SEC issues guidelines on the extension of the deadline for submission of 2020 Annual Reports and/or Audited Financial Statements of companies with fiscal year ending 31 January 2020 to 30 April 2020, including applicable quarterly reports.
The Securities and Exchange Commission issued SEC Memorandum Circular N0. 17 Series of 2020, dated 07 May 2020, providing an extension of the deadline for submission of 2020 Annual Reports and/or Audited Financial Statements of companies with fiscal year ending 31 January 2020 to 30 April 2020, including applicable quarterly reports. This inline with the Office of the President’s declaration of state of public emergency and Bayanihan to Heal as One Act.
Extension of Deadlines for Annual Reports:
1. Companies with fiscal years ending 31 January 2020 to 31 March 2020 are given 60 calendar days extension from the regular filing dates.
2. Companies with fiscal year ending 30 April 2020, are given 45 calendar days extension from the regular filing dates.
Covered Annual Reports:
1. Annual Reports (SEC Form 17-A) and Audited Financial Statements (AFS) of publicly-listed companies (PLC);
2. Annual Reports and AFS of issuers of registered securities (other than publicly-listed companies); and
3. AFS of all other companies other than items (1) and (2) above.
Extension for Quarterly Report (SEC 17-Q):
SEC Quarterly Report (SEC 17-Q) for the first quarter of the covered
companies under the Memorandum Circular, is extended for 45 calendar days from the regular filing deadlines.
For PLC and issuers of registered securities:
1. To avail the extended period for filing of the SEC Form 17-A and SEC Form 17-Q Reports pursuant to the Memorandum Circular, concerned companies shall file the special disclosure form SEC Form 17-LC. The SEC Form 17-LC shall be filed not later than five (5) calendar days before the regular filing deadline.
2. PLC shall continuously observe the disclosure obligations under the SRC and the Philippine Stock Exchange Consolidated Listing and Disclosure Rules. This means that all material information, whether price-sensitive or trade sensitive, must be disclosed on a timely basis. Where the company’s operations are materially affected by the COVID-19 outbreak, disclosure on the financial impact or any other material aspects should be made immediately.