THE Securities and Exchange Commission (SEC) has moved the deadline for registered nonstock corporations to submit the mandatory disclosure form until 30 days after it comes out with new guidelines.
In a notice posted on its website Monday, the country’s corporate regulator said the amendments will be in line with Memorandum Circular No. 15, Series of 2018, or the Guidelines for the Protection of SEC Registered Non-Profit Organizations (NPO) from Money Laundering and Terrorist Financing.
“The new mandatory disclosure form will be used upon effectivity of the amended guidelines. All concerned non-stock corporations are thus advised to await the release of the amended guidelines which will be posted at the commission website,” the SEC said.
The deadline for the submission of the form was originally scheduled on July 31.
Entities who have yet to submit their mandatory disclosure forms may submit their new mandatory disclosure form within 30 days after the new deadline.
A mandatory disclosure form is a six-page form which requires a nonstock corporation to provide information on its respective area of operations, accreditations it has secured from different government bodies, and information on whether it raises funds, as stated in its articles of incorporation.
It further asks for information on actual raising or disbursing of funds for charitable, religious, cultural, educational, social, or fraternal purposes. They must also provide the source of funds and their intended beneficiaries.
The form is part of the commission’s efforts to combat money laundering and terrorist financing.
The NPO Guidelines, published in November 2018, aims to protect nonprofit organizations from money laundering and terrorist financing abuse, and also to enhance the commission’s registration and monitoring system by obtaining the necessary information from such organizations. — Arra B. Francia
