THE Securities and Exchange Commission (SEC) on Monday launched its online submission tool (OST), which it expects to improve its services to corporations.
“Beyond making it easier and more convenient for corporations to comply with their reportorial requirements, the OST should help our stakeholders become more comfortable with digital-based transactions, as we harness the full advantages of new technologies in improving our services,” SEC Chairperson Emilio B. Aquino said in a statement on Monday.
The submission tool can be accessed through https://cifss-ost.sec.gov.ph.
Annual reports of corporations may now be submitted digitally through the OST without having to go to the corporate regulator’s physical offices.
Authorized filers must first enroll on the platform by accomplishing an online form and by submitting a board resolution authorizing a representative to file for the company, and a copy of the submitted list of e-mail addresses and cell phone numbers or an accomplished 2020 General Information Sheet (GIS) form.
Law, consultancy, and firms offering services to corporations and partnerships may enroll as authorized filers.
Annual Financial Statements (AFS), GIS, Sworn Statement for Foundation, General Form for Financial Statements, and Special Form for Financial Statements may be submitted using the online platform.
For the OST’s initial implementation, submissions of Affidavit of Non-Operation may be made with the GIS or the AFS. The Affidavit of Non-Holding of Annual Meeting may also be submitted with the GIS.
“This initiative is a key component of the commission’s ongoing digital transformation, bringing us even closer to the achievement of both our ease-of-doing-business and sustainability goals,” Mr. Aquino said.
All stock corporations including their branch and representative offices, regional headquarters, and the regional operating headquarters of foreign corporations will be required to use the OST beginning this year. Nonstock corporations meanwhile will be allowed to submit reports in person, but will be required to use the online platform by next year.
The corporate regulator will only accept reports over the counter if filers encounter problems with the OST. However, users must present the notice generated by the platform.
The commission will be setting up OST Kiosks in SEC offices and other areas until Dec. 15 to assist users with using the new platform. But subsequent submissions should be done online, it said. — Keren Concepcion G. Valmonte