Have you checked the validity of your Securities and Exchange Commission (SEC) license recently?

If not, better ask your trusted officer if the corporation that you lead or own has submitted the following documents based on this schedule:

Corporations with secondary licenses such as investment houses, finance companies, pre-need firms, stock brokerages and public companies are required to submit additional periodic reports. Failure to do so for 5 consecutive years can be grounds for revocation.

There have been instances when corporations only find out about this when applying for a business loan. So better make sure that you comply with SEC requirements. Penalties range from P300 to P4,000 for the 1st offense to P2,000 to 16,000 for the 3rd offense, depending on the size of the company. A 4th offense would mean an increase in the fines to twice the fines for the 3rd offense. Subsequent delinquency would lead to revocation.

What can your company do to reintstate your SEC license?

Although ignorance of the law excuses no one, SEC opted to take a liberal approach in restoring the registration of the affected corporations provided certain conditions are met.

• A company must pay the penalties that may be due for failure to file the reports
• The records of the corporation will be reviewed by a SEC examiner to determine the penalty
• After paying the fine, the corporation should file a Petition to Lift Order of Revocation with the SEC’s Office of the General Counsel and explain its inability to submit the reports within the prescribed periods. The petition must be accompanied by a certificate expressing the director’s desire to renew the corporation’s registration signed by all the memberes of the Boaard of Directors (for stock corporations) or Board of Trustees (for non-stock corporations)

Among the supporting documents that must be submitted are those whose non-submission may have caused the revocation:

• Latest General Information Sheet (GIS) accomplished in full, complete with names, addresses and tax identification numbers of the corporation and its directors, officers and stockholders
• Audited Financial Statements (AFS) with the treasurer’s signature. However, if the stock corporation’s paid-up capital is at least P50,000, it should be signed by an accountant

Dear Valued Clients,

Starting October 1, 2009, PSBank ATM and PSBank Flexi/Money Card cardholders who withdraw from Metrobank ATMs will be charged P2.50 per transaction. This is lower than the standard P10.00-P11.00 withdrawal fee charged by other banks.

Thank you for your continued patronage.