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SEC Memorandum Circular No. 18, Series of 2023: Guidelines on the Submission of Digital Copies of Applications, Compliance Documents and Other Requests, and Further Reduction of the Number of Hard Copies to be Filed with the SEC

On 09 October 2023, the Securities and Exchange Commission (“SEC”) issued Memorandum Circular No. 18, series of 2023 (the “Memorandum Circular”) which lists the guidelines on the submission of digital copies of applications, compliance documents and other requests, and further reduction of the number of hard copies to be filed with the SEC. 

  1. Documents to be Submitted Online

    Documents identified and described in the SEC website (List of Documentary Requirements and Mode of Submission – Securities and Exchange Commission) under the sub-category “BY ELECTRONIC MAIL OR PLATFORM” (the “First List”) shall be submitted to the SEC by electronic mail (“e-mail”) or through the SEC’s electronic platform such as the Electronic Filing and Submission Tool, following the mode of submission as indicated in the First List. 

    Any submissions made using e-mail accounts other than those provided in the First List are considered not filed or not received.  

  2. Documents to be Submitted in a Reduced Number of Hard Copies 

    Documents identified and described in the SEC website (List of Documentary Requirements and Mode of Submission – Securities and Exchange Commission) under the sub-category “IN HARD COPIES” (the “Second List”) shall be submitted to the SEC in the number of copies indicated in the Second List. 

    After the lapse of 1 year from the effectivity of the Memorandum Circular, and unless otherwise expressly permitted, all documents shall be submitted online, and the SEC shall no longer require nor accept the submission of hard copies of documents. 

  3. Retention Period of Hard Copies

    With regard to the retention period of hard copies, the Memorandum Circular provides that the hard copies of documents submitted shall be scanned and disposed of after the lapse of the retention period in accordance with the SEC Records Disposition Schedule, the rules and regulations issued by the National Archives of the Philippines, and Republic Act No. 10173 (or the Data Privacy Act of 2012) and its Implementing Rules and Regulations, without prejudice to the requirements of the digital technology roadmap of the SEC to have fully digital records.