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CITIZENS CHARTER

2016
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Office of the Commission Secretary


PRESS RELEASE

SEC: ONLY GOVERNMENT AGENCY WITH A TOP RATING OF VERY GOOD


Still Most Sincere in Anti-Corruption

SEC has ranked best again in the net sincerity ratings of 35 institutions in fighting corruption during the latest 2016 Surve y of Enterprises, conducted from 2
February to 6 May 2016. From a range of +69 to -69 points, the SEC is at 55 points, earning a Very Good rating. Others like the DTI is at 43 points, the Office of
the President is at 37 points, and the SSS is at 30 points, all three earning only a Good rating, with a range of +30 to +49 points.

The said survey was conducted by Social Weather Stations (SWS) with support from the Integrity for Investments Initiative (i3) and funding from the United
States Agency for International Development (USAID), and in partnership with the National Competitiveness Council and The Asia Foundation. Random sam-
pling for the said survey was drawn from one-third large enterprises (317 companies) and two-third small and medium enterprises (633 companies), totaling
to 950 companies. Said enterprises were drawn from the ff. areas: Metro Manila (350), Metro Angeles (100), Cavite-Laguna-Batangas (100), Iloilo City (100),
Metro Cebu (100), Metro Davao (100), and Cagayan de Oro-Iligan City (100).

The Commission, in its commitment to improve ease of doing business in the Philippines, continuously strives to meet the expectations from the transacting
public. In addition to the SECs Integrated Business Registration System (IBRS) which already allows for the seamless and simultaneous registration of corpora-
tions with the BIR, SSS, PhilHealth, and Pag-ibig, the SEC is launching the Company Registration System (CRS) by the end of this year which will allow the
online registration of corporations and better monitoring of companies through a red flag system.

Per SEC Chairperson Teresita J. Herbosa, the SEC is maximizing automation since it has prevented bribery and has made government transactions much
more convenient to the public. She noted that automation simply means reinventing the Commission so that the SEC may not only deliver faster services to
the public through the use of technology, but also limit face-to-face interactions between its officers and the public to prevent opportunities for graft. The
SEC is likewise very serious in its fight against investment scams through their Enforcement and Investor Protection Department. In Congress, the SEC also sup-
ports legislative initiatives to lift the secrecy of bank deposits especially for securities fraud.

To further bring government services closer to the public, the SEC has opened Satellite Offices in Ali Mall, Robinsons Galleria, SM Manila, SM City North Edsa,
and Robinsons Galleria Cebu, with major cities nationwide to follow.

Per Dir. Ferdinand B. Sales of the SECs Company Registration and Monitoring Department, the SEC processed about 25,500 new corporations last year and
regulates about 930,000 corporations, among others. Although the SECs earned collections averaged to almost Php 3 Billion per annum for the past 3 years,
it only runs at an average budget of Php 600 Million per year with about 400 employees.

The SEC is an attached agency of the Department of Finance (DOF) which is led by Secretary Carlos G. Dominguez. Sec. Dominguez also heads the Eco-
nomic Management Team (EMT) of the current administration and leads in carrying out our governments economic policy agenda with anti-corruption initi-
atives.

END

SEC Citizens Charter 2016


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TABLE OF CONTENTS

SEC Mission, Values and Vision 4


Service Pledge 5
Feedback and Redress Mechanism 6
Directory of SEC Officials 7
List of SEC Frontline Services 11

FRONTLINE SERVICE PROCEDURES


Office of the Commission Secretary (OCS) 32
Office of the General Counsel (OGC) 37
Office of the General Accountant (OGA) 44
Enforcement and Investor Protection Department (EIPD) 70
Markets and Securities Regulation Department (MSRD)
Corporate Governance and Finance Department (CGFD) 73
Company Registration and Monitoring Department (CRMD) 122
Information and Communications Technology Department (ICTD) 243
Economic Research and Training Department (ERTD) 254
Human Resource and Administrative Department (HRAD) 262
Financial Management Department (FMD) 273
Annexes 277

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be
imposed and collected by the Securities and Exchange Commission takes effect. At present, the consolidated
schedule of fees and charges provided in SEC Memorandum Circular No. 9, series of 2004 applies.

SEC Citizens Charter 2016


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Our Mission, Values, and Vision

SEC
MISSION

SEC
VALUES

SEC
VISION

SEC Citizens Charter 2016


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Service Pledge

SEC Citizens Charter 2016


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Feedback and Redress Mechanism

SEC Citizens Charter 2016


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Contact Information of SEC Officials


(as of 17 November 2016)
POSITION FULL NAME OFFICE/DEPARTMENT CONTACT NO. E-MAIL ADDRESS
Office of the Chairperson and Commissioners
SEC Chairperson TERESITA J. HERBOSA PICC: 818-5343 tjherbosa@sec.gov.ph
PICC: 818-5767
SEC Commissioner MANUEL HUBERTO B. GAITE PICC: 818-8142 / 818-6769 mbgaite@sec.gov.ph
SEC Commissioner ANTONIETA F. IBE PICC: 818-5008 / 818-7237 afibe@sec.gov.ph
SEC Commissioner EPHYRO LUIS B. AMATONG PICC: 818-6158 / 818-6857 elbamatong@sec.gov.ph
SEC Commissioner BLAS JAMES G. VITERBO PICC: 818-6896 / 818-8320 bjgviterbo@sec.gov.ph
Office of the Commission Secretary
Officer-in-Charge ARMANDO A. PAN JR. PICC: 888-8141 armandopanjr@sec.gov.ph
Office of the General Counsel
SEC General Counsel CAMILO S. CORREA PICC: 818-5418 / 818-5348 cscorrea@sec.gov.ph
Office of the General Accountant
SEC General EMMANUEL Y. ARTIZA PICC: 818-9763 / 818-6120 eyartiza@sec.gov.ph
Accountant
Enforcement and Investor Protection Department
SEC Director JOSE P. AQUINO Office of the Director Ortigas: 584-6337 jose.aquino@sec.gov.ph
Officer-in-Charge JONATHAN PANCRACIUS D. Investigation and Prosecution 584-7652 / 584-6047 jpdpaguirigan@sec.gov.ph
PAGUIRIGAN Division
SEC Assistant Director OLIVER O. LEONARDO Market Surveillance Division 584-5324 ooleonardo@sec.gov.ph
Officer-in-Charge JONATHAN PANCRACIUS D. Special Operations Division 584-7652 jpdpaguirigan@sec.gov.ph
PAGUIRIGAN

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Contact Information of SEC Officials


(as of 17 November 2016)
POSITION FULL NAME OFFICE/DEPARTMENT CONTACT NO. E-MAIL ADDRESS
Markets and Securities Regulation Department
SEC Director VICENTE GRACIANO P. Office of the Director Ortigas: 584-5703 vgpfelizmenio@sec.gov.ph
FELIZMENIO JR.
Officer-in-Charge NORMA A. TAN-OLAYA Markets and Intermediaries Ortigas: 584-2016 / 584-7164 naolaya@sec.gov.ph
Division
SEC Assistant Director KENNETH JOY A. QUIMIO Securities Registration Division Ortigas: 584-6080 / 584-8508 kjaquimio@sec.gov.ph
SEC Assistant Director EMMA A. VALENCIA Investment Products and Ortigas: 584-2016 eavalencia@sec.gov.ph
Services Division
Corporate Governance and Finance Department
SEC Director JUSTINA F. CALLANGAN Office of the Director PICC: 818-6103 justina.callangan@
sec.gov.ph
SEC Assistant Director RACHEL ESTHER J. Licensing Division PICC: 818-5952 rejremalante@sec.gov.ph
GUMTANG-REMALANTE
SEC Assistant Director ROSARIO CARMELA B. Corporate Governance PICC: 818-7264 rcgaustria@sec.gov.ph
GONZALEZ-AUSTRIA Division
SEC Assistant Director LEONORA S. TANDOC Monitoring Division PICC: 818-5476 / 818-5516 lstandoc@sec.gov.ph
Company Registration and Monitoring Department
SEC Director FERDINAND B. SALES Office of the Director PICC: 818-5811 fbsales@sec.gov.ph
Corporate and Partnership PICC: 818-9225
Registration Division
Officer-in-Charge SHEARA L. LUPANGO- Compliance Monitoring PICC: 818-2886 sltamayo@sec.gov.ph
TAMAYO Division
Officer-in-Charge ELOISA D. CASING Financial Analysis and Audit PICC: 818-5922 / 818-8520 edcasing@sec.gov.ph
Division
Officer-in-Charge DANIEL P. GABUYO Corporate Filing and Records PICC: 818-8738 / 818-8803 sltamayo@sec.gov.ph
Division

