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The SEC has issued Memorandum Circular 28 requiring all companies under its jurisdiction to submit valid email addresses and cellphone numbers. Existing companies must comply by February 23, 2021 or face penalties. Emails and phone numbers will be included in regularly filed GIS and NUF forms. The contact information submission aims to facilitate online SEC transactions and add security through two-factor authentication. Companies must provide details like official contacts and signatures to update their email and phone records with the SEC.

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21 views2 pages

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The SEC has issued Memorandum Circular 28 requiring all companies under its jurisdiction to submit valid email addresses and cellphone numbers. Existing companies must comply by February 23, 2021 or face penalties. Emails and phone numbers will be included in regularly filed GIS and NUF forms. The contact information submission aims to facilitate online SEC transactions and add security through two-factor authentication. Companies must provide details like official contacts and signatures to update their email and phone records with the SEC.

Uploaded by

Francis Joshua Sanggalang
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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What You Need to Know About SEC

Memorandum Circular (MC) 28 Series of


2020
by Divina Joy Ayungo-Martinez, CPA
BUSINESS FORMATION, BUSINESS REGISTRATION

You probably heard that the Securities and Exchange Commission (SEC) has released its memorandum about
the mandatory submission of Email Addresses and Cellphone Numbers for SEC Transactions (Memorandum
Circular 28 Series of 2020).

The said circular mandates every company (corporation, partnership, association, and individual) under the
jurisdiction of the Commission to submit a valid official email address and cellphone phone number together
with alternative email addresses and cellphone numbers to the commission.

Existing companies are required to comply on or before February 23, 2021, based on the Circular document
that the SEC released. Failure to comply with the rules of the mentioned circular will incur an administrative
penalty amounting to Ten Thousand Pesos (P10,000.00)

Email and phone numbers will be part of the General Information Sheet (GIS) and Notice Update Form (NUF)
which should be regularly filed with the Commission. If a corporation fails to include the email addresses and
phone numbers in the GIS or NUF file with the SEC, such GIS or NUF will be considered deficient.

Why does the SEC require email addresses and cell phone
numbers?
The email addresses should be used on all transactions, applications, letters, requests, papers, and pleadings
under the jurisdiction of, or for consideration by, the SEC including those that are processed, submitted, and/or
filed online. In addition, notices, letter replies, orders decisions, and/other documents will be sent to the
submitted email addresses.

The cell phone numbers will have an additional layer of security to ensure that whoever accesses the email sent
by the SEC is an authorized representative of the Company. The cellphone number will receive a One Time
Personal identification number (OTP) or Two-Step Verification, which needs to be inputted before the email
sent by the SEC can be accessed or retrieved.

What makes email addresses and cell phone numbers valid?


1. In order for the email addresses to be valid, one must have at least one gigabyte (GB) of unused
memory space at any given moment. The email can be the official or alternate email of another
Company; provided that the official email of the Company is not the same as the alternate email
address of the same entity.
2. For the cellphone number to be valid, it shall pertain to an existing mobile phone number from any
telecommunications company legally operating in the Philippines. The cellphone number may be the
official or alternate cell phone number of another Company; provided that the official cell phone
number of the Company is not the same as the alternate cell phone number of the same entity.
The email addresses and cell phone numbers should be under the control of the corporate secretary, the person
charged with the administrator and management of the corporation sole, the resident agent of the foreign
corporation, the managing partner or the individual or his/her duly authorized representative.

What information and documentation the SEC requires?


1. Complete name of the corporation, association, partnership, or person;
2. The SEC registration number or identification number;
3. Official electronic mail address;
4. Official cellular phone number;
5. Alternate electronic mail address;
6. Alternate cellular phone number;
7. For corporations, the complete name and signature of the corporate secretary, the person charged with
the administration and management of the corporation sole, or the duly authorized representative;
8. For partnerships, the complete name and signature of the managing-partner or the duly authorized
representative; and
9. For natural persons, his/her signature or his/her duly authorized representative’s signature.

If ever the company wants to change its email address or cellular phone number, a notice to change email
address and or cellular phone number must be filed to the SEC along with authorization or Certificate of
Authorization within 5 days from the date the company decided to change the email address or cell phone
number.

Fundamentally, this tells us that the SEC is making more initiatives to improve its online service delivery
while making sure that the security, confidentiality, and credibility of the information they are receiving and
sending through the internet will be compromised.

It is safe to say that, more and more government agencies are now moving their operations from manual to
online platforms. These online methods can be a good way to expedite the government agencies’ processes.

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