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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
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 Commi...
BusinessWorld February 22, 2021 | 6:51 pm By Cesar L. Villanueva The most profound effects of the Revised Corporation Code in the pursuit of corporate governance (CG) reforms in the private corporate sector may be grouped into three areas, namely: First, the granting of statutory foundation to the CG principles and best-practices championed by the Securities and Exchange Commission (SEC) in the private corporate sector, highlighted by the formal recognition of “corporations vested with public interest.” Second, the reconstitution of the SEC as the primary regulatory agenc...
Published February 17, 2021, 6:00 AM The Securities and Exchange Commission (SEC) again warns the public against individuals and groups engaged in unauthorized investment-taking activities disguised as cryptocurrency trading and franchising. In separate advisories issued on February 9, the Commission advised the public to exercise caution when dealing with Jams Mart, Solmax Global Limited and Igniter 100, as well as BitAccelerate. It said all three groups have not secured the necessary licenses to offer securities for sale within the Philippines, as required under the Securities Regulatio...
Published February 17, 2021, 5:00 AM The Securities and Exchange Commission (SEC) has revoked the certificate of incorporation of Chiyuto Creative Wealth Documentation Facilitation Services for operating an unauthorized investment program that resembles a Ponzi scheme. The SEC Enforcement and Investor Protection Department (EIPD) also imposed penalties totaling P9 million against Chiyuto and its single stockholder Patrocenio Calvez Chiyuto, Jr. for administrative violations of the Securities Regulation Code (SRC). In addition, Chiyuto was permanently disqualified from being a director of ot...