PSE now accepts corporate disclosures through e-mail

Corporate disclosures may now be sent and received through electronic mail (e-mail) with the service recently implemented by the Philippine Stock Exchange (PSE).

The service allows users to select disclosures and send to an email account. The document will be received as an attachment in Adobe portable document format.

The PSE said the move is in line with efforts to provide better service to the investing public.

The PSE’s online system is more beneficial to investors since it will allow them to view all company disclosures and other PSE announcements at the same time as the trading participants. Users have the option to print or save into diskettes only the documents that are of importance to them.

The online list is updated automatically as soon as a new disclosure or announcement has been received and entered into the system.

In line with efforts to ensure faster dissemination of material information to trading participants, the PSE is also allowing publicly-listed corporations to submit their financial reports via the internet.

The move is directed towards doing away with most of the paper submission and to lessen the exhange’s and the firms’ cost in disseminating information to investors and broker firms.

In lieu of the current practice of submitting hard copies, listed firms may now submit an electronic version of their financial reports.

In view of this, the Securities and Exchange Commission approved the PSE’s proposal to reduce the number of hard copies each listed firm is required to submit to securities regulators in compliance with periodic reportorial requirements.

Listed firms will be required to submit only 100 copies of their annual and quarterly reports for 2003 as compared to the current requirement of 200 copies.

The requirement of 100 copies is based on the results of a survey conducted by PSE among its 136 active member brokers.

The SEC will require the PSE to submit an outline of the step-by-step procedures in uploading the financial reports to the appropriate electronic site. This will ensure that safeguards are instituted so that the contents of the officially submitted data will be similar to the uploaded version.