The Securities and Exchange Commission (SEC) issued Memorandum Circular No. 18, Series of 2023, providing 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.

Its salient features are as follows:

A. Documents to be Submitted Online

Those identified and described in the List of Documentary Requirements and Mode of Submission (https://www.sec.gov.ph/forms-and-fees/list-of-documentary-requirements-and-mode-of-submission/) published on its website shall be submitted to SEC by electronic mail or through the SEC’s electronic platform, whichever is applicable.

In determining the Date of Receipt of the submitted documents, any submission made not later than 11:59 PM from Monday to Friday shall be considered deemed filed within the day. Submissions made on Saturdays, Sundays, and working holidays shall be considered filed on the immediately succeeding business day.

Further, any submissions made using email accounts other than those provided in the List of Documentary Requirements and Mode of Submission (https://www.sec.gov.ph/forms-and-fees/list-of-documentary-requirements-and-mode-of-submission/) published on the website are considered not filed or not received.

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

Those identified and described in the List of Documentary Requirements and Mode of Submission (https://www.sec.gov.ph/forms-and-fees/list-of-documentary-requirements-and-mode-of-submission/) published on its website shall be submitted to SEC in the number of copies indicated in the table.

After the lapse of one (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.

C. Retention Period of Hard Copies

The retention period of the hard copies of the documents shall be in accordance with the SEC records retention program. 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.