SEC Adopts Work From Home Arrangements

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March 18, 2020 – The Securities and Exchange Commission (SEC) Main Office and Extension/Satellite Offices in Luzon are closed until further notice. This is in line with the imposed Enhanced Community Quarantine and Stringent Distancing Measures over Luzon, which took into effect at 12:00 am on March 17, 2020 until 12:00 am April 13, 2020. The measures are issued in response to the rising number of confirmed COVID-19 cases in the Philippines.

The SEC has implemented work-from-home arrangements to ensure ease of doing business and to facilitate compliance with existing and applicable rules and regulations during the quarantine period.

SEC had recently issued a memorandum requiring private and publicly-listed companies to disclose the impact of the outbreak on their operations as well as the risk mitigation actions they have taken. This must be disclosed to the Philippine Stock Exchange (PSE) through the PSE Electronic Disclosure Generation Technology (EDGE) not later than noon of March 16, 2020.

Earlier, the Stock Exchange is supposed to operate to shortened trading hours. In light of the Enhanced Community Quarantine, however, the PSE has closed until further notice.

SEC had also approved a memorandum extending the deadline for the filing of annual and quarterly reports for companies affected by the COVID-19 outbreak. Those who need more time to submit their reports must submit a written request to the Commission.

This article is published on BitPinas: SEC Adopts Work From Home Arrangements

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