Regulatory Alerts2020-05-11
SEC Memorandum Circular No. 18 Series of 2020: Procedures for Filing Audited Financial Statements and General Information Sheets Post-Community Quarantine
The Securities and Exchange Commission issued this memorandum to establish filing procedures for Audited Financial Statements and General Information Sheets following the Community Quarantine while protecting staff from Covid-19 exposure. The directive mandates that corporations submit reports via the SEC Express Nationwide Submission system using couriers or the Philippine Postal Corporation, with specific number coding schedules determining submission dates based on SEC registration numbers. It also outlines electronic filing options prior to hard copy submission, defines asset and liability thresholds for mandatory audit requirements, and sets penalties for late filings starting August 10, 2020.
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