TOP > News > PH SEC Approves Offsite Trading Protocols, Allows Submission of Reports Via Email
March 19, 2020 Published

The Securities Clearing Corporation of the Philippines (SCCP) will operate with a skeletal workforce to facilitate clearing and settlement.

The Philippine Securities and Exchange Commission (SEC) announces it is approving offsite trading protocols to be adopted by the Philippine Stock Exchange (PSE) once it reopens. Also, now that the Commission also allowed and encouraged work-from-home arrangements and remote communication, it is also now allowing reports to be submitted through email. These rules and guidelines are still in response to the Enhance Community Quarantine and State of Public Health Emergency declared in the Philippines because of the COVID-19 outbreak.

Offsite Trading Protocols

Through a video conference meeting regarding the resumption of capital market operations, the SEC approved that the PSE will be performing start-of-day activities remotely using a virtual private network (VPN). Systems and servers in its primary site will be used to continue operating.

SEC said all trading services will be available and all trading participants will be able to place their orders and connect to the trading system as long as they have a place outside the PSE tower where they can perform trading, back office, clearing, and settlement function activities. Trading participants must publish their contact details so all their clients can reach them for any concerns.

The Securities Clearing Corporation of the Philippines (SCCP) will operate with a skeletal workforce to facilitate clearing and settlement. A skeletal workforce or staff is the minimum number of employees needed to operate a business. The SCCP will continue communicating with clearing members, settlement banks, and the Philippine Depository & Trust Corp through remote communication.

Clearing members can access the Central Clearing and Central Settlement (CCCS) system through the internet if they have their authentication key files.

SEC ensures market data is uninterrupted and accessible to the public.

Resumption of Capital Markets

While the capital markets shut down earlier this week, the Inter-Agency Task Force for the Management of Emerging Infectious Diseases allowed the PSE and the Philippine Dealing System (PDS) Group to resume operations. This is in line with the recommendation of the Department of Finance. The PSE reopens on March 19 with shorter trading hours from 9:00 am to 1:00 pm.

Send Report via Email

The SEC also announced it is allowing companies, including issuers of registered securities to submit their reports through email while the quarantine is still imposed in Luzon. They can send their reports to cgfd@sec.gov.ph until further notice. When submitting reports, companies must indicate their full corporate names and document type in the subject line using the format: COMPLETE NAME OF THE COMPANY_SUBJECT REPORT. It must be certified true and correct by the person who prepared it on behalf of the company. All covered companies must submit their reports along with proper notarization within 10 days after the quarantine has been lifted.

This article is published on BitPinas: PH SEC Approves Offsite Trading Protocols, Allows Submission of Reports Via Email


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