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Category: Security and Exchange Commission

SEC Updates January 25-29 2023

January 23, 2023

BIR PRESCRIBES THE POLICIES AND GUIDELINES ON THE REGISTRATION OF BOOKS OF ACCOUNTS RMC No. 03-2023 All books of accounts shall be registered online with the Bureau’s Online Registration and Update System (ORUS). Instead of manual stamping of books of accounts, a Quick Response (QR) Code shall be generated, which

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SEC Updates December 5-11 2022

December 19, 2022

SEC 2023 SCHEDULE FOR FILING OF THE AUDITED FINANCIAL STATEMENTS AND GENERAL INFORMATION SHEET The SEC has set the deadlines for the filing and submission of the 2022 audited financial statements (AFS) and general information sheet (GIS) of corporations through the Electronic Filing and Submission Tool (eFAST).    Annual Financial

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GUIDELINES ON CORPORATE DISSOLUTION UNDER SECTIONS 134, 136 AND 138 OF THE REVISED CORPORATION CODE.

March 16, 2022

Voluntary Dissolution where no Creditors are Affected (Sec. 134) Initiated by filing a verified request with the Company Registration and Monitoring Department (“CRMD”) or SEC Extension Office, signed by the corporation’s duly authorized representative, stating: Corporate Name, SEC Registration Number, Principal Office and Email Address; Complete Name, Designation and Mailing

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DISQUALIFICATION OF DIRECTORS, TRUSTEES AND OFFICERS OF CORPORATIONS; AND THE GUIDELINES ON THE PROCEDURE FOR THEIR REMOVAL.

March 7, 2022

DISQUALIFICATION OF DIRECTORS, TRUSTEES AND OFFICERS OF CORPORATIONS; AND THE GUIDELINES ON THE PROCEDURE FOR THEIR REMOVAL. (SEC Memorandum Circular No. 04 s. 2022) Under Section 26 of Republic Act No. 11232, or the Revised Corporation Code of the Philippines (“RCC”), a person shall be disqualified from being a director,

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THE SEC EXTENDS THE DEADLINE TO SUBMIT MANDATORY DECLARATIONS UNDER BENEFICIAL OWNERSHIP GUIDELINES TO JULY 31, 2021 (SEC Notice, May 28, 2021)

June 1, 2021

SECURITIES AND EXCHANGE COMMISSION   THE SEC EXTENDS THE DEADLINE TO SUBMIT MANDATORY DECLARATIONS UNDER BENEFICIAL OWNERSHIP GUIDELINES TO JULY 31, 2021 (SEC Notice, May 28, 2021)   BUREAU OF INTERNAL REVENUE   QUARTERLY RETURNS TO BE USED TO REFLECT NEW RATES UNDER CREATE LAW   The BIR prescribes the

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THE SEC EXTENDS THE DEADLINE TO SUBMIT FORMS/NOTICES ON CREATION/DESIGNATION OF E-MAIL ACCOUNT ADDRESSES AND MOBILE PHONE NUMBERS FOR TRANSACTIONS WITH THE COMMISSION UNTIL JUNE 30, 2021

May 25, 2021

THE SEC EXTENDS THE DEADLINE TO SUBMIT FORMS/NOTICES ON CREATION/DESIGNATION OF E-MAIL ACCOUNT ADDRESSES AND MOBILE PHONE NUMBERS FOR TRANSACTIONS WITH THE COMMISSION UNTIL JUNE 30, 2021 The forms/notices of the MC 28, s. 2020 online through email platform MC28_S2020@sec.gov.ph. Filing of the forms/notices beyond June 30, 2021 shall be

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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.

February 6, 2021

The SEC prescribes guidelines in Preventing the Misuse of Corporations for Illicit Activities through Measures Designed to Promote Transparency of Beneficial Ownership. The SEC provides among others: Issuance, sale or offer of bearer shares and bearer share warrants are prohibited. Sale/transfer of shares of stock shall be disclosed and recorded

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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

January 23, 2021

The online submission (via MC28_S2020@sec.gov.ph) of the forms/notices must be done on or before the above-mentioned deadline, while the filing of the hard copies of the said forms/notices shall be optional. Filing of hard copies may be done via submission/appointment to ICTD-ERMD Receiving Unit. For your easy reference, the Circular may

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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.

January 3, 2021

The SEC provides financial reporting relief for FCs, LCs, and accredited MG-NGOs. It allows 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

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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.

November 27, 2020

The SEC revises the General Information Sheet (GIS) of foreign corporations to include beneficial ownership information. All SEC registered foreign corporations are required to disclose their beneficial owners in the GIS. The resident agent, country or regional/area head of the foreign corporation shall exercise the due diligence required in obtaining,

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Bureau of Internal Revenue - Dumlao & Co.
Senate of the Philippines - Dumlao & Co.
Securities and Exchange Commission - Dumlao & Co.
Tax Management Association of the Philippines - Dumlao & Co.
House of Representative - Dumlao & Co.
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