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Contact Information of SEC Officials


(as of 17 November 2016)
POSITION FULL NAME OFFICE/DEPARTMENT CONTACT NO. E-MAIL ADDRESS
Company Registration and Monitoring Department (continued)
Officer-in-Charge SHEARA L. LUPANGO- Licensing Unit PICC: 818-7187 sltamayo@sec.gov.ph
TAMAYO
Officer-in-Charge SAMPAGUITA R. LADRIDO Green Lane Unit PICC: 818-5235 srladrido@sec.gov.ph
Information and Communications Technology Department
Officer-in-Charge LILIA O. PINZON Office of the Director Ortigas: 584-7236 lopinzon@sec.gov.ph
SEC Assistant Director GRACE MARTHA T. Information Systems Ortigas: 584-7204 gmtamberong@sec.gov.ph
AMBERONG Development and
Management Division
SEC Assistant Director ISMA C. GONZALES Electronic Records Ortigas: 584-5285 icgonzales@sec.gov.ph
Management Division
Systems Operation Division Ortigas: 584-7234
Economic Research and Training Department
Officer-in-Charge LILIA O. PINZON Office of the Director Ortigas: 584-6260 lopinzon@sec.gov.ph
SEC Assistant Director ROSE ANN S. ESPIRITU Strategic Management and Ortigas: 584-7238 rsespiritu@sec.gov.ph
Planning Division
SEC Assistant Director VIOLETA V. INFANTE Economic Research and Ortigas: 584-6117 vvinfante@sec.gov.ph
Statistics Division
SEC Assistant Director JERNEL R. MACATANGAY Training Division Ortigas: 584-7256 jrmacatangay@sec.gov.ph

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Contact Information of SEC Officials


(as of 17 November 2016)
POSITION FULL NAME OFFICE/DEPARTMENT CONTACT NO. E-MAIL ADDRESS
Human Resource and Administrative Department
SEC Director GERARDO F. DEL ROSARIO Office of the Director Ortigas: 584-0923 / 584-7215 gfdelrosario@sec.gov.ph
PICC: 818-6165
Human Resource Ortigas: 584-6072
Management Division PICC: 818-5714
SEC Assistant Director NOLIVIENNE C. ERMITAO Learning Resource and Ortigas: 584-5994 ncermitao@sec.gov.ph /
Information Division nolivienne@gmail.com
General Services Division Ortigas: 584-1269
SEC Assistant Director SONIA E. DIAMANTE Procurement Division PICC: 818-5330 sediamante@sec.gov.ph
Financial Management Department
SEC Director ADELAIDA C. NAVARRO- Office of the Director Ortigas: 584-6585 aida.banaria@sec.gov.ph
BANARIA
Officer-in-Charge LESTER V. DELA MERCED Budget and Fiscal Division Ortigas: 584-5517 lvdelamerced@sec.gov.ph
Officer-in-Charge DONDIE Q. ESGUERRA Accounting Division Ortigas: 584-6101 / 584-6058 dqesguerra@sec.gov.ph
SEC Assistant Director DAISY B. PABUAYA Treasury Division Ortigas: 584-5548 dbpabuaya@sec.gov.ph
SEC Extension Offices
SEC Director ANNIE G. TESORO Baguio (074) 442-8170 / 442-8171 agtesoro@sec.gov.ph
SEC Director RENATO V. EGYPTO Cagayan de Oro (088) 857-4325 / 857-7725 rvegypto@sec.gov.ph
SEC Director LINDEZA R. GAVINO Cebu (032) 253-5337 / 253-6987 lrgavino@sec.gov.ph
SEC Director JAVEY PAUL D. FRANCISCO Davao (082) 298-2170 / 298-1983 jpdfrancisco@sec.gov.ph
Officer-in-Charge RUSSELL I. ILDESA Iloilo (033) 337-9984 / 335-0025 riildesa@sec.gov.ph
SEC Director MARYLOU D. CASTILLO Legaspi (052) 480-8272 mdcastillo@sec.gov.ph
Acting Director RICHARD R. LAUS Tarlac City (045) 491-0140 / 491-0102 rrlaus@sec.gov.ph
SEC Director JESUS SALVADOR A. URO Zamboanga (062) 991-7163 / 993-1437 jsauro@sec.gov.ph

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List of SEC Frontline Services

FRONTLINE SERVICE FEES FORMS/REQUIREMENT PROCESSING TIME OFFICE/DEPARTMENT


(under normal circumstances)

ORTIGAS OFFICE
Receipt and Filing of P2,020.00 (Filing fee plus 1% 1) 1-2 hours 5th floor Enforcement and
Complaint Legal Research Fee) with Investor Protection Department
on Non-Forum (EIPD)

2) documents,

Request for Listings Listing of Top 5000 corpora- 1) Filing of request = 1 hour 7th floor Information and
tions (basic indicators, i.e. Processing of Request = 15 days Communications Technology
profit, sales, assets, liabili- 2) Releasing of Request = 20-30 Department (ICTD)
ties, equities) P1,000.00 minutes
per year of data per listing
Company Listings and Sta- 3) Official Receipt (OR) to be
tistics P1,000.00 per year issued by cashier upon pay-
of data ment
Hard copy of documents
with list containing various
information i.e. address,
industry classification, equi-
ty structures, etc. P5.00
per page
Soft copy of documents
with list containing various
information i.e. address,
industry classification, equi-
ty structures, etc. in CD-RW
media 50.00/pc; in DVD
100.00 /pc
SEC Publication in CD-RW
media 150.00/copy; in
DVD 100.00 /pc

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and Frontline Services Ortigas Office
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
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List of SEC Frontline Services

FRONTLINE SERVICE FEES FORMS/REQUIREMENT PROCESSING TIME OFFICE/DEPARTMENT


(under normal circumstances)
ORTIGAS OFFICE
Request for Copy/ Please see the schedule of Option 1 For pick-up 30-45 minutes Basement ICTD Public Ref-
Copies of Document/s fees and charges here; or see Call SEC Express Hotline no. erence Unit (PRU)
SEC Memorandum Circular 737-8888 OR go online at
No. 12, series of 2016 www.secexpress.ph
to schedule an appointment
and print the Appointment Form
received through e-mail
Request for Copy/ Please see the schedule of Option 2 For delivery Processing of request = 1-1.5 Basement ICTD PRU
Copies of Document/s fees and charges here and Call SEC Express Hotline no. hours
add courier fee for delivery; or 737-8888 OR go online at Mailing Period = 3-4 days
see SEC Memorandum Circu- www.secexpress.ph
lar No. 12, series of 2016 to order for delivery

Receiving of Docu- None Option 1 Walk-in submission of 3-5 minutes Ground Floor ICTD Central
ments: Reports/ reports/reportorial requirements: Receiving and Releasing Unit
Reportorial Require- Proceed to the Central Receiv-
ments (i.e. GIS and AFS) ing and Releasing Unit, Ground
Floor, SEC Bldg. or at any Satel-
lite Office and present
4 sets/copies of reports/
reportorial requirements

