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Sunday, April 14, 2024

SEC suspends 118k firms over reporting

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The Securities and Exchange Commission (SEC) said Wednesday it suspended the corporate registration of nearly 118,000 corporations for failing to comply with their reportorial requirements.

In an order dated Feb. 16, the SEC’s Company Registration and Monitoring Department suspended the certificates of incorporation of 117,885 corporations for failure to submit their annual reports for more than five years.

The list also includes corporations that have commenced their business but became inoperative for more than five consecutive years. SEC issued the suspension order following the conclusion of SEC’s amnesty program, which ran from March to December 2023 and gave non-compliant and suspended or revoked corporations a chance to recover their good standing by paying the reduced fees.

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