SEC Announces Extension of Deadline for Amnesty Applications

Through an issuance dated 25 April 2023, the Securities and Exchange Commission (“SEC”) extended the deadline of amnesty applications under SEC Memorandum Circular (“MC”) No. 2, series of 2023 until 30 June 2023, provided that:

1. Eligible corporations shall comply with the complete and correct set of requirements under Section 3 of SEC MC No. 2, series of 2023, within 90 days from the date of payment; and
2. The extension shall automatically be applied without the need for a request from covered corporations.

Under SEC MC No. 2, series of 2023, corporations, including branch offices, representative offices, regional headquarters, and regional operating headquarters of foreign corporations and foundations may submit an amnesty application, among other requirements, to obtain amnesty for the following violations: (i) non-filing of General Information Sheet (“GIS”) for the latest and prior years, (ii) late filing of GIS for the latest and prior years; (iii) non-filing of Audited Financial Sheet (“AFS”), including fines for its attachments, for the latest and prior years; and (iv) late filing of AFS, including fines for its attachment, for the latest and prior years. 

The amnesty also covers non-compliance with SEC MC No. 28, series of 2020 of corporations, associations, partnerships, and persons under the jurisdiction and supervision of the commission.