The Department of Finance (DOF) has ordered the Securities and Exchange Commission (SEC) to continue its digitalization initiatives in expanding the country’s capital market and to support economic growth.
The Department of Finance has ordered the Securities and Exchange Commission to continue its digitalization initiatives in expanding the country’s capital market and to support economic growth.
He then commended the SEC’s digital transformation initiatives, which the securities regulator accelerated at the height of the global health emergency. From its launch on April 11, 2021 to June 19, 2022, the eSPARC processed a total of 77,476 applications for company registration, 7,095 of which were processed in OneSEC.
Meanwhile, the SEC’s Electronic Filing and Submission Tool was built for the submission of Audited Financial Statement, General Information Sheet, and other reportorial requirements. Diokno likewise ordered the SEC to strengthen the newly-established PhiliFintech Innovation Office to ensure that financial technology companies are properly regulated while encouraging their growth.
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