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Manila Bulletin devider Business devider The Stock Market devider SEC orders all public offerings online, shaves 5 days off approval process

SEC orders all public offerings online, shaves 5 days off approval process

Published Aug 27, 2026 04:15 pm
The Securities and Exchange Commission (SEC) is making it mandatory for all companies planning to offer shares or bonds to the public to register these securities online, promising to trim the processing timeframe down to 40 days.
Under Memorandum Circular No. 24, the SEC said the regulator will require capital market issuers to use its Online Application for Registration Statement platform.
According to the SEC, the order aligns with the Philippine Development Plan’s directive for government agencies to accelerate digital transformation and adopt secure, paperless transactions across government offices.
SEC added that the move also enforces the Ease of Doing Business and Efficient Government Service Delivery Act of 2018, which commands government agencies to automate business-related transactions using technology-neutral software.
Beyond regulatory compliance, the SEC cited sustainable practices and the need to curb paper-based submissions as key drivers behind the digital migration.
Under current rules laid out in the Securities Regulation Code, the SEC has 45 days after filing to either declare a registration statement effective or reject it.
SEC said the introduction of the online system effectively cuts five days off that statutory timeline, modernizing regulatory processes while enhancing transparency and service efficiency.
The online platform will also process a range of securities issuance applications, including direct public offerings, initial public offerings, follow-on offerings, and the first tranches of shelf registrations.
The portal will also handle specialized issuance schemes, such as SEC RENT for non-traditional real estate securities and SEC POWERS for power generation operators, wholesale electricity traders, and retail services.
The commission noted it reserves the authority to expand, amend, or incorporate additional registration types and forms into the portal as necessary.
Applications submitted through the digital portal will be evaluated within the 40-day window starting from the payment of the initial assessment fee.
While adopting the online filing mechanism incurs no immediate extra cost for applicants, the commission retained the right to levy reasonable fees through future issuances to cover system infrastructure and application maintenance costs.
The circular takes effect immediately following its publication in two newspapers of general circulation in the Philippines.

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