Regulatory Alerts2023-10-26
SEC MC No. 19, Series of 2023 — Guidelines on Declaration of Delinquent Status and Revocation of Certificate of Registration of Corporations under Sections 21 and 177 of the Revised Corporation Code
The Securities and Exchange Commission issued Memorandum Circular No. 19, Series of 2023 to establish guidelines for declaring corporations delinquent and revoking their certificates of registration. These guidelines operationalize Sections 21 and 177 of the Revised Corporation Code by detailing the procedural requirements for identifying non-compliant entities. The regulation aims to streamline the enforcement mechanisms for corporate registration violations and ensure stricter adherence to statutory obligations.
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