Securities and Exchange Commission
The Securities and Exchange Commission (SEC) issued the following:
SEC Memorandum Circular (MC) No. 28, Series of 2020 dated 27 August 2020, providing for the requirements for corporations, partnerships, associations and individuals to create and/or designate an email address and a cellphone number for transactions with the SEC.
For future applications and applications still pending with the Company Registration and Monitoring Department (CRMD), the official email address and cellphone number should be either indicated in the filled out registration forms or submitted within 30 days from the issuance of the certificate of registration, license or authority.
The corporation, association, partnership or individual must also submit .proof of the authorized representative’s authority (i.e. special power of attorney or secretary’s certificate) to control the email addresses and cellphone numbers and to sign and file the Submission, Authorization/Certificate of Authorization and/or Certification.
The MC was published on 31 October 2020 in the Philippine Star and Manila Times
SEC Notice dated 04 November 2020 provides that the online submission of forms/notices pursuant to SEC MC no. 28 series of 2020 shall be filed through the email MC28_S2020@sec.gov.ph.
Hard copies of forms/notices must be filed through the SEC’s Electronic Records Management Division (ERMD) at the SEC Main Office, Secretariat Building, PICC, Pasay City.
Filing procedures of documents during the Community Quarantine Period are provided here.
SEC MC No. 30 Series of 2020 dated 13 October 2020 providing for the revision of the General Information Sheet (GIS) of Foreign Corporations to include Beneficial Ownership.
o Failure to disclose without any lawful cause, the beneficial owner, the foreign corporation shall be penalized in accordance with Section 11 (i) of SEC MC No. 15, Series of 2019
o Failure of the Resident Agent, Country Head/Area/Reginal Head of the foreign corporation to exercise the due diligence required to ensure compliance with the requirement to disclose beneficial ownership information resulting that no beneficial owner(s) were timely disclosed in the GIS or the non-submission of the GIS shall be penalized in accordance with Section 11 (ii) of SEC MC No. 15, Series of 2019
o The above penalties are without prejudice to the imposition of other applicable penalties.
The MC was published on 5 November 2020 in the Philippine Star and Manila Times.
(ERRATUM to Special InTAX: November 2020 Issue 1 | Volume 2, The word “resignation” in first salient point should be read as “retirement”, hence, it reads as: RB received under a registered retirement plan, even if it lacks one of the conditions such as length of service, are exempt from income tax, provided that the date of retirement and receipt of the RB is within the covered period.)