The Philippine Securities and Exchange Commission has issued draft guidelines that would introduce an optional paperless processing lane for specified amendments to articles of incorporation and bylaws through the Electronic Application for Modification of Entity Data portal. Corporations could continue using existing processing lanes that require hard-copy submissions. The proposal would recognize scanned copies of signed and notarized amendment documents as legally equivalent to hard copies, subject to SEC verification. Authorized representatives and corporate secretaries would need credentialed Electronic SEC Universal Registration Environment accounts, while applications must include a notarized secretary’s certificate confirming the documents’ authenticity and the retention of originals. The SEC could conduct random post-approval evaluations and require originals within 15 calendar days. Noncompliance could result in a PHP 20,000 penalty, revocation of the application, loss of access to paperless filing and other administrative, civil or criminal action. Comments on the draft guidelines are due by April 15.

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