Securities Commission extends filing deadlines

Securities Commission extends filing deadlines

NASSAU, BAHAMAS — The Securities Commission of The Bahamas (SCB) has announced an extension to certain filing deadlines for audited annual financial statements.

The SCB said in a recent notice that the extension was based on the global coronavirus pandemic, resulting in restrictions on business activity and movement within the country.

The Commission is granting an extension to certain filing deadlines for persons registered or licensed pursuant to the SIA or the IFA.

The SCB said that effective immediately, deadlines, which fall between 1 April 2020 and 30 June 2020 inclusive, for the filing of audited annual financial statements and annual reports as required pursuant to the SIA and IFA, are  extended by up to 45 days.

“In order to be eligible for the extension, registrants and licensees are to write to the Commission at info@scb.gov.bs, outlining the circumstances and detailing the date of the financial year end and the new date (within the 45 day period) that the audited financial statements or annual  report will be delivered to the Commission,” the Commission said.

It added: “This extension does not apply in cases where the Commission has already granted an extension to a filing  deadline for previously due audited financial statements. In such cases, the deadline of the previously  granted extension shall remain in effect.’

The extension does not apply to filing deadlines for  interim financial statements. It also does not apply to statutory requirements to report material changes to the Commission,  including material changes which require the approval of the Commission.