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and Frontline Services Ortigas Office
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
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List of SEC Frontline Services

FRONTLINE SERVICE FEES FORMS/REQUIREMENT PROCESSING TIME OFFICE/DEPARTMENT


(under normal circumstances)
ORTIGAS OFFICE
Receiving of Docu- Courier fee Option 2 Online submission of Submission only = 8-10 minutes Ground Floor ICTD Central
ments: Reports/ reports/reportorial requirements: Receiving and Releasing Unit
Reportorial Require- (submission only or with return With Return Copy = 8-10
ments (i.e. GIS and AFS) copy): Go online at minutes plus 3-4 days
www.sens.secexpress.ph and
accomplish SEC Express Nation-
wide Submission (SENS) Form
then proceed to a SENS Air21
Partner Courier and present
4 sets/copies of the documents
for submission

Receiving of corre- None Option 3 Walk-in delivery of 8-10 minutes Ground Floor ICTD Central
spondences and docu- correspondences and docu- Receiving and Releasing Unit
ments other than reports ments other than reports: Present
letters/correspondence/
documents other than reportori-
al requirements
Releasing of Docu- None Documents from operating de- 30-40 minutes Ground Floor ICTD Central
ments/ partments transmitted through Receiving and Releasing Unit
Correspondences from mail and courier
Operating Departments

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and Frontline Services Ortigas Office
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
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List of SEC Frontline Services

FRONTLINE SERVICE FEES FORMS/REQUIREMENT PROCESSING TIME OFFICE/DEPARTMENT


(under normal circumstances)
ORTIGAS OFFICE
Request for Copy of the a) Main report File the request: 30-40 minutes 9th floor ERTD ERSD
SEC Publication of the a.1) Narrative (in PDF for- a) In person
Philippines Top Corpo- mat) - P3,000.00 b) Through phone call at tele-
rations (latest edition/ a.2) 13 schedules (in MS phone number 584-6117 or
issue) Excel format) - thru facsimile number 584-
P5,000.00 5526.
b) Directory c) Via email to mtmbersa-
a.1) In PDF format - bal@sec.gov.ph
P5,000.00
a.2) In MS Excel format -
P10,000.00

Request for Certification P300.00 certification fee File the request: 1-1.5 hours 9th floor ERTD ERSD
of Ranking in the Philip- a) In person
pines Top Corporations b) Through a phone call at tele-
phone number 584-6117 or
thru facsimile number 584-
5526.
c) Via email to mtmbersa-
bal@sec.gov.ph
Registration for Certifica- P7,500.00 (AP) 1) Download the appropriate form 30 minutes 9th floor ERTD Training Divi-
tion Seminars: Associat- P5,500.00 (CSR) and accomplish the same. sion (TD)
ed Persons (AP) and *the fees include Please follow this link to view the
form
Certified Securities Rep- P500 examination fee.
2) Submit the accomplished form
resentatives (CSR)
together with your registration
fee at the 9th Floor, Training Divi-
sion, SEC Building, EDSA, Man-
daluyong City

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and Frontline Services Ortigas Office
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
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List of SEC Frontline Services

FRONTLINE SERVICE FEES FORMS/REQUIREMENT PROCESSING TIME OFFICE/DEPARTMENT


(under normal circumstances)
ORTIGAS OFFICE
Registration for Regular P2,500.00 (FI first time takers) 1) Download the appropriate form 30 minutes 9th floor ERTD TD
and Special Examina- P500.00 (CSR and MF first time and accomplish the same.
tion: Associated Person takers) Please follow this link to view the
form.
(AP), Certified Securities P500.00 (per AP module)
2) Submit the accomplished form
Representatives (CSR), P500.00 (retake)
together with your registration
Mutual Funds (MF) and fee at the 9th Floor, Training Divi-
Fixed Income (FI) Sales- sion, SEC Building, EDSA, Man-
man daluyong City
Releasing of Congratu- None Proceed to the ERTD Office for per- 6-8 minutes 9th floor ERTD TD
latory Letter sonal appearance. An authorized
representative shall submit authori-
zation letter addressed to ERTD Di-
rector.
Reprinting of Congratu- None for data correction For data correction: (1) Request let- 30 minutes 9th floor ERTD TD
latory Letter P300.00 for reprinting in case of ter addressed to ERTD Director; (2)
loss Original Congratulatory letter
For reprinting (in case of loss): (1)
Request letter addressed to ERTD
Director; (2) Photocopy of 2 valid
IDs; (3) Affidavit of loss
Student Orientation/ None Send a request letter addressed to Processing of request = 30 9th floor ERTD TD
Educational Visit the Chair signed by an authority of minutes
the university/college, and wait for Approval of request = 1-2 days
confirmation/approval of request.

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and Frontline Services Ortigas Office
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
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List of SEC Frontline Services

FRONTLINE SERVICE FEES FORMS/REQUIREMENT PROCESSING TIME OFFICE/DEPARTMENT


(under normal circumstances)
ORTIGAS OFFICE
Library Services None 1) Call telephone numbers 584- 5 minutes 9th floor Human Resource
reference Queries 5994/584-0923 local 253 and Administrative Department
2) Send e-mail queries at (HRAD) -
lrid@sec.gov.ph Library
3) Walk-in and ask library per-
sonnel for queries
Access to Library Re- None 1) Proceed to the catalog or 6 minutes 9th floor HRAD Library
sources (Room-Use the computer database for
Reading) access to library collection.
2) Ask assistance from the li-
brary personnel for material/
s needed or other reference
inquiries
Photocopy/Printing Ser- P5.00 per page 1) Locate material for printing/ 10-30 minutes (includes pay- 9th floor HRAD Library
vices photocopying ment at cashier and printing)
2) Ask assistance from the li-
brary personnel for material/
s needed.
Issuance of Bid Docu- P500.00-P10,000.00 1) Payment for the Bidding 18-20 minutes 4th floor HRAD Procure-
ments Documents ment Division (PD)
2) Letter of Intent (for Consul-
tancy projects)
3) Proof of Invitation/Letter of
Intent (for projects to be un-
dertaken thru Negotiated
Procurement/Consultancy)
Issuance of Notice of None Proceed to Procurement Divi- 4-5 minutes 4th floor HRAD PD
Award / Notice to Pro- sion , 4th Floor, SEC Bldg., EDSA
ceed Greenhills, and present ID/any
proof of authorization to receive
the document

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and Frontline Services Ortigas Office
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
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List of SEC Frontline Services

FRONTLINE SERVICE FEES FORMS/REQUIREMENT PROCESSING TIME OFFICE/DEPARTMENT


(under normal circumstances)
ORTIGAS OFFICE
Posting of Performance None Proceed to Procurement Divi- 2 minutes 4th floor HRAD PD
Security (For Surety sion , 4th Floor, SEC Bldg., EDSA
Bond) Greenhills, then present ID/any
proof of authorization to receive
the bonds and files with other
pertinent documents of the pro-
ject
Posting of Performance Depends on the projects Ap- Proceed to Procurement Divi- 12 minutes 4th floor HRAD PD
Security (For Managers proved Budget for the Con- sion , 4th Floor, SEC Bldg., EDSA
Check/Cash) tract (ABC) Greenhills for Payment Assess-
ment Form (PAF), then pay the
bond or deposit the check in
the Cashier Office
Release of Perfected None Proceed to Procurement Divi- 2 minutes 4th floor HRAD PD
Contracts/Purchase Or- sion , 4th Floor, SEC Bldg., EDSA
ders/Work Orders Greenhills then present ID/any
proof of authorization to receive
the documents
Purchase of PIN Mailer P100.00 Proceed to the Cashier, fill up 8 minutes (queuing/waiting Ground Floor and 2nd Floor
Purchase Order Slip (POS), then time not included) Financial Management Depart-
pay the corresponding fee ment (FMD) - Cashier
Purchase of Service P40.00 Proceed to the cashier then pay 2 seconds Ground Floor and 2nd Floor
Stamp the corresponding fee FMD Cashier

