SEC extends amnesty program
THE Securities and Exchange Commission (SEC) has further extended the amnesty period for delinquent companies that have yet to file regulatory requirements.
In a media release, the commission said it had extended the deadline to Sept. 30 for the late and non-filing of annual financial statements (AFS), general information sheets (GIS), and official contact details.
“The initiative is part of the commission’s efforts to encourage its regulated entities to comply with the reportorial requirements set under Republic Act No. 11232, or the Revised Corporation Code,” the SEC said.
“It is also a means for the SEC to prudently identify active and inactive corporations, enhance and organize the Commission’s digital database, and cultivate a healthy and vibrant corporate sector,” it added.
The SEC added that it is set to introduce its Unified Amnesty Application Form to streamline amnesty applications through a web-based platform.
The move will allow eligible companies to express their concurrence and/or consent to certain conditions of the amnesty process to replace the notarized Expression of Interest Form and Amnesty Application Form.
“The SEC has removed the option to file an undertaking to submit the latest due AFS within 90 days from amnesty application, as it is understood the AFS should be ready by September 30, consistent with the SEC and Bureau of Internal Revenue’s prescribed deadlines,” the regulator said.
It said companies that are able to comply with reportorial requirements within the new deadline will be entitled to receive a confirmation of payment, which will be released within 15 working after the date of completion.
The SEC will likewise implement an updated scale of fines and penalties for late and non-filing of the covered reportorial requirements starting Oct. 1.
SEC Chairman Emilio B. Aquino said earlier that the regulator had seen a large number of errant companies filing for amnesty.
He added that more than half of registered firms within the commission’s scope are noncompliant with the SEC’s requirement.
The SEC had initially set the deadline on June 30 through SEC Memorandum Circular No. 2 of 2023. — Adrian H. Halili
