SEC: Circular on contact details applies to all firms
The Securities and Exchange Commission (SEC) said the memorandum circular that requires all companies, partnerships and associations to designate their respective contact details also applies to the agency’s regulated and supervised corporations.
In a notice, the SEC said it needed to issue such clarification after the agency regarding the coverage of the measure which will be implemented before the end of February.
The SEC Memorandum Circular 28, Series of 2020 requires corporations, partnerships, associations and individuals to create or designate email account address and mobile numbers for transactions with the agency.
Deadline for the online submission, which can be sent through email ([email protected]) is on February 22, while the filing of hard copies can be done through appointment with the SEC office or through courier services or Philpost.
The SEC issued the said circular, released late August last year but was only published on October 31, as electronic documents submitted to the agency and vice versa shall now have legal effect and valid as any other document or legal writing.
The said circular requires all firms to have valid official and alternate email addresses and mobile phone numbers when transacting with the agency.
The said email and mobile phone numbers shall be under the control of the corporate secretary or any person in charge with the administration and management of the corporation. The SEC, meanwhile, can also send their notices, replies, orders, decisions and other documents through these e-mail addresses.
Beginning February 23 onwards, the said contact details will now be included in the General Information Sheet (GIS) or Notification Update Form (NUF) that are regularly filed with the SEC.
“If a corporation fails to include the e-mail address and cellular phone numbers in the GIS or NUF… such GIS or NUF shall be considered incomplete,” the SEC circular read.
Both official and alternate e-mail addresses shall be where transactions such as applications, letters, requests papers and pleadings submitted to the SEC may be processed. Emails sent to these addresses are deemed received by the said firms.
The agency allows firms to change their email address or mobile phone numbers, but it may summon the parties involved in cases of double filing as there may be intra-corporate disputes happening with the firm. If they found that there’s feud happening within the company, the said submission, which may include the GIS, will be marked as “disputed.”
SEC will slap a penalty of P10,000 if a company failed to file the said documents within the deadline.