Pursuant to SRC Rule 68, corporations with subsidiaries are required to submit to the Securities and Exchange Commission (SEC) both their parent and consolidated General Form for Financial Statements (GFFS) or Special Forms for Financial Statements (SFFS), the figures of which shall be based on the audited financial statements. Each FS shall clearly indicate whether it is the "Parent" or "Consolidated" GFFS or SFFS.
Under SEC Memornadum Circular No. 6 s. 2006 the GFFS and SFFS in electronic format shall be submitted within thirty (30) days from the last day of submission of the Annual Audited Financial Statements (AAFS). This is applicable as follows:
1. SEC-registered domestic stock corporations with annual gross sales or gross revenue of at least Five Million Pesos (P5,000,000.00);
2. Investment Companies and Publicly-held Companies enumerated in Section 17.2 of the Securities Regulation Code;
3. Investment Houses or Underwriters of Securities;
4. Pre-need Plan Companies;
5. Brokers/Dealers in Securities;
6. Financial Companies Advisers;
7. Investments Company Advisers;
8. Government Eligible Securities Dealers (GSED);
9. Transfer Agents;
10. All other market participants and self-regulatory organizations (e. g. Exchanges, Alternative Trading Systems, and Clearing Houses).
The Securities and Exchange Commission (SEC) is receiving hard copies: 3 copies for SEC and 3 copies for Taxpayers.
In accordance with Section 27 or R. A. 8792 which is also known as the Electronic Commerce Act, and Section 37 of its Implementing Rules and Regulations, the submission of the General Form for Financial Statements (GFFS) in electronic format i.e., on diskette or Compact Disc (CD) is hereby mandated.
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