The Securities and Exchange Commission (SEC) launched a new initiative to lower penalties for "delinquent" firms and allow them to regain their good standing.
The SEC issued memorandum circular (MC) No. 13 to launch the Enhanced Compliance Incentive Plan (ECIP), which reduces the fines for firms that miss their annual reportorial requirements.
"After the SEC Amnesty Program, the Commission has strictly imposed higher revised fines and penalties to encourage strict and habitual compliance with reportorial obligations and good corporate housekeeping," SEC chairman Emilio Aquino said.
"With the launch of ECIP, we are affording corporations under our supervision another opportunity to remedy their violations at lower fees and restore their good standings."
Firms under "delinquent" status may settle unassessed or unpaid fines and penalties for only P20,000.
"Meanwhile, suspended and revoked corporations, including those with pending petitions for the lifting of the suspension or revocation order issued against them, may settle only 50% of their assessed fines and pay the petition fee of P3,060," the SEC added.
These lower rates to fines and penalties can be applied to the following violations: non-filing of General Information Sheet (GIS) for the latest and prior years; late filing of GIS for the latest and previous years; non-filing of audited financial statements (AFS), whether audited or certified, including fines for the non-filing of the attachments required for certain corporations, for the latest and prior years; and late filing of AFS, including penalties for the late filing of the necessary attachments for certain corporations, for the latest and previous years.
Applications may be submitted until November 30.
"As a regulator, the SEC is committed to ensuring that entities under its supervision comply with all the laws, rules, and regulations applicable to them," Aquino said.
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