SEC Announces Assistance to the Airline and Insurance Industries in Reaching the Capital Markets
FOR IMMEDIATE RELEASE
Washington, D.C., September 28, 2001 The President and Congress have made clear their desire to foster the continued vitality of the nation's airline and insurance industries. In support of these efforts and to help companies in these industries reach U.S. capital markets expeditiously, we have taken the following administrative steps for airline and insurance companies covered by Congressional legislation in the wake of the September 11 terrorist attacks.
We have established separate telephone and e-mail hotlines for the airline and insurance industries, their underwriters and other advisors. These hotlines will allow companies in these industries to obtain immediate responses to financing and disclosure questions. The following are the new telephone number and e-mail address:
We wish to help companies in these industries use our short-form registration on Form S-3 to raise capital quickly. We have directed the Division of Corporation Finance to take the following short-term actions to enhance the usefulness of Form S-3 for companies in these industries:
We have directed the Division of Corporation Finance to process Securities Act filings by reporting companies in the airline and insurance industries within not more than five business days of their receipt.
The Commission has instructed the Division of Corporation Finance to continue these administrative steps through the end of 2001.
Any company in these industries or shareholder that was or will be unable to meet a deadline (including those applicable to shareholder proposals) as a result of the events of September 11, 2001 should contact the Division of Corporation Finance at the hotline phone number or e-mail address. If the deadline was or will be met within the ten business days of the original due date, the Division will consider the deadline to have been met, in assessing the "timeliness" of the required action.
An internal task force will monitor federal programs regarding airline and insurance companies and will prepare appropriate disclosure guidance for companies affected by these federal programs, after discussion with outside professionals and experts.
The Commission solicits public views on any other relief it can give, consistent with investor interests, and asks that comments be received on the hotline e-mail addresses or through the U.S. mail at Office of Chief Counsel, Division of Corporation Finance, U.S. Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549.