Bass, Berry & Sims attorney Jay Knight provided insight to Forbes on the U.S. Securities and Exchange Commission’s (SEC) announcement that it would be offering an extension for filings due between March 1 and July 1.
In the article, Jay explained that companies have not sought out the SEC extension in greater numbers because it’s not entirely clear what it takes to qualify for the relief. “I think it’s helping companies to have a relief valve for reports that are going to be due during that period,” he said. However, “it’s unclear how broadly the (SEC) staff is interpreting the condition,” that’s required for the extension, added Jay.
According to the SEC order, a company can seek the extended deadline if it’s unable to meet a deadline due to the COVID-19 situation. Jay explained that companies likely want to avoid appearing like they are struggling to meet deadlines.
The full article, “SEC Offers Extended Filing Deadlines To Companies Impacted by COVID-19,” was published by Forbes on March 25 and is available online.