SEC Negros urges over 4T NPOs to submit mandatory disclosure form
NEGROS ORIENTAL, June 24 (PIA) — The Securities and Exchange Commission (SEC) is calling on 4,301 non-stock/non-profit organizations (NPOs) in Negros Island to submit the Mandatory Disclosure Form (MDF) until July 31.
Of the number, 823 NPOs are from Negros Oriental who are also given extension to submit the MDF under the new guidelines set due to the pandemic.
According to Information Officer Clyde Linja-Padilla of SEC Bacolod Extension Office, the original deadline was set on Feb. 28, 2020.
However, it was extended taking into account the need to continue to implement safety measures and protocols.
The Commission En Banc issued Memorandum Circular No. 25, Series of 2019 entitled “2019 Guidelines for the Protection of SEC Registered Non-Profit Organizations from Money Laundering and Terrorist Financing Abuse (2019 NPO Guidelines).”
Padilla said the 2019 NPO Guidelines aim to address gaps in the regulatory framework which are most likely to be exploited for purposes of committing money laundering and/or terrorist financing.
Among the measures adopted in addressing those gaps is the requirement imposed upon all Non-Stock Corporations to submit the MDF within 60 days from effectivity of the said guidelines which was on Feb. 28.
The submission of MDF is required to establish a classification system on the nature of activities and purpose of Non-Stock Corporations, identifying the compositions of the NPO Sector subject to the jurisdiction and supervision of the Commission, and implementing a risk-based approach of supervision.
This will also enable the Commission to clean-up its database by revoking the Certificate of Registration of inactive or defunct Non-Stock Corporations, said Padilla.
For faster gathering and processing of information, the MDF will be filled out online.
The link for filling out the MDF online will remain accessible to the public only until July 15.
Non-Stock Corporations that have not yet submitted the form online are advised to immediately fill out and submit the form online on or before July 15 using the this link: https://forms.gle/KF4iBSimLKvChCwRA .
Deadline for submission of the printed and notarized copy of the MDF will be on July 31, provided that no community quarantine is still in effect and all travel restrictions have been lifted.
NPOs have been identified as being vulnerable to the threat of terrorist financing and money laundering because of the nature of their activities which involves the raising and disbursing and cross border movement of funds. (jct/PIA7 Negros Oriental)