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Manila Bulletin devider Business devider The Stock Market devider SEC fast-tracks IPO approvals to revitalize capital markets

SEC fast-tracks IPO approvals to revitalize capital markets

Published Jun 15, 2026 02:27 pm
SEC Chairperson Francis E. Lim
SEC Chairperson Francis E. Lim
The Securities and Exchange Commission (SEC) is speeding up the public offering process by moving the submission of applications fully online and further reducing the processing period to 40 days to encourage more firms to tap the capital market.
The SEC has published the draft memorandum circular for the Mandatory Use of the Online Application for Registration Statements (OARS) for public comment, running concurrently with a period for user acceptance testing.
OARS is a web-based platform that enables companies to electronically submit registration statements and other required filings. The platform will initially accept applications for the registration of securities through direct public offerings, follow-on offerings, initial public offerings, and first-tranche shelf registrations.
It will also accept applications under specialized registration programs of the SEC, such as Securing & Expanding Capital for Real Estate Non-Traditional Securities (SEC RENT) and Securing & Expanding Capital for PowerGen Operators & Wholesale of Electricity & Retail Services (SEC POWERS).
OARS also facilitates the generation of International Securities Identification Numbers (ISINs), Classification of Financial Instruments (CFIs), and Financial Instrument Short Names (FISNs) in compliance with the standards of the Association of National Numbering Agencies (ANNA).
“The implementation of OARS reflects our continued strategic shift toward a paperless and data-driven regulatory environment,” SEC Chairman Francis Lim said.
He added, “By improving accessibility to the application process and removing bureaucratic roadblocks, we are making it easier for more issuers to enter the market, supporting our broader efforts to revitalize capital market activity in the Philippines.” (James A. Loyola)

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Securities and Exchange Commission Francis E. Lim
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