Mar 4, 2020 - Economy & Business

SEC says companies impacted by coronavirus can delay earnings filings

SEC chairman Jay Clayton testifies during the House Financial Services Committee hearing, Oct. 4, 2017. Photo: Bill Clark/CQ Roll Call

The Securities and Exchange Commission said on Wednesday it would give coronavirus-impacted companies more time to file key financial documents — including quarterly reports — on a conditional basis.

Why it matters: It's among the first agencies to announce regulatory relief for corporations affected by the coronavirus outbreak.

If granted an extension by the SEC, Wall Street may get details about whether the coronavirus hurt these companies' bottom lines — and by how much — later than usual.

Details: Companies that can show they need extra time because their operations have been impacted by the outbreak may get a 45-day extension to file regulatory documents.

"Disruptions to transportation, and limited access to facilities, support staff, and professional advisors as a result of COVID-19, could hamper the efforts of public companies and other persons with filing obligations to meet their filing deadlines," the SEC notes.

What they're saying: The "situation may prevent certain [companies] from compiling these reports within required timeframes," SEC chairman Jay Clayton said in a press release.

But Clayton warned companies "to provide investors with insight regarding their assessment of, and plans for addressing, material risks to their business" as a result of the coronavirus.

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