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SEC Grant of Amnesty for Non-Filing of Reportorial Requirements

Under current regulations, entities registered with the Securities and Exchange Commission (“SEC”) are required to comply with certain reportorial requirements. Failure to comply with these requirements within the prescribed deadlines will generally result in fines of PHP5,000 to PHP10,000, depending on the violation, and/or other penalties including assignment of delinquent status and eventual revocation of license or registration issued by the SEC. To encourage compliance with these reportorial requirements, on 16 March 2023 under Memorandum Circular (“MC”) No. 2-2023 (the “Circular”), the SEC granted an amnesty for fines and penalties not yet assessed and/or already assessed but not yet paid for the non-filing and late filing of the following reportorial requirements for the…To read the article, please see the PDF file

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Michelle’s practice covers advising on various M&A and joint venture transactions across a large range of industries including IT, manufacturing, finance, real estate, retail trade, and energy. She also regularly advises clients on other corporate and commercial matters such as licensing, doing business, labour, data privacy and protection, and regulatory compliance. Prior to joining N&A, Michelle was a lawyer with one of the top law firms in the Philippines. Through her experience, she gives clients invaluable insights into Philippine culture and enhances their understanding of the legal and commercial practices in the country, making clients better equipped to do business in the Philippines.