Law Summary
Legal Basis and Regulatory Consistency
- Implemented pursuant to Section 27 of Republic Act No. 8792 (Electronic Commerce Act) and Section 37 of its Implementing Rules and Regulations.
- Aligns with government policy to utilize Information and Communication Technology (ICT) for efficient and transparent governance.
Procedures for Online Submission
- Corporations choosing online submission must sign a Memorandum of Agreement (MOA) with the Securities and Exchange Commission (SEC).
- After MOA signing, corporations must register for the online submission facility.
- Corporations required to submit Financial Statements (F/S) diskette must use the SEC-provided F/S template.
- SEC provides an online portal for submission of the F/S diskette data in addition to the AFS electronic document.
Provisions on Submission Formats
- The AFS online submission involves electronic or soft copies equivalent to physical documents.
- The F/S diskette submission uses a SEC-devised template available for download from the SEC Website's "Downloads" section.
Effect on Traditional Submission Methods
- The Memorandum Circular governs exclusively online submissions for those opting in.
- Corporations choosing to submit hard copies and diskettes under existing rules remain unaffected by this Circular.
Implementation and Effectivity
- The Circular took effect 15 days after publication in a newspaper of general circulation or posting on the official SEC Website.
- Ensures accessibility of information through web posting at //sec.gov.ph/.
Institutional Authority
- Issued and signed by the Chairperson of the SEC, demonstrating authoritative backing and enforcement.
- Reflects SEC's role in regulatory oversight and facilitation of corporate reporting requirements.