corporations whose preparation of financial statements or completion of statutory audits are not affected by the COVID-19 outbreak are required to file their annual reports and/or annual financial statements for the year ended 31 December 2019 within the periods prescribed under existing rules and regulations.

What's needed to be able to file at a later date?

Listed entities

• Submit a written request to the Commission, through the Markets and Securities Regulation Department, at least five days before the deadline of filing.
• Include a sworn certification signed by the company’s president and treasurer to confirm that its financial year ended 31 December 2019 and that it has significant business operations or subsidiaries in China and/or other affected territories, including the Philippines.
• Confirm that the timely completion of statutory audit of its financial statements as of 31 December 2019 has been affected by travel restrictions, suspension of business operations and/or other measures imposed by authorities or by the corporation in response to the COVID-19 outbreak.
• Submit a sworn certification by its external auditor confirming its operations in China and/or other affected territories, as well as the impact of the COVID-19 outbreak on the auditing of its financial statements.

What's needed to be able to file at a later date?

Non-listed entities

• Submit written request shall likewise include sworn certifications signed by its president and treasurer, and by its external auditor.