SEC Extends Reporting Deadlines And Relaxes Proxy Rules

On March 25, 2020, the SEC issued an order (superseding its earlier order from March 4, 2020) providing companies with additional time to make regulatory filings otherwise due between March 1 and July 1, 2020, (an extension from the April 30, 2020, deadline initially set forth in the March 4, 2020, order). This extension is subject to certain conditions, including filing a current report on Form 8-K (or Form 6-K for foreign private issuers (FPIs)) by the report's original filing deadline with a statement as to why the delayed report could not be timely filed, an estimated filing date and any company specific risk factors explaining the impact, if material, of COVID-19 on the company's business. A separate Form 8-K (or Form 6-K) must be furnished for each delayed filing. This is an evolving process, and the SEC has indicated that further extensions may be necessary.