Reports Covered by the Fine Scheme
- Annual Reports
- Tender Offer Reports
- Proxy Statements
- Information Statements
- Quarterly Reports
- Current Reports
- Statements of Beneficial Ownership
Basic Penalties for Late Filing
- Annual Reports: P100,000.00
- Tender Offer Reports: P100,000.00
- Proxy Statements: P100,000.00
- Information Statements: P100,000.00
- Quarterly Reports: P50,000.00
- Current Reports: P50,000.00
- Statement of Beneficial Ownership: Nominal (exact amount not stated)
Penalties for Subsequent Offenses
- Second offense fines increase and are higher than the first offense.
- Third offense fines are higher than the second offense.
- Specific escalated fines:
- Tender Offer Report second offense: P150,000.00, third offense: P200,000.00
- Proxy and Information Statements second offense: P125,000.00, third offense: P150,000.00
- Quarterly and Current Reports second offense: P75,000.00, third offense: P100,000.00
- Statement of Beneficial Ownership second offense: P15,000.00 to P25,000.00 depending on percentage category; third offense: P20,000.00 to P30,000.00
Daily Penalties for Delay
- Fixed amount of penalty imposed per day of delay beyond the filing deadline.
- Usually set at P100.00 per day for most reports.
- For Statements of Beneficial Ownership, daily penalties vary between P50.00 and P100.00 depending on percentage categories (5% and 10%).
Definition of Offenses
- Second and third offenses refer to violations occurring within a 12-month period following the first offense.
Immediate Effectivity
- The memorandum circular took effect immediately upon adoption on March 28, 2001.
Authority and Adoption
- Issued by the SEC Chairman, Lilia R. Bautista.
- Serves as an implementing guideline pursuant to the Securities Regulation Code and its Implementing Rules and Regulations.