Scale of Fines
SEC-CFD Memorandum Circular No. 01-01 • Securities and Exchange Commission Departments • Corporate Governance and Finance Department (CGFD) • Mar 28, 2001
Full text
March 28, 2001 SEC-CFD MEMORANDUM CIRCULAR NO. 01-01 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: Basic Penalty Penalty for everyday of Reports First Offense Second Offense Third Offense Delay Annual Report P100,000.00 P100.00 Tender Offer Report P100,000.00 P150,000.00 P200,000.00 P100.00 Proxy Statement P100,000.00 P125,000.00 P150,000.00 P100.00 Information Statement P100,000.00 P125,000.00 P150,000.00 P100.00 Quarterly Report P50,000.00 P75,000.00 P100,000.00 P100.00 Current Report P50,000.00 P75,000.00 P100,000.00 P100.00 Statement of Beneficial Ownership Nominal P10,000.00 P15,000.00 P20,000.00 P50.00 5% P20,000.00 P25,000.00 P30,000.00 P50.00 10% P50,000.00 P75,000.00 P100,000.00 P50.00 Whenever applicable, the second and third offenses shall refer to subsequent violations within a 12-month period from the first offense. EcICSA This memorandum circulars shall take effect immediately. March 28, 2001 Mandaluyong City, Philippines. For the Commission: (SGD.) LILIA R. BAUTISTA Chairman
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