SEC clicks on button for more digital initiatives

MANILA, Philippines — The Securities and Exchange Commission (SEC) is ramping up its digital initiatives to further improve the business environment in the country.

The commission said it is poised to launch this week the third wave of its digital initiatives which is envisioned to push the country further in the global stage as having one of the best and most advanced corporate sectors in Southeast Asia.

Under the leadership of its chairperson Emilio Aquino, the SEC is progressively championing ease of doing business through digital transformation covering the automation of its company registration, reports submission and payment processes.

Its digital initiatives have likewise paved the way to heightened transparency in the corporate sector by making information more accessible to its stakeholders.

Aquino earlier said the SEC prides itself with being one of the first-movers in digitizing services in the government, allowing it to institute game-changing reforms for the corporate sector.

As part of efforts to enhance the security of online transactions alongside its continued shift to automated processes, the SEC said it is integrating all its digital services under one platform.

The commission issued on July 10 a memorandum circular providing the guidelines on the Electronic SEC Universal Registration Environment (eSECURE), which serves as a user’s digital passport to the different online services provided by the SEC.

This allows the management of one’s SEC accounts and online transactions from one place through a single account.

The SEC said the platform enables risk-based credentialing procedures using repeatable electronic know-your-customer (eKYC) process and credentialing system, which will strengthen the identification, trustworthiness, reachability and veracity of persons representing corporations, as well as individuals using the commission’s online services.

“The eKYC process serves as an important tool to curb money laundering and/or terrorist financing committed through the use of the corporate vehicle,” the commission said.

Further, the credentialing system provides a more efficient alternative to the use of wet signatures and notarization in documents submitted to the SEC, as these documents may now be digitally authenticated.

The SEC said credentialing through eSECURE is required for sensitive and critical online services, where verification and establishment of identity is necessary.

These include the commission’s systems for company registration, namely SEC Electronic Simplified Processing of Application for Registration of Company (eSPARC) and One-day Submission and E-registration of Companies (OneSEC) as well as its service for research and data retrieval called the SEC Application Program Interface Marketplace.

Also tagged as sensitive and critical online services are the Automated Certification Examination System and the SEC Electronic Registry Application for Market Participants, which are used for licensing of capital market participants, as well as iMessage Mo and other SEC complaints systems.

According to the commission, users of those not falling under sensitive and critical online services may opt not to register for an eSECURE account. However, they will be required to establish their identity for each and every online SEC transaction.

The SEC also intends to integrate into eSECURE other services of the commission such as the Electronic Filing and Submission Tool, MC 28 Submission Portal and the Electronic System for Payment to SEC.