SEC implements extension for amnesty applications

02 May 2023
The Securities and Exchange Commission (SEC) issues a deadline extension for amnesty applications to various reportorial requirements.

The Securities and Exchange Commission (SEC) has recently announced an extension of the deadline for its grant of amnesty program that was initially issued under Memorandum Circular No. 2 Series of 2023 (or the “SEC Amnesty”) for non-filing and late filing of General Information Sheet (“GIS”) and Annual Financial Statements (“AFS”) and non-compliance with memorandum Circular No. 28, S. 2020 (“MC28”).

The SEC lists the corporations eligible for amnesty found in the link HERE.

To recall, the SEC Amnesty imposed a rate of PHP 5,000 to cover all the violations of corporations who have:

1. Not filed the latest GIS and that of prior years

2. Filed all the GIS late

3. Not filed the latest AFS and that prior years

4. Filed all the AFS late

5. Not complied with MC28

The list of corporations who could avail of the amnesty was published by the SEC, which list also included suspended and revoked corporations.

The original deadline was set for the end of April 2023, but due to the volume of the applications, the SEC has extended the deadline to June 30, 2023. This provided corporations with an additional two months to apply and to take advantage of the grant of amnesty program. 

For more information on the SEC amnesty application deadline, you can check the complete document HERE.