Guidelines on Posting of: 1. Additional Securities Deposit 2. Substitution of Securities Deposit and 3. Change of Resident Agent

August 24, 2020SEC MEMORANDUM CIRCULAR NO. 24-20TO:All Concerned Foreign Corporations   SUBJECT:Guidelines on Posting of:  1. Additional Securities Deposit  2. Substitution of Securities Deposit and  3. Change of Resident Agent WHEREAS, pursuant to SEC Memorandum Circular No. (SEC MC No.) 11, Series of 2020, the Commission has issued an extension on the deadline for the submission or filing of securities deposit during the COVID-19 outbreak while the Philippines was placed under the Enhanced Community Quarantine (ECQ) within thirty (30) days from lifting of the Enhanced Community Quarantine (ECQ) or until June 15, 2020. WHEREAS, for Foreign Corporations with License to Operate as Branch Office, Memorandum Circular Nos. 17, and 18, all series of 2020, were pertinent as these extended the deadline for the submission of the audited financial statements (AFS):a. MC No. 17 — a period of 60 calendar days from the regular filing deadlines (for companies with fiscal years ending 31 January 2020 to 31 March 2020); a period of 45 calendar days from the regular filing deadline (for companies with fiscal year ending 30...