SyCipLaw Corporate Services Bulletin

The Securities and Exchange Commission (SEC) has
extended the deadline for applications for amnesty for
late and non-filing of annual financial statements (AFS),
general information sheets (GIS), as well as
non-compliance with SEC Memorandum Circular No. 28,
series of 2020 (Requirement for Corporations,
Partnerships, Associations, and Individuals to Create
and/or Designate E-mail Account Address and Cellphone
Number for Transactions with the Commission) (MC28).

This extension was granted through SEC Memorandum
Circular No. 6,Series of 2023, entitled ?Amendment of SEC
MemorandumCircular No. 2, Series of 2023, and Extending
theDeadlineof AmnestyApplications?(SECMC No. 6-2023
or the ?Circular?). The Circular was issued on April 25,
2023, and took effect immediately following the
completion of itspublication in newspapersnationwide.

DeadlineExtension

The SEC extended the deadline for amnesty applications
due to the number of companies expressing interest in
availing the program and the overlap in the submission
dates of reportorial requirements with the Bureau of
Internal Revenue (BIR).

The Circular provided that eligible companies are given
until June 30, 2023, to submit their amnesty applications.
Applicantsmust comply with the complete and correct set
of requirements for the amnesty application within 90
daysfromthe date of payment of the amnesty fee.

AmnestyProgram

The amnesty program is part of the SEC?s efforts to
encourage its supervised entities to comply with their
reportorial requirements under Republic Act No. 11232
or the Revised Corporation Code of the Philippines. It was
launched in March for non-compliant corporations or for
those whose certificates of registration have been
suspended/revoked.

After the extended June 30 deadline, the SEC will
implement an updated scale of fines and penalties for the
late filing and non-filing of the covered reportorial
requirementseffective July 1,2023.

Click on this link for further detailsabout theCircular.

May 2023