{"id":6450,"date":"2020-05-14T20:59:13","date_gmt":"2020-05-14T12:59:13","guid":{"rendered":"https:\/\/pnl-law.com\/blog\/?p=6450"},"modified":"2020-05-14T21:12:56","modified_gmt":"2020-05-14T13:12:56","slug":"corporations-penalties-for-incomplete-inaccurate-false-or-misleading-statements-or-reports","status":"publish","type":"post","link":"https:\/\/pnl-law.com\/blog\/corporations-penalties-for-incomplete-inaccurate-false-or-misleading-statements-or-reports\/","title":{"rendered":"Corporations: Penalties for Incomplete, Inaccurate, False or Misleading Statements or Reports"},"content":{"rendered":"\n<p>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 <a href=\"https:\/\/pnl-law.com\/blog\/general-information-sheet-gis-financial-statements-fs-reportorial-requirements-of-corporations\/\">General Information Sheet (GIS), Financial Statements (FS): Reportorial Requirements of Corporations<\/a>]<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>A corporation that regularly fails to comply with the reportorial requirements may be declared under <a href=\"https:\/\/pnl-law.com\/blog\/glossary-for-the-revised-corporation-code\/#Delinquent-Status\">delinquent status<\/a>. On the other hand, should the corporation <strong>willfully certifies<\/strong> an <strong>incomplete<\/strong>, <strong>inaccurate<\/strong>, <strong>false<\/strong> or <strong>misleading<\/strong> statements or reports, it will be subjected to the payment of fines.&nbsp;<\/p>\n\n\n\n<p>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 <a href=\"https:\/\/pnl-law.com\/blog\/revised-corporation-code-of-the-philippines-republic-act-no-11232-full-text\/\">Revised Corporation Code<\/a>, knowing that the same contains incomplete, inaccurate, false, or misleading information or statements, shall be punished with a <strong>fine<\/strong> ranging from P20,000 to P200,000.\u00a0<\/p>\n\n\n\n<p>When the wrongful certification is <strong>injurious or detrimental to the public<\/strong>, the responsible person may also be punished with a <strong>fine<\/strong> ranging from P40,000 to P400,000.\u00a0 [See <a href=\"https:\/\/pnl-law.com\/blog\/authentication-of-articles-of-incorporation-for-registration-of-domestic-corporations\/\">Authentication of Articles of Incorporation for Registration of Domestic Corporations<\/a>]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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]<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1361],"tags":[1429,1255,235,1427,532,533,1426,231],"class_list":["post-6450","post","type-post","status-publish","format-standard","hentry","category-corporate-law","tag-audited-financial-statements","tag-corporate-law","tag-corporations","tag-financial-statements","tag-general-information-sheet","tag-gis","tag-reportorial-requirements","tag-securities-and-exchange-commission"],"_links":{"self":[{"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/posts\/6450","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/comments?post=6450"}],"version-history":[{"count":4,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/posts\/6450\/revisions"}],"predecessor-version":[{"id":6457,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/posts\/6450\/revisions\/6457"}],"wp:attachment":[{"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/media?parent=6450"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/categories?post=6450"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/tags?post=6450"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}