SEC ECIP offers incentives to corps

eager to get good standing status

TAGBILARAN CITY, Bohol Sept 27 (PIA)—Are you in a corporation that is Securities and Exchange Commission (SEC)-registered, but have been remiss in the submission of the annual reportorial requirements and also missed availing of the SEC Amnesty program last year?

There is still that chance to get your corporation back to good standing status, even after you accumulated substantial penalties and fines, and may be getting your registrations revoked.

Through the Enhanced Compliance Incentive Plan (ECIP), SEC has rolled out an incentive program allowing corporations which failed to submit their annual reports on time, to restore their good standing, shared SEC 7 Information Officer Dione Drew Diano.

Speaking at the Kapihan sa PIA, Diano said that while SEC registration is for a lifetime, corporate entities need to submit a General Information Sheet (GIS) and Annual Financial Statements (AFS), annually.

And, if by any chance, your entity missed submitting the report requirements in the past years and missed the amnesty for payments of penalties offered last year, ECIP is SEC’s chance for you.

Offered after the successful amnesty program, SEC hopes that by availing of the incentive program, corporations and entities would comply now with the laws, rules and regulations, by paying lower fees and restate being good standing members again.

Under the ECIP, non-compliant corporations, including those placed under “delinquent” status, can settle their unassessed or un paid fines and penalties for only P20,000, Diano said.

Meanwhile, suspended and revoked corporations, including those with pending petitions for lifting of the suspension or revocation order issued against them, they may settle only 50% of their assessed fines and pay the petition fee of P3,060, she added.

To avail of ECIP, corporations authorized representative need to file online an Expression of Interest (EOI) Form and Application for availment of ECIP through e-FAST, which would generate the payment assessment form reflecting the fixed amount of P20,0000 for non-compliant and delinquent corporations, which shall also be paid through the Electronic System for Payment to SEC (eSPAYSEC) which will generate an electronic official receipt.

As soon as payment is settled, the corporation can now submit the due AFS and attached documents and the GIS.

For revoked, and suspended corporations, its rep need to accomplish the EOI thru eFAST, pay the petition fee via eSPAYSEC, submit its latest due AFS and the required attachments, GIS through eFAST.

Then they must also submit Petition to Lift Order of Suspension Revocation,alongside with the supporting documents, to the designated emails addresses depending on its principal address.

Revoked or suspended corporation must then wait for the Payment Assessment Form (PAF) indicating the 50% assessed fines and penalties, which will be sent thru theirregistered email address, as well as the verification of its corporate status.

As mandated by the Corporation Code and the Securities Regulation Code, SEC collects the GIS from corporations, and entities to regulate the corporate sector and the securities markets.

Moreover, SEC, in assistance to the Anti-Money Laundering Council (AMLC) in implementing, detecting and preventing money laundering and terrorist financing in the country, collects AFS.

Speaking at the recent Kapihan sa PIA, Diano said SEC Memorandum Circular No. 2, Series of 2024, provides the 2024 filing of AFS for fiscal year 2023 120 days after December 31, 2023, and according to the last digit of their registration or license number.

As to the GIS, the corporation must file the document within 30 calendar days from the actual annual stockholders’ meeting for stock corporations, from the date of actual annual members meeting for non-stock corporations, and from the anniversary date of the issuance of the SEC license for foreign corporations. (RAHC/PIA-7/Bohol)

ECIP-ISIP. Getting into the hassle of getting your group registered at the Securities and Exchange Commission and then miss the reportorial requirements earning your group accumulated penalties? Think of ECIP, a new SEC program to swing your group back into good standing members. Check SEC website on how to avail of the program, says SEC IO Dione Drew Diano. (PIABohol)