The Securities and Exchange Commission has directed all publicly listed companies to publish their financial statements on their official websites effective January 2025, emphasising the importance of transparency and timely disclosure.
In a circular issued on Thursday, the SEC warned that non-compliance with the directive would attract sanctions, according to BusinessDay.
The Commission states that the directive aims to ensure seamless public access to financial information, which is critical for making sound investment decisions.
The circular stated, “The Securities and Exchange Commission has observed that public companies file their periodic returns with the Commission and relevant securities exchanges without simultaneously publishing them on their websites.
“This omission is a contravention of Rules 39 and 41 of the Commission’s Rules and Regulations.”
The SEC noted that while public companies routinely submit their financial returns to regulatory bodies, many fail to make these documents accessible to the investing public via their websites.
