Friday, September 24, 2021

SEC reminds corporations, partnerships to avoid penalty

PURSUANT to the power of the Securities and Exchange Commission (SEC) to promulgate rules to facilitate and expedite among others the submission of reports, notices and documents under the Revised Corporation Code, corporations, partnerships, associations and individuals are required to create and designate official and alternate email address and cellphone number for transactions with the Commission.

The deadline for the submission of the forms/notices pursuant to Memorandum Circular No. 28 is extended until August 31, 2021. The forms may be filed online through the email platform, Filing of the forms/notices beyond August 31, 2021, shall be considered non-compliant and will be subject to penalty in the amount of P10,000.

Covered entities are reminded to be responsible for designating their official or alternate email address and contact number. They are further advised to be mindful of the integrity of the contact details provided in the forms/notices.

A valid official or alternate email address shall pertain to an existing email address, to which the Commission may deliver email messages through the internet and from which the Commission may receive email messages through the internet. On the other hand, a valid or alternate cellphone number shall pertain to an existing mobile phone number from any telecommunications company legally operating in the Philippines to which the Commission may call or deliver short message service (SMS) and from which the Commission may receive SMS or calls.

For questions and assistance with regard to compliance with MC No. 28 series of 2020, clients may call SEC Bacolod Extension Office at 445-5714/13, 09055688256, and 09616035772 or send their queries at or (PR)


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