SEC Extends Amnesty Application until 06 November 2023

On 28 September 2023, the Securities and Exchange Commission (“SEC”) issued Memorandum Circular No. 17, series of 2023 (“MC 17”) which further extended the deadline for amnesty applications under Memorandum Circular Nos. 2, 6, and 9 series of 2023 until 06 November 2023. 

With the issuance of MC 17, corporations have until 6 November 2023 to signify their intent to apply for amnesty and settle the corresponding amnesty fees.

Non-compliant corporations that shall have uploaded and submitted the correct reportorial requirements, i.e., their latest due General Information Sheet (“GIS”) and Audited Financial Statement (“AFS”), including those reverted for compliance, within the submission period or until 04 December 2023, shall be considered to have completed the amnesty application process and may, thus, be entitled to a Confirmation of Payment (“COP”) which shall be downloadable via SEC Electronic Filing and Submission Tool (“eFAST“).

Corporations whose Certificates of Incorporation have been suspended or revoked, their respective Petitions to Lift Order of Suspension/Revocation shall be uploaded and submitted along with their latest due GIS and AFS within the submission period, or until 04 December 2023.

In view of this extension, the updated scale of fines and penalties for the covered reportorial requirements shall be implemented on 07 November 2023.

For updated information and relevant materials (e.g., Frequently Asked Questions) regarding the amnesty program, and to guide applicants through the process, all applicants are referred to the SEC Amnesty Microsite at https://amnesty.sec.gov.ph/.