SEC urges firms to avail of amnesty program

CEBU CITY, Cebu, October 26 (PIA) -- The Securities and Exchange Commission (SEC) has urged non-compliant corporations to avail of the amnesty program to avoid heavier monetary fines and penalties for the non-submission of reportorial requirements.

The SEC Amnesty Program is a facility that allows delinquent corporations and other covered entities to submit their requirements within the required period before higher fees and penalties come in.

Through the amnesty program, corporations will have a form of reprieve from the bigger fines due to late and non-filing of requirements, such as their General Information Sheet (GIS) and Annual Financial Statement (AFS).

The program can also be availed of by those suspended or revoked corporations with no Memorandum Circular (MC) No. 28 compliance and corporations whose only violation is non-compliance with Memorandum Circular No.28, Series of 2020.

According to the SEC, all corporations - both domestic and foreign - including foundations and associations, partnerships, and persons under the SEC's jurisdiction and supervision, can apply for the amnesty program.

These firms can start processing their amnesty program application through the SEC Electronic Filing and Submission Tool (eFAST), an online facility to be used for submitting the AFS, GIS, and other reportorial requirements.

All SEC-registered corporations are encouraged to enroll in eFAST so they can access and submit their reports through the system.

They can process their payments and transaction fees through the Electronic for Payment to SEC (eSPAYSEC), where they can pay via digital wallets and other cashless payment options.

By availing of the amnesty program, corporations that are not compliant with the filing of GIS, AFS, and MC28 will only pay a fine of P5,000, while suspended and revoked corporations will only pay petition fees amounting to P3,060, and 50% of the assessed fines for the late and non-filing of AFS and GIS.

The SEC has extended the deadline for amnesty applications until November 6, while the deadline for the submission of additional requirements is until December 4.

Corporations can apply for the amnesty program by visiting amnesty.sec.gov.ph. (RGC/PIA7 Cebu with reports from the SEC)

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