SEC GRANTS AMNESTY FOR ELIGIBLE CORPORATIONS
The Securities and Exchange Commission – Baguio Extension Office (SEC-BEO) is encouraging eligible corporations to avail of the amnesty on penalties incurred from late and non-filing of the General Information Sheet, Annual Financial Statement, and the MC28 Report.
The Commission recently issued SEC Memorandum Circular No. 2, Series of 2023, or the Grant of Amnesty for Non-filing and Late Filing of the General Information Sheet (GIS) and Annual Financial Statement (AFS), and Non-Compliance with Memorandum Circular No. 28, Series of 2020 (MC 28).
The amnesty, which will come in the form of a waiver or reduction of fines, is part of the Commission’s efforts to encourage its regulated entities to comply with reportorial requirements under Republic Act No. 11232 or the Revised Corporation Code.
An all-encompassing fine of P5,000 will be charged, in lieu of the usual fines and penalties imposed by the Commission for non-filing or late filing of the GIS and AFS for the previous years. The rates will apply provided that the corporation or entity will submit the latest reportorial requirement due at the time of the application, and comply with MC 28 Report.
Meanwhile, suspended and revoked corporations will be given a 50% reduction on their assessed fines, encompassing all violations on the non-filing and late filing of GIS and AFS.
Pursuant to the Guidelines on the Imposition of Fines or Penalties for Non-Compliance with Reportorial requirements, stock corporations who fail to submit their GIS or AFS are currently fined within the range of P1,000 to P10,000 per report/year. On the other hand, non-stock corporations have corresponding fines of P500 to P5,000 for non-filing of their GIS and AFS.
To avail of the amnesty, the duly authorized representative or resident agent of the corporation shall file an Online Expression of Interest Form (EOI) via the Electronic Filing and Submission Tool (eFAST).
Applicants submit the latest due FS or undertaking to submit the FS within 45 calendar days from the issuance of confirmation of payment; latest due GIS; and proof of compliance with MC 28 Report.
Non-compliant corporations shall file their EOI through the eFAST, together with proof of compliance with MC 28 Report. Meanwhile, revoked and suspended corporations shall file their online EOI and upload the Petition to Lift Order of Suspension/Revocation, and proof of MC 28 compliance through
eFAST. Applicants that have not yet complied with MC 28 should do so through the MC 28 Submission Portal at https://apps010.sec.gov.ph .
Only those who have filed an amnesty application and secured a PAF through the eFAST and settled their fees on or before April 30, 2023, shall be eligible for the amnesty.
The list of corporations eligible for amnesty is available through this link: https://amnesty.sec.gov.ph .
For more details on the SEC Amnesty Grant, please visit our website at www.sec.gov.ph . For more SEC news and updates, please follow our Facebook account at https://www.facebook.com/PhilippineSEC .
(PR)
