SEC-BEO REMINDS CORPORATIONS AND PARTNERSHIPS TO SUBMIT MC28 REPORT ON PAIN OF PENALTY
The Securities and Exchange Commission – Baguio Extension Office (SEC-BEO) urges ALL CORPORATIONS AND PARTNERSHIPS to comply with the Memorandum Circular No. 28 series of 2020 requirement, commonly referred to as the MC28 Report, to avoid the penalty of P10,000.00. To date, compliance appears at only 11% – 2,962 out of approximately 27,000 non-stock corporations – within the jurisdiction of SEC-BEO.
In line with our digitalization and digitization initiatives pursuant to government mandates on zero face-to-face transactions and the ARTA law, among others, SEC M.C. No. 28, Series of 2020 (MC28) aims to gather the official and alternate contact information of each corporation and partnership by requesting their designated email address and contact numbers – for practical, convenient and quick dissemination of notices, guidelines and orders from the Commission. The form is readily available for download from the SEC website at www.sec.gov.ph under the Reportorial Requirements tab.
The said Memorandum was issued on 27 October 2020 and designated February 23, 2021, as the original deadline for its submission. The Commission has allowed several extensions in view of health protocols and travel restrictions that have reportedly affected scheduling of meetings between or among corporators, thereby causing a delay in the designation of authorized representatives for purposes of MC 28 compliance.
Aside from the penalty of P10,000.00, registered entities who fail to submit their MC28 Report shall not be issued a Certificate of No Derogatory Information/ Certificate of Good Standing, nor shall its application for amendment be processed, as MC 28 compliance is required for a monitoring clearance.
Each corporation is required to designate the official and alternate email addresses and contact numbers. The form should be signed by the Corporate Secretary or the authorized contact person who shall be in control of the communication channels.
Earlier this year, the Commission launched the MC28 Submission Portal to help entities in remote areas to submit the document even at the comfort of their offices or homes. The portal can be
reached through this link: https://apps010.sec.gov.ph.
For online concerns, you may reach SEC-BEO via email at secbaguio@sec.gov.ph or mobile numbers 09393253657 and 09972355975. (Helen Veryan C. Valdez, SEC-BEO Information Officer) (PR)
