SEC Further Extends Deadline for Amnesty Applications

On 27 June 2023, the SEC issued Memorandum Circular No. 9, series of 2023 (“MC 9”) which further extended the deadline for amnesty applications under Memorandum Circular Nos. 2 & 6, series of 2023 until 30 September 2023. 

Corporations must signify their intent to apply for amnesty, submit the supporting reportorial documents, and settle the corresponding amnesty fees before 30 September 2023. Failure to completely submit the reportorial requirements within this period will result in the forfeiture of the paid amnesty or filing fees in favor of the SEC. Corporations that are able to upload and submit the correct reportorial requirements, including those reverted for compliance, within the submission period will be issued a Confirmation of Payment.

To further streamline the amnesty application process, the SEC has mandated the use of the Unified Amnesty Application Form in lieu of the notarized Expression of Interest Form and Amnesty Application Form. Such application form is now a web-based form in the Electronic Filing and Submission Tool platform. Moreover, deadline for submission of the Undertaking for Latest Due Audited Financial Statements (“AFS”) within 90 days from date of payment of the amnesty fee shall no longer be applicable, as it is understood that the AFS should be readily available by the end of the extended amnesty period, or until 30 September 2023.

Notably, MC 9 retained the prescribed amnesty rates under MC 2, series of 2023:

1. Corporations not compliant with filing of General Information Sheet (“GIS”), AFS, and Memorandum Circular No. 28, series of 2020 (“MC 28”)

2. Suspended/Revoked Corporations with no MC 28 compliance

3. Corporations whose ONLY violation is non-compliance with MC 28

In view of the extension for amnesty applications, the updated scale of fines and penalties for the covered reportorial requirements shall be implemented by the SEC on 01 October 2023.