The Securities and Exchange Commission (SEC) recently issued SEC Memorandum Circular No. 2, Series of 2023, providing the Grant of Amnesty for Non-Filing and Late Filing of General Information Sheet (GIS) and Annual Financial Statement (AFS) and Non-Compliance with SEC Memorandum Circular No. 28, Series of 2020 (MC28).
The SEC Amnesty Program provides noncompliant and suspended/revoked corporations the opportunity to clean their records and settle their penalties for non-filing and late filing of their reportorial requirements at a lower cost.
It is open to all corporations, including branch offices, representative offices, regional headquarters and regional operating headquarters of foreign corporations, and foundations.
Corporations, which have failed to file its GIS, AFS and/or MC28 Report on time, in any given year, are strongly encouraged to submit their applications for the SEC Amnesty Program before the deadline on September 30, 2023.
Such corporations may submit their applications through their company accounts on the SEC Electronic Filing and Submission Tool (eFAST) at efast.sec.gov.ph. Should they not have an eFAST account at this time, they must submit their MC28 Report online and enroll in eFAST, then proceed with their amnesty application. For a step-by-step guide, kindly provide the following link to the tutorial video prepared by the SEC: bit.ly/amnestystreamlined.
The SEC enjoins all corporations to grab this opportunity before it implements higher fines and penalties, effective October 1, 2023.