Payment of Fees for Depends on type of transac- Proceed to the cashier, present 5 minutes (queuing/waiting Ground Floor and 2nd Floor
Registration Transaction tion/s PAF, then pay the correspond- time not included) FMD Cashier
ing fee
Payment of Fees for Non Depends on type of transac- Proceed to the cashier, present 5 minutes (queuing/waiting Ground Floor and 2nd Floor
-Registration Transaction tion/s PAF, then pay the correspond- time not included) FMD Cashier
ing fee

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and Frontline Services Ortigas Office
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
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List of SEC Frontline Services

FRONTLINE SERVICE FEES FORMS/REQUIREMENT PROCESSING TIME OFFICE/DEPARTMENT


(under normal circumstances)
PICC OFFICE
Issuance of Commission None Request letter addressed to the 27 minutes 3rd floor Office of the Com-
en banc Resolutions Commission Secretary mission
Secretary (OCS)
Issuance of Certified Miscellaneous Fees: Request letter addressed to the 47 minutes 3rd floor OCS
True Copies (CTC) of Php20.00 per document plus Commission Secretary
Memorandum Circulars, Php5.00 per page
Minutes of the Meeting,
and Resolutions

Issuance of certification None Request letter addressed to the 27 minutes 3rd floor OCS
on certain acts of the Commission Secretary
Commission

Media request for inter- None Request letter addressed to the 1-2 hours 3rd floor OCS
view, information, and/ Commission Secretary
or updates

Filing of Petition/s or Ap- Php2,020.00 (Filing fee plus 1% 1) Petition or Memorandum on 1-1.5 hours 3rd floor Office of the Gen-
peal/s Legal Research Fee) Appeal eral Counsel (OGC)
2) Supporting documents
(please see 2006 SEC Rules
of Procedure)
Filing of Request for Le- Php10,000.00 1) Request letter for opinion 2 hours 3rd floor OGC
gal Opinion 2) Supporting documents
(please see Memorandum
Circular No. 15, s. 2003)
Request for Certified Php 20.00 per document plus 1) Valid ID 30-40 minutes 3rd floor OGC
True Copy (CTC) or plain Php5.00 per page for CTC or 2) Authorization Letter, if neces-
copy of documents re- Php2.00 per page for plain sary
lating to cases copies

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Frontline Services PICC Office
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
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List of SEC Frontline Services

FRONTLINE SERVICE FEES FORMS/REQUIREMENT PROCESSING TIME OFFICE/DEPARTMENT


(under normal circumstances)
PICC OFFICE
Public Assistance on None 1) Valid ID 13-23 minutes 3rd floor OGC
Walk-in/Phone-in Legal 2) Documents pertinent to the
Queries legal query, if any

Accreditation of Ap- P10,100.00 (Filing Fee plus 1% Please see checklist of require- Pre-evaluation = 1 hour 3rd floor Office of the Gen-
praisal Companies and Legal Research Fee) ments here or secure checklist Processing = 1 day eral Accountant (OGA)
Professional Services Or- Annual Fee: P2,000.00 from the department Mailing Period = 30 days
ganization

Accreditation of Credit P50,500.00(Filing Fee plus 1% Please see checklist of require- Pre-evaluation = 1 hour 3rd floor OGA
Rating Agencies Legal Research Fee) ments here or secure checklist Processing = 1 day
Annual Fee: P15,000 from the department Mailing Period = 30 days

Request for Exemptive P50,000.00 per issue and per 1) Request letter for Exemptive Pre-evaluation = 20 minutes 3rd floor OGA
Relief company Relief Processing = 1-3 days
2) Supporting documents, if Mailing Period = 30 days
any

Request for Opinion on P25,000.00 (Filing Fee for com- 1) Request letter for Opinion Pre-evaluation = 20 minutes 3rd floor OGA
Accounting Matters plex issues) 2) Supporting documents, if Processing = 1-3 days
any Mailing Period = 30 days
P10,000.00 (Filing Fee for non-
complex issues)

Accreditation of External Please see the schedule of Please see checklist of require- Pre-evaluation = 1 hour 3rd floor OGA
Auditor/Auditing Firms fees and charges here and ments here or secure checklist Processing = 2 days
here; or SEC Memorandum from the department Mailing Period = 40 days
Circular No. 12, series of 2016

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Frontline Services PICC Office
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 20 | P a g e

List of SEC Frontline Services

FRONTLINE SERVICE FEES FORMS/REQUIREMENT PROCESSING TIME OFFICE/DEPARTMENT


(under normal circumstances)
PICC OFFICE
Application for License P10,100.00 SEC Form ICA 7-1 22 days Ground Floor Corporate Gov-
as a Mutual Fund (Processed together with the ernance and Finance Depart-
Company (MFC) Registration Statement) ment (CGFD)

Application for Certifi- Please see SEC Memorandum 1) Accomplished SEC Form 12- 22 days from the date of sub- Ground Floor CGFD
cate of Permit to Sell Circular No. 12, series of 2016 1, as amended (Registration mission of complete require-
Securities and Order of Statement) ments and payment of fees
Registration for Mutual 2) Exhibits to be submitted to-
Fund Companies (MFC), gether with Registration
Exchange Traded Funds Statement
(ETC) and Proprietary/ 3) The checklist of requirements
Non-Proprietary Shares, is downloadable at the SEC
Membership Certifi- website.
cates, and Timeshares

Application for Accredi- P5,050.00 Please secure checklist of re- 22 days upon receipt of com- Ground Floor CGFD
tation as Corporate quirements from the Depart- plete documentary require-
Governance Institutional ment ments
Training Provider

Request for Approval of P2,020.00 Please secure checklist of re- 15 days upon receipt of com- Ground Floor CGFD
In-House Corporate quirements from the Depart- plete documentary require-
Governance Trainings/ ment ment
Seminars

Request for Exemptive P50,000.00 Request for Exemption/ Confi- 5-7 days Ground Floor CGFD
Relief/Confidential per issue per company dential Treatment and required
Treatment exhibits
Petition for Voluntary P10,100.00 Petition for Voluntary Revoca- 30 days* Ground Floor CGFD
Revocation tion and required exhibits under
SRC Rule 13

*inclusive of the 15 business days from the publication of the Notice to the Public regarding the Petition for Voluntary Revocation.

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Frontline Services PICC Office
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 21 | P a g e

List of SEC Frontline Services

FRONTLINE SERVICE FEES FORMS/REQUIREMENT PROCESSING TIME OFFICE/DEPARTMENT


(under normal circumstances)
PICC OFFICE
Monitoring of Financing/ Assessed Fees/Penalties 1) Monitoring Slip (from the CGFD or 30 minutes to 2 hours Ground Floor CGFD
Lending Companies/ endorsed from other depart- (depends if compliant or not)
Foundations/Microfinance ments);
NGOs 2) Articles of Incorporation (AI) and
By-Laws (BL);
3) Latest Amended Articles of Incor-
poration (AAI) and Amended By-
Laws (ABL);
5) Latest due General Information
Sheet;
6) Latest due Financial Statements;
7) Copy of the Stock and Transfer
Book/Membership Book Registra-
tion; and
8) Other documents/reports (per
processors instruction).
Monitoring of MFCs, ETFs, Amount imposed Information Statement (SEC 30 minutes to 2 hours Ground Floor CGFD
Public Companies (PC), Form 20-IS) (depends if compliant or not)
Issuers of Registered Unlist-
ed Securities, and Issuers of
Proprietary and Non-
Proprietary Shares, Mem-
bership Certificates and
Timeshares

