SEC Adopts Rules Delaying Final Phase-In of Accelerated Filing

By: Cydney Posner

As expected, the SEC has adopted rules delaying the final phase-in of accelerated filing of periodic reports.  Under the amended rules, the deadline for an accelerated filer to file its annual report for its fiscal year ending on or after December 15, 2004 will remain at 75 days after fiscal year end. Similarly, the quarterly report deadlines for the three subsequently filed quarterly reports will remain at 40 days after quarter end. The phase-in schedule will resume in the following year, during which an accelerated filer will have to file its annual report within 60 days after its fiscal year ending on or after December 15, 2005. The company will then have to file its next three quarterly reports within 35 days after quarter end. At the end of that year, the accelerated filing phase-in period will be complete, with the 60-day and 35-day deadlines remaining in place for accelerated filers for all subsequent periods.

The SEC also adopted conforming amendments to Reg S-X to apply the postponed phase-in period to the financial information updating requirements in other SEC filings. Updated interim financial information will continue to be required within 130 days after the end of the registrant’s fiscal year for a fiscal year ending on or after December 15, 2004 and before December 15, 2005. The phase-in schedule will resume in the following year, during which updated interim financial information will be required within 125 days after the end of the registrant’s fiscal year for fiscal years ending on or after December 15, 2005.

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