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SEC extends GIS deadline submission

The Securities and Exchange Commission has extended the deadline for the submission of the general information sheet (GIS) to allow corporations to cope with the new rounds of enhanced community quarantine, and the transition to an online submission system.

In a notice issued on March 31, the commission announced that all stock and nonstock corporations shall have 90 days from the date of the annual stockholders’ meeting or annual members’ meeting fixed in their bylaws, or as determined by the board of directors/ trustees to submit their GIS.

For instance, a corporation that held its annual meeting on March 30 will have until June 28 to submit its GIS.

Meanwhile, a corporation originally due to submit the report on or before March 12 will have an additional 60 days, or until May 11, to comply with the requirement.

The adjusted deadline applies to stock corporations, which held their annual stockholders’ meetings prior to and during the enrollment period for the newly launched SEC online submission tool (OST).

The enrollment period opened on March 15 and will close on Dec. 15. Stock corporations are required to enroll in and submit their annual reports through the OST starting this year.

Meanwhile, nonstock corporations have until 2022 to enroll in and shift to the OST.

The adjusted deadline also covers corporations that failed to hold their annual meetings in 2020 and were initially given until Jan. 30, 2021 to submit their GIS.

Accordingly, such corporations will have until April 30 to submit their GIS through the OST for stock corporations or over-the-counter for nonstock corporations.

The SEC will allow over-the-counter submissions for stock corporations, which encountered problems during their enrollment and submission in the OST, provided that they present the error message from the OST, in accordance with Section 11 of SEC Memorandum Circular No. 3, series of 2021.

For the submission of annual reports and other documents, the SEC Electronic Records Management Division will only accommodate those with confirmed appointments.

Meanwhile, the SEC Company Registration and Monitoring Department will only offer the following services on site: receiving of applications, releasing of certificates, certificate typing/ printing, stamping of books, and preparation of source documents. For inquiries and other concerns, the public may reach the relevant department or office during office hours through the email addresses and phone numbers provided in the SEC Contact Center posted on the commission’s website and official Facebook page.*PR

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