Monitoring Application for Amount imposed Request Slip 1.5 to 2 hours Ground Floor CGFD
Amendment of Articles of
Incorporation (AI) and/or
By-Laws (BL), and Clear-
ance Publicly Listed Com-
panies (PLC), MFCs, ETFs,
PCs, Issuers of Proprietary
and Non-Proprietary
Shares, Membership Certifi-
cates and Timeshares

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Frontline Services PICC Office
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 22 | P a g e

List of SEC Frontline Services

FRONTLINE SERVICE FEES FORMS/REQUIREMENT PROCESSING TIME OFFICE/DEPARTMENT


(under normal circumstances)
PICC OFFICE
Request for Comment None Request Slip 2.5 hours Ground Floor CGFD
on AI and/or BL

Monitoring of Compli- Amount Imposed Please secure checklist of re- 1-1.5 hours Ground Floor CGFD
ance with Corporate quirements from the Depart-
Governance Regula- ment
tions of PLCs, MFCs, ETFs,
PCs, and Issuers of Mem-
bership Certificates and
Timeshares

Handling of Complaints Please see SEC Memorandum Complaint Letter/Form and Sup- 30-32 days Ground Floor CGFD
Filed Against Covered Circular No. 12, series of 2016 porting documents and any ad-
Institutions ditional documents that the
Commission may require.

Registration of Stock Stock Corp.: I/5 of 1% of the 1) Please see the checklist of 1-3 hours Ground Floor Company Reg-
and Non-Stock, Non- authorized capital stock or the requirements for Stock Cor- istration and Monitoring Depart-
Profit Corporations and subscription price of the sub- poration here, and for Non- ment (CRMD) - Greenlane Unit
Partnerships scribed capital stock, which- Stock, Non-Profit Corpora-
ever is higher but not less than tions and Partnerships here
P2,000.00 or secure checklist from the
department
Non-stock corp.:
P1,050.00

Partnership:
1/5 of 1% of the partnerships
capital but not less than
P2,000.00

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Frontline Services PICC Office
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 23 | P a g e

List of SEC Frontline Services

FRONTLINE SERVICE FEES FORMS/REQUIREMENT PROCESSING TIME OFFICE/DEPARTMENT


(under normal circumstances)
PICC OFFICE
Application for Amend- Please see SEC Memorandum Please see the checklist of re- 5-10 days Ground floor CRMD Cor-
ment of Stock and Non- Circular No. 12, series of 2016 quirements at www.sec.gov.ph porate and Partnership Registra-
Stock Domestic Corpo- or secure checklist from the de- tion Division (CPRD)
rations partment

Application for Amend- Please see SEC Memorandum Please see the checklist of re- 5-10 days Ground floor CRMD CPRD
ment of Partnerships Circular No. 12, series of 2016 quirements at www.sec.gov.ph
or secure checklist from the de-
partment

Conversion of Branch Please see SEC Memorandum Please see the checklist of re- 5-10 days Ground floor CRMD CPRD
Office to Representative Circular No. 12, series of 2016 quirements at www.sec.gov.ph
Office (Vice Versa), Re- or secure checklist from the de-
gional Area Headquar- partment
ters (RHQ) to Regional
Operating Headquarters
(ROHQ) (Vice Versa),
Change/Substitution of
Resident Agent, With-
drawal of License and
Other Amendments of
Foreign Corporations

Application of Foreign Please see SEC Memorandum Please see the checklist of re- 2-3 hours Ground floor CRMD CPRD
Corporations Circular No. 12, series of 2016 quirements at www.sec.gov.ph
or secure checklist from the de-
partment

Processing Services for Please see SEC Memorandum Please see the checklist of re- 2-3 days Ground floor CRMD CPRD
Voting Trust Agreements Circular No. 12, series of 2016 quirements at www.sec.gov.ph
or secure checklist from the de-
partment

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Frontline Services PICC Office
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 24 | P a g e

List of SEC Frontline Services

FRONTLINE SERVICE FEES FORMS/REQUIREMENT PROCESSING TIME OFFICE/DEPARTMENT


(under normal circumstances)
PICC OFFICE
Actions (Two [2] Party Docket Fee of Three Thou- Verified Complaint/Petition (SEC 2-3 months Ground floor
Complaints/Petitions) sand Twenty (Php3,020.00) Rules of Procedure, Rule 3-4 and CRMD CPRD
Pesos inclusive of Legal Re- 3-9), Certificate of Non-Forum
search Fee (SEC Rules of Pro- Shopping (SEC Rules of Proce-
cedure, Rule 3-15 in accord- dure, Rule 3-5), Affidavits, Docu-
ance with the Schedule of ments, and Other Supporting
Fees forming part of the SEC Documents (SEC Rules of Proce-
Rules) dure, Rule 3-14), Monitoring
Clearance, Docket Fee of Three
Thousand Twenty (Php3,020.00)
Pesos inclusive of Legal Re-
search Fee (SEC Rules of Proce-
dure, Rule 3-15 in accordance
with the Schedule of Fees form-
ing part of the SEC Rules)

Petition for Correction Docket Fee of Three Thou- Verified Petition (SEC Rules of 2-3 months Ground floor CRMD CPRD
sand Twenty (Php3,020.00) Procedure, Rule 3-4 and 3-9),
Pesos inclusive of Legal Re- Certificate of Non-Forum Shop-
search Fee (SEC Rules of Pro- ping (SEC Rules of Procedure,
cedure, Rule 3-15 in accord- Rule 3-5), Affidavits, Documents,
ance with the Schedule of and Other Supporting Docu-
Fees forming part of the SEC ments (SEC Rules of Procedure,
Rules) Rule 3-14), Corrected Articles of
Incorporation, Monitoring Clear-
ance, Docket Fee of Three
Thousand Twenty (Php3,020.00)
Pesos inclusive of Legal Re-
search Fee (SEC Rules of Proce-
dure, Rule 3-15 in accordance
with the Schedule of Fees form-
ing part of the SEC Rules)

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Frontline Services PICC Office
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 25 | P a g e

List of SEC Frontline Services

FRONTLINE SERVICE FEES FORMS/REQUIREMENT PROCESSING TIME OFFICE/DEPARTMENT


(under normal circum-
stances)
PICC OFFICE
Application for Licensing Please see SEC Memorandum Cir- Please see the checklist of require- 5-6 hours Ground floor CRMD
of Financing Companies cular No. 12, series of 2016 ments at www.sec.gov.ph or secure Licensing Unit (LU)
checklist from the department

Application for Licensing Please see SEC Memorandum Cir- Please see the checklist of require- 2-3 hours Ground floor CRMD
of Lending Companies cular No. 12, series of 2016 ments at www.sec.gov.ph or secure LU
checklist from the department

Application for Registra- Please see SEC Memorandum Cir- Please see the checklist of require- 1-1.5 days Ground floor CRMD
tion of Capital Market cular No. 12, series of 2016 ments at www.sec.gov.ph or secure LU
Institutions checklist from the department

Application for Registra- Please see SEC Memorandum Cir- Please see the checklist of require- 1-2 hours Ground floor CRMD
tion of Capital Market cular No. 12, series of 2016 ments at www.sec.gov.ph or secure LU
Professionals checklist from the department

Request for Regular Please see Guidelines on the Im- Please see the checklist of require- 1.5 2 hours Ground floor CRMD
Monitoring of Domestic position of fines or penalties for ments at www.sec.gov.ph or secure Compliance Monitoring
Corporations (Ordinary non-compliance with reportorial checklist from the department Division (CMD)
Stock and Non-Stock) requirements; Memorandum Cir-
and Foreign Corpora- cular No. 8, series of 2009 (MC8-
tions (Branch Offices, 2009); Amended rules governing
Representative Offices, the distribution of excess profits of
Regional Area Head- corporation; Memorandum Circu-
quarters and Regional lar No. 8, Series of 1998 (MC8-
Operating Headquar- 1998); and Office Order No. 298,
ters) Series of 2010

