Question & AnswerQ&A (SEC MEMORANDUM CIRCULAR NO.2, S. 2005)
The Electronic Commerce Act, Republic Act No. 8792, specifically Section 27, mandates the online submission of reports by corporations.
Corporations must submit AFS within 120 days after the end of the fiscal year, or within 105 days for corporations whose securities are registered under the Revised Securities Act or Securities Regulations Code.
It gives corporations the option to submit the electronic or soft copy equivalent of their AFS online through the SEC online report submission facility.
Corporations must sign the applicable Memorandum of Agreement with the SEC and then register for online submission.
Yes, corporations opting for online submission who are required to submit the F/S diskette must also use the SEC-devised F/S template and have an online facility for submitting the diskette information.
The F/S template is available for download from the SEC Website, particularly under the "Downloads" section.
No, the memorandum only governs those opting to submit online and will not affect those submitting hard copies and accompanying diskettes under applicable rules.
It took effect 15 days after its publication in a newspaper of general circulation and/or posting on the SEC Website.
It supports the government’s thrust of using Information and Communication Technology (ICT) to achieve more efficient and transparent governance and improve the delivery of government services.
It complies with Section 27 of RA 8792 (Electronic Commerce Act) and Section 37 of its Implementing Rules and Regulations.