SEC eyes mandatory online filing for securities offerings
The Securities and Exchange Commission (SEC) is seeking public feedback on a proposal that would require companies to file registration statements through a new online platform as part of its broader push to digitize regulatory processes and speed up approvals.
In a notice issued on June 9, the SEC said its Commission En Banc had approved for public exposure a draft memorandum circular mandating the use of the Online Application for Registration Statements (OARS).
Interested parties have until June 29 to submit comments and recommendations on the proposal.
The proposed rules would require corporations to initiate applications for registration statements through OARS, a web-based system designed to facilitate the electronic submission and processing of securities registration documents.
According to the draft circular, the platform supports applications for direct public offerings, first-tranche shelf registrations, follow-on offerings and initial public offerings.
It can process SEC Form 12-1, SEC rent and SEC powers registration statements.
The SEC said the move is aligned with the Philippine Development Plan 2023-2028 and the Ease of Doing Business and Efficient Government Service Delivery Act, both of which encourage the digitalization and automation of government transactions.
The regulator noted that OARS is expected to further streamline the review and approval of registration statements.
Under the proposal, applications submitted through the platform may be processed within 40 days after payment of the initial assessment fee, shorter than the 45-day review period prescribed under existing guidelines.
Beyond electronic filing, the system will capture key information on issuers and securities offerings and, when applicable, facilitate the generation of International Securities Identification Numbers, Classification of Financial Instruments and Financial Instrument Short Names.