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Frontline Services PICC Office
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 26 | P a g e

List of SEC Frontline Services

FRONTLINE SERVICE FEES FORMS/REQUIREMENT PROCESSING TIME OFFICE/DEPARTMENT


(under normal circum-
stances)
PICC OFFICE
Process Compliance Please see SEC Memorandum Cir- Please see the checklist of re- 1-1.5 hours Ground floor CRMD Com-
with Securities Deposit cular No. 2, series of 2012 quirements at www.sec.gov.ph pliance Monitoring Division
or secure checklist from the de- (CMD)
partment

Petition to Lift Order of Please see Guidelines on the Impo- Please see the checklist of re- Processing = 1-2 hours Ground floor CRMD CMD
Revocation/Suspension sition of fines or penalties for non- quirements at www.sec.gov.ph Approval = varies
compliance with reportorial re- or secure checklist from the de-
quirements; Memorandum Circular partment
No. 8, series of 2009 (MC8-2009);
Amended rules governing the distri-
bution of excess profits of corpora-
tion; Memorandum Circular No. 8,
Series of 1998 (MC8-1998); and Of-
fice Order No. 298, Series of 2010

Request for Payment in Please see Guidelines on the Impo- Please see the checklist of re- Processing = 1-2 hours Ground floor CRMD CMD
Installment or Reduction sition of fines or penalties for non- quirements at www.sec.gov.ph Approval = varies
of Fines compliance with reportorial re- or secure checklist from the de-
quirements; Memorandum Circular partment
No. 8, series of 2009 (MC8-2009);
Amended rules governing the distri-
bution of excess profits of corpora-
tion; Memorandum Circular No. 8,
Series of 1998 (MC8-1998); and Of-
fice Order No. 298, Series of 2010
Monitoring of Corpora- None Request for Monitoring Varies Ground floor CRMD CMD
tions where there is more
than one set of General
Information Sheet (GIS)
filed with the Commis-
sion
The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Frontline Services PICC Office
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 27 | P a g e

List of SEC Frontline Services

FRONTLINE SERVICE FEES FORMS/REQUIREMENT PROCESSING TIME OFFICE/DEPARTMENT


(under normal cir-
cumstances)
PICC OFFICE
Compliance with SEC Memo- Please see SEC Memorandum Please see the checklist of require- Varies Ground floor CRMD CMD
randum Circular No. 14, Series Circular No. 12, series of 2016 ments at www.sec.gov.ph or secure
of 2013 (Guidelines Covering checklist from the department
the Use of Properties that Re-
quire Ownership Registration
as Paid-Up Capital)

Petition for Cancellation or Please see SEC Memorandum Please see the checklist of require- Varies Ground floor CRMD
Substitution of Payment in Circular No. 12, series of 2016 ments at www.sec.gov.ph or secure CMD
relation to the use of proper- checklist from the department
ties that require Ownership
Registration as Paid-Up Capi-
tal (SEC Memorandum Circu-
lar No. 14, series of 2013)

Name Verification Services P40.00 per allowed name Name Verification Form, Name Verifi- 1.5-2 hours Ground floor CRMD
cation Slip Corporate Filing and Rec-
ords Division (CFRD)
Issuance of Certificates of No P300.00 for Affirmative/ Please see the checklist of require- 1-2 hours Ground floor CRMD
Derogatory Records/ Negative Certification, ments at www.sec.gov.ph or secure CFRD
Affirmative/Negative P500.00 for Certificate of No checklist from the department
Derogatory Information, plus
penalty imposed, if any

Registration of Stock and Please see SEC Memorandum Registration Form 8-10 minutes Ground floor CRMD
Transfer/Membership Book Circular No. 12, series of 2016 CFRD

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Frontline Services PICC Office
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 28 | P a g e

List of SEC Frontline Services

FRONTLINE SERVICE FEES FORMS/REQUIREMENT PROCESSING TIME OFFICE/DEPARTMENT


(under normal cir-
cumstances)
PICC OFFICE
Receiving of Applications for None Please see the checklist of require- 40-45 minutes Ground floor CRMD
New Registration (Domestic/ ments at www.sec.gov.ph or secure CFRD
Foreign)/Articles of Partner- checklist from the department
ship

Receiving of Applications for None Please see the checklist of require- 20-30 minutes Ground floor CRMD
Amendment of Articles of In- ments at www.sec.gov.ph or secure CFRD
corporation/By-Laws/Articles checklist from the department
of Partnership/Articles of Mer-
ger and Consolidation

Releasing of Approved Prima- None Please see the checklist of require- 15-20 minutes Ground floor CRMD
ry Registration/Amendments/ ments at www.sec.gov.ph or secure CFRD
Articles of Merger and Con- checklist from the department
solidation

Data Entry of Applications for None None 10-15 minutes Ground floor CRMD
Amendment/Articles of Mer- CFRD
ger and Consolidation and
Retrieval of Records

Issuance of Authenticated None Request letter from government agen- 45 minutes - 1 hour Ground floor CRMD
Copies for Government cies CFRD
Agencies

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Frontline Services PICC Office
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 29 | P a g e

List of SEC Frontline Services

FRONTLINE SERVICE FEES FORMS/REQUIREMENT PROCESSING TIME OFFICE/DEPARTMENT


(under normal cir-
cumstances)
PICC OFFICE
Amendment of Article VII of Please see SEC Memorandum Please see the checklist of require- 3-5 days Ground floor CRMD
Articles of Incorporation and Circular No. 12, series of 2016 ments at www.sec.gov.ph or secure Financial Analysis and Au-
Other Applications checklist from the department dit Division (FAAD)
(Confirmation of Valuation or
Exempt Transaction [Other
Than Cash Payment on Sub-
scription], Property Dividend
Declaration, Quasi-
Reorganization, Equity Re-
structuring, Creation of Addi-
tional Paid-in Capital, and
Dissolution of Domestic Cor-
poration)

Merger/ Please see SEC Memorandum Please see the checklist of require- 2-3 days Ground floor CRMD
Consolidation Circular No. 12, series of 2016 ments at www.sec.gov.ph or secure FAAD
checklist from the department

Cash or Stock Dividend Dec- Please see SEC Memorandum Please see the checklist of require- 2-3 days Ground floor CRMD
laration Circular No. 12, series of 2016 ments at www.sec.gov.ph or secure FAAD
checklist from the department

Certification of Capital Struc- Please see SEC Memorandum Please see the checklist of require- 2-3 days Ground floor CRMD
ture/Percentage of Owner- Circular No. 12, series of 2016 ments at www.sec.gov.ph or secure FAAD
ship checklist from the department

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Frontline Services PICC Office
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 30 | P a g e

Frontline Service Procedures

OFFICE OF THE COMMISSION SECRETARY

1) Maintains the official records of the en banc;


2) Prepares the agenda and notices for en banc meetings;
3) Maintains custody over documents it has acted on, or are directly filed with it, unless otherwise directed by the en banc, including
certificates of titles of real estate properties of the Commission, and other confidential documents as may be determined by the
en banc;
4) Prepares minutes of Commission meetings and Executive Sessions, decisions and resolutions for the approval of the en banc;
5) Handles media relations for the Commission;
6) Develops Rules of Practice that guide the Commission, Departments, Offices, staff and the public in the Commissions processes
and procedures;
7) Reviews official documents for dissemination based on established methodology;
8) Handles appeals from Petitions for Calling of Meeting;
9) Performs such other functions as may be directed by the Chair and Commissioners

LIST OF FRONTLINE SERVICES:

