Regulatory Alerts2020-08-25
MC No. 24 s.2020 — Guidelines on Posting of Additional Securities Deposit, Substitution of Securities Deposit, and Change of Resident Agent
The Securities and Exchange Commission extends the deadline for foreign corporations to post additional and substitute securities deposits until October 29, 2020, aligning with the extended submission period for audited financial statements. The Commission further adjusts compliance timelines for the Revised Corporation Code's minimum deposit requirements, setting August 1, 2021, as the commencement date for pre-2019 corporations while mandating immediate adherence for those licensed on or after February 23, 2019. Additionally, penalty fees for applications regarding the change of resident agent are waived if payments are made on or before September 30, 2020.
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