In order to go around the SEC restriction of holding the FAMAS Awards, FAMAS decided to resurrect the Maria Clara Awards in order to continue the long legacy of the still-beleaguered FAMAS and to continue awarding Filipino motion picture excellence. In holding the Maria Claras instead of the FAMAS, the FAMAS indeed does not hold its primary and only function, which is the holding of an awards night, which is not therefore a violation of the SEC ruling. The Maria Clara Awards were held on October 13, 2006 in a simple and humble event at Golden Fortune Restaurant in Manila. In retrospect, the FAMAS would not be awarded until the leadership crisis and the registration revocation issues of the corporation are not resolved.