Support Measures

SEC Waives Fines and Other Monetary Penalties for Non-filing and Late Filing of Reportorial Requirements

Republic Act No. 11491, or the Bayanihan Act 2, enumerates response and recovery interventions to mitigate the economic impact of the COVID-19 pandemic in the country. One of the interventions include a directive to the Securities and Exchange Commission ("SEC") and other agencies to provide regulatory relief to affected business activities and transactions.

Pursuant to the directive, SEC issued Memorandum Circular No. 31, Series of 2020 which waives the imposition of fines and other monetary penalties for violations incurred from 14 September 2020 to 19 December 19 2020. These violations refer to non-filing or late filing of General Information Sheets, Audited Financial Statements, and other reportorial requirements that SEC may require, and non-compliance with compulsory notification.