SEC guidelines on refund and re-application of fees

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SEC MEMORANDUM CIRCULAR NO. 4, S. 2014: SEC guidelines on refund and re-application of fees

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Title Source: Supreme Court: SEC guidelines on refund and re-application of fees

Law: Sec Memorandum Circular No. 4, S. 2014

Decision Date: Jan 23, 2014

The SEC establishes guidelines for the refund and re-application of filing fees and excess penalties, detailing the conditions under which requests may be made and the limitations on refunds based on the nature of the application and compliance status.

Requirements for Filing Requests

Requests must be in writing and signed by an incorporator, director, partner, or their authorized representative.
Original receipt of payment must support the request.

Refund and Re-Application in Case of Withdrawn Applications

For applications withdrawn prior to approval, only 50% of the filing fees may be refunded or reapplied.

Handling Excess Payment Due to Computation Errors

Full refund or re-application allowed if excess filing fees or penalties arise from computation errors.

Excess Payments Attributable to the Corporation

Refunds or re-application are not allowed if excess fees result solely from the corporation's actions; such fees are forfeited to the Commission.

Excess Penalties Due to Late or Duplicate Submissions

Full refund or re-application of penalties paid twice for the same violation due to late/non-submission of compliance proofs is allowed.

Excess Penalties from System or Recordkeeping Errors

Full refund or re-application of penalties due to inaccurate SEC electronic records is permissible.

Conditions for Re-Application of Payments

Re-application allowed only to the same corporation/partnership’s future transactions, not to affiliates or subsidiaries except for dissolution applications.

Special Provisions on Dissolution Applications

Withdrawn dissolution applications allow 50% refund or re-application.
Approved dissolution applications with excess fees can be refunded or reapplied to the corporation or its affiliates/subs with Supervising Commissioner approval.

Abandoned Applications and Forfeiture

Process involving multiple notices before abandonment is declared for non-compliance.
Filing fees for abandoned applications are forfeited to the Commission.

Authority and Approvals

The Director of CRMD recommends applicability to similar cases.
Financial Management Department (FMD) approval is required for all refunds and re-applications.
The Supervising Commissioner must approve special cases such as application of refunds to affiliates or subsidiaries in dissolution cases.

END