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SEC Implements Fees and Charges for Certain IT-Related Services
On 01 August 2023, the Securities and Exchange Commission (“SEC”) took a step towards enhancing its technological offerings by introducing certain Information Technology (“IT”)-related services. While this move is aimed at streamlining processes and ensuring improved access to essential company information and documents, the SEC acknowledges that delivery of these services will entail additional costs to the government. Hence, the SEC issued SEC Memorandum Circular No. 10, Series of 2023, which lays out the details of these changes, particularly the implementation of fees and charges for certain IT-related services and increase in fees in securing official documents from the SEC.
Among the key changes is the implementation of specific IT-related services, most notably the Application Program Interface Service (“API Service”) and the Company Investment and Financial Statistical Systems (“CIFSS e-SEARCH”), as well as implementation of fees and charges for these services. Through these services, the SEC aims to facilitate seamless communication between the SEC and its clients and stakeholders, enabling the swift exchange of company profiles, financial data, and other pertinent information.
API Service
API Service acts as a software interface facilitating the exchange of crucial data. This service adheres to a set of programming patterns and best practices, defining the rules for application-to-application and communications which may be conducted over remote network connections like the internet. By adopting this system, the SEC can ensure the efficient and secure transmission of data streams, ultimately enhancing the overall experience for users. The fees and charges are as follows:
Particulars | Fees and Charges |
Package A | PHP10,000.00 (100 API calls – PHP100.00/call) |
Package B | PHP50,000.00 (1,000 API calls – PHP50.00/call) |
CIFSS e-SEARCH
The CIFSS Electronic SEC Education, Analytics, and Research Computing Hub, better known as “CIFSS e-SEARCH” is an electronic commerce channel which serves as the primary platform for the public to purchase and download submitted documents to the SEC. By making documents available through this digital avenue, the SEC aims to reduce reliance on traditional paper-based documents. The CIFSS e-SEARCH system offers a research and discovery platform, providing easy access to essential SEC documents such as the General Information Sheet (“GIS”) and Audited Financial Statement (“AFS”). The charges for digital copies of certain types of documents are as follows:
CIFSS e-SEARCH Charges (digital copy) | |
GIS, AFS, and Company Snapshot Package | PHP1,000.00 |
Authenticated GIS, AFS, and Company Snapshot Package | PHP1,500.00 |
GIS, Authenticated AFS, and Company Snapshot Package | PHP1,500.00 |
Authenticated GIS, Authenticated AFS, and Company Snapshot Package | PHP2,000.00 |
GIS, AFS, and Company Snapshot Package (Discounted Price) | PHP900.00 |
Authenticated GIS, AFS, and Company Snapshot Package (Discounted Price) | PHP1,400.00 |
GIS, Authenticated AFS, and Company Snapshot Package (Discounted Price) | PHP1,400.00 |
Authenticated GIS, Authenticated AFS, and Company Snapshot Package (Discounted Price) | PHP1,900.00 |
GIS or AFS Document | PHP750.00 |
GIS or AFS Document (Discounted Price) | PHP500.00 |
Note: Additional PHP500.00 for authenticated copy for each type of document | |
Plain and Authenticated Hardcopy of SEC Documents
The following are the new fees and charges in securing official documents from SEC.
Type Of Document | Estimated No. of Pages | Fees And Charges (Plain) | Fees And Charges (Authenticated) |
Articles of Incorporation and By-Laws | 16-27 | PHP1,500.00 | PHP2,000.00 |
Articles of Incorporation / Amended Articles of Incorporation | 10-15 | PHP1,500.00 | PHP2,000.00 |
By-Laws / Amended By-Laws | 10-15 | PHP1,500.00 | PHP2,000.00 |
GIS | 6-10 | PHP1,500.00 | PHP2,000.00 |
Increase in Capital Stock | 8-15 | PHP1,500.00 | PHP2,000.00 |
Resolution | 2-4 | PHP1,500.00 | PHP2,000.00 |
Secretary’s Certificate | 2-4 | PHP1,500.00 | PHP2,000.00 |
Board Resolution | 1-3 | PHP1,500.00 | PHP2,000.00 |
Registration Data Sheet | 2-3 | PHP1,500.00 | PHP2,000.00 |
Deed of Assignment | 1-3 | PHP1,500.00 | PHP2,000.00 |
Other Documents aside from the above | PHP50.00/page | PHP100.00/page |
The SEC’s strategic shift towards implementing new fees for IT services and modernizing its document access methods reflects its commitment to embracing technology and enhancing user experiences. With these changes in place, clients and stakeholders can expect a more streamlined and efficient process when interacting with the SEC for critical company information and documentation needs.