SEC Memorandum Circular No. 2, Series of 2023: Grant of Amnesty for Non-Filing and Late Filing of General Information Sheet (GIS) and Annual Financial Statement (AFS) and Non-Compliance with MC No. 28, s. 2020
The Securities and Exchange Commission (SEC) issued SEC Memorandum Circular No. 2, Series of 2023 on March 15, 2023, granting an amnesty to corporations for non-filing and late filing of General Information Sheet (GIS) and Annual Financial Statement (AFS), and non-compliance with SEC Memorandum Circular No. 28, s. 2020.
The amnesty covers the following:
Non-filing of GIS for the period from January 1, 2018 to December 31, 2022.
Late filing of GIS for the period from January 1, 2018 to December 31, 2022, provided that the GIS is filed within 120 days from the end of the reporting period.
Non-filing of AFS for the period from January 1, 2018 to December 31, 2021.
Late filing of AFS for the period from January 1, 2018 to December 31, 2021, provided that the AFS is filed within 120 days from the end of the reporting period.
Non-compliance with SEC Memorandum Circular No. 28, s. 2020, which requires corporations to appoint a resident auditor.
To avail of the amnesty, corporations must file an application with the SEC on or before September 30, 2023. The application form and other requirements are available on the SEC website.
The amnesty provides several benefits to corporations, including:
Waiver of penalties for non-filing and late filing of GIS and AFS.
Waiver of the requirement to appoint a resident auditor.
Compliance with SEC reporting requirements.
Protection from legal action by the SEC.
Corporations that avail of the amnesty are still required to file their GIS and AFS for the periods covered by the amnesty. They are also required to comply with all other applicable SEC regulations.
SEC Memorandum Circular No. 9, Series of 2023: Further Extension of the Deadline for Amnesty Applications Under SEC Memorandum Circular No. 2, s. of 2023, and Streamlining of the Application Process
The Securities and Exchange Commission (SEC) issued SEC Memorandum Circular No. 9, Series of 2023 on June 30, 2023, further extending the deadline for amnesty applications under SEC Memorandum Circular No. 2, Series of 2023, and streamlining the application process.
The deadline for filing amnesty applications is now September 30, 2023. The application form and other requirements are still available on the SEC website.
The streamlined application process includes the following:
Corporations can now file their amnesty applications online through the SEC's website.
Corporations no longer need to submit a hard copy of their application form and supporting documents.
Corporations can track the status of their application online.
The SEC encourages corporations to avail of the amnesty and to comply with all applicable SEC regulations.
( Deadline for SEC Amnesty Application: Sep. 30, 2023 )
Comentarios