Financial Services Commission Grants Exemptions to 23 Entities for Delayed Quarterly Report Submissions Due to COVID-19 Impact

[Asia Economy Reporter Park Jihwan] Financial authorities have decided to exempt administrative sanctions for 23 companies that are having difficulty submitting their first-quarter reports on time due to the COVID-19 pandemic.

The Securities and Futures Commission under the Financial Services Commission announced on the 6th, through a regular meeting, that it has decided to exempt sanctions for all 23 companies that applied for exemption from penalties for delayed submission of first-quarter reports. Among them, 21 were listed companies and 2 were unlisted companies.

Regarding the reasons for the applications, most of the companies had major business sites or subsidiaries in India and Malaysia (14 companies), China (6 companies), etc., where local government lockdown measures caused delays in closing accounts.

With this measure, the deadline for submitting first-quarter reports is extended from the 15th of this month to the 15th of next month. For corporations submitting consolidated financial statements for the first time and foreign listed companies, the deadline is extended from the 30th of this month to the 29th of next month.

The submission deadline for companies required to submit last year's business reports is also extended from the 30th of this month to the 29th of next month.

This content was produced with the assistance of AI translation services.