JK&C LIBRARYSEC Memorandum Circular No. 2, s. 2005
Overview
SEC Memorandum Circular No. 2, Series of 2005, dated February 17, 2005, provides corporations with an option to submit certain required reports electronically through the SEC Online Submission Facility. The circular was issued in compliance with Section 27 of Republic Act No. 8792, or the Electronic Commerce Act, and Section 37 of its Implementing Rules and Regulations.
The circular covers corporations required to submit Audited Financial Statements (AFS) duly stamped “RECEIVED” by the Bureau of Internal Revenue within the prescribed period after the end of their fiscal year. These corporations may submit the equivalent electronic document or soft copy through the SEC’s online report submission facility.
Corporations wishing to use the online submission option are required to enter into the applicable Memorandum of Agreement with the SEC and register for online submission. Corporations that are also required to submit financial statement information using the SEC-prescribed diskette format may likewise submit the required information through the online facility.
The circular applies specifically to corporations choosing the online submission option and does not affect corporations that continue to submit hard copies and accompanying diskettes under the applicable SEC rules and regulations. (eLibrary)
Full Text
Overview
SEC Memorandum Circular No. 2, Series of 2005, dated February 17, 2005, provides corporations with an option to submit certain required reports electronically through the SEC Online Submission Facility. The circular was issued in compliance with Section 27 of Republic Act No. 8792, or the Electronic Commerce Act, and Section 37 of its Implementing Rules and Regulations. The circular covers corporations required to submit Audited Financial Statements (AFS) duly stamped “RECEIVED” by the Bureau of Internal Revenue within the prescribed period after the end of their fiscal year. These corporations may submit the equivalent electronic document or soft copy through the SEC's online report submission facility. Corporations wishing to use the online submission option are required to enter into the applicable Memorandum of Agreement with the SEC and register for online submission. Corporations that are also required to submit financial statement information using the SEC-prescribed diskette format may likewise submit the required information through the online facility. The circular applies specifically to corporations choosing the online submission option and does not affect corporations that continue to submit hard copies and accompanying diskettes under the applicable SEC rules and regulations. (eLibrary)
Short Title / Subject
SEC Online Submission Facility for Reports
Full Text
Republic of the Philippines
SECURITIES AND EXCHANGE COMMISSION
SEC Building, EDSA, Greenhills, Mandaluyong City, Metro ManilaSEC
Memorandum Circular No. 2
Series of 2005
TO : ALL REGISTERED CORPORATIONS
RE : SEC ONLINE SUBMISSION FACILITY FOR REPORTS
In compliance with Section 27 of R.A. 8792 known as the "Electronic Commerce Act", Sec. 37 of its Implementing Rules and Regulations, and consistent with the thrust of the government to use ICTI in achieving a more efficient and more transparent governance to further improve the delivery of government services, all corporations required to submit Audited Financial Statements (AFS) duly stamped "RECEIVED" by the Bureau of Internal Revenue within 120 days (105 days for corporations whose securities are registered under the Revised Securities Act or Securities Regulations Code) after the end of the fiscal year as specified in the by-laws, are hereby given the option to submit online the equivalent electronic document (or soft copy) through the SEC online report submission facility.
Accordingly, those who desire to avail for themselves the option offered under this Memorandum Circular shall sign the applicable Memorandum of Agreement with the SEC, and thereafter, register for online submission.
Those corporations opting to submit the AFS online who are likewise required to submit the F/S diskette2 using the SEC-devised F/S template3 shall also have an online facility for submitting the information on the F/S diskette.
This Memorandum Circular shall govern exclusively the online submission of reports of those corporations opting to go online and will not in anyway affect those corporations who prefer to submit the hard copy and the accompanying diskette(s) pursuant to applicable rules and regulations.
This Memorandum Circular shall take effect 15 days after publication in a newspaper of general circulation and/or posting on the SEC Website at the following URL, http://www.sec.gov.ph/
Issued this 17th day of February 2005, at EDSA, Greenhills, Mandaluyong City, Philippines.
FE B. BARIN
Chairperson
1ICT: Information and Communication Technology
2SEC Memorandum Circular No. 02 s. 2001. A copy is available from the SEC Website or at the following URL, http:/fwww.sec.gov.ph/circulars/cy,2001/mc/SEC-Memo-02.htm
3Available for downloading from the SEC Website, particularly under the "Downloads" section
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Source
Official Source: Securities and Exchange Commission
Official URL: https://www.sec.gov.ph/mc-2005/sec-memorandum-circular-no-02-10/#gsc.tab=0
Citation
Securities and Exchange Commission (SEC), Memorandum Circular, SEC Memorandum Circular No. 2, s. 2005, SEC Memorandum Circular No. 2, s. 2005, 2005-02-17
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Source
Securities and Exchange Commission Official source
Citation
Securities and Exchange Commission (SEC), Memorandum Circular, SEC Memorandum Circular No. 2, s. 2005, SEC Memorandum Circular No. 2, s. 2005, 2005-02-17