SEC lowers corporate data fees
The Securities and Exchange Commission’s (SEC) move to slash by half the fees for corporate document requests is a “very sensible move” that would eventually make the corporate watchdog more approachable for the public, according to an analyst.
Juan Paolo Colet, managing director at investment bank China Bank Capital Corp., told the Inquirer on Thursday that the SEC was “becoming more people-friendly.”
This, after the commission issued a memorandum cutting the charges for information technology-related services by 50 percent beginning on July 1.
Under the new rules, authenticated physical copies of certain company filings may be secured for P1,000 each from P2,000 originally. Plain copies are at P750 each from P1,500.
These documents, which can be requested via the SEC website, include a company’s articles of incorporation and by-laws, general information sheet, increase in capital stock, resolutions, secretary’s certificate, deed of assignment and registration data sheet.
Authenticated digital copies of these are available for P625, while plain digital copies may be requested for P375.
“This is a very sensible move, as it makes access to corporate information more cost-efficient for the public,” Colet said. “One of the major benefits of this initiative is to lower the financial cost of conducting due diligence on companies.”
For its part, the SEC explained that the reduced rates would help avoid “undue financial burden to the corporate sector and the general public.”
This is the SEC’s first major policy change under the leadership of Francis Lim, who succeeded Emilio Aquino on June 10.
Among Lim’s promises during his acceptance speech was to pursue “reasonable reductions” in the commission’s fees, as some charges may be too expensive for micro, small and medium enterprises.
At the same time, he vowed to prioritize the “simplification of processes and systems” to make it easier for companies to comply with requirements.
Last year, the Organization for Economic Cooperation and Development found in its Philippine Capital Market Review that long processes, high fees and loose enforcement of governance policies were preventing around 400 companies in the country from braving the stock market.
