ON March 15, 2023, the Securities and Exchange Commission (SEC) issued Memorandum Circular (MC) 2, Series of 2023, granting amnesty for non-filing and late filing of the general information sheet (GIS) and annual financial statement (AFS) and noncompliance with MC 28, Series of 2020.
Under Section 177 (b) of the Revised Corporation Code (RCC), the SEC shall impose fines and/or penalties to regulated entities for failure to file the required reportorial requirements in a timely manner, and may place corporations under delinquent status in case of failure to submit reportorial requirements three times, consecutively or intermittently, within a period of five years.
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