1) Issuance of Commission en banc Resolutions


2) Issuance of Certified True Copies (CTC) of Memorandum Circulars, Minutes of the Meeting, and Resolutions
3) Issuance of certification on certain acts of the Commission
4) Media Request for interview, information, and updates

SEC Citizens Charter 2016


Table of Contents 31 | P a g e

Issuance of Commission en banc Resolutions


Schedule of availability of service : Monday to Friday, 8:00 AM to 5:00 PM (no noon break)
Who may avail of the service : Any concerned individual
What are the requirements : Request letter (with complete name, address and contact number of the client)
addressed to the Commission Secretary
How to avail of the service :

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE FEES FORM
(under normal circumstances)
1 Presents request letter for Receives request letter 1 minute Assigned personnel None None
issuance of resolution
2 Fills up/accomplishes Client Prepares Resolution 15 minutes (subject to the avail- Assigned personnel
Satisfaction Survey ability of documents)
3 Submits for review/signature 10 minutes (subject to the avail- Asst. Commission
ability of the reviewer/ Secretary / Commis-
signatory) sion Secretary
4 Receives copy of resolution Releases copy of Resolution 1 minute Assigned personnel
after submitting accom-
plished Client Satisfaction
Survey
END OF TRANSACTION

Total Duration : 27 minutes

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Office of the Commission Secretary
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 32 | P a g e

Issuance of Certified True Copies (CTC) of Memorandum Circulars, Minutes of the Meeting and
Resolutions
Schedule of availability of service : Monday to Friday, 8:00 AM to 5:00 PM (no noon break)
Who may avail of the service : Any concerned individual
What are the requirements : Request letter (with complete name, address and contact number of the client)
addressed to the Commission Secretary
How to avail of the service :

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE FEES FORM
(under normal circumstances)
1 Presents request letter for Receives request letter 1 minute Assigned personnel Miscellaneous None
certified true copies of the fees : Php 20.00
document per document
plus Php 5.00
per page
2 Prepares Payment Assess- 10 minutes Assigned personnel
ment Form (PAF)
3 Presents the PAF to the Processes payment and is- 10 minutes Cashier
Cashier and settles the re- sues O.R.
quired fee
4 Returns the machine- Prepares requested docu- 15 minutes (subject to the avail- Assigned personnel
validated PAF with the O.R. ments to certify as true copy ability and volume of the re-
to the OCS quested documents to be certi-
fied as true copy/ies)
5 Fills up/accomplishes Client Submits for review/signature 10 minutes (subject to the avail- Asst. Commission
Satisfaction Survey ability of the reviewer/ Secretary / Commis-
signatory) sion Secretary
6 Receives CTC of docu- Releases certified true copy 1 minute Assigned personnel
ment requested after sub- of documents
mitting accomplished Cli-
ent Satisfaction Survey
END OF TRANSACTION

Total Duration : 47 minutes

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Office of the Commission Secretary
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 33 | P a g e

Issuance of certification on certain acts of the Commission


Schedule of availability of service : Monday to Friday, 8:00 AM to 5:00 PM (no noon break)
Who may avail of the service : Any concerned individual
What are the requirements : Request letter (with complete name, address and contact number of the client)
addressed to the Commission Secretary
How to avail of the service :

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE FEES FORM
(under normal circumstances)
1 Presents request letter for Receives request letter 1 minute Assigned personnel None None
issuance of Certification
2 Fills up/accomplishes Client Prepares Certification 15 minutes (subject to the avail- Assigned personnel
Satisfaction Survey ability of documents)
3 Submits for review/signature 10 minutes (subject to the avail- Asst. Commission
ability of the reviewer/ Secretary / Commis-
signatory) sion Secretary
4 Receives copy of Certifica- Releases copy of Certifica- 1 minute Assigned personnel
tion after submitting ac- tion
complished Client Satisfac-
tion Survey
END OF TRANSACTION

Total Duration : 27 minutes

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Office of the Commission Secretary
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 34 | P a g e

Media Request for Interview, Information, and Updates


Schedule of availability of service : Monday to Friday, 8:00 AM to 5:00 PM (no noon break)
Who may avail of the service : Members of Media Organizations
What are the requirements : Request letter (with complete name, address and contact number of the client)
addressed to the Commission Secretary
How to avail of the service :

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE FEES FORM
(under normal circumstances)
1 Presents request letter for Receives request letter 1 minute Assigned personnel None None
interview, information, and
update indicating the top-
ics/issues to be discussed
2 Schedules the interview, pre- 1 hour -do-
pares the information, and/
or updates (schedule will
depend on the availability
of the Commission Secretary
or Subject Matter Expert)
3 Follows up the schedule Confirms the schedule with 30 minutes -do-
(date and time) of the in- the client
terview, availability of infor-
mation, and/or updates
4 Proceeds to conduct inter- Answers queries, provides 30 minutes or more (depending Commission Secre-
view, receives information, information, and/or updates on the topic) tary or Subject Mat-
and/or updates ter Expert
END OF TRANSACTION

Total Duration : 27 minutes

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Office of the Commission Secretary
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 35 | P a g e

OFFICE OF THE GENERAL COUNSEL

1) Hears Petitions for Calling of Meeting;


2) Acts on the following for the Commission en banc
a. Appeals to the en banc from decisions of the operating departments, SRO, etc.;
b. Petition for Voluntary Dissolution with Creditors Affected under Section 119 of the Corporation Code;
c. Petitions for issuance of Cease and Desist Orders (CDOs);
d. Contracts of the Commission for review;
e. Requests for opinions and special studies from the Chair, the Commissioners, other operating departments, and the public.
3) Acts on formal request for opinions from the public involving the interpretation of the laws which the Commission implements;
4) Liaises with the House of Representatives and the Senate, assists in the preparation of the Commissions legislative agenda, and prepares
comments and position papers on proposed legislation;
5) Liaises on legal matters with self-regulatory organizations, international organizations and foreign government regulators and agencies;
6) Represents the Commission before the COA, DBM, and other administrative agencies;
7) Oversees non-enforcement litigation, and appellate litigation in coordination with the Office of the Solicitor General;
8) Represents the Commission before the Office for Competition (DOJ) in conferences, technical working groups, and other joint activities to
study existing laws, rules and regulations on trade and competition, and develop and propose appropriate legislative or executive action
in coordination with the other departments;
9) Entertains walk-in/phone legal queries involving complex issues from the public; and
10) Performs such other functions as may be directed by the Chair and Commissioners.

LIST OF FRONTLINE SERVICES:

1) Filing of Petition or Appeal


2) Filing of Request for Legal Opinion
3) Request for Certified True Copies or Plain Copies of Documents relating to Cases
4) Public Assistance on Walk-in/Phone-in Legal Queries

SEC Citizens Charter 2016


Table of Contents 36 | P a g e

Filing of Petition or Appeal


Schedule of availability of service : Monday to Friday, 8:00 AM to 5:00 PM (no noon break)
Who may avail of the service : Public (Individuals/Corporations)
What are the requirements :
1) Petition or Memorandum on Appeal
2) Supporting Documents (Please see 2006 SEC Rules of Procedure)

How to avail of the service :

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE FEES FORM
(under normal circumstances)

1 Presents petition or memo- Assesses the completeness 10 minutes Officer for the Day Please see 2006
randum on appeal, and of the petition or memoran- SEC Rules of Proce-
supporting documents. dum on appeal, and sup- dure
porting documents.
2 If complete, receives peti- 3 minutes Support Clerk
tion or memorandum on ap-
peal, and supporting docu-
ments.
3 Prepares the Payment As- 10 minutes Records Specialist
sessment Form (PAF) and
instructs the applicant to
proceed to the SEC Cashier
or nearest Land Bank of the
Philippines (LBP) Branch.
4 Presents the PAF at the SEC Processes payment and is- 10 to 20 minutes SEC Cashier or LBP Filing Fee:
Cashier or nearest LBP sues Official Receipt or vali- Branch
P2,020.00
Branch dated deposit slip, and vali-
dated PAF
5 Presents the validated PAF Photocopies the validated 10 minutes Records Specialist
or validated deposit slip. PAF or validated deposit slip
for incorporation to the case
file
6 Records in the Database/ 3 minutes Support Clerk
Raffling

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Office of the General Counsel
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 37 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE FEES FORM
(under normal circumstances)
7 Records in GCs files/records 3 minutes Executive Assistant
8 For notation 3 minutes General Counsel
9 Case Decision/Resolution*
END OF TRANSACTION

*The case shall be decided/resolved in not more than 1 year from the date of submission for resolution.

