Regulatory Alerts2024-03-27
SEC MC No. 06, Series of 2024: Updated Fines and Penalties on Late and Non-Submission of AFS and GIS
The Securities and Exchange Commission issued Memorandum Circular No. 06, Series of 2024, to implement an updated scale of fines and penalties for the late and non-submission of Audited Financial Statements and General Information Sheets. The circular establishes tiered monetary penalties based on retained earnings or equity brackets and offense frequency, applying distinct computation methods for domestic and foreign stock and non-stock corporations. This regulatory update follows the expiration of the amnesty period under SEC MC No. 2 and aims to enhance compliance monitoring and accurate beneficial ownership data.
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