Companies looking to raise capital through the stock market will soon complete public offering applications entirely online, with approval timelines cut to as little as 40 days under the Securities and Exchange Commission’s (SEC) new digital filing system.
The SEC said Monday it has opened its Online Application for Registration Statements (OARS) for testing, a web-based platform that allows issuers to electronically submit registration statements and other documents required for securities offerings.
“The implementation of OARS reflects our continued strategic shift toward a paperless and data-driven regulatory environment,” SEC Chairperson Francis Lim said.
“By improving access to the application process and removing bureaucratic roadblocks, we are making it easier for more issuers to tap the capital market, supporting our broader efforts to revitalize market activity in the Philippines,” he added.
Initially, OARS will cover direct public offerings, follow-on offerings, initial public offerings (IPOs), and first-tranche shelf registrations, replacing paper-based submissions and streamlining the review process.
The platform will also handle applications under the SEC’s specialized registration programs, including Securing & Expanding Capital for Real Estate Non-Traditional Securities and Securing & Expanding Capital for PowerGen Operators & Wholesale of Electricity & Retail Services.
Beyond filing applications, OARS automates the generation of International Securities Identification Numbers, Classification of Financial Instruments, and Financial Instrument Short Names, aligning the process with standards set by the Association of National Numbering Agencies.
