The Securities and Exchange Commission

[Stock]

Late Form 4 filings were researched as a signal in the options backdating scandal a few years back, and have been used as a signal of other potential issues in broader investigations in the past, but I have personally never seen a fine for ONLY filing a Form 4 late. Maybe someone else has.

Being late opens one up to liability, but there are no "automatic" fines, fees or penalties I am aware of.

...The filings required by Section 16(a) of the 34 Act are an initial report on Form 3, a report on Form 4 (previously monthly, now within two business days), and an annual report on Form 5. The filings are the personal responsibility of the reporting person. Violations are subject to civil fine and criminal penalties. To encourage compliance, the SEC also obligates issuers to disclose to their security holders in their proxy statements and Annual Reports on Form 10-K the names of persons who file reports late or fail to file...

http://www.highbeam.com/doc/1G1-91884950.html