SEC MC No. 24, series of 2026MANDATORY USE OF THE ONLINE APPLICATION FOR REGISTRATION STATEMENTS (OARS)

Exchange Commission Securities and

SEC MEMORANDUM CIRCULAR NO. _24 Series of 2026

TO ALL CONCERNED

SUBJECT MANDATORY USE OF THE ONLINE APPLICATION FOR REGISTRATION STATEMENTS (OARS)

digital transformation, specifically the adoption of interoperable, secure, and paperless transactions; entitled "Practice Good Governance and Improve Bureaucratic Efficiency," emphasizes the need to accelerate WHEREAS, the Philippine Development Plan (PDP) 2023-2028, particularly under Chapter 14

as the Ease of Doing Business and Efficient Government Service Delivery Act of 2018 (EDBA); digitalize government processes in line with the objectives of Republic Act (RA) No. 11032, otherwise known WHEREAS, the Securities and Exchange Commission (the "SEC" or "Commission") endeavors to

transactions by developing the necessary software and technology-neutral platforms; WHEREAS, Section 17 of EDBA requires that government agencies shall automate business-related

WHEREAS, the implementation of the Online Application for Registration Statements (OARS) supports the objectives of EDBA, by modernizing regulatory processes, reducing transaction time, and enhancing the efficiency, transparency, and accessibility of government services;

the need to adopt an online platform that will reduce paper-based submissions: WHEREAS, in pursuit of sustainable practices and digital innovation, the Commission recognizes

WHEREAS, Section 12.6 of RA No. 8799, or the Securities Regulation Code ("SRC"), directs the SEC to declare effective or rejected the Registration Statement of an applicant-registrant within forty-five (45) days after the date of filing of such Registration Statement;

outlines the 45-day Registration Statement review process under the Markets and Securities Regulation WHEREAS, the Commission issued SEC Memorandum Circular (MC) No. 9, series of 2025, which

Department ("MSRD") of the Commission; and

WHEREAS, the Commission has developed the OARS to further streamline the evaluation and approval process for registration statements and decrease the processing time to forty (40) days; and

of stakeholders; WHEREAS, the Commission has conducted beta testing of the OARS platform with the participation

following: NOW, THEREFORE, in view of the foregoing premises, the Commission hereby promulgates the

Section 1. ONLINE APPLICATION FOR REGISTRATION STATEMENTS (OARS)

statements, management team, and the securities being offered. The system captures relevant data from state ements and other required filings containing key details about the company, its operations, financial The OARS is a web-based platform that enables c ompanies to electronically submit registration

these submissions and, when applicable, facilitates the generation of International Securities Identification Numbers (ISINs), Classification of Financial Instruments (CFIs), and Financial Instrument Short Names (FISNs) in compliance with the standards of the Association of National Numbering Agencies (ANNA).

Published on: Manila Standard, 27 August 2026 Philippine Daily Inquirer, 27 August 2026 Filed with UP Law Center: 26 August 2026

Section 2. COVERAGE

2.1 Covered Types of Registration. Except issuances of debt securities, the system shall support applications for the following modes of securities issuance:

a b. Direct Public Offering (DPO); Shelf Registration (1st Tranche);

d. Initial Public Offering (IPO). Follow-On-Offering (FO0); and

2.2 Applicable Forms for Registration. The following forms for registration statements can be submitted and processed through OARS:

b. SEC RENT: Securing and Expanding Capital in Real Estate Non-Traditional Securities; SEC Form 12-1;

SEC POWERS: Securing and Expanding Capital for PowerGen Operators & Wholesale Electricity & Retail Services. and

2.3 The Commission may expand, amend or include additional types of registration and applicable forms to the coverage of this system, as it may deem necessary.

Section 3. USE OF OARS

3.1 Mandatory Use of OARS. A corporation shall commence an application for registration statement through OARS.

3.2 Shortened Processing. Applications submitted through 0ARS shall be processed by the Commission within forty (40) days upon payment of the initial assessment fee consistent with SEC MC No. 9, series of 2025.

3.3 Creation of an Electronic SEC Universal Registration Environment (eSECURE) account. To access and facilitate the application through OARS, the authorized representative must create a

credentialed eSECURE account.

Section 4. ACCOUNT NAVIGATION AND AUTHENTICATION

4.1 Users may access the OARS through the website at http://oars.sec.gov.ph/ or through the eSECURE dashboard.

4.2 Upon successful login, the system redirects the user to the OARS dashboard which displays the user's name, eSECURE ID, and the sidebar panel options as follows:

a. My Companies: Displays linked company lists and requested management updates. b. Applications: Tracks online registration statement filings C ISIN Request: Manages requests for the generation of ISIN.

4.3 Applicants must link their respective companies and undergo an authorization process via the SEC MC No. 28, series of 2020, is required before an application can proceed. "My Companies" dashboard. Approval from the authorized representative, as designated under

Section 5. APPLICATION FOR REGISTRATION STATEMENTS THROUGH OARS

A. The OARS User Guide and/or future amendments thereto shall be available for viewing and downloading at the official SEC website. The procedure for the applications for registration statements through OARS is attached as Annex

The Commission may update, enhance or further streamline the procedure under the OARS, upon prior notice.

Section 6. NO FEE DUE

Provided, however, that the Commission r. appropriate issuance, to defray costs associated with the system network infrastructure and application services. The use of OARS will not entail any additional charge for applications for registration statements; reserves the right to impose reasonable fees, through an

Section 7. OARS AVAILABILITY AND TECHNICAL SUPPORT

7.1. Except for scheduled system maintenance, OARS shall be available and accessible 24 hours a day, seven days a week, subject to temporary service impairments. Access to the system may internet service conditions. be temporarily impaired due to downtime, maintenance, network disruptions, or the user's

7.2. For inquiries, ciarifications and/or technical concerns on the use of OARS, users may contact the technical support of the Information and Communications Technology Department (ICTD) from 8:00 A.M. to 5:00 P.M. during workdays. via the iMessage portal (https://imessage.sec.gov.ph). The technical support shall be available

Section 8. MODIFICATION OR AMENDMENT

inconsistent with the foregoing provisions shall be deemed modified or amended accordingly. All other circulars, memoranda, notices, and implementing rules and regulations that may be

implementation of the system, through an appropriate issuance(s) or notice to the public. not preclude the Commission from amending or revising any clauses herein that may improve the The provisions in this Memorandum Circular providing for the mandatory use of the OARS shall

Section 9. TRANSITORY PROVISION

applications for registration statements. To ease the transition to and adoption of the use thereof, the with SEC MC No. 9, series of 2025. existing and pending applications for registration statements shall continue to be processed in accordance The provisions of this Circular establishing the use of OARS shall be mandatory for newly initiated

Section 10. EFFECTIVITY

of general circulation in the Philippines. This Memorandum Circular shall take effect immediately after publication in two (2) newspapers

Makati City, Philippines, _24 August 2026.

For the Commission:

FRANOISOO E

cHairperson M