Question & AnswerQ&A (SEC MEMORANDUM CIRCULAR NO. 4, S. 2014)
The request must be made in writing, signed by one of the incorporators or directors of the corporation, or one of the partners of the partnership, or their duly authorized representatives, and supported by the original copy of the receipt of payment of the filing fees or penalties sought to be refunded or re-applied.
Only fifty percent (50%) of the filing fees paid shall be refunded or allowed to be reapplied to future transactions if the application is withdrawn prior to its approval.
Yes, if the excess was due to an error in computation, the total excess amount paid may be refunded or reapplied to future transactions.
No, in such cases, refund or re-application is not allowed and the excess filing fees shall be deemed forfeited in favor of the Commission.
Excess penalties can be refunded or reapplied if they result from late or non-submission of prior compliance documents causing double penalties, unreflected reports or approved applications in the SEC records, or from an error in the computation of penalties.
No, re-application shall be allowed only to future transactions of the corporation or partnership itself, except for applications for dissolution where applicable conditions allow it.
The filing fee paid for abandoned applications, where the corporation or partnership fails to comply with notices regarding deficiencies, shall be deemed forfeited in favor of the Commission.
1st and 2nd Notices of Conference are sent to the registered principal office address. If non-compliance persists, a final conference letter with a warning of abandonment is sent, and if still unheeded, a Notice of Abandonment is duly sent.
All requests are subject to the approval of the Financial Management Department (FMD) of the Commission.
Only fifty percent (50%) of the filing fees paid shall be refunded or allowed to be reapplied to future transactions.
Yes, subject to the approval of the Supervising Commissioner of CRMD, excess filing fees from approved applications for dissolution may be reapplied to future transactions of the corporation/partnership or its affiliates or subsidiaries.