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SEC MC 28-2020: Requirements on Official Contact Information for SEC Transactions

Posted by on February 18th, 2022

The said circular is issued to facilitate and expedite the transmission and receipt of official communications as well enhance the integrity of every transaction. SEC strictly promulgated requirements and guidelines on the applications and submission of the pertinent documents. The email address and cellphone number of persons officially assigned for the purpose are required, as well as an alternate email address, all of which must be valid.

The official contact number, email, and alternate email shall be under the control of the Corporate Secretary, the person responsible for the administration and management of the corporation sole, the Resident Agent of the Foreign Corporation, the Managing Partner, the individual, or the duly authorized representative, depending on the form of business organization.

Section 9 of the said circular requires the submission of a duly signed authorization or certification of authorization for purpose of complying with the notice requirement of administrative due process.

In case of change of email address and cellphone numbers, the request must be filed within 5 days from the date the corporation decided to change. Likewise, if there is double filing, the commission may summon the parties involved to determine the cause and whether there is an intra-corporate dispute exists.

From February 23,2021 onwards, the contact information shall be included in the General Information Sheet or the Notification Update Form, otherwise, the filing shall be considered incomplete. Corporations, partnerships, associations, or persons who fail to submit the email address and cellphone numbers from the said date shall be administratively penalized in the amount of Php 10,000.00.

Attached also is a copy of the Memorandum Circular for your reading pleasure.