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The Securities and Exchange Commission (SEC) has set deadlines for corporations to submit their audited financial statements (AFS) and general information sheets (GIS) via the electronic filing and submission mechanism (eFAST).

SEC Memorandum Circular No. 2, series of 2022, which establishes the filing schedules for annual financial statements and general information sheets, was released by the Commission on February 8.

All stock and nonstock businesses must file their annual reports online through eFAST, formerly known as the online submission tool, at https://cifss-ost.sec.gov.ph, beginning this year.

Previously, during the initial rollout of eFAST in March 2021, only stock corporations were required to submit their annual reports online.

Initially, non-stock firms had the option of submitting printed copies of their reports.

Deadlines

All corporations, including branch offices, representative offices, regional headquarters, and regional operating headquarters of foreign corporations, must file an AFS based on the final digit of their SEC registration or license number if their fiscal year ends on December 31, 2021:

1 and 2: July 1 to 15; 3 and 4: July 16 to 31; 5 and 6: August 1 to 15; 7 and 8: August 16 to 31; 9 and 0: September 1 to 15; 1 and 2: July 1 to 15; 3 and 4: July 16 to 31; 5 and 6: August 1 to 15; 7 and 8: August 16 to 31; 9 and 0: September 1

The coding timetable will also be implemented by SEC extension offices.

Corporations are allowed to file their reports on or before the due date.

Meanwhile, if your fiscal year ends on a date other than December 31, 2021, you must file your AFS within 120 calendar days of the conclusion of your fiscal year.

Broker-dealers whose fiscal year ends on December 31 must file their annual report based on the last numerical digit of their registration number as prescribed by the Commission, while those whose fiscal year ends on a date other than December 31 must file 110 calendar days after the close of their fiscal year.

Corporations whose securities are listed on the Philippine Stock Exchange and are subject to Section 17.2 of Republic Act 8799, or the Securities Regulation Code (SRC), are encouraged to file their AFS as an attachment to their annual reports by the due date, which is 105 calendar days after the end of their fiscal year.

Due to the existing circumstances, such businesses will be permitted an extension to file their annual reports until May 15, 2022.

Corporations whose AFS are being audited by the Commission on Audit (COA) are exempt from the coding schedule if they attach to their AFS a duly signed affidavit attesting that they timely provided the COA with the financial statements and supporting documents and that the COA audit has just been completed, as well as a letter from the COA confirming such information.

Starting September 16, 2022, the Commission will accept late filings.

Late-filing corporations will be subject to statutory fines, which will be calculated from the last day of this filing schedule.

Failure to comply with the formal requirements set out in amended SRC Rule 68 will be considered sufficient cause for the SEC to impose penalties.

The Commission’s acceptance and receipt of the financial statements are without prejudice to such sanctions.

The GIS, on the other hand, must be filed within 30 days of the actual annual shareholders’ meeting for stock corporations, the actual annual members’ meeting for non-stock corporations, and the anniversary date of the SEC license issuing for foreign businesses.

Online submissions are accepted.

Through eFAST, all corporations must submit their annual reportorial requirements online. Reports filed using eFAST will no longer require hard copies.

Before submitting reports to the system, corporations and their authorized filers must first join in eFAST.

They have until March 31, 2022, to complete their enrollment, which includes submitting a board resolution authorizing the corporation’s representative to file reports on its behalf, as well as a copy of their completed GIS form version 2020 or their submission in accordance with SEC Memorandum Circular No. 28, Series of 2020. (MC 28).

The newly opened MC 28 submission site at https://apps010.sec.gov.ph/ should be used to ensure compliance with MC 28.

Email and in-person contributions are no longer accepted by the Commission.

Reports submitted over the counter, by mail, or by courier via SEC Express Nationwide Submission (SENS) are no longer accepted.

Manually signed or digitally signed reports must be scanned or digital copies of all reports submitted through eFAST. The filer’s signatory or authorized signatory is responsible for ensuring the integrity and authenticity of the documents’ e-signature.

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