PSE to require listed firms to make submissions in electronic form

The Philippine Stock Exchange (PSE) will require all listed companies to submit corporate disclosures and other reportorial documents in electronic form starting on Monday, March 3, a move expected to allow instant and easy access to relevant market information by the investing public.

In a memorandum to brokers, PSE senior vice president Jose Cervantes said the guidelines in the use of the Online Disclosure System (ODiSy) have been approved by the Securities and Exchange Commission (SEC) for dissemination to all listed firms as well as their underwriters, auditors and legal counsels.

The new policy was approved by the PSE board of directors earlier this month as part of the exchange’s efforts to streamline costs and improve access to trading data and information since even late-breaking news can be accommodated beyond the regular trading hours in the morning.

"The release of corporate announcements after trading hours would enable the public to be informed of any corporate developments in the afternoon, thus having more time to fully appreciate and digest the announcement," PSE president Ernest Leung earlier said.

Based on the filing rules, companies are allowed to directly transmit the documents in electronic format 24 hours each day, although these can only be posted and viewed upon the PSE’s acceptance, from 8 a.m. to 6:30 p.m. of every trading day (excluding Saturdays, Sundays and legal holidays).

Among the required filings are SEC Forms for annual reports, quarterly reports, tender offer reports, proxy statements, information statements, reports on beneficial ownership, and other corrrespondences or reports pertaining to events requiring prompt disclosure.

In the meantime, the list of stockholders, top 100 stockholders, report on foreign ownership and annual report not in SEC format may be submitted only at the option of the issuer.