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Stakeholders’ comment sought on proposed eSECURE platform  

August 31, 2023By BusinessWorld

The Securities and Exchange Commission (SEC) is seeking comments from stakeholders on a proposed memorandum circular covering its electronic SEC universal registration environment (eSECURE) platform.

The eSECURE is a platform that allows users to manage their SEC account and online transactions in one place, the commission said in the proposed circular posted on Aug. 29.

“The eSECURE creates a digital passport of an individual which grants the user access to the different online services provided by the commission,” it said.

According to the proposed circular, individuals seeking to use eSECURE are required to create an account to improve the security of online transactions with the commission. 

The SEC added that a credentialing process or electronic know-your-customer (eKYC) is needed for sensitive and critical services where verification and establishment of the user’s identity is required.

“It enables risk-based credentialing procedure. At the basic level, it implements repeatable eKYC to determine authenticity of identity and establish reachability of persons transacting online with the Commission. At higher levels, other identity verification methods such as courier-based customer visit and remote retail on-customer-premise biometrics capture may be implemented,” the SEC said.

The SEC added that a PHP 400 fee will be charged for initiating the credentialing process for the first time, while a P100 fee will be paid when the user initiates another credentialing process due to information changes, and a PHP 250 fee will be paid for the renewal of the credentialing account.

Once an account is created, the user will have access to online services such as the SEC electronic simplified processing of an application for company registration, one-day submission and e-registration of companies, automated certification examination system, and electronic SEC education, analysis, and research computing hub.

Other services that could be accessed by the user include the SEC application program interface marketplace. SEC electronic registry application for market participants, SEC eFAST alternative submission environment, SEC amendment system, SEC appointment system, and SEC iMessage.

“The commission reserves the right to cancel any account, without prior notice, which has been found to have violated any of the terms of service or to have engaged in the conduct of inappropriate activities using the eSECURE account,” the SEC said.

It said a canceled account will no longer be allowed to log in and use the online services of the commission. An account can no longer be reactivated once it is canceled,” it added.

Comments on the proposed draft circular may be submitted to the SEC on or before Sept. 8. — Revin Mikhael D. Ochave

This article originally appeared on bworldonline.com

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