On December 14, 2005, the SEC postponed the scheduled final phase-in of the 60-day accelerated annual report filing deadline
for fiscal years ended on or after December 15, 2005. The deadline for the 2005 Form 10-K will remain 75 days after the end
of the December fiscal year. For fiscal years ending on or after December 15, 2006, however, larger public companies ("large
accelerated filers") will be subject to the 60-day accelerated filing deadline. Form 10-Q filing deadlines indefinitely will
remain 40 days for all accelerated filers. The periodic report filing deadlines for other reporting companies will not be
changed. Non-accelerated filers will continue to file their annual reports on Form 10-K or 10-KSB under the 90-day deadline
and quarterly reports on Form 10-Q or 10-QSB under the 45-day deadline. The amendments also will not impact Form 20-F or Form
40-F filing deadlines applicable to foreign private issuers. The table below compares the periodic reporting deadlines under
the old rules with the deadlines under the new amendments.
In addition, the SEC adopted amendments to the accelerated filer provisions to create a new category of companies called "large
accelerated filers." Large accelerated filers will include companies with a non-affiliate public equity float of $700 million
or more. Under the amendments, "accelerated filers" will be public companies that have a non-affiliate public equity float
of at least $75 million, but less than $700 million.
The amendments also will make it easier for companies to exit accelerated filer status by allowing an accelerated filer whose
public float has dropped below $50 million to file an annual report on a non-accelerated basis for the same fiscal year in
which determination of public float is made. The amendments also will provide for similar requirements for exiting out of
large accelerated filer status, permitting a large accelerated filer to exit promptly out of large accelerated filer status
once its public float has dropped below $500 million.
See attached chart (pdf format).
