The Securities and Exchange Commission has extended the deadline for amnesty applications for late and non-filing of annual financial statements, general information sheet and official contact details to end September.
The agency is also streamlining amnesty applications by adopting a unified amnesty application form, a web-based form available on the electronic filing and submission tool that allows eligible companies to express their concurrence and consent to certain conditions of the amnesty process.
The new form replaces the notarized expression of interest and amnesty application forms previously required.
Companies not in compliance with SEC Memorandum Circular No. 28, Series of 2020 should submit Annex D of the circular using the MC 28 submission portal. Applicant must accomplish the web-based form to signify intent to avail of the amnesty.
The SEC has also removed the option to file an undertaking to submit the latest due financial statement within 90 days from amnesty application, as it is understood it should be ready by September 30, consistent with the SEC and Bureau of Internal Revenue’s prescribed deadlines.
Corporations able to submit the correct reportorial requirements, including those reverted for compliance, within the submission period or until September 30 are considered to have undergone the complete process and entitled to receive a confirmation of payment; otherwise, the payment of amnesty fees is forfeited.
Confirmation of payment will be released within 15 working days from the date of complete submission of reportorial requirements.
“Refunds of amnesty fees for non-compliant companies will not be accommodated. For suspended and revoked corporations, the petition fees cannot be refunded but it will be re-applied to the payment of the 50 percent of assessed fees,” the SEC said.
The SEC launched the grant of amnesty program for non-compliant and suspended or revoked corporations on 15 March through SEC Memorandum Circular No. 2, Series of 2023.
The SEC will be implementing an updated scale of fines and penalties for late and non-filing of the covered reportorial requirements starting 1 October this year.
