SEC extends deadline for GIS submission

By: Doris C. Bongcac - CDN Digital | April 06,2021 - 12:14 PM

MANDUE CITY, Cebu -The Securities and Exchange Commission (SEC) has announced the extension of the deadline for the submission of the General Information Sheet (GIS) to allow corporations enough time to cope with the implementation of quarantine restrictions and the need to transition to an online submission system.

In a March 31, 2021 advisory, the Commission said that “all stock and non-stock corporations shall have 90 days from the date of the annual stockholders’ meeting or annual members’ meeting fixed in their bylaws or as determined by the board of directors/ trustees to submit their GIS.”

“For instance, a corporation that held its annual meeting on March 30 will have until June 28 to submit its GIS. Meanwhile, a corporation originally due to submit the report on or before March 12 will have an additional 60 days, or until May 11, to comply with the requirement,” says lawyer Alma Marie E. Dalena of the SEC Cebu Extension Office.

The adjusted deadline applies to stock corporations, which held their annual stockholders’ meetings prior to and during the enrollment period for the newly launched SEC Online Submission Tool (OST).

The enrollment period, the SEC advisory said, opened last March 15 and will close on December 15.

“Stock corporations are required to enroll in and submit their annual reports through the OST starting this year. Meanwhile, nonstock corporations have until 2022 to enroll in and shift to the OST.”

The adjusted deadline also covers corporations which failed to hold their annual meetings in 2020 and were initially given until January 30, 2021 to submit their GIS, it added.

“These corporations will have until April 30 to submit their GIS through the OST for stock corporations or over the counter for nonstock corporations.”

Dalena said that the Commission will allow over-the-counter submissions for stock corporations, which encountered problems during their enrollment and submission to the OST, through Cebu’s extension and satellite offices, “provided that filers will present the error message from the OST.”

For your questions and concerns, contact the SEC Cebu Extension Office through its email address: [email protected] or cellphone number 0915-5907180.

/bmjo

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TAGS: ECQ, extends deadline, GIS submission, SEC

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