THE Securities and Exchange Commission (SEC) is integrating all of its digital services into a single platform called the Electronic SEC Universal Registration Environment (eSECURE) to increase the security of its online transactions and as part of its shift to automated processes.
The corporate regulator issued Memorandum Circular (MC) No. 10 on July 10, which provided the guidelines on the eSECURE platform, the SEC said in a statement over the weekend.
“eSECURE serves as a user’s digital passport to the different online services provided by the commission, allowing the management of one’s SEC accounts and online transactions from one place through a single account,” the SEC said.
The platform allows risk-based credentialing procedures using a repeatable electronic know your customer (eKYC) process and credentialing system that aims to strengthen the identification, trustworthiness, reachability, and veracity of persons representing corporations and individuals using the commission’s online services.
Credentialing via eSECURE is needed for sensitive SEC online services such as the company registration system, research and data retrieval service, automated certification examination system, complaint systems, and capital market participant licensing.
“The eKYC process serves as an important tool to curb money laundering and terrorist financing committed through the use of corporate vehicles,” the SEC said.
“The credentialing system also provides a more efficient alternative to the use of wet signatures and notarization in documents submitted to the SEC, as these documents may now be digitally authenticated,” it added.
Meanwhile, the SEC said that users of online services not categorized as sensitive or critical may opt not to register for an eSECURE account, but will be required to establish their identity for each online SEC transaction.
Other SEC services, such as the Electronic Filing and Submission Tool, the MC 28 Submission Portal, and the Electronic System for Payment to SEC, will also be integrated into eSECURE in the future.
“To ease the transition to and adoption of the registration and authentication process through eSECURE, the process will not be mandatory, which means that the public may still avail of SEC online systems and submit scanned hard copies of documents that are manually signed and duly notarized,” the SEC said. — Revin Mikhael D. Ochave
