SEC introduces the ONLINE SUBMISSION TOOL (“OST”) for the filing of Annual Financial Statements, General Information Sheet, and Other Covered Reports
On 09 March 2021, the Securities and Exchange Commission (“SEC”) released guidelines on the schedule and procedure of filing annual financial statements, general information sheet, and other covered reports under SEC Memorandum Circular No. 03, series of 2021. The Circular was enacted in furtherance of the developing and implementing electronic filing and monitoring system, automating business transactions and adopting zero-contact policy, and to prevent and/or minimize the local spread of emerging infectious diseases such as COVID-19.
Reports, Formats, and Deadlines: SEC introduces the Commission’s Online Submission Tool (“OST”) where corporations can submit its annual reports in its respective formats, namely:
SEC mandates all corporations registered under the Commission to enroll in the OST. The enrollment process to the OST shall commence on 15 March 2021 until 15 December 2021 by filling out an application form online through https://ciffs-ost.sec.gov.ph.
Requirements and Procedure:
Here’s a glimpse of the requirements, and the procedure to be undertaken for enrollment to the OST:
- Fill-out Application form online;
- Attach the following:
- Board Resolution from the corporation authorizing the Company’s representative to file reports on behalf of the Corporation;
- MC28 Report, as stated in Annexes d to G required under SEC Memorandum Circular No. 28, series of 2020
- Attach the following:
Please note that the company may function as its own authorized filer or nominate a different email address as its authorized filer, in a case where a company either outsources the filing of its documents through an external party or uses a different email address within its own company for submission. As to subsequent enrollments, the Firms need not enroll again as an authorized filer provided that an email address already existing under its account will be allowed by the enrolled corporation as an authorized filer. Also, its account should be activated first before it can file documents for the corporation even without enrollment.
- Upload the application form, with the attachments;
- Await the approval of the application through email, and the access key (User ID and Password) to file reports through OST.
- The issued access key (User ID and Password) shall be used by the filer to access the OST and file the reports.
Other Options for Submission of Reports:
Other than the OST, SEC provides for other options for the submission of reports:
- OST Kiosks (In case filers cannot enroll and submit reports through the OST, kiosks shall be provided in SEC offices and other areas, as may be designated by the Commission for technical assistance on the use of the OST);
- Over-the-counter Submission of Reports due to OST Problems (In this case, filers present the Notice from OST that problems have been encountered during the process of enrollment and/or submission); or
- Through email (ictdsubmission@sec.gov.ph).
Date of Receipt of the Reports:
The reckoning date of receipt of reports is the date when the report was initially submitted to the OST, provided the filed report is compliant with the existing requirements, otherwise, the report shall be reverted or rejected, hence not filed or not received.
For a complete copy of the Circular, please visit this link: https://www.sec.gov.ph/mc-2021/mc-no-03-s-2021/ Should you need assistance in filing your reports with the SEC using the OST, you may send us a message at solutions@fbrtlawfirm.com.ph.
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