PERSONS ON WHOSE BEHALF THE CORPORATION IS REGISTERED, NOMINATORS/PRINCIPALS OF THE NOMINEE INCORPORATORS/FIRST DIRECTORS/TRUSTEES AND SHAREHOLDERS APPLYING FOR REGISTRATION MUST BE DISCLOSED TO THE SEC.
DEADLINE FOR THE SUBMISSION OF FORMS/NOTICES WITHOUT PENALTY IN COMPLIANCE WITH THE REQUIREMENT TO CREATE AND/OR DESIGNATE EMAIL ACCOUNT ADDRESS AND CELLPHONE NUMBER HAS BEEN EXTENDED TO FEBRUARY 21, 2021
THE SEC ALLOWS FINANCING COMPANIES (FC), LENDING COMPANIES (LC), AND ACCREDITED MICROFINANCE NGOS (MF-NGO) A STAGGERED BOOKING OF PROVISION FOR CREDIT LOSSES FOR ANNUAL PERIOD ENDING ON OR AFTER DECEMBER 31, 2020 (TO CONSIDER THOSE WITH FISCAL YEAR-END) FOR A MAXIMUM PERIOD OF FIVE (5) YEARS USING STRAIGHT-LINE AMORTIZATION METHOD TO BE RECOGNIZED IN THE PROFIT OR LOSS.
FOREIGN CORPORATIONS ARE REQUIRED TO DISCLOSE BENEFICIAL OWNERS IN THE GENERAL INFORMATION SHEET; RESIDENT AGENT, COUNTRY OR REGIONAL/AREA HEAD OF THE FOREIGN CORPORATION SHALL EXERCISE DUE DILIGENCE IN OBTAINING, KEEPING, REPORTING AND UPDATING INFORMATION ON BENEFICIAL OWNERSHIP; SEC SHALL IMPOSE PENALTY FOR FAILURE TO COMPLY.
SEC requires corporations, partnerships, associations, and individuals to create and/or designate e-mail account address and cellphone number beginning february 23, 2021; p10,000 penalty for failure to comply.
