Accounting Alert

Extension of Deadlines and Interim Procedures for the Submission of Printed/Hard Copies of Annual Reports

This Accounting Alert is issued to circulate the recent notice issued by the Securities and Exchange Commission (SEC) relative to the extension of deadlines due to the reimposition of the Modified Enhanced Community Quarantine in the NCR and other parts of Luzon.

The SEC issued a Notice on August 11, 2020 extending the deadline for the submission of printed/hard copies of annual financial statements (AFS) and the General Information Sheet (GIS) and reiterates the interim filing procedures, as follows:

Coverage

The deadlines and filing procedures provided herein shall be observed for the submission of printed/hard copies of AFS and GIS to the SEC Main Office and Extension Offices by the following:

• All corporations with fiscal years ended November 30, 2019, December 31, 2019, January 31, 2020, February 29, 2020, March 31, 2020, April 30, 2020, May 31, 2020 and June 30, 2020; and,
• All corporations which held their annual stockholders'/members' meetings during the prior ECQ and MECQ in NCR and other cities or provinces, where their principal offices are located. 

However, the following corporations shall continue complying with SEC Memorandum Circular Nos. 5 and 17, Series of 2020 in relation to their filing of annual reports:

• Publicly-listed companies (PLCs);
• Issuers of registered securities other than PLCs; and,
• Public companies.

Adjusted Deadlines

1. Annual Financial Statements
   Corporations whose fiscal years ended between November 30, 2019 and April 30, 2020 shall have until the following dates to submit the printed/hard copies of their AFS to the SEC Main Office and Extension Offices.

Corporations with fiscal years ended May 31, 2020 and June 30, 2020 shall likewise have 30 days from the original deadline to submit the printed/hard copies of their AFS, as follows:

2. General Information Sheet
   Corporations, which held their annual stockholders' or members' meetings during the previously imposed ECQ and MECQ, shall have until September 30, 2020to submit the printed or hard copies of their GIS to the SEC Main Office and Extension Offices. 

Modes of Filing

1. SEC Main Office
   Submission to the SEC Main Office shall be made through courier or registered mail only under SEC Express Nationwide Submission (SENS) by accomplishing the application form, printing the generated mailing label, checklist and undertaking form, bringing the printouts and documents to any courier or PhilPost, and paying the corresponding courier fees. 
   Corporations shall submit three (3) copies of each report or four (4) copies should they wish to receive a return copy. Corporations may request for return copies by including in their submissions prepaid return envelopes with stamps or request for plain or authenticated copies of their documents through the SEC Express System after two months from receipt. 
   In view of the reimposition of MECQ in NCR, the transacting public is advised to submit their reports through courier or registered mail only upon easing or lifting of the travel restrictions.
2. SEC Extension Offices
   Corporations headquartered outside NCR may submit the printed/hard copies of their AFS and GIS to the nearest SEC Extension Office in person, subject to any travel restrictions and public health protocols being implemented in the city or province or by the SEC Extension Office concerned.
   Corporations may likewise submit the printed/hard copies of their reports to the SEC Extension Offices through courier or PhilPost without using the SENS facility.
   Corporations shall submit four (4) copies of each report or five (5) copies should they wish to receive a return copy. Corporations may request for return copies by including in their submissions prepaid return envelopes with stamps or request for plain or authenticated copies of their documents from the concerned SEC Extension Office after two months from receipt.
3. Email Submissions (optional)
   Corporations may send in advance the scanned copies of their duly signed and, if applicable, notarized reports through email at the addresses listed in the Notice. The reports shall be considered received on the date stated in the Acknowledgment Receipt that the Commission shall send through email. 
   The printed/ hard copies of the reports, together with the Acknowledgment Receipt, shall still be submitted to the SEC Main Office through SENS or to the SEC Extension Office concerned in person or through courier or mail on or before the adjusted deadlines provided above. Failure to submit the printed/ hard copies of the reports before the deadlines, notwithstanding the submission of the reports through email, shall be subject to penalties.

 

See attached Notice for further details.