SEC eases process for firms seeking to tap capital markets

MANILA, Philippines — The Securities and Exchange Commission (SEC) is making the process for public offerings more efficient by moving the submission of applications fully online and further reducing the processing period to 40 days.

The SEC has published the draft memorandum circular for the mandatory use of the Online Application for Registration Statements (OARS) for public comment, running concurrently with a period for user acceptance testing.

“The implementation of OARS reflects our continued strategic shift toward a paperless and data-driven regulatory environment,” SEC chairperson Francis Lim said.

OARS is a web-based platform that enables companies to electronically submit registration statements and other required filings.

The platform will initially accept applications for the registration of securities through direct public offerings, follow-on offerings, initial public offerings and first-tranche shelf registrations.

“By improving accessibility to the application process and removing bureaucratic roadblocks, we are making it easier for more issuers to enter the market, supporting our broader efforts to revitalize capital market activity in the Philippines,” Lim said.

OARS will likewise accept applications under specialized registration programs of the SEC, such as Securing & Expanding Capital for Real Estate Non-Traditional Securities or SEC RENT and Securing & Expanding Capital for PowerGen Operators & Wholesale of Electricity & Retail Services or SEC POWERS.

The SEC said OARS also facilitates the generation of international securities identification numbers, classification of financial instruments as well as financial instrument short names in compliance with the standards of the Association of National Numbering Agencies.