photo courtesy of Securities and Exchange Commission’s Facebook Page
On September 29, 2023, the Securities and Exchange Commission (“SEC”) issued Memorandum Circular No. 17 amending previous Memorandum Circulars, which states that the amnesty period is extended from its original deadline of April 30, 2023, to 6 November 2023, and submissions of supporting reportorial requirements up to 4 December 2023. Failure to comply within the period provided warrants the forfeiture of the paid amnesty fees in favor of the SEC.
The one (1) month extension was said to be beneficial for all the stakeholders as it will allow more corporations to complete their applications. For those who have not yet availed of the amnesty, this is the time to pay reduced fines. The extension will also give the SEC more time to assess and evaluate amnesty applications, as well as effectively update its digital database.
The SEC has developed a microsite with updated information and related materials such as a list of Frequently Asked Questions (FAQS) to guide applicants through the amnesty process.
The SEC has also warned that after the amnesty period, an updated scale of fines and penalties shall take effect on 7 November 2023.
Full text of the Memorandum Circular No. 17: https://www.sec.gov.ph/mc-2023/sec-mc-no-17-series-of-2023extension-of-amnesty-applications-until-06-november-2023/
SEC Amnesty Microsite: https://amnesty.sec.gov.ph/
Updated Scale of Fines and Penalties: https://www.sec.gov.ph/notices/request-for-comments-on-the-proposed-revised-fines-and-penalties-on-reportorial-requirements/
