BIZ BUZZ: 1,500 firms want clean slate
Who would pass up a chance to begin again?
Certainly not hundreds of companies registered with the Securities and Exchange Commission (SEC).
The corporate watchdog told Biz Buzz on Monday that 1,500 delinquent companies—i.e. those that are either being penalized or have been suspended for filing their reports late—have so far applied for the Enhanced Compliance Incentive Plan (ECIP) since the amnesty program was introduced in September.
The program isn’t exactly the “incentive” we’re all used to, in that it only lessens the fees a noncompliant company has to pay for a clean slate.
The SEC isn’t stopping anyone from applying, especially with the Nov. 30 deadline nearing.
“With less than a month left before we officially close ECIP, we encourage noncompliant, suspended and revoked corporations to complete their applications to ensure the continuous operations of their businesses,” SEC Chair Emilio Aquino said in a statement.
Having the powers and privileges granted to you as a registered company completely stripped certainly doesn’t sound like an ideal situation.
