Regulatory Alerts2020-11-09
MC No. 31 s.2020 — Non-Imposition of Fines and Other Monetary Penalties for Non-Filing, Late Filing and Failure to Comply with Compulsory Notification and other Reportorial Requirements
The Securities and Exchange Commission of the Philippines issued this memorandum circular to implement regulatory relief mandated by Republic Act No. 11494 for business entities during the community quarantine. The directive suspends the imposition of fines and monetary penalties for non-filing, late filing, and failure to comply with compulsory notification and reportorial requirements, specifically covering violations incurred between September 14, 2020, and December 19, 2020. This exemption applies to General Information Sheets, Audited Financial Statements, and other reportorial requirements for both local and foreign corporations, excluding specific matters regarding securities deposits and changes of resident agent.
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