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The SEC issued an exemptive order yesterday granting accelerated filers that have a public float of less than $700 million and that meet other specified conditions an additional 45 days to file their required management’s report on internal control over financial reporting and the related auditor’s report on management’s assessment of internal control over financial reporting.
According to Jenner & Block Partner William L. Tolbert, Jr. and Associate Tobias L. Knapp, under SEC rules implementing Section 404 of the Sarbanes-Oxley Act of 2002, all accelerated filers would have been required to include both internal control reports in their annual report by their annual report deadline.
The Firm has posted an early analysis of what the order means to those corporations in the process of preparing their reports to Jenner & Block’s online Corporate Resource Center.
The order applies to accelerated filers with a fiscal year ending between and including November 15, 2004 and February 28, 2005.