SEC Announces Conditional Regulatory Relief and Assistance for Companies Affected by Coronavirus Disease 2019

The SEC has issued an order providing relief to companies that operate within areas affected by coronavirus disease (COVID-19). Specifically, the order grants certain companies “an additional 45 days to file certain disclosure reports that would otherwise have been due between March 1 and April 30, 2020.” The SEC further notes that it “may extend the time period for the relief, with any additional conditions it deems appropriate, or provide additional relief as circumstances warrant.”

The SEC indicated that companies should provide a current report on Form 8-K or Form 6-K describing the circumstances warranting an extension. It also stated that it may grant further extensions.

In addition, the SEC’s Division of Investment Management staff has released a statement indicating that it will “not recommend enforcement action if fund boards do not adhere to certain in-person voting requirements.” SEC Chairman Jay Clayton noted that “[w]hile timely public filing of Exchange Act reports is a cornerstone of well-functioning markets, we recognize that this situation may prevent certain issuers from compiling these reports within required timeframes."

For more information, see the press release on the SEC’s Web site.