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SEC accepts e-signatures

The Securities and Exchange Commission (SEC) will allow the submission of electronically signed annual financial statements (AFS) by corporations enrolled in the newly launched Online Submission Tool (OST). This is while Metro Manila and nearby provinces are under enhanced community quarantin

Kapa s certificate of incorporation remains revoked

SunStar + April 10, 2021 THE Court of Appeals (CA) has upheld the order of the Securities and Exchange Commission (SEC) revoking the certificate of incorporation of Kapa Community Minis try International for its fraudulent investment taking activities. In an 18 page decision dated March 11, 2021, the CA Special 16th Division held that the SEC validly acquired exclusive jurisdiction over the petition for the revocation of Kapa’s incorporation, heard the petition with due process and subsequently rendered the assailed decision upon solid ground and substantial evidence. The Commission En Banc issued the order of revocation on April 3, 2019 after finding that Kapa had offered and sold securities in the form of investment contracts and in the guise of donations without the necessary license from the SEC and in a manner resembling a Ponzi scheme.

Corporate Governance reforms under the Revised Corporation Code

Corporate Governance reforms under the Revised Corporation Code BusinessWorld 2 hrs ago © Provided by BusinessWorld The promulgation into law of the Revised Corporation Code of the Philippines saw the placing into statutory language, and therefore into a more permanent framework, many of the corporate governance principles and best-practices adopted by the Securities and Exchange Commission (SEC) in the area of publicly listed corporations (PLCs). It should be noted that although the Revised Corporation Code (RCC) has provisions referring to “good corporate governance,” it has not taken a step towards providing for a statutory definition of the term. Consequently, the coverage of the term “corporate governance” under the Revised Corporation Code remains to be that defined under the Corporate Governance (CG) Code for PLCs, thus:

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