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SEC – CFD
MEMORANDUM CIRCULAR NO. 001
Series
of 2001
TO
:
All Registered or Publicly Listed Companies
SUBJECT
:
Scale of Fines
Pursuant to Republic Act No. 8799, otherwise known as the Securities Regulation
Code (SRC), and its implementing Rules and Regulations, the following scale of
fines shall be imposed for late filing of reports by reporting corporations
enumerated in Section 17.2 thereof:
|
Reports
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Basic
Penalty
|
Penalty
for everyday of Delay |
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First
Offense
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Second
Offense
|
Third
Offense
|
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Annual
Report
|
P100,000.00
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|
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P100.00
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Tender
Offer Report
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P100,000.00
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P150,000.00
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P200,000.00
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P100.00
|
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Proxy
Statement
|
P100,000.00
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P125,000.00
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P150,000.00
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P100.00
|
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Information
Statement
|
P100,000.00
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P125,000.00
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P150,000.00
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P100.00
|
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Quarterly
Report
|
P
50,000.00
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P
75,000.00
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P100,000.00
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P100.00
|
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Current
Report
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P
50,000.00
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P
75,000.00
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P100,000.00
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P100.00
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Statement of Beneficial Ownership
|
|
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|
|
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Nominal
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P10,000.00
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P15,000.00
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P20,000.00
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P50.00
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5%
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P20,000.00
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P25,000.00
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P30,000.00
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P50.00
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10%
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P50,000.00
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P75,000.00
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P100,000.00
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P50.00
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Whenever applicable, the second and third offenses shall refer to
subsequent violations within a 12 month period from the first offense.
This memorandum
circular shall take effect immediately.
March 28, 2001
Mandaluyong City, Philippines.
For
the Commission
Original
Signed
LILIA R. BAUTISTA
Chairman
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