Wikipedia: Form 10-K
Historically, Form 10-K had to be filed with the SEC within 90 days after the end of the company's fiscal year. However, in September 2002, the SEC approved a Final Rule that changed the deadlines to 75 days for Form 10-K for "accelerated filers"; meaning issuers that have a public float of at least $75 million, that have been subject to the Exchange Act's reporting requirements for at least 12 calendar months, that previously have filed at least one annual report, and that are not eligible to file their quarterly and annual reports on Forms 10-QSB and 10-KSB. These shortened deadlines were to be phased in over a three-year period, however in 2004 the SEC postponed the three-year phase in by one year. In December 2005, the SEC created a third category of "large accelerated filers," accelerated filers with a public float of over $700 million. As of December 27, 2005, the deadline for filing for large accelerated filers was still 75 days, however beginning with the fiscal year ending on or after December 15, 2006, the deadline will be 60 days. For other accelerated filers the deadline will remain at 75 days and for non-accelerated filers the deadline will remain at 90 days. For further reading, see the Final Rules [1] section of the SEC's website, referencing Rule 33-8644.
However, the point is not who originated the mortgages, but who is holding the Commercial Paper. When I was in Spain recently people told me things like "Spanish banks like Santander appear to have been more prudent lenders", and I replied "it matters not whether Santander created a lot of subprime themselves, but how much US-generated subprime-backed 'commercial paper' of dubious value they bought in the global capital markets and is now sitting on their balance sheet".
When defaults start really getting out of control then yes, the banks that did the original lending will lose the revenue that they intend to pass on to whoever bought their Commercial Paper and they will have a cash flow problem. If the credit/liquidity crisis is still going on then, they'll be in a pinch just like Northern Rock. We have met the enemy, and he is us — Pogo
"it matters not whether Santander created a lot of subprime themselves, but how much US-generated subprime-backed 'commercial paper' of dubious value they bought in the global capital markets and is now sitting on their balance sheet".
... or for what amount highly leveraged private equity or hedge funds that bought such papers were financed by them...
... or how many clients have "guaranteed sell back" clauses in their agreements to purchase subprime stuff form Santander...
... or how much financing was provided by Santander to real estate and construction groups whose business model was underpinned by cheap credit to finance their buyers...
That last one is particularly sensitive for Spanish banks, given the extent of the construction boom in Spain. I'm still not convinced that the Spanish housing bubble is worse than in the UK, given that there was a lot of genuine catching up to do in Spain, and the Spanish construction groups have been pretty good lately at recycling their bubble profits into acquisitions in other countries (useful diversification), but the end of this cycle will have to hurt anyway. In the long run, we're all dead. John Maynard Keynes
And there might be some issues with the exposure to Baltic markets. Peak oil is not an energy crisis. It is a liquid fuel crisis.
