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Manila Bulletin devider Business devider The Stock Market devider SEC revokes licenses of 56 firms for failure to file reports

SEC revokes licenses of 56 firms for failure to file reports

Published Jun 2, 2025 12:00 am
The Securities and Exchange Commission (SEC) intensifies its crackdown against erring lending and financing companies by revoking the corporate registrations and secondary licenses of 56 companies, mostly lending firms, for failure to comply with reportorial requirements.
In an order dated May 29, the SEC financing and lending companies department (FinLenD) cancelled the primary registrations and certificates of authority to operating as a lending/financing company of 47 companies which have been declared delinquent pursuant to Republic Act (RA) No. 11232, or the Revised Corporation Code (RCC).
Section 177 of the RCC provides that the Commission may place any corporation under delinquent status in case of failure to submit the reportorial requirements three times, consecutively or intermittently, within a period of five years.
The 47 corporations were found to have failed to file their audited financial statements, general information sheets, director or trustee compensation report, and director or trustee appraisal or performance report three times within a period of five years.
The Commission also issued separate orders on May 19 for the revocation of the corporate registration of nine more companies for continuing non-compliance with their reportorial requirements.
Of these companies, two were found to have failed to comply with SEC Memorandum Circular No. 28, Series of 2020, requiring the submission of official e-mail account addresses and cellphone numbers for transactions with the Commission.
Meanwhile, the remaining seven failed to submit their business plans as required under SEC Memorandum Circular No. 3, Series of 2022, or the implementation of the Bangko Sentral ng Pilipinas (BSP) Circular No. 1133, Series of 2021, on the ceiling/s on interest rates and other fees charged by lending companies, financing companies, and their online lending platforms.
FinLenD noted that the companies failed to observe the directives of the Commission, despite the issuance of show cause letters and notice of deficiencies informing and directing them to comply and show proof of compliance with their reportorial requirements.

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