The Securities and Exchange Commission (SEC) said it is consolidating its digital services into a unified platform to bolster online transaction security and streamline automated processes to make digital transactions more secure.
It said in a statement it issued Memorandum Circular No. 10, Series of 2024, outlining guidelines for the Electronic SEC Universal Registration Environment (eSECURE).
It said eSECURE acts as a digital gateway for accessing various SEC online services, enabling users to manage SEC accounts and transactions centrally through a single account.
The platform employs risk-based credentialing via an Electronic Know Your Customer (eKYC) process and credentialing system.
This enhances identification accuracy and trustworthiness of individuals representing corporations using SEC online services.
The eKYC process also plays a crucial role in combating money laundering and terrorist financing through corporate entities.
The credentialing system eliminates the need for wet signatures and notarization of documents submitted to the SEC, enabling digital authentication.
It said eSECURE is mandatory for accessing sensitive and critical online services, including the SEC’s company registration systems (eSPARC and OneSEC), the SEC API Marketplace for research and data retrieval and platforms like ACES and eRAMP for licensing capital market participants and managing SEC complaints.
Users of less sensitive services like eSEARCH may bypass eSECURE registration but should verify their identity for each online SEC transaction.
Future integration plans include incorporating services like eFAST, MC 28 Submission Portal, and eSPAYSEC into eSECURE, facilitating a smoother transition to the unified authentication process. Despite these advancements, SEC online systems will continue to accept scanned hard copies of manually signed and notarized documents for those who opt out of using eSECURE, the SEC said.
