SEC MC No. 28, s. 2020 Requirement to Create/Designate Email and Cellphone Number for SEC Transactions

Tuesday, October 27, 2020 Share to Friend Print a Copy

Requirement for Corporations Partnerships, Associations, and Individuals to Create and/or Designate E-mail Account Address and Cellphone Number for Transactions with the Commission
Coverage
Corporations, Associations, Partnerships, Persons under the jurisdiction and supervision of the SEC (“Covered Entities/Persons”)

Objective
To facilitate and expedite the transmission and receipt of official online communications with the SEC. Online correspondences with the SEC include transactions, applications, letters, requests, papers, pleadings, filed by Covered Entities/Persons; as well as the notice, letter-replies, orders, and decisions issued by the SEC.

Deadlines to remember: 
1. Submission of Covered Entities/Persons Form: 60 days from publication of the Circular in the Official Gazette or in two (2) newspapers of general circulation. 
2. Inclusion of Information in GIS and NUF: starting 23 Feb 2021

Covered Persons shall submit the following information to the SEC within 60 days from the effectivity of the Rules (NOTE: No specific date yet as the SEC Circular has yet to be published in the Official Gazette or in newspapers. We will update this Advisory when the information becomes available.):
• Valid official e-mail address;
• Valid official cellular phone number;
• Valid alternate e-mail address; and
• Valid alternate cellular phone number.

The above contact information shall be in the control of the following:

TYPE OF ORGANIZATION PERSON IN CONTROL                                PERSON IN CONTROL 
- Domestic Corporation                                                                                Corporate Secretary or Duly authorized representative
-  Corporation  Sole                                                                                         Person charged with administration and management or Duly authorized representative
- Foreign Corporation                                                                                    Resident agent or Duly authorized representative
Partnership                                                                                                        Managing partner or Duly authorized representative
One Person Corporation/ Natural Persons                                         Individual or Duly authorized representative

Valid email address 

• Existing email address with at least 1GB of unused memory space at any given time
• The official email address of a covered person may be the official email address of another; provided that the official and alternate of the covered person are not the same.
• If principal place of business has no internet access, only the cellphone numbers shall be required

Valid cellphone number
• Existing mobile phone number from any telecom in the Philippines
• The official cellphone number of a covered person may be the official email address of another; provided that the official and alternate of the covered person are not the same

Change in information 
Notice to SEC must be submitted within 5 days from the date of change, accompanied by a Certificate of Authorization.

Penalty for non-compliance: Php10,000

*For further information and reference, attached herewith is a copy of SEC Memorandum Circular No. 28, S. 2020