• CHERYL G. CRUZ
The Securities and Exchange Commission (SEC) has granted a final one-month extension for amnesty applications of non-compliant and suspended, or revoked corporations, before it implements a new scale of fines and penalties.
Corporations that have incurred penalties for the late and non-filing of their annual financial statements (AFS), general information sheets (GIS), and official contact details will have until Nov. 6 to file their amnesty applications, per SEC Memorandum Circular 17, series of 2023.
Corporations may avail of amnesty by accepting the web-based Expression of Interest form on their SEC Electronic Filing and Submission Tool (eFAST) accounts. Those that will successfully file their amnesty applications by Nov. 6 must then submit the complete set of amnesty requirements through eFAST by Dec. 4, the SEC said.
“The Commission has extended the amnesty period from its original deadline of April 30 to allow more eligible corporations to file their respective amnesty applications and pay the corresponding amnesty fees,” SEC chairperson Emilio Aquino said in MC 17 dated Sept. 28.
This final extension of the amnesty period will allow the Commission to comprehensively determine and identify corporations which consistently or intermittently fail to submit their reportorial requirements, and to consequently declare them under delinquent status, Aquino said, adding that “such extension is a compassionate allowance for non-compliant, suspended, or revoked corporations to update their corporate status or, otherwise, be subjected to higher fines and penalties for certain reportorial requirements”. | CGC
