Scale of Fines for Filing/Submitting the General Information Sheet or Financial Statements Beyond the Prescribed Period
SEC-SMD Memorandum Circular No. 04-93 • Securities and Exchange Commission Departments • Company Registration and Monitoring Department (CRMD) • Aug 19, 1993
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August 19, 1993 SEC-SMD * MEMORANDUM CIRCULAR NO. 04-93 The following modified scale of fines for filing/submitting the General Information Sheet or Financial Statements beyond the prescribed period as mandated by existing rules and regulations by non-stock corporations shall become effective within fifteen (15) days after its publication in a newspaper of general circulation. For strict compliance. (SGD.) ROSARIO N. LOPEZ Chairman MODIFIED SCALE OF FINES FOR NON-STOCK CORPORATIONS FOR LATE FILING OF GENERAL INFORMATION SHEET (GIS) OR FINANCIAL STATEMENTS (F/S) (APPROVED BY THE COMMISSION ON AUGUST 12, 1993) ____________________________________________________________________ FUND BALANCE/EQUITY (Based on Latest Financial Statements) ____________________________________________________________________ UP to 5,000 * Basic Fine plus P10/Month but not to exceed P250 for the yearly GIS & F/S Violations 5,001 10,000 * Basic Fine Plus P10/Month but not to exceed P275 for the yearly GIS & F/S Violations 10,001 50,000 Basic Fine Plus P10/Month but not to exceed P300 for the yearly GIS & F/S Violations 50,001 75,000 Basic Fine Plus P10/Month but not to exceed P400 for the yearly GIS & F/S Violations 75,001 100,000 Basic Fine Plus P15/Month but not to exceed P500 for the yearly GIS & F/S Violations 100,001 300,000 Basic Fine Plus P20/Month but not to exceed P750 for the yearly GIS & F/S Violations 300,001 500,000 Basic Fine Plus P30/Month but not to exceed P1,250 for the yearly GIS & F/S Violations 500,001 1,000,000 Basic Fine Plus P40/Month but not to exceed P1,750 for the yearly GIS & F/S Violations 1,000,001 3,000,000 Basic Fine Plus P50/Month but not to exceed P2,500 for the yearly GIS & F/S Violations OVER 3,000,000 Basic Fine Plus P60/Month but not to exceed P3,500 for the yearly GIS & F/S Violations ____________________________________________________________________ NEGATIVE FUND : Basic Fine /Yr/VLN only, But Total BALANCE/EQUITY : Fine Not to Exceed P200. ____________________________________________________________________
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