SEC gives corporations 90 days to submit GIS

By : Jigger Jerusalem Mindanao Today/11:59:10am 04/20/2021


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DUE to the extension of enhanced community quarantine in Luzon and the transition to an online submission system, the Security and Exchange Commission - Cagayan de Oro Extension Office extended the submission of General Information Sheet by corporations


DUE to the extension of enhanced community quarantine in Luzon and the transition to an online submission system, the Security and Exchange Commission - Cagayan de Oro Extension Office extended the submission of General Information Sheet by corporations to give them more time to comply with this yearly requirement.


By Jigger J. Jerusalem
DUE to the extension of enhanced community quarantine in Luzon and the transition to an online submission system, the Security and Exchange Commission - Cagayan de Oro Extension Office extended the submission of General Information Sheet by corporations to give them more time to comply with this yearly requirement.
In a notice issued March 31, SEC announced that all stock and nonstock corporations shall will have 90 days from the date of the annual stockholders’ meeting or annual members’ meeting fixed by their by-laws or as determined by the board of directors or trustees to submit their GIS.
“As part of the transition process, this initiative of the Commission is really helpful especially for our clients who are having a hard time submitting their reports via online. We at the CDOEO still considers walk-in submissions particularly for those exceptional cases where the online platform seems not to be working due to some system glitches,” said lawyer Frederick A. Enopia, SEC-CDEO officer-in-charge, in a statement.

For instance, a corporation that held its annual meeting on March 30 will have until June 28 to submit its GIS.

Meanwhile, a corporation originally due to submit the report on or before March 12 will have an additional 60 days, or until May 11, to comply with the requirement.
 
The adjusted deadline applies to stock corporations, which held their annual stockholders’ meetings prior and during the enrollment period for the newly launched SEC Online Submission Tool (OST).
 
The enrollment period opened last March 15 and will close on December 15. Stock corporations are required to enroll in and submit their annual reports through the OST starting this year. Meanwhile, nonstock corporations have until 2022 to enroll in and shift to the OST.

The OST, Enopia said, has been very helpful particularly for these filers who have numerous clients which they are authorized to submit as they would no longer visit and submit the reports physically compared before.

In response to the failed submissions, Enopia said: “We still have accommodated several concerns regarding the failed online submissions and so we advise the filers to attach a screenshot showing the failed attempt to proceed for walk-in submissions. With this, we still require five (5) copies of the report similar to the previous procedure we had. I am extending my message to all the client who have worries that they may not meet the deadline of their reports and the Commission en banc assures you that we at the Commission are very considerate for this transition period.”
 
The adjusted deadline also covers corporations which failed to hold their annual meetings in 2020 and were initially given until January 30, 2021 to submit their GIS.

Accordingly, such corporations will have until April 30 to submit their GIS through the OST for stock corporations or over the counter for nonstock corporations.



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