The Securities and Exchange Commission, SEC, yesterday, said it has extended the deadline for companies to file their 2019 full year and first quarter 2020 financial reports as part of its response to the Coronavirus (COVID-19) pandemic currently pressuring Nigerian economy.
SEC, in a statement, also disclosed that it has commenced the electronic filing and processing of capital market applications, while fresh applications for the registration of capital market operators had been suspended. It said, “the SEC released a number of market-focused adjustments to be adopted in the interim in response to the effects of COVID-19, which includes filing and processing of applications electronically, extension of deadline on 2019 annual reports and first quarter 2020 reports, postponement of the first quarter Capital Market Committee meeting earlier scheduled for April 23, 2020. “Also, returns shall be filed electronically, while the Commission has approved a 60-day extension, in the first instance for public companies and capital market operators to file their 2019 annual reports and Q1 2020 reports.” Meanwhile, the Nigerian Stock Exchange (NSE) has granted all Dealing Member Firms (DMFs) an additional 60 day grace period for the submission of their Audited Financial Statement for the year ended 31 December 2019, which is due for submission to the Exchange on Monday, 30 March 2020.
By the directive, DMFs are now required to submit their respective reports on Friday. May 29, 2020. The Exchange in a circular to Dealing Member Firms (DMFs) issued Tuesday said: “The Exchange has approved a temporary suspension of the provisions of Rule 7.4: Submission of Financial and Non-Financial Reports to the Exchange, Rulebook of The Exchange, 2015 (Dealing Members’ Rules) as amended, which states that: “Every Dealing Member shall submit to The Exchange its audited financial statements, within 90 calendar days of the end of the fiscal year, and its quarterly returns within 30 calendar days of the end of the quarter; and any other periodic report within the period stipulated by The Exchange.” The Exchange has also stated that dealing members can trade remotely during this period of COVID-19.