Deadline nears for firms' enhanced compliance plan

The Securities and Exchange Commission (SEC) is urging non-compliant, suspended and revoked corporations to clear their records as the deadline of its Enhanced Compliance Incentive Plan (ECIP) draws near.

- - Richmond Mercurio

The SEC said that corporations have only less than a month left to clear their penalties and avoid higher fines for the late and non-filing of reportorial requirements.

Through the ECIP, eligible corporations are given a chance to regain their good standing and pay penalties at significantly lower rates until Nov. 30.

"With less than a month left before we officially close ECIP, we encourage non-compliant, suspended and revoked corporations to complete their applications to ensure the continuous operations of their businesses," SEC chairperson Emilio Aquino said.

Aquino said that the submission of reportorial requirements is mandated by law and failure to comply could result in the suspension or revocation of corporate registrations.