SEC lowers fees, fast-tracks IPOs

To encourage more corporations to offer stocks and bonds to the public, the Securities and Exchange Commission (SEC) is enforcing strict 45-day processing timelines and giving a 30-percent discount to companies that will conduct public offerings until the end of the year.

- JAMES A. LOYOLA

The Commission on July 24 issued Memorandum Circular No. 9, Series of 2025, titled Further Streamlining the 45-Day Registration Statement Review Process under the Markets and Securities Regulation Department (MSRD) of the SEC, and Providing for a Discounted Rate for the Registration Fee.

The guidelines further streamline the evaluation and approval process for registration statements by, among others, integrating clearance processes across departments of the Commission in the 45-day processing timeline provided under the Securities Regulation Code (SRC).

It also provides a 30-percent discount on the assessed registration fees of all registration statement applications until December 31, 2025.