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SEC Streamlines Corporate Record Amendments Digitally
19 Jan
Summary
- New SEC rules simplify corporate record amendments via digital portal.
- Processing times are cut, with simple tasks done in seven days.
- Penalties issued for late submission of required company documents.
The Securities and Exchange Commission (SEC) has implemented new guidelines to expedite the amendment of corporate records. Issued on January 12, Memorandum Circular No. 3, series of 2026, details the classification and processing of applications submitted via the eAmend digital portal. These reforms are designed to enhance efficiency and consistency in amending articles of incorporation and bylaws.
Under the new system, amendment applications are categorized into simple and regular processing. Simple processing aims for completion within seven working days, while regular processing, for more technical changes, allows up to 21 working days. The scope of simple processing has been expanded to include changes like corporate name and primary purposes.
Penalties are now in place for late submissions, with fines of P5,000 for documents filed between 15 and 45 days late, and application cancellation for submissions beyond 45 days. SEC Chair Francis Lim stated these reforms aim to remove regulatory hurdles, enabling businesses to focus on growth and making SEC services more accessible.
