The Securities and Exchange Commission said over the weekend it will soon allow companies to submit reportorial requirements through a newly developed online submission tool.
It recently released for public comment a draft memorandum circular providing for the schedule and procedure on the online submission of annual financial statements, general information sheet and other annual reports.
It said the move was part of efforts to limit face-to-face interactions during the pandemic, automate business transactions and promote sustainable business practices.
The OT+ST will be rolled out for this year’s filing season starting March.
Corporations may initially use the OST to file AFS, GIS, Sworn Statement for Foundation, General Form for Financial Statement and Special Form for Financial Statement.
Under the initial implementation, the OT+ST will also accept submissions of Affidavit of Non-Operation together with GIS or AFS and Affidavit of Non-Holding of Annual Meeting together with the GIS
The SEC said to use the OST, corporations, partnerships and their authorized filers would be required to enroll in the online submission facility by accomplishing the online application form and submitting the required documents.
It will also require a corporation enrolling in the OST to submit a board resolution authorizing its representative to file reports on behalf of the corporation or partnership and a special power of attorney from the authorized filer/representative to file reports for and on behalf of the corporation or partnership.
The corporations will have to submit a copy of its submission of email addresses and cellular phone numbers or its accomplished GIS using the 2020 version, as required by SEC Memorandum Circular No. 28, Series of 2020.
The enrollment period will open tentatively on March 15.
Once enrolled, the authorized filer of a corporation or partnership may start submitting reports through the OST. The SEC will no longer require the submission of the hard copies of the reports.
The SEC will no longer accept submissions made through e-mail, mail or courier and provide drop boxes in its offices once the OST goes live.