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SEC temporarily changes filing rules amid lockdown

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THE Securities and Exchange Commission (SEC) is temporarily changing the rules for the filing of structured and current reports for corporations during the government’s lockdown period.

In notices on its website late Tuesday, the corporate regulator said it is implementing new procedures for submission of reports for publicly listed companies and other issuers of registered securities.

In the case of listed firms, the SEC requires the submission of structured and current reports through the Philippine Stock Exchange, Inc. (PSE)’s Electronic Disclosure Generation Technology (EDGE) platform.

“All reports filed with the PSE EDGE during the effective period shall be considered as having been filed with the Commission,” it said. “The Commission shall also make the proper arrangement with PSE for the latter to furnish the Commission with the reports filed in the PSE EDGE.”

But once the quarantine is lifted, the SEC said it may still require listed companies to submit to it a copy of the reports at a later time.

The PSE posted a memorandum Tuesday night to echo the SEC notice, noting the filings must follow the relevant PSE rules and procedures on submissions.

For all other issuers of registered securities that are not publicly listed, the SEC said the submission of reports must be made with the Markets and Securities Regulation Department (MSRD).

Structured and current reports may be filed via e-mail to msrd_covid19@sec.gov.ph, either as direct e-mail messages or attachments. The same e-mail address may also be used for other communications.

The notices are in effect starting Tuesday until further notice.

The whole island of Luzon has been placed under enhanced community quarantine until the midnight of Apr. 13, in an effort by the government to contain the spread of the new coronavirus.

As of Wednesday morning, the Philippines had 193 confirmed cases of the coronavirus disease 2019 (COVID-19), with total deaths reaching 14 and recoveries tallying seven. —Denise A. Valdez





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