The Security and Exchange Commission (SEC) has issued SEC Memorandum Circular No. 3-2021 to introduce SEC Online Submission Tool (OST). All corporations registered with SEC must enroll in the OST in order to access and submit reports through the system. This would ease the submission of reports and could also help in preventing COVID-19 transmission by minimizing face-to-face interactions.
When to Enroll?
The SEC requires all stock corporations to enroll with the OST from March 15, 2021 to December 15, 2021. All stock corporations are required to submit their reports using OST starting this year 2021.
Nonstock corporations, on the other hand, still have the option to submit their reports over the counter during the year 2021. By year 2022, SEC will require them to enroll in and submit their reports through OST.
How to Enroll to OST?
SEC OST have separate account enrollment for the corporations and for their authorized filer. Corporations have the option to designate one authorized filer.
An authorized filer is someone who is authorized through a board resolution to file an organization’s reportorial requirements. It can be an employee of the organization (internal) or contracted from another organization (external).
When enrolling as an authorized filer, make sure that the company or the corporation have already enrolled in the SEC OST before proceeding to filer enrollment.
You can accomplish the online application form and submit required documents at https://cifss-ost.sec.gov.ph/.
Required documents for enrollment includes:
- Board Resolution (Majority Signed) or Secretary Certificate (Notarized) – SEC-approved template can be downloaded through the OST
- Submitted MC28 Report and/or Submitted GIS version 2020
What are the reports accepted through OST?
- Audited Financial Statements
- General Information Sheet (GIS)
- Sworn Statement for Foundation (SSF)
- General Form for Financial Statements (GFFS)
- Special Form for Financial Statements (SFFS), including IHFS, PHFS, BDFS, LCFS, FCFS, LCIF, and FCIF
- Affidavit of Non-Operation (ANO)
- Affidavit of Non-Holding of Annual Meeting (ANHAM)
What is the required format of the reports to be submitted?
Depending on the report to be submitted, the online facility will show the required format of the report which can be in Portable Document Format (PDF), Microsoft Excel, and other formats.
How are the reports accepted?
The reports will undergo quality checks upon submission. Once approved by the SEC-Electronic Records Management Division (SEC_ERMD), the filer will receive a QR code indicating the final acceptance of the reports. Upon successful submission, the reports will be made available to the public through the Online Submission Portal.
Are there other options for report submission?
In cases where filers cannot enroll and submit reports through the OST, the commission will set up OST kiosks in SEC offices and designated areas available from March 15, 2021 to December 15, 2021. SEC will only accept reports over the counter if the filer encountered a problem in the enrollment or submission process. Filer must present a proof by providing the notice generated from OST.
What are the operating hours for OST?
The OST is open twenty-four (24) hours. However, all submissions shall only be accepted from Mondays to Fridays. Submissions made outside of the OST’s operating hours shall be considered filed on the next working day.
