MANILA, Philippines — The Securities and Exchange Commission plans to revise the procedures for the filing of amendments and petitions falling under the jurisdiction of the SEC’s Company Registration and Monitoring Department (CRMD).
In a notice, the SEC said there is a need to streamline the procedures as the current processes have resulted in voluminous records and clogged cases, as well as pending applications at the CRMD.
The current practice of pre-processing of petitions and applications filed by corporations before the CRMD will be discontinued.
These include applications and petitions for increase of authorized capital stock; amendment of Articles of Incorporation; amendment of license of foreign corp.; creation of additional paid-in capital; certification of paid-up capital; reclassification of par value of shares; revision of corporation; dissolution; lifting of revocation or suspension, inspection of corporate records; revocation of corporate registration; and change of name.
Instead of the usual process, the SEC will require corporates to submit an initial set of supporting documents that must be submitted together with the particular type of application or petition.
For applications for the increase of authorized capital stock, CRMD shall initially verify the completeness of the forms submitted.
The initial documents shall include the cover sheet for amendment; directors’ certificate; Amended Articles of Incorporation; certificate of increase of capital stock; treeasurer’s affidavit; certificate of no intra corporate dispute; monitoring clearance from Compliance Monitoring Division (CMD), financial analysis and audit division and, as the case may be, Markets and Securities Regulation Department or Corporate Governance and Finance Department.
Applications or petitions with incomplete documentary requirements shall be returned to the applicant or petitioner.
Stakeholders may submit their comments on the proposed changes on or before Sept. 15.