A corporation registered with the Securities and Exchange Commission (SEC) must comply with certain reportorial requirements, including the basic requirements of General Information Sheet (GIS) and the Annual Financial Statements (FS). [See General Information Sheet (GIS), Financial Statements (FS): Reportorial Requirements of Corporations]
A corporation that regularly fails to comply with the reportorial requirements may be declared under delinquent status. On the other hand, should the corporation willfully certifies an incomplete, inaccurate, false or misleading statements or reports, it will be subjected to the payment of fines.
As provided in Section 7 of SEC Memorandum Circular No. 16 dated 29 April 2020 (Re: Guidelines on Authentication of Articles of Incorporation in Applications for Registration of New Domestic Corporations), willfully certifying a report required under the Revised Corporation Code, knowing that the same contains incomplete, inaccurate, false, or misleading information or statements, shall be punished with a fine ranging from P20,000 to P200,000.
When the wrongful certification is injurious or detrimental to the public, the responsible person may also be punished with a fine ranging from P40,000 to P400,000. [See Authentication of Articles of Incorporation for Registration of Domestic Corporations]
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