Financial Authorities Exempt Administrative Sanctions for Late Submission of Monthly and Quarterly Reports Due to COVID-19
[Asia Economy Reporter Park Ji-hwan] The financial authorities have decided to exempt administrative sanctions for companies that inevitably fail to submit quarterly or semi-annual reports within the deadline due to the spread of the novel coronavirus infection (COVID-19).
This measure comes amid growing concerns over delays in the semi-annual settlement of December fiscal year-end corporations, as movement restrictions are reimposed due to the spread of COVID-19 in countries such as the United States and India.
The Financial Services Commission and the Financial Supervisory Service announced on the 15th that they will exempt administrative sanctions for delays in submitting quarterly and semi-annual reports. The submission deadline for these reports is until the 14th of next month.
Applications for exemption from sanctions can be submitted to the Financial Supervisory Service from the 20th to the 24th. When a company applies, it must attach the opinion letter of the auditor, and when an auditor applies, the opinion letter of the company must be attached.
The final decision on companies eligible for exemption from sanctions will be made at the Securities and Futures Commission under the Financial Services Commission, which will be held on the 5th of next month. Companies granted exemption must submit their quarterly or semi-annual reports by September 14th. Individual extensions will be considered if necessary. Companies that fail to apply within the application period and submit or delay submission of business reports, etc., will be individually reviewed to determine the level of sanctions.
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The financial authorities had previously exempted related administrative sanctions for 62 companies and external auditors who experienced difficulties in submitting business reports and quarterly reports due to delays in settlements caused by COVID-19 in March and May. The Korea Exchange plans to defer designation as a management item until the extended deadline for listed companies exempted from administrative sanctions for delayed submission of quarterly and semi-annual reports, in accordance with listing regulations.
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