Securities and Exchange Commission

SEC

General Information Sheet

GIS

Audited Financial Statement

AFS

COVID-19

Enhanced Community Quarantine

ECQ

SEC issues guidelines for filing of GIS and extends deadline for filing of AFS

The Securities and Exchange Commission has released guidelines and extended the deadline for filing of the GIS and AFS respectively in light of the COVID-19 outbreak and enhanced community quarantine. 

Client Alert - 3 April 2020

Dear valued client,

The Securities and Exchange Commission ("SEC") has released guidelines for a company's filing of its General Information Sheet ("GIS") in light of the COVID-19 outbreak and enhanced community quarantine as follows.  

Situation

When to file GIS

If the annual meeting was held and the directors, trustees, and officers were elected

GIS should be submitted within 30 days from actual meeting through:

  • mail (ordinary or registered); or

  • private courier; or

  • email to: (a) mlmliwanag@sec.gov.ph; (b) mdtmabuyo@sec.gov.ph; or (c) cmdnotice@sec.gov.ph

If the annual meeting is scheduled between 1 March 2020 and 31 May 2020 but was not held due to (a) health and safety reasons in relation to the COVID-19 disease and the corporation has no facilities for remote communication; or (b) for any other reason

The non-holding of the annual meeting should be reported to the SEC within 30 days from the original meeting date through the above-mentioned means.

The notice should already specify the new date for the annual meeting which is within 60 days from the originally scheduled date.

The complete guidelines may be found here.

The SEC has also extended the dealine for the filing of the audited financial statement ("AFS") for the period ended 31 December 2019 for the same reasons, as follows:

Nature of corporation

New deadline

For companies doing domestic operations only

On or before 30 June 2020

For companies with domestic and foreign operations

On or before 30 June 2020 or 60 days from the date of lifting of travel restrictions/ban by the government, whichever comes later

The relevant SEC issuance may be found here. The AFS should be accompanied by a sworn certification signed by the company's President, Treasurer and external auditor in the format required by the SEC issuance.

How this affects you

Despite the difficulty caused by the COVID-19 outbreak, make sure that your business complies with the regulatory requirements of the SEC for filing the GIS and AFS to avoid penalties.

For the GIS, make sure you timely submit the same (if the annual meeting pushes through) or notify the SEC if you are unable to hold your annual meeting on the original meeting date. For the AFS, if you wish, your business can take advantage of the extended deadlines to better prepare its AFS.

Regards,

The Legal Tree team
Mobile: +63 908 633 5638
Email: CustomerSupport@legaltree.ph
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Website: www.legaltree.ph