SEC extends deadline for submission of disclosure form

LEGAZPI CITY --- The Securities and Exchange Commission (SEC) has announced the extension for the submission of Mandatory Disclosure Form (MDF) to Mar. 31 this year.

Glorei Allelu N. Lindio, SEC Bicol information officer, said that the extension is to give ample time to non-stock corporations (NSCs) in preparing their MDFs.

All NSCs, including foundations, associations and organizations registered with SEC, are required to submit MDF pursuant to SEC Memorandum Circular no. 25, series of 2019, which prescribes guidelines for the protection of SEC registered Non-Profit Organizations (NPOs) from money laundering and terrorist financing abuse or the “2019 NPO Guidelines”.

Lindio said that in Bicol region, there is a total of 6,734 registered non-stock corporations of which there are 1,908 in Albay, 2,534 in Camarines Sur, 674 in Camarines Norte, 872 in Sorsogon, 312 in Catanduanes, and 434 in Masbate.

Lawyer Norma A. Tan Olaya, SEC – Legazpi Extension Office chief said that the 2019 NPO guidelines is intended as a regulatory framework for the protection of NPOs against money laundering and terrorist financing.

She said that among measures adopted under the said circular is to require all non-stock corporations to submit the MDF, which call for disclosure of relevant information such as finances, sources of funds, projects, activities, beneficiaries and areas of operation of the organization.

These data will be useful in assessing the risk or probability of non-profit organizations to be misused or abused for terrorist financing or money laundering purposes. The SEC may then apply focused measures and risk-based approach in supervision and monitoring to address identified threats of money laundering or terrorist financing.

“Failure to comply with the required submission of the MDF is a ground for revocation of certificate of incorporation of the organization, as provided under Section 9.5 of the “2019 NPO Guidelines,” Olaya said.

“For fast and easy gathering of information, the MDF will be filled out online. Non-stock corporations may refer to the notice posted at SEC website. Completely filled out and signed MDF shall be submitted directly to the Anti-Money Laundering Division (AMLD) of the Enforcement and Investor Protection Department (EIPD) at SEC-Main Office in Manila or to any of the Extension Offices (EOs).

For further inquiry about MDF, non-stock corporations may visit the SEC – Legazpi Extension Office located at 2nd Floor Chiniel (Avon) Building, Rizal Street, Albay District, Legazpi City or call through the mobile number: 0929-883-1917,” she said. (NNL-PIAV/SEC-LEO)