A New Requirement

By: Joshua R. Polido



Starting 23 February 2021, the Securities and Exchange Commission (SEC) requires entities under their jurisdiction and supervision to provide in their General Information Sheet (GIS) or Notification Update Form (NUF) an official e-mail address, alternate e-mail address, official cellular phone number and alternate cellular phone number.


What is the Purpose of the Official E-mail Address and the Alternate E-mail Address?


The official and alternate e-mail addresses shall be used for processing, submission or online filing of transactions, applications, letters, requests, papers and pleadings, under the jurisdiction of, or for consideration by, the SEC. The SEC may also send notices, letter-replies, orders, decisions and/or other documents through the said e-mail addresses.


Service and receipt of the notices, letter-replies, orders, decisions and/or other documents through it shall be considered as compliance to the notice requirement of administrative due process.


What is the Purpose of the Official Cellular Phone Number and the Alternate Cellular Phone Number?


The requirement of providing the cellular phone numbers is an additional security measure to ensure that the person accessing the e-mails sent by SEC is the authorized person of the entity to receive or retrieve the same.


Inclusion in the GIS or NUF


On the revised GIS or NUF form that may be downloaded in the SEC website, a portion where the additional requirements may be declared is specifically allotted.


If an entity fails to include the official e-mail address, alternate e-mail address, official cellular phone number and alternate cellular phone number in the GIS or NUF filed regularly before SEC, the said GIS or NUF shall be considered incomplete.


What is the Penalty in Case an Entity Fails to Provide These Additional Requirements?


Beginning 23 February 2021, an entity under the jurisdiction and supervision of SEC who fails to submit the e-mail addresses and cellular phone numbers shall be administratively penalized with a penalty in the amount of Ten Thousand Philippine Currency (Php10,000.00).


Sources:

SEC Memorandum Circular Number 28 series of 2020


Image from: nicepng.com


About the Author: Joshua R. Polido is a graduate of Far Eastern University Institute of Law with a Bachelor of Laws Degree, and is currently a underbar associate of Sangalang and Gaerlan, Business Lawyers, a law firm specializing in labor, corporate and business law. You may reach him at joshua.polido@paladinslaw.org

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