SEC UPDATE AS OF MAY 2023
SECURITIES AND EXCHANGE COMMISSION AMNESTY APPLICATION (EXTENDED!!!)
The Securities and Exchange Commission (SEC) has recently issued SEC Memorandum Circular (MC) No. 6, series of 2023, dated April 25, 2023, extending the deadline of amnesty applications under MC No. 2-2023, until June 30, 2023.
Provided that,
- Eligible shall comply with the complete and correct set of requirements indicated in Section 3 of MC No. 2023-2 within ninety days (90) days from date of payment; and
- The extension shall automatically be applied without the need for a request form.
Non-compliance with item No. 1 shall be construed as a waiver to proceed with the amnesty process, and any payment made shall be forfeited in favor of the Commission.
Also, an updated scale of fines and penalties for the covered reportorial requirements shall be implemented effective July 1, 2023.
