FFIEC, SEC Grant Extensions for Required Filings

Acknowledging the significant burdens that banks are currently facing as they provide assistance to customers during the coronavirus pandemic, the Federal Financial Institutions Examination Council last night announced a 30-day extension for institutions for the Call Report due on March 31. Banks anticipating a delayed filing should notify their primary regulator in advance, FFIEC said.

In related news, the Securities and Exchange Commission also announced temporary relief for companies affected by the coronavirus pandemic to file required Exchange Act reports. The SEC will grant a 45-day grace period to file forms 10-K and 10-Q that were due on or before July 1, 2020. Registrants may file Form 12b-25 and use the grace period provided by Rule 12b-25 if they are unable to meet the extended due date.

In order to take the temporary relief, companies must file a Form 8-K or 6-K by the original report deadline that includes a summary of why the relief is needed for each report that is delayed, SEC said.