THE Securities and Exchange Commission (SEC) has shifted applications for public offerings fully online, with a processing period of just 40 days, as part of efforts to speed up the share offering process and make it easier for companies to raise funds through the capital market.
Under SEC Memorandum Circular 24, Series of 2026 that was issued last week, companies will be required to use the Online Application for Registration Statements (OARS) for applications covering the registration of securities.
OARS is a web-based platform that allows companies to electronically submit registration statements and other required documents containing information on their operations and the securities they intend to offer.
Applications submitted through the platform will be processed within 40 days from payment of the initial assessment fee, the SEC said.
The online system covers direct public offerings, follow-on offerings, initial public offerings and first-tranche shelf registrations, except for issuances of debt securities.
It also accepts applications under the SEC’s specialized registration programs, including Securing & Expanding Capital for Real Estate Non-Traditional Securities (SEC RENT) and Securing & Expanding Capital for PowerGen Operators & Wholesale of Electricity & Retail Services (SEC Powers).
“The rollout of OARS reflects the commission’s commitment to further improving the ease of doing business in the country through automation and faster turnaround times,” SEC Chairman Francis Lim said.
“By modernizing and simplifying our processes, we hope to encourage more businesses to view and enter the capital market as a viable option for their growth, in line with our agenda to further deepen and stimulate market activity in the country,” he added.
The SEC said OARS underwent stakeholder testing before its rollout to ensure that the platform responds to the needs of intended users.
To access OARS, authorized company representatives must create credentialed accounts through the Electronic SEC Universal Registration Environment, or eSECURE, which serves as the SEC’s gateway to its online services.
Aside from accepting public offering applications, OARS can generate International Securities Identification Numbers, Classification of Financial Instruments and Financial Instrument Short Names in line with standards of the Association of National Numbering Agencies.
The SEC said it could expand the types of registration applications and forms that can be submitted through the platform.
