SEC postpones 404 compliance date for non-accelerated filers 1048
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SEC Votes to Propose Changes in Filing Deadlines and Accelerated Filer Definition; Postpone 404 Compliance Date for Nonaccelerated Filers; Propose Issuing Section 28(e) Interpretive Guidance
FOR IMMEDIATE RELEASE
Washington, D.C., Sept. 21, 2005 Today the Securities and Exchange Commission voted to propose for comment amendments to filing deadlines for periodic reports required by rules under the Securities Exchange Act of 1934 and changes in accelerated filer definitions; decided to postpone for an additional year the compliance date for filing internal control reports by companies not designated as accelerated filers; and voted to publish for comment proposed interpretive guidance concerning Section 28(e) of the Securities Exchange Act of 1934.
Extension of Compliance Date of Internal Control Reporting Requirements for Companies that are Not Accelerated Filers
The Commission voted to extend for an additional one year the compliance dates regarding its internal control reporting requirements rules for companies that are not accelerated filers. The amendments require a public company subject to the reporting requirements under the Securities Exchange Act of 1934 to include in its annual report a report by management on the effectiveness of the company’s internal control over financial reporting and an accompanying auditor’s report.
Under the new compliance schedule, a company that is not an accelerated filer, including a foreign private issuer that is not an accelerated filer, will begin to be required to comply with the Section 404 requirements for its first fiscal year ending on or after July 15, 2007. A foreign private issuer that is an accelerated filer and that files its annual reports on Form 20-F or Form 40-F, must begin to comply with the internal control over financial reporting and related requirements in the annual report for its first fiscal year ending on or after July 15, 2006.