QuestionsQuestions (MEMORANDUM CIRCULAR NO. 2)
It requires PLCs to comply with the SEC-prescribed website template as part of the Commission’s drive to promote better corporate governance.
SEC Memorandum Circular No. 11, series of 2014, which prescribed the website template for all publicly-listed companies.
They are directed to comply with the SEC-prescribed website template as one of the requirements before the Registration Statement becomes effective.
Compliance is due within six (6) months from their listing date.
It takes effect immediately.
It may be subject to the penalty provided under SEC Memorandum Circular No. 18, series of 2014.
To promote a better corporate governance environment for PLCs.
The SEC en-banc resolved on 19 December 2017 that companies applying for registration of securities for listing must comply with the website template before the Registration Statement is rendered effective.
It applies to both: existing listed companies must comply within six months from listing date, and companies applying for listing must comply before the Registration Statement becomes effective.
The company’s application for registration of its securities for listing; compliance with the website template must be in place before the Registration Statement is declared effective.
Failure to comply can lead to imposition of the penalties stated in SEC Memorandum Circular No. 18 (2014), as referenced by Memorandum Circular No. 2 (2018).
Circular No. 2 (2018) enforces compliance with the website template originally prescribed in Circular No. 11 (2014), and it ties noncompliance to penalties under Circular No. 18 (2014).