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SEC Requests Comments on Proposed Revised Fines and Penalties on Reportorial Requirements

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SEC Requests Comments on Proposed Revised Fines and Penalties on Reportorial Requirements

 

On April 26, 2023, the Securities and Exchange Commission (SEC) released a notice advising the public on its resolution to expose the Revised Scale of Fines and Penalties (Revised Scale) related to the submission of reportorial requirements—the Audited Financial Statements (AFS) and General Information Sheet (GIS)—and the penalty for non-compliance with Memorandum Circular No. 28, s. Of 2020 for comments and suggestions.

 

The notice included the revised scale of fines and penalties for the following:

 

  1. Late and Non-Filing of AFS and GIS
    1. Domestic Corporations
      1. Stock Corporations
      2. Non-Stock Corporations
    2. Foreign Corporations
      1. Stock Corporations (Branch, Representative Office, RHQ)
      2. Non-Stock (Branch, Representative Office, RHQ)
      3. Non-Stock Corporations
  2. Non-Compliance with Memorandum Circular No. 28, s. of 2020.

 

The full copy of the notice and the corresponding draft may be found here. 



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