SEC Extends Deadline for Filing of Mandatory Disclosure Form

In a notice posted on the SEC official website, www.sec.gov.ph, on February 21, the Commission announced that the deadline for submission of the Mandatory Disclosure Form (MDF) was extended to March 31. This extension is pursuant to the Commission En Banc Resolution made on Thursday, February 27.

All non-stock corporations were previously instructed to submit their MDFs on or before Friday, February 28, before the said extension was announced.

In the said notice, the Commission also clarified that they will only be accepting Mandatory Disclosure Forms that were previously filled out online. Manually filled up forms will not be accepted.

“Only the printed copy of the accomplished MDF form filled out and submitted online with the Declaration/Verification page will be accepted. Failure to submit the said MDF is a ground for the revocation of one’s Certificate of Registration.” SEC informed the public.

According to the Enforcement and Investor Protection Department (EIPD), due to the nature of non-stock corporations’ activities which involve the raising, disbursing, and the cross border movement of funds, non-stock corporations are identified as vulnerable to threats of terrorist financing and money laundering.

The MDF is in compliance with the guidelines for the protection of SEC-registered non-stock corporations from such money laundering or terrorist financing abuse.

SEC-registered non-stock corporations may submit their Mandatory Disclosure Forms at the Receiving Section of the SEC Office. Four sets must be submitted with at least two original copies.