SEC: Online filing allowed from Mar. 15

CORPORATIONS and partnerships may start using the online submission tool (OST) to SUBMIT THEIR ANNUAL fiNANCIAL STATEMENTS (AFS), general information sheet (GIS), and other ANNUAL REPORTS TO THE SECURITIES AND EXCHANGE COMMISSION (SEC) STARTING ON MARCH 15, 2021.

The commission on March 8 issued Memorandum Circular No. 3, series of 2021, or the schedule and procedure for the filing of AFS, GIS, and other annual reports.

“With the OST, we are one more step closer to achieving our easeof-doing-business and sustainability goals, which have been at the core of our ongoing digital transformation,” SEC Chairman Emilio Aquino said in a statement Monday.

Aquino said the OST is “equally important” in the commission’s efforts to automate business transactions to limit face-to-face interactions, and consequently help stem the transmission of coronavirus disease 2019 (Covid-19) and accelerate the country’s recovery from the pandemic.

Mandatory enrolment

Corporations, partnerships, and their authorized filers are required to enroll in the OST by accomplishing the online application form and submitting the required documents.

The documents required for enrollment include a board resolution authorizing its representative to file reports on behalf of the corporation or partnership, and a special power of attorney from the authorized filer/representative of the corporation to file reports on their behalf.

Corporations and partnerships must also submit a copy of their submission of email addresses and cellular phone numbers or their accomplished GIS using the 2020 version of the form, as required by SEC Memorandum Circular 28, series of 2020.

All stock corporations, including the branch offices, representative offices, regional headquarters and regional operating headquarters of foreign corporations, will be required to submit their reports using the OST starting this year.

Meanwhile, nonstock corporations will still have the option to submit their reports over the counter.

By 2022, the commission will require all nonstock corporations to enroll in and submit their reports through the OST.

Law, consultancy and other firms providing related services to corporations and partnerships may also enroll as authorized filers.

Online submission

The authorized filer of a corporation or partnership may start submitting reports through the OST once they have successfully enrolled.

The SEC will no longer require hard copies of the reports submitted through the portal.

Corporations may use the OST for the filing of their AFS, GIS, sworn statement for foundation, general form for financial statement, and special form for financial statement during the initial implementation.

The OST will also accept submissions of affidavit of non-operation, together with their GIS or AFS, and affidavit of non-holding of annual meeting, together with the GIS.

The online facility will show the required format of the report to be submitted. For instance, a GIS must be submitted as an accomplished but unsigned form saved as a multipage portable document format (PDF), as well as a highresolution scan of the signed and notarized document saved as a multipage PDF.

The reports will undergo quality check upon submission. Once approved, the filer will receive a QR code indicating the final acceptance of the reports.