The Security and Exchange Commission (SEC) has extended the deadline for the submission of the Mandatory Disclosure Form (MDF).
In the SEC advisory released yesterday, the commission called on non-profit organizations to (NPOs) to submit their MDFs immediately within the extended deadline until March 31.
Lawyer Katrina Jamilla Ponco-Estares, SEC- Davao Extension Office officer-in-charge, said the extension of the deadline was meant to give a chance to those NPOs operating in the far-flung areas to submit their reports for them to avoid facing penalties for their failure of submission.
“NPOs must immediately seize this extension opportunity. Otherwise they might face sanctions,” Ponco-Estares said.
Previously, the SEC required these non-stock organizations to submit their form only on or before February 28.
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 submission of MDF is based on 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) approved by SEC Commission en banc during its meeting last December 10,2019.
Meanwhile, those NPOs who already submitted their MDF in compliance with SEC Memorandum No. 15, Series of 2018, are also advised to accomplish and to submit the new MDF.
Further, NPOs registered after the effectivity of the circular will have to comply with the requirements within six months from the date of registration as indicated under Section 9.3 of the SEC Memorandum Circular No. 25.
NPOs are required to access and fill out the MDF online, print a copy of the accomplished form, 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 SEC Davao extension office located at the 2nd floor of SDC Building, Purok 13, Maa Road.
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