The Securities and Exchange Commission (SEC) is set to require all companies raising funds from the equities and debt markets to use its system called Online Application for Registration Statements (OARS).
The said system, according to the SEC’s Memorandum Circular (MC) 24, will be for direct public offering, first tranche of the shelf registration, follow-on offering and initial public offering.
OARS is a web-based platform that enables companies to electronically submit registration statements and other required filings
The said circular will take effect after publication in two newspapers in the country.
‘The provisions of this circular establishing the use of OARS shall be mandatory for newly initiated applications for registration statements. To ease the transition to and adoption of the use thereof, the existing and pending applications for registration statements shall continue to be processed in accordance with SEC MC No. 9, series of 2025,’ the SEC said.
Applications submitted through OARS should be processed by the SEC within 40 days upon payment of the initial assessment fee.
It will also accept applications under specialized registration programs of the SEC, such as Securing and Expanding Capital for Real Estate Non-Traditional Securities (SEC RENT) and Securing and Expanding Capital for PowerGen Operators and Wholesale of Electricity and Retail Services (SEC POWERS).
The OARS also facilitates the generation of International Securities Identification Numbers (ISINs), Classification of Financial Instruments and Financial Instrument Short Names (FISNs) in compliance with the standards of the Association of National Numbering Agencies (ANNA).
The use of OARS will not entail any additional charge for applications for registration statements, but the agency has the right to impose reasonable fees, through an
appropriate issuance, to defray costs associated with the system network infrastructure and application
Except for scheduled system maintenance, the system is available and accessible 24 hours a day, seven days a week, subject to temporary service impairments. Access to the system may be temporarily impaired due to downtime, maintenance, network disruptions, or the user’s internet service conditions, the agency said.