Regulatory Alerts2023-12-28
SEC Memorandum Circular No. 23, Series of 2023: Integration of MC28 s. 2020 and MC1 s. 2021 Compliance with eSPARC, OneSEC, and eFAST Portals
The Securities and Exchange Commission mandates that all newly registered corporations using the eSPARC and OneSEC portals are automatically deemed compliant with MC No. 28 s. 2020 regarding official contact details and MC No. 01 s. 2021 regarding nominee disclosures. This integration simultaneously enrolls these registrants into the eFAST portal for annual reporting, with temporary credentials sent to their designated official email addresses. The circular also updates specific registration forms and provides transitory guidelines for pending applications to ensure alignment with these streamlined automated processes effective December 18, 2023.
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