Increased Penalties and Additional Non-Financial Penalties for Non-Compliance with the Beneficial Ownership Disclosure (SEC MC 10-2022)
February 28, 2023
The Philippine Securities and Exchange Commission ("SEC") issued Memorandum Circular ("MC") No. 10, series of 2022 [Amendments to SEC Memorandum Circular No. 15, s. 2019 (The 2019 Revision of the GIS) Increasing the Penalties and Imposing Additional Non-Financial Penalties and Providing Further Guidelines for Submission] dated December 6, 2022 (the "Circular") which became effective on January 1, 2023. The Circular amends SEC MC No. 15-2019 by increasing the penalties and imposing additional non-financial penalties for non-compliance with the required beneficial ownership disclosure in the GIS.
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