Electronic Filing and Submission Tool (eFAST) and the Submission of Corporate Reports
When it comes to digitalization, the Securities and Exchange Commission (SEC) is one of those government agencies that we can rely on as it continues to automate its public transactions fully.
This initiative is in line with the Republic Act (R.A.)11232 or the Revised Corporation Code of the Philippines. The SEC’s Electronic Filing and Submission Tol (eFAST) is the latest online innovation for public use.
What is Electronic Filing and Submission Tool (eFAST)?
Launched on March 15, 2021, eFAST is web-based submission and receiving system for corporations’ reportorial requirements such as Audited Financial Statement (AFS) and General Information Sheet (GIS), among others.
It allows a corporation to comply with these requirements without printing several copies of the reports and physically bringing them to the offices of the SEC.
What is the legal basis of eFAST?
The online submission of reports is in line with the Ease of Doing Business in the Philippines under RA 11232, while the zero-contact policy and automation of business-related transactions comply with the mandate of R.A 11032 or Ease of Doing Business and Efficient Government Service Delivery Act.
Moreover, the new system is an essential step toward promoting sustainability in the corporate sector, with millions of papers saved based on the 2021 documents received by the commission.
The implementation of eFAST is timely given the pandemic because reports are submitted online. Filers do not need to go out, avoiding face-to-face interaction with SEC personnel and the public.
What are the enrollment requirements?
To use the online tool and submit the reports, the company and the authorized filers must register in the system.
Under SEC Memorandum Circular No.3, series of 2021, the corporation must submit either of the following scanned copy in the approved templates of SEC:
- Notarized Board Resolution from the corporation, authorizing the company’s representative to file a report on behalf of the corporation.
Notarized Secretary’s Certificate, indicating that the Board of Directors or Trustees agreed to give authority to the authorized filer to submit the report to SEC.
- MC28 Report or General Information Sheet (GIS) version 2020 stating, the corporation’s primary and alternate email addresses, and telephone numbers to be used for transactions with the commission or the Notification Update Form (NUF) in the case of foreign corporations.
- You can download the templates on the eFAST website – efast.sec.gov.ph
- The company should use the email address to enroll in eFAST.
- The documents should be scanned and submitted as a Multi-page PDF High-Resolution Scan, at least 100 X 100 dpi.
How to Enroll in eFAST
- Access the eFAST website;
- SelectEnroll as Company;
- Fill out the Company Name or SEC Registration Number;
- Nominate the Username, Email Address, and Password;
- Click Submit;
- Check your email for the confirmation link sent by eFAST;
- Tick the confirmation link and log in to the eFAST using your nominated username and password;
- Complete the Company’s Profile – fill out the required fields;
- Follow the remaining steps and click Submit;
- Check for the SEC email from the corporate email address, confirming the company’s successful enrollment;
- The corporation may now use the account to add an authorized filer or submit the corporate reports;
- Click Add Authorized Filer;
- Fill out the authorized filer’s name and contact details;
Note: The authorized filer’s email address should be his/her username.
- Upload the Board Resolution or the Secretary’s Certificate indicating the name of the enrolled authorized filer;
- Click Submit;
- The eFAST will send an email to the registered email address of the authorized filer informing him of his registration;
- Proceed to the eFAST website and fill out the required information;
- Click Submit;
- Check your email and tick the Confirmation Link;
- You may now access the eFAST and start submitting the company’s report.
Need help with your online submission?
If you have problems registering your company in SEC’S eFAST or in the online submission of the commission’s reportorial requirements, we are here to assist you. Please email us at firstname.lastname@example.org for inquiries.