SEC Clarifies Period for Submission of the Sworn Certification Required by SEC Memorandum Circular 18
The Securities and Exchange Commission (“SEC”) issued Memorandum Circular No. 2, series of 2021 (“MC 2-2021”), clarifying the period of submission by Financing Companies (“FC”) and Lending Companies (“LCs”) of the sworn certification of compliance with SEC Memorandum Circular 18-2019 (“MC 18-2019”). MC 2-2021 took effect on 18 February 2021.
Under MC 2-2021, FCs and LCs that were incorporated after 08 September 2019, the effectivity date of MC 18-2019, until the effectivity date of MC 2-2021, shall submit the sworn certification within thirty (30) calendar days from the date of effectivity of MC 2-2021.
On the other hand, FCs and LCs that were incorporated subsequent to the effectivity of MC 2-2021 shall submit the sworn certification within thirty (30) calendar days from the issuance of their Certificates of Authority to Operate as a Financing/Lending Company.
Any violation of MC 2-2021 shall subject the FCs and LCs to penalties prescribed under Section 5 of MC 18-2019.