Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Regulation and Compliance > Federal Regulation > SEC

Phoenix Companies settles with SEC on timetables filings

By Warren S. Hersch

X
Your article was successfully shared with the contacts you provided.

The Phoenix Companies, Inc. (PNX) has inked an agreement with the U.S. Securities and Exchange Commission to amend a March 21, 2014 order regarding delayed and future SEC filings for both the company and its subsidiary, PHL Variable Insurance Company.

The amended administrative order, approved by the SEC today, provides that the SEC has settled administrative proceedings against the company and PHL Variable instituted pursuant to Section 21C of the Securities Exchange Act of 1934, as amended.

On June 3, 2014, Phoenix announced a revised timetable for its delayed SEC filings that reflected a departure from the schedule that was part of the March 21, 2014 administrative order because it needed additional time to meet its financial reporting obligations based on its experience with completing its 2012 delayed filings. The company filed its 2012 Form 10-K on April 1, 2014 and completed the last of the 2012 parent and subsidiary filing obligations to the SEC and state insurance regulators on May 5, 2014.

In the amended administrative order, Phoenix and PHL Variable are committed to meet the filing timetables detailed below, which are consistent with the anticipated filing dates provided in the company’s June 3, 2014 announcement. The SEC also imposed additional civil monetary penalties of $100,000 for each entity, and set a formula for additional payments if any filing is not made in accordance with these amended timetables.

The additional payment for any filing that does not meet a timetable deadline would be $20,000 per filing for the first week and, for each week or partial week thereafter, the sum of $20,000 plus $5,000 multiplied by the number of full weeks that the filing has already been delinquent.

Amended filing timetable for The Phoenix Companies, Inc. delayed reports

Date (By No Later Than)

Phoenix Filing

Aug. 6, 2014

2013 Annual Report on Form 10-K

Sept. 10, 2014

First Quarter 2013 Form 10-Q

Second Quarter 2013 Form 10-Q

Third Quarter 2013 Form 10-Q

Oct. 17, 2014

First Quarter 2014 Form 10-Q

Oct. 24, 2014

Second Quarter 2014 Form 10-Q

Dec. 5, 2014

Third Quarter 2014 Form 10-Q
   

Amended filing timetable for PHL Variable delayed reports

Date (By No Later Than)

PHL Variable Filing

Aug. 22, 2014

2013 Annual Report on Form 10-K

Sept. 12, 2014

First Quarter 2013 Form 10-Q

Second Quarter 2013 Form 10-Q

Third Quarter 2013 Form 10-Q

Oct. 21, 2014

First Quarter 2014 Form 10-Q

Oct. 28, 2014

Second Quarter 2014 Form 10-Q

Dec. 12, 2014

Third Quarter 2014 Form 10-Q
   

Except as amended by the most recent administrative order, the March 21, 2014 administrative order remains in effect.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.