SEC Adopts New Measures in the Filing of Annual Reports of Corporations

On 27 January 2024, the Securities and Exchange Commission (SEC) issued SEC MC No. 02, series of 2024 that adopted new measures in the filing of filing of annual financial statements and general information sheets of corporations with the Commission.

The newly adopted measures include:

  1. The filing of all Annual Financial Statements of all corporations, including branch offices, representative offices, regional headquarters and regional operating headquarters of foreign corporations, whose fiscal years ended on 31 December 2023 should be done through the SEC Electronic Filing and Submission Tool (eFAST). The deadlines for filing will depend on the last numerical digit of the SEC registration or license number of the corporation. However, the filing schedule will not apply to those corporations whose fiscal years end on a date other than 31 December 2023, whose securities are registered but not listed on the PSE, those considered as public companies, and other entities covered under Sec.17.2 of the SRC and whose AFS are being audited by the Commission on Audit (COA). These corporations may view their respective deadlines on the memorandum.Late filing or submissions after the due dates may be accepted starting July 8, 2024, subject to the prescribed penalties computed from the last day of filing.The AFS to be submitted should include the basic components prescribed under Revised SRC Rule 68 with failure to comply, material deficiency or misstatement considered as grounds for the imposition of penalties by the SEC. The memorandum also provides for those that shall submit annual audited financial statements (AAFS), as provided under the general financial reporting requirements stated in Revised SRC Rule 68.
  2. All corporations should file their General Information Sheet (GIS) with the Commission, through eFAST, within 30 calendar days from the specified date, depending on if they are stock, nonstock or foreign corporations.
  3. One Person Corporations (OPC) should file their SEC form for appointment of officers within 15 days from the date of issuance of the OPC’s Certificate of incorporation or within 5 days from when the change was reflected.
  4. eFast is the required platform to be used by all corporations, both stock and nonstock, for the filing of their annual repertorial requirements.  eFAST may be accessed at https://efast.sec.gov.ph/. For other reports not yet accepted through eFAST, these may be submitted through email at ictdsubmission@sec.gov.ph. Submission of reports over the counter, through mail or via courier are no longer accepted. Problems with the submissions of AFS and GIS through eFAST may be addressed to the contact information provided in the SEC Contact Center posted at https://www.sec.gov.ph/contact-us/.

 

The full text of the Memorandum Circular can be found here.

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