SEC Amnesty extension in 2023: A chance for delinquent companies to clean their slates
Updated: Oct 30
The Securities and Exchange Commission (SEC) of the Philippines has extended the deadline for its amnesty program for delinquent companies until November 6, 2023. This is the third extension of the program, which was originally scheduled to end on April 30, 2023.
The amnesty program allows delinquent companies to settle their outstanding fines and penalties for non-compliance with mandatory documentary and reportorial requirements, including the filing of General Information Sheets (GIS) and Audited Financial Statements (AFS). Companies that avail of the amnesty will also be granted immunity from prosecution by the SEC.
The extension of the amnesty program is a welcome development for delinquent companies. It gives them more time to prepare their amnesty applications and settle their outstanding obligations. It is also a sign that the SEC is committed to helping companies comply with its requirements.
Who is eligible for the SEC amnesty program?
The SEC amnesty program is open to all corporations, partnerships, and other entities that are registered with the SEC. However, the following entities are not eligible for the program:
Entities that are under suspension or revocation of their registration with the SEC
Entities that are subject to a pending administrative case before the SEC
Entities that have previously availed of the SEC amnesty program
How to apply for the SEC amnesty program
To apply for the SEC amnesty program, companies must first submit an Expression of Interest (EOI) through the SEC's eFAST system. Once the EOI has been approved, companies will be given 30 days to pay the amnesty fee and submit all required documents.
The required documents for the SEC amnesty program include:
A notarized affidavit of the company's president or general manager stating that the company is availing of the amnesty program and that it has provided all truthful and accurate information in its amnesty application
A duly accomplished Amnesty Application Form
Proof of payment of the amnesty fee
Benefits of availing of the SEC amnesty program
There are several benefits to availing of the SEC amnesty program. First, it allows companies to settle their outstanding fines and penalties at a reduced rate. Second, it grants companies immunity from prosecution by the SEC. Third, it helps companies to improve their corporate governance and compliance practices.
The SEC amnesty program is a unique opportunity for delinquent companies to clean their slates and start fresh. Companies that are considering availing of the program should consult with a qualified accountant or lawyer to ensure that they meet all of the eligibility requirements and that their amnesty applications are properly completed.
(SEC Amnesty extension in 2023)