Special InTAX: May 2020 Issue 2 | Volume 3

Securities and Exchange Commission

 

The Securities and Exchange Commission (SEC) issued SEC Memorandum Circular (MC) No. 17, Series of 2020, dated 7 May 2020, which provides for the extension of the deadline for submission of the 2020 Annual Reports and/or Audited Financial Statements (AFS) of companies with fiscal year ending 31 January 2020 to 30 April 2020, including applicable quarterly reports.

For companies with fiscal years ending 31 January 2020 to 31 March 2020, the deadline for submission of reports is extended for a period of 60 calendar days from the regular filing deadlines. For companies with fiscal year ending 30 April 2020, the deadline of the submission of reports is extended for a period of 45 calendar days from the regular filing deadlines.

The reports subject to the extension of deadlines are as follows:

1. Annual Reports (SEC Form17-A) and AFS of publicly-listed companies (PLC);
2. Annual Reports and AFS of issuers of registered securities (other than PLC); and
3. AFS of all other companies other than items (1) and (2) above.

Submission of the Quarterly Reports (SEC Form 17-Q) for the first quarter of the covered companies under this MC is also extended for a period of 45 calendar days from the regular filing deadlines.

The extension of the filing period shall automatically be applied without the need for a request from the covered companies.

PLCs and issuers of registered securities under the supervision of the Market and Securities that may want to avail of the extended period of filing SEC Form 17-A and SEC Form 17-Q under this MC shall file the special disclosure form SEC Form 17-LC not later than five (5) calendar days before the regular filing deadline.

The deadlines are illustrated as follows:

1.         Annual Reports and AFS including Quarterly Reports for the first quarter of companies under items (1) and (2) of the MC

 

Fiscal Year End	Original Filing Deadlines for Annual Reports and AFS	New Filing Deadlines for Annual Reports and AFS
31 January 2020	15 May 2020	14 July 2020
29 February 2020	13 June 2020	12 August 2020
31 March 2020	14 July 2020	12 September 2020
30 April 2020	13 August 2020	27 September 2020

 

First Quarter Period	Original Filing Deadlines for the Quarterly Reports	New Filing Deadlines for the Quarterly Reports
February to April 2020	14 June 2020	29 July 2020
March to May 2020	15 July 2020	29 August 2020
April to June 2020	14 August 2020	28 September 2020
May to July 2020	14 September 2020	29 October 2020

 

2.         For AFS of Companies under item (3) of the MC

 

Fiscal Year End	Original Filing Deadlines for AFS	New Filing Deadlines for AFS
31 January 2020	30 May 2020	29 July 2020
29 February 2020	28 June 2020	27 August 2020
31 March 2020	29 July 2020	27 September 2020
30 April 2020	28 August 2020	12 October 2020

 

Covered companies are encouraged to file their reports before the extended deadline submission as allowed under this MC.

 

This MC shall take effect immediately after its publication.

 

Attached is the full text of the MC.

SECMCNo17