Companies planning to issue stocks or bonds to the public must now submit their registration statements digitally, a move set to shorten processing times to 40 days, according to the Securities and Exchange Commission (SEC).
Under Memorandum Circular No. 24, capital market issuers are required to submit their application documents exclusively through the regulator’s Online Application for Registration Statement platform.
The transition aligns with the digital transformation goals of the Philippine Development Plan and enforces the mandate of the Ease of Doing Business and Efficient Government Service Delivery Act of 2018.
SEC officials noted the shift to digital processing also advances environmental sustainability by significantly reducing paper waste.
While the Securities Regulation Code currently allows up to 45 days to decide on registration statements, the new online system trims five days off the regulatory review window, which begins once the initial processing fee is settled.
The digital portal processes initial public offerings, direct public offerings, follow-on offerings, shelf registration tranches, and specialized frameworks such as SEC RENT and SEC POWERS. Use of the platform is currently free, though the commission may institute nominal maintenance fees in the future.
The directive takes effect immediately following its publication in two national newspapers.