{"id":18554,"date":"2024-05-02T03:01:56","date_gmt":"2024-05-02T03:01:56","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/sec-yet-to-implement-fee-hikes-awaits-assessment\/"},"modified":"2024-05-02T03:01:56","modified_gmt":"2024-05-02T03:01:56","slug":"sec-yet-to-implement-fee-hikes-awaits-assessment","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/sec-yet-to-implement-fee-hikes-awaits-assessment\/","title":{"rendered":"SEC yet to implement fee hikes, awaits assessment"},"content":{"rendered":"<div>\n<p class=\"p3\"><span class=\"s1\">THE\u2002Securities\u2002and\u2002Exchange Commission (SEC) said its proposed higher fees and charges have not yet been implemented as it is awaiting a third-party assessment.<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">\u201cWe just have the increased fines and penalties,\u201d SEC Commissioner McJill Bryant T. Fernandez told reporters on the sidelines of a forum in Taguig City on April 29.<\/span><\/p>\n<p class=\"p4\">\u201cWe have not implemented the fees and charges yet,\u201d he added.<\/p>\n<p class=\"p4\"><span class=\"s2\">SEC Chairperson Emilio B. Aquino said the commission had already sent a regulatory impact assessment of the proposal to the Anti-Red Tape Authority (ARTA).<\/span><\/p>\n<p class=\"p4\">\u201cIf it passes, we will implement whatever gets passed. That\u2019s the agreement. We\u2019re waiting for ARTA,\u201d Mr. Aquino said.<\/p>\n<p class=\"p4\"><span class=\"s3\">\u201cWe referred it there. There\u2019s still continuing conversations about it, but it\u2019s not about us imposing. In fact, we\u2019re listening. It should be both ways,\u201d he added.<\/span><\/p>\n<p class=\"p4\">In August last year, the SEC released the proposed schedule of new fees and charges for stakeholders\u2019 comments.<\/p>\n<p class=\"p4\">The regulator said the proposed hike aims to develop its digital services for the transacting public. The current rates have not been changed since 2017.<\/p>\n<p class=\"p4\">However, business groups led by the Philippine Chamber of Commerce and Industry and Philippine Exporters Confederation, Inc. opposed the proposal, describing it as \u201cobscene\u201d and \u201cunconscionable.\u201d<\/p>\n<p class=\"p4\">Among the SEC\u2019s proposed changes is the charge of one-fourth of 1% of total indebtedness to corporate issuers when creating bonded indebtedness.<\/p>\n<p class=\"p4\">Meanwhile, Mr. Aquino reminded businesses to comply with the SEC\u2019s reportorial requirements or face penalties.<\/p>\n<p class=\"p4\">\u201cBusinesses should comply with their submissions and reportorial requirements because they\u2019re going to get hit by high penalties,\u201d he said.<\/p>\n<p class=\"p4\"><span class=\"s4\">\u201cWe\u2019re not happy penalizing them at all. There is an exercise of good corporate governance, submitting your <\/span><span class=\"s5\">financials, general information <\/span><span class=\"s4\">sheet to your regulators, complying with orders of the SEC,\u201d he added.<\/span><\/p>\n<p class=\"p4\"><span class=\"s5\">In March, the SEC issued Memorandum Circular No. 6 that increased the fines and penalties for the late and non-filing of reportorial requirements by corporations.<\/span><\/p>\n<p class=\"p4\"><span class=\"s2\">The previous scale of fines was implemented in July 2002, prior to the increase. \u2014 <b>Revin Mikhael D. Ochave<\/b><\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<div>THE\u2002Securities\u2002and\u2002Exchange Commission (SEC) said its proposed higher fees and charges have not yet been implemented as it is awaiting a third-party assessment. \u201cWe just have the increased fines and penalties,\u201d SEC Commissioner McJill Bryant T. Fernandez told reporters on the sidelines of a forum in Taguig City on April 29. \u201cWe have not implemented the [\u2026]<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[13680,1820,14644,7787,7541,2734,3630,993],"class_list":["post-18554","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-assessment","tag-awaits","tag-bworldonline","tag-fee","tag-hikes","tag-implement","tag-sec","tag-yet"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SEC yet to implement fee hikes, awaits assessment - Energy Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energybuzz.ph\/sec-yet-to-implement-fee-hikes-awaits-assessment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SEC yet to implement fee hikes, awaits assessment - Energy Buzz\" \/>\n<meta property=\"og:description\" content=\"THE\u2002Securities\u2002and\u2002Exchange Commission (SEC) said its proposed higher fees and charges have not yet been implemented as it is awaiting a third-party assessment. \u201cWe just have the increased fines and penalties,\u201d SEC Commissioner McJill Bryant T. 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