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SEC warns non-reporting companies |
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(January 20, 2004 - Tuesday, Manila Bulletin)
By Ana Marie Macuja The Securities and Exchange Commission has issued a show cause order to companies who have failed to submit their reportorial requirements for the last six years (1997 to 2002)to appear before its Company Registration and Monitoring Department and explain why its certificate of registration should not be revoked. |
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The SEC said these companies have failed to submit General Information Sheet (GIS) and Financial Statements as required under Section 141 of the Corporation Code.
This is the latest among the series of show cause orders that the SEC has issued since April of last year warning companies registered under it to comply with the Commission’s reportorial requirements or their certificates of registration will be revoked. The SEC has recently revoked the certificates of registration of some 240,000 corporations registered between 1936 to 1995 due to the same violation. "For failure to comply with the above-mentioned orders, the Certificates of Registration of the corporations named hereunder are deemed revoked. To revive their registration, they may file petition to lift the revocation orders," the SEC said. Beginning April of 2003, the Commission’s Company Registration and Monitoring Department have issued show cause orders to those who continue to fail to submit their reportorial requirements with the SEC. CRMD head Benito Cataran earlier said most of those given notifications are active companies and are even schools and universities. Cataran however said less a dozen have appeared before the CRMD since the first show cause order was released. The drive to revoke the registration of delinquent and inactive corporations is part of the dramatic increase in compliance monitoring which the Commission has achieved in recent years. In 2002 alone, the SEC revoked the registration of 27,982 delinquent and inactive corporations. The SEC expects to improve its efficiency in monitoring companies with the implementation of the Compliance Monitoring and Evaluation System or CMES. CMES will enable online analytical processing of the financial performance of registered entities, as well as provide a mechanism to monitor enforcement actions against non-complying companies. home | latest news |
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