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Non-profit entities ordered: Submit MDF ASAP

The Davao Extension Office of the Securities and Exchange Commission (SEC) has called on non-profit organizations (NPOs) to immediately submit their Mandatory Disclosure Form (MDF) in accordance with SEC Memorandum Circular No. 25, Series of 2019 or the 2019 Guidelines for the Protection of SEC Registered Non-Profit Organizations from Money Laundering and Terrorist Financing Abuse (2019 NPO Guidelines), which was approved by SEC Commission En banc during its meeting on December 10, 2019. Failure to submit may result in the revocation of their registration.

“This order is necessary to ensure that non-profit entities subject to SEC’s supervision and registration are not organized or used for purposes which are contrary to law,” said OIC Director Atty. Katrina Jamilla Ponco-Estares.

NPOs are SEC registered non-stock entities, including foundations, that engage in raising as well as disbursing of funds for activities like charity, religion, culture, education and similar undertakings.

The 2019 NPO Guidelines establishes the necessary regulatory framework for the protection of SEC registered non-profit organizations from money laundering and terrorist financing abuse in accordance with the Commission’s mandate to assist in the implementation of the Anti-Money Laundering Act and the Terrorist Financing Prevention and Suppression Act and their respective Implementing Rules and Regulations.

The 2019 NPO Guidelines allows NPOs to comply with the MDF submission within sixty (60) days after posting on the SEC website and after publication in two national newspapers or on or before 28 February 2020. The circular was posted at the SEC website and published in two national newspapers of general circulation on December 27 and 28, 2019, respectively.

To comply with the circular, NPOs need to follow these steps:
1.     Fill out the form online by accessing the same through the following link: https://forms.gle/ekyFwQxsL67pHKgs5.
2.     After filling out and submitting the form online, a printed copy of the accomplished form will be automatically sent to the email address indicated in the form. Please have the accomplished form printed.
3.     Click the following link to the Declaration/Verification Page: http://www.sec.gov.ph/2019mandatorydisclosure_declaration_verific ation_page/
This will automatically send the Declaration/Verification Page to your registered email address. Have it printed, filled out with the corresponding details, signed and notarized.
4.     Attach the signed and notarized Declaration/Verification Page to the duly filled out Mandatory Disclosure Form.
5.     Submit one (1) original copy of the signed and notarized printed form together with supporting attachments, if any, as indicated in the Self-Assessment Questionnaire Page to the Enforcement and Investor Protection Department – Anti-Money Laundering Division (EIPD-AMLD) or to the SEC Davao Extension Office at 2F SDC Bldg., Purok 13, Maa Road, Davao City on or before 28 February 2020.

NPOs that have previously submitted their MDF in compliance with SEC Memorandum Circular No. 15, Series of 2018 are highly encouraged to accomplish and to submit the new MDF. Further, under Section 9.3 of the SEC Memorandum Circular No. 25, NPOs registered after the effectivity of the circular need to comply with the requirements within six (6) months from the date of registration.

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