Don’t miss out: SEC’s limited-time amnesty program

The Securities and Exchange Commission (SEC) is encouraging more companies to take advantage of the amnesty program for late and non-filing of certain reports, which is set to close on September 30.

According to the SEC, participating in the amnesty program will allow companies to enjoy a fixed rate of P5,000 for non-compliant corporations, or 50 percent of the total assessed fines for suspended or revoked corporations.

“Non-compliant corporations need only pay a P5,000 fine for failure to submit any of their annual reports, regardless of the number of years they have failed to comply with the requirements,” the SEC said.

“These rates may increase after the amnesty program ends, as the Commission aims to encourage corporations to strictly adhere to their reporting requirements,” it added.

Participating in the amnesty program will also help corporations avoid substantial fines once the program concludes, as explained by the SEC.

The SEC further clarified that the amnesty program serves as a buffer for the Commission and corporations before a new scale of fines and penalties is imposed.

“Once the amnesty program closes, basic penalties for the late and non-filing of GIS, AFS or MC 28 report will increase by as high as 1,900 percent,” it said.

“Corporations in good standing have the potential to attract more investors, as they will be able to prove their legitimacy to the investing public,” the SEC said.

“The badge of legitimacy offered by the SEC will assure potential investors that their hard-earned money is in good hands, while also helping them manage their risk better,” it added.

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