| SEC MC No. 02-2023 Bulletin The Securities and Exchange Commission (“SEC”) issued Memorandum Circular No. 2, series of 2023, entitled “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” (SEC MC No. 02-2023 or the “Circular”). The Circular took effect on March 17, 2023. It provided the guidelines for availing the amnesty on fines and penalties to be assessed and collected by the SEC for the non-filing and late filing of the General Information Sheet (“GIS”) and/or Audited Financial Statements (“AFS”) for the latest and prior years, and the non-compliance with SEC Memorandum Circular No. 28, series of 2020 (Requirement for Corporations, Partnerships, Associations and Individuals to Create and/or Designate Email Account Address and Cellphone Number for Transactions with the Commission) (“MC28”). COVERED VIOLATIONS An amnesty on the unassessed and/or uncollected fines and penalties by the SEC is granted to all corporations, including branch offices, representative offices, regional headquarters, and regional operating headquarters of foreign corporations and foundations, for the following violations: a. Non-filing of GIS for the latest and prior years; b. Late filing of GIS for the latest and prior years; c. Non-filing of AFS, including fines for its attachments (i.e., Certificate of Existence of Program/Activity, Non-Stock, Non-Profit Organization Forms), for the latest and prior years; d. Late filing of AFS, including fines for its attachments, for the latest and prior years; and e. Non-compliance with MC28. The Circular also covers associations, partnerships, and persons under the jurisdiction and supervision of SEC, that failed to comply with MC28. Read more >> |
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