Date of Publication: 10 September 2026
The Securities and Exchange Commission (SEC) has issued SEC Memorandum Circular No. 24, Series of 2026 (SEC MC No. 24-26), requiring corporations to commence covered applications for registration statements through the Online Application for Registration Statements (OARS). The web-based platform enables companies to submit registration statements and related filings electronically.
SEC MC No. 24-26 took effect immediately after its publication in two newspapers of general circulation, the Philippine Daily Inquirer and the Manila Standard on 27 August 2026.
SEC MC No. 24-26 implements the SEC’s continuing shift toward paperless transactions and is intended to streamline the evaluation and approval of registration statements. Applications submitted through OARS are to be processed within 40 days from payment of the initial assessment fee, compared with the 45-day period under Section 12.6 of the Securities Regulation Code.
Registration Statements Covered by OARS
Except for issuances of debt securities, OARS supports applications involving direct public offerings, the first tranche of shelf registrations, follow-on offerings, and initial public offerings (IPOs). The SEC may subsequently expand or modify the types of registration covered by the platform.
The registration forms that may currently be submitted and processed through OARS are SEC Form 12-1; SEC RENT, or Securing and Expanding Capital in Real Estate Non-Traditional Securities; and SEC POWERS, or Securing and Expanding Capital for PowerGen Operators & Wholesale Electricity & Retail Services. The SEC may include additional forms when necessary.
OARS captures key information regarding the applicant, its operations, financial statements, management, and the securities being offered. When applicable, the platform also facilitates the generation of International Securities Identification Numbers (ISINs), Classification of Financial Instruments codes, and Financial Instrument Short Names in accordance with applicable international numbering standards.
Filing and Processing Applications
To use OARS, the applicant’s authorized representative must have a credentialed Electronic SEC Universal Registration Environment (eSECURE) account. The OARS dashboard provides access to functions for managing linked companies, tracking registration statement applications, and requesting the generation of an ISIN.
Before an application can proceed, the applicant must link the relevant company through the My Companies dashboard and complete the required authorization process. Approval must be obtained from the corporation’s authorized representative designated under SEC Memorandum Circular No. 28, Series of 2020.
Issuers should therefore complete eSECURE registration, company linking, and the required authorization well before the intended filing date.
Transitional Arrangement and System Availability
The mandatory use of OARS applies to newly initiated applications for registration statements. Applications already existing or pending when SEC MC No. 24-26 took effect will continue to be processed under SEC Memorandum Circular No. 9, Series of 2025.
The use of OARS does not currently entail an additional charge for an application for a registration statement. The SEC, however, reserves the right to impose reasonable fees through a future issuance to cover costs associated with the platform’s network infrastructure and application services.
Except during scheduled maintenance, OARS is intended to be accessible 24 hours a day, seven days a week. Temporary service interruptions may nevertheless result from maintenance, network disruptions, or other technical conditions.
Preparing for OARS
Corporations contemplating a covered securities offering should determine at an early stage whether the proposed offering and registration form fall within the mandatory OARS framework.
In particular, issuers and their transaction teams should identify the appropriate authorized representative, ensure that the representative has a credentialed eSECURE account, complete company linking and authorization, and prepare the information and supporting documents required for electronic submission.
These steps should now be incorporated into the transaction timetable rather than treated merely as pre-filing administrative matters. The timetable should likewise account for the initial assessment and payment process, since the 40-day processing period begins only upon payment of the initial assessment fee.
Early completion of the account, company-linking, and authorization requirements should help minimize avoidable delays in the registration process.
The OARS platform may be accessed here.