SEC mandates fully digital public offering applications
MANILA, Philippines – The Securities and Exchange Commission (SEC) is moving applications for public offerings fully online as part of efforts to make it easier for companies to raise money via the Philippine capital market.
In a statement on Monday, the SEC said it had published a draft memorandum circular that would require the use of the Online Application for Registration Statements (Oars), a web-based platform designed to handle the electronic submission of registration statements and other required filings for public offerings.
READ: SEC eyes mandatory online filing for securities offerings
The regulator said the initiative would also shorten the processing period for applications to 40 days.
The draft circular was published on June 9 for public comment and is being subjected to user acceptance testing at the same time.
Under the initial rollout, Oars will accept applications for the registration of securities through direct public offerings, follow-on offerings, initial public offerings and first-tranche shelf registrations.
The platform will also cover applications under the SEC’s specialized registration programs, namely Securing and Expanding Capital for Real Estate Non-Traditional Securities, as well as Securing and Expanding Capital for PowerGen Operators, Wholesale of Electricity and Retail Services.
Apart from filing applications, Oars will facilitate the generation of international securities identification numbers, classification of financial instruments and financial instrument short names in accordance with standards set by the Association of National Numbering Agencies.
SEC chair Francis Lim said, “The implementation of Oars reflects our continued strategic shift toward a paperless and data-driven regulatory environment.”
He added that improving access to the application process and reducing bureaucratic hurdles would help encourage more issuers to enter the market.
“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,” Lim said. INQ
