SEC Proposed Rule for 10-K, 10-Q and 404 Timeliness

The SEC has voted to require a 60-day (versus present 75) filing deadline for 10-Ks for "large accelerated" companies (>$700 million public float). 10-Q deadlines will remain with no one being required to report faster than 40 days. Furthermore, nonaccelerated domestic companies (public float under $75 million) and foreign private issuers have until July 15, 2007 year-ends (a one-year extension) to file Section 404 reports indicating compliance with Sarbanes-Oxley. This proposed rule will have a 30-day comment period and would not take effect until after the comment period.