Updates

SEC e-Filing and other Issuances

To further ease the reportorial compliance of corporations during this time of Enhanced Community Quarantine and Public Health Emergency brought about by COVID-19, the Securities and Exchange Commission issued Memorandum Circular (MC) No. 10 on March 20, 2020 allowing the electronic filing of not only of General Information Sheet, which is already covered by MC No. 9, but Audited Financial Statements and other documents and forms, as well.

Check the following for the complete requirements:

https://lawphil.ph/2020/03/21/gis-filing-in-the-midst-of-covid-19/


https://www.bworldonline.com/sec-accepts-electronic-signature-unnotarized-corporate-filing/




In a Notice dated 30 March 2020, the SEC likewise allowed the remote filing of the monitoring clearance for amendments to articles of incorporation and by-laws. 



Check this out.


Check the following for other SEC Issuances:

https://www.bworldonline.com/sec-suspends-penalties/


SEC MC on BOD meetings and ASM by Remote Communications  




SEC Guidelines on the filing of a complaint for violation of the right of the stockholder to inspect corporate records.


The right of a stockholder to inspect corporate records remains guaranteed even under the Revised Corporation Code.  Pursuant to this, the Securities and Exchange Commission issued Memorandum Circular (MC) No. 25, Series of 2020 providing for the guidelines on the filing, investigation and resolution of complaints for violation of the right to inspect or reproduce corporate records.  Subject to the rule against forum-shopping, the aggrieved stockholder may file a complaint directly with the SEC.  Note, however, that while the stockholder has the right to inspect corporate records, the right is not absolute as any request for inspection may be denied, if it is shown that the same is being done in bad faith or for an unlawful purpose.   



Check these out:

https://www.bworldonline.com/sec-strengthens-stockholders-right-to-inspect-corporate-records/

https://www.sec.gov.ph/mc-2020/mc-no-25-s-2020/