THE SECURITIES and Exchange Commission (SEC) has proposed the electronic submission of corporate applications, compliance documents, and other requests as it moves to adopt digital technology.
In a draft memorandum circular, the regulator said the proposed guidelines were also meant to reduce the filing of hard copies of documents.
“The commission adheres to sustainable practices such as using less paper and reducing energy consumption through streamlined processes and technology,” it said.
Several forms may be submitted through electronic mail or the SEC’s electronic platform, the regulator said. These documents include annual and quarterly reports, information statements, general information sheets, and ownership reports.
“The number of hard copies of the documents required to be submitted shall be reduced to one original hard copy after one year of implementation of this Memorandum Circular,” the SEC said.
It added that submitted hard copies would be scanned and disposed of after the lapse of the retention period.
The SEC earlier launched several digital technology initiatives in line with the administration’s move towards e-governance.
Under the Philippine Development Plan 2023-2028, the government’s digitalization and digital transformation are among the strategies identified to serve as catalysts for economic, social, institutional, and environmental transformation.
The SEC said the plan would result in more efficient and faster service delivery, greater transparency, and fewer opportunities for corruption at various levels.
“The SEC commits to adhere to the principles of sustainability, and to the protection of the economy, society and environment in the performance of its mandated functions,” it said.
In a notice posted on its website, the commission requested industry participants to send their comments and inputs on the draft guidelines on or before July 25. — A. H. Halili