SEC Proposes to Postpone for One Year the Final Phase-In Period for Acceleration of Periodic Report Filing Dates

FOR IMMEDIATE RELEASE
2004-121

Washington, D.C., Aug. 26, 2004 -- On Aug. 24, 2004, the U.S. Securities and Exchange Commission approved issuance of a release proposing to temporarily postpone, for one year, the final phase-in period for acceleration of periodic report deadlines that apply to larger companies known as "accelerated filers."

Under the proposal, the current deadline for accelerated filers would remain at 75 days for an additional year and at 40 days after quarter end for quarterly reports. The accelerated filing phase-in period would resume for reports filed for fiscal years ending on or after Dec. 15, 2005, when an accelerated filer would have to file its annual report within 60 days after year end and file its quarterly reports within 35 days after quarter end. This would complete the phase-in and these deadlines would remain in place for all subsequent periods.

SEC rules define an "accelerated filer" as a company that

• has a public float of at least $75 million;
   
• has been subject to the SEC's periodic reporting requirements for at least 12 months and has filed one annual report; and
   
• is not eligible to use the SEC's small business reporting forms.

Comments on the proposal should be submitted to the Commission within 30 days of the date of its publication in the Federal Register. The full text of the release describing the proposal has been posted on the SEC Web site at http://www.sec.gov/rules/proposed.shtml.