Regulatory Alerts2023-03-15
SEC MC No. 2, Series of 2023: Grant of Amnesty for Non-Filing and Late Filing of GIS and AFS and Non-Compliance with MC No. 28, s. 2020
The Securities and Exchange Commission of the Philippines issued Memorandum Circular No. 2, Series of 2023, granting amnesty on unassessed and uncollected fines and penalties for the non-filing or late filing of General Information Sheets and Annual Financial Statements, as well as for non-compliance with MC No. 28, s. 2020. Eligible entities may avail of a fixed amnesty fee of Php 5,000 for standard violations, a 50% discount on assessed fines for suspended or revoked corporations, and a full waiver of the Php 10,000 penalty for failing to designate official contact details, provided they submit the required reports and comply with the contact designation rule. Applications must be filed through the eFAST portal on or before April 30, 2023, and the amnesty explicitly excludes publicly listed companies, public companies, and entities with intra-corporate or disputed filings.