In alignment with the Philippine Development Plan (PDP) 2023–2028 and Republic Act No. 11032 (Ease of Doing Business and Efficient Government Service Delivery Act of 2018), the Securities and Exchange Commission (“SEC”) has issued Memorandum Circular No. 24, Series of 2026 (“MC No. 24”), which mandates the use of the Online Application for Registration Statements (“OARS”). OARS is designed to modernize capital market transactions, transition away from paper-based submissions, and significantly enhance efficiency and transparency in corporate registrations.
Legal Development
The legal foundation of MC No. 24 lies in statutory mandates directing government agencies to automate business transactions using technology-neutral platforms. While Section 12.6 of the Securities Regulation Code (SRC) allows a 45-day window for the SEC to approve or reject registration statements, a timeline previously detailed in SEC MC No. 9, series of 2025, the implementation of OARS reduces this processing time even further to 40 days upon payment of the initial assessment fee.
Key Provisions
Under the new guidelines, mandatory OARS usage applies to Direct Public Offerings (“DPO”), 1st Tranche Shelf Registrations, Follow-On Offerings (“FOO”), and Initial Public Offerings (IPO), while issuances of debt securities are explicitly excluded from this requirement. The platform processes key registration statement forms, including SEC Form 12-1, SEC RENT for Real Estate Non-Traditional Securities, and SEC POWERS for PowerGen Operators and Wholesale Electricity & Retail Services. Beyond standard filing management, the system directly facilitates the generation of international identification markers—such as International Securities Identification Number (ISIN), Classification of Financial Instruments (CFI), and Financial Instrument Short Name (FISN)—in compliance with Association of National Numbering Agencies (ANNA) standards.
To utilize the platform, users must access [http://oars.sec.gov.ph/] or log in through an Electronic SEC Universal Registration Environment (“eSECURE”) account. Prior to initiating any filings, company profiles must be linked and verified by an authorized representative designated under SEC MC No. 28, series of 2020. The SEC does not impose any additional fees for using the OARS platform, though it retains the right to implement reasonable system maintenance fees in the future. Applicants can access the portal anytime, with technical assistance provided by the Information and Communications Technology Department (ICTD) via the iMessage portal during regular workdays from 8:00 AM to 5:00 PM.
Practical Implications
For market participants, MC No. 24 transitions newly initiated applications directly into a streamlined, digital-first workflow. Corporations benefit from standard 40-day turnaround times, reduced paper submissions, and clear dashboard tracking for filings and ISIN requests. To manage the shift smoothly, a transitory provision dictates that applications already pending prior to this circular will continue under the processing rules of SEC MC No. 9, series of 2025, while all newly initiated filings must strictly utilize OARS.
Conclusion
SEC Memorandum Circular No. 24, Series of 2026 marks a decisive step toward paperless, modern corporate governance in the Philippines. By cutting review periods to 40 days and consolidating identification generation into a single online portal, the SEC reinforces its commitment to bureaucratic efficiency and an accessible capital market. Ultimately, the mandatory adoption of OARS establishes a more transparent, agile, and competitive market for issuers and investors alike.
This guide provides a general overview of the above Advisory as of the date of writing and is not intended to constitute comprehensive legal advice or an opinion on the topic. For further details and information, you may coordinate with any GVES Law Partner.
Atty. Jianna Mae S. Robles is an Associate at GVES Law.