Regulatory Alerts2022-12-19
SEC Memorandum Circular No. 10, Series of 2022: Amendments to GIS Requirements on Beneficial Ownership
The Securities and Exchange Commission of the Philippines issued this circular to amend the General Information Sheet requirements, mandating SEC-registered corporations to disclose detailed beneficial ownership information to combat money laundering and terrorist financing. The regulation significantly increases financial penalties for non-compliance and false declarations, introduces daily fines for delayed submissions, and imposes personal liability, disqualification, and potential dissolution on corporations and their officers. Additionally, it requires all annual reportorial filings to be submitted exclusively through the Electronic Filing and Submission Tool, eliminating over-the-counter or mail submissions.
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