Verizon Escapes from SEC Filing Burden
Despite SEC filing requirements enforced by the Securities and Exchange Commission (SEC) for a company’s financial and non-financial information, Cellco Partnership, a subsidiary of Verizon Communications Inc. (NYSE, Nasdaq: VZ), may now enjoy lesser costs, increased efficiencies, and opportunities to streamline its reporting.
The exemption of Cellco Partnership came after it filed a Form 15 with the SEC, suspending its duty to comply with the SEC filing guidelines. This, in effect, will spare Cellco from filing audited financial information annually or unaudited financial information quarterly with the commission.
Verizon has also succeeded in suspending the SEC filing requirements in 2004 for its subsidiary domestic telephone companies.
Verizon Communications Inc. will now include in its financial reporting Cellco Partnership’s financial information. On its website for investor relations, Verizon Communications plans to publish its subsidiary’s financial statements, which Cellco Partnership must keep on filing with the Irish Stock Exchange for the period during which it is bound by its registered debt securities there.
Verizon Communications Inc., which employs more than 195,000, has generated $107 billion overall revenues in 2009 for its operations in providing communications services to various sectors in the community, including government, corporations, mass markets, and wholesale clients, and in delivering business solutions to its global customers.
Cellco Partnerships, on the other hand, provides wireless communications to over 93 million customers in the USA.