February 14, 2002
SRC RULE NO. 68, AS AMENDED
RULES AND REGULATIONS COVERING FORM AND CONTENT OF FINANCIAL STATEMENTS
7. PENALTIES, REPEALING CLAUSE AND EFFECTIVITY
a. Penalties
i. All Financial Statements submitted to this Commission shall adhere strictly to the provisions of these Rules; any financial statements filed which are not in accordance with these Rules shall be considered NOT FILED at all.
If the said incomplete financial statements are submitted with other report/s, the said report/s shall likewise be deemed not filed.
ii. Any corporation covered by SRC Rule 68, As Amended, that violates any of its provision is subject to administrative sanctions (monetary and/or non-monetary) provided under the Securities Regulation Code (SRC) and its Implementing Rules and Regulations, for public companies, or the Corporation Code (CC) and its Implementing Rules and Regulations, for all other corporations covered by this Rule.
iii. In addition to the monetary penalty imposable under the SRC or CC and their Implementing Rules and Regulations and whenever appropriate, the Certified Public Accountant who attested to the Financial Statements prepared in violation of this Rule...
