The Securities and Exchange Commission (SEC) will require all companies raising capital in the equities and debt markets to file registration statements exclusively through its Online Application for Registration Statements (OARS) platform, under Memorandum Circular No. 24. The mandate covers direct public offerings, first tranche shelf registrations, follow-on offerings, and initial public offerings, and also applies to filings under specialized programs including the SEC RENT for real estate non-traditional securities and SEC POWERS for power and energy sector operators.
The web-based OARS enables full electronic submission of registration documents and automatically generates International Securities Identification Numbers, Classification of Financial Instruments, and Financial Instrument Short Names in line with Association of National Numbering Agencies standards. New applications filed via OARS will be processed within 40 days following payment of the initial assessment fee, with no additional charges for using the system at this time, though the SEC reserves the right to impose reasonable fees in the future to cover infrastructure and operational costs. The platform is accessible 24/7 except during scheduled maintenance or unforeseen service disruptions.
To support a smooth transition, existing and pending applications will continue to be processed under SEC Memorandum Circular No. 9, series of 2025. The new circular will take effect following its publication in two national newspapers. This shift to a standardized digital filing system streamlines regulatory review, improves market transparency, and modernizes the foundation for capital formation across the Philippines’ securities industry.
