Compliance by Banks, Public Utilities and Insurance Companies with SEC Regulations on Form and Content of Financial Statements

November 4, 1982SEC CIRCULAR NO. 05-82AMENDMENT TO THE JUNE 10, 1981 CIRCULAR REMINDING BANKING INSTITUTIONS, PUBLIC UTILITY CORPORATIONS AND INSURANCE COMPANIES TO COMPLY WITH THE SEC REGULATIONS ON FORM AND CONTENT OF FINANCIAL STATEMENTS WHICH TOOK EFFECT ON JULY 1, 1973.In view of the reasons adduced by the Rural Banks Association of the Philippines in its letters dated August 13, 1982 and May 31, 1982 seeking relaxation on the enforcement of certain SEC rules, this Commission hereby amends its Circular issued on June 10, 1981 by extending the deadline for the submission to this Commission of the annual financial statements of rural banks for the fiscal year ending 1981 and prior years, from December 31, 1981 to April 30, 1983, without the covering penalty.However, financial statements of rural banks for the fiscal year ending 1982 and thereafter shall be filed with this Commission within one hundred twenty (120) days from the end of their fiscal years, the same to be accompanied by a copy duly stamped "received" by the Bureau of Internal Revenue (BIR), otherwise,...