SEC arranges online portal for submission of financial statements, other reports

sec arranges online portal for submission of financial statements other reports

The Securities and Exchange Commission (SEC) continues to spearhead streamlined reforms on the development and implementation of an electronic filing and monitoring system, pursuant to Section 180 of Republic Act (RA) 11232, otherwise known as the “Revised Corporation Code of the Philippines.”

Two weeks after I wrote about the SEC’s Online Submission Tool (OST), the commission last February 18 released for public comment the draft memorandum circular providing for the schedule and procedure for the filing of annual financial statements (AFS), general information sheet (GIS) and other annual reports, as part of efforts to further limit face-to-face interactions during the pandemic, automate business transactions and promote sustainable business practices, through the newly developed OST.

The commission also drafted the rules pursuant to the following laws and policies: Adopt a zero-contact policy among government agencies and the transacting public, pursuant to RA 11032, or the “Ease of Doing Business and Efficient Government Service Delivery Act of 2018”; and commit to sustainable practices by minimizing its paper trail, reducing energy consumption, and promoting the role of corporations in achieving the United Nations Sustainable Development Goals and AmBisyon Natin 2040…

Want to know more click here go to source.

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