DTI, SEC agree to establish database access scheme

The Department of Trade and Industry (DTI) and the Securities and Exchange Commission (SEC) have agreed to establish database access arrangements aimed at harmonizing their business/corporate name registration system.

Trade and Industry Secretary Cesar V. Purisima and SEC Chairwoman Lilia R. Bautista signed yesterday a memorandum of agreement (MOA) for the implementation of data sharing and linkage between the two agencies.

According to Purisima, the creation of the system aims to prevent the registration at the DTI of business names that are confusingly similar to SEC-registered corporate/partnership names and vice versa.

The DTI and the SEC have agreed to provide each other access to their respective databases for registered and reserved corporate or business names under DTI’s WeBNRS and SEC’s SEC-I-Register.

The DTI and SEC will formulate and recommend the guidelines, terms or conditions for the access to their respective databases 30 days after the signing of the MOA.

DTI’s WeBNRS or the Web-enabled Business Name Registration businessmen to register their business names using the internet.

The system was enhanced with the inclusion of online payment and/or courier services so as to provide internet business name applicants complete business name registrations service right in their own homes or offices.

SEC has a similar facility through its SEC-I-Register.