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Office of the General Counsel
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 38 | P a g e

Filing of Request for Legal Opinion


Schedule of availability of service : Monday to Friday, 8:00 AM to 5:00 PM (no noon break)
Who may avail of the service : Public (Individuals/Corporations)
What are the requirements :
1) Request letter for Opinion
2) Supporting Documents (Please see Memorandum Circular No. 15, series of 2003)

How to avail of the service :

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE FEES FORM
(under normal circumstances)

1 Presents request letter for Receives the request letter, 3 minutes Support Clerk Please see Memo-
opinion and supporting and supporting documents. randum Circular
documents. No. 15, series of
2003
2 Records in the Database/ 3 minutes Support Clerk
Raffling
3 Records in GCs files/records 3 minutes Executive Assistant
4 For notation 3 minutes General Counsel
5 Drafts reply letter advising 1 hour Handling Lawyer
payment of opinion fee, af-
ter determination of whether
the request letter pertains to
specific questions of law
6 Prepares the Payment As- 10 minutes Records Specialist
sessment Form (PAF) and
instructs the applicant to
proceed to the SEC Cashier
or nearest Land Bank of the
Philippines (LBP) Branch.
7 Presents the PAF at the SEC Processes payment and is- 10 to 20 minutes SEC Cashier or LBP Filing Fee:
Cashier or nearest LBP sues Official Receipt or vali- Branch
P5,000.00
Branch dated deposit slip, and vali-
dated PAF

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Office of the General Counsel
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 39 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE FEES FORM
(under normal circumstances)
8 Presents the validated PAF Photocopies the validated 10 minutes Records Specialist
or validated deposit slip. PAF or validated deposit slip
for incorporation to the file
9 Takes action upon the re-
quest.*
END OF TRANSACTION

*The opinion shall be released in not more than one (1) year from the date of receipt of request depending on the number, difficulty and novelty of the ques-
tions posed therein.

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Office of the General Counsel
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 40 | P a g e

Request for Certified True Copy or Plain Copy of Documents Related to a Case
Schedule of availability of service : Monday to Friday, 8:00 AM to 5:00 PM (no noon break)
Who may avail of the service : Public (Individuals/Corporations)
What are the requirements :
1) Proper identification
2) Letter of Authority, if necessary

How to avail of the service :

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE FEES FORM
(under normal circumstances)

1 Presents request for partic- Furnishes request form to the 3 minutes Support Clerk
ular documents client

2 Prepares the Payment As- 10 minutes Records Specialist


sessment Form (PAF) and
instructs the applicant to
proceed to the SEC Cashier
or nearest Land Bank of the
Philippines (LBP) Branch.
3 Presents the PAF at the SEC Processes payment and is- 10 to 20 minutes SEC Cashier or LBP Fees:
Cashier or nearest LBP sues Official Receipt or vali- Branch
For Certified
Branch dated deposit slip, and vali-
true Copy -
dated PAF
P20.00 per
document plus
P5.00 per
page;
For Plain Copy
P2.00 per
page
4 Presents the validated PAF Prepares the document re- 10 to 20 minutes Records Specialist
or validated deposit slip. quested
END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Office of the General Counsel
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 41 | P a g e

Public Assistance on Walk-in/Phone-in Legal Queries


Schedule of availability of service : Monday to Friday, 8:00 AM to 5:00 PM (no noon break)
Who may avail of the service : Public (Individuals/Corporations)
What are the requirements :
1) Proper identification
2) Documents pertinent to the legal query, if any

How to avail of the service :

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE FEES FORM
(under normal circumstances)

1 Presents legal query Refers to the Officer of the 3 minutes Support Clerk Not applicable No form required
Day
2 Entertains the legal query 10 to 20 minutes Officer of the Day
END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Office of the General Counsel
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 42 | P a g e

OFFICE OF THE GENERAL ACCOUNTANT

1) Acts as lead office in the adoption and implementation of financial reporting and auditing standards and practices based on global
framework;
2) Prepares opinions, clarifications and replies to public queries with respect to financial reporting and audit issues;
3) Accredits external auditors or auditing firm, appraisal companies, credit rating agencies and other professionals or
engaged by by the
4) with rules by external auditors and appraisal companies, credit rating agencies and oth-
er accredited by the
5) Evaluates financial statements of that may be referred by the
6) Renders advice to the Departments upon request on financial and
7) Formulates rules and guidelines on quality assurance review of work of accredited experts or professionals, and the
same
8) Evaluates applications for, and issues, of under the Special Purpose Vehicle
9) custody over has acted on, or are filed unless by the Commission En Banc
or the Chairperson;
Performs such other functions as may be assigned by the Commission En Banc or the
the quality assurance review
12) All previous functions as may be retained by the Office, except the of applications and issuance of of
the Specia Purpose Vehicle Law.

a. Item 7 above has been added for the planned implementation of quality assurance review system.
b. All previous functions will be retained by the Office except the evaluation of applications for, and issues certificates of eligibility un-
der the Special Purpose Vehicle Law.

LIST OF FRONTLINE SERVICES:

1) Accreditation of Appraisal Companies and Professional Services Organization


2) Accreditation of Credit Rating Agencies
3) Request for Exemptive Relief
4) Request for Opinion on Accounting Matters
5) Accreditation of External Auditor/Auditing Firms

SEC Citizens Charter 2016


Table of Contents 43 | P a g e

Accreditation of Appraisal Companies and Professional Services Organization


Schedule of availability of service : Monday to Friday, 7:00 AM to 6:00 PM (no noon break)
Who may avail of the service : Appraisal companies and Professional Services Organization (PSO)
What are the requirements :

for

Company the history, scope of services, list of employees and their corresponding profession, and the bio-data of the

Certificate of good standing issued by Professional Regulation Commission recognized to Accredited Professional Organization
List of existing and past
from at least two (2) banks or two (2) public companies or secondary licensees or two (2) large corpora-
tions that they have engaged services of the appraisal
Notarized of the appraisal signed by its or Managing Partner that it meets all the
under of the Guidelines on Property Valuations; that it has not been declared liable by the Commission or by any
court for of the Code or the Securities Regulation Code or any relevant laws and regulation, and that the
applicant or any of / officers or partners or property appraisers or valuers have no adverse
on any civil or case its appraisal
9) List of any pending administrative, civil or criminal case filed against the company or any of its officers and employees;
10) Latest audited financial statements for the recent three years including the period due for the filing;
11) Copy of professional liability insurance policy and sworn undertaking to provide professional liability insurance as required by its clients;
12) Copy of two (2) Appraisal or Valuation Report issued; and
13) Copy of the companys framework of internal control procedures.

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Office of the General Accountant
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 44 | P a g e

How to avail of the service :

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE FEES FORM
(under normal circumstances)
PRE-EVALUATION PROCEDURES
1 Secures checklist of re- Provides client a checklist of 5 minutes Officer of the day None Notarized applica-
quirement from the OGA requirements with instruc- tion letter duly
tions. signed by author-
ized officer
2 Presents application and 1) Pre-evaluates application 30 minutes Officer of the day
supporting documents and supporting docu-
ments.
a) If application and sup-
porting documents are
not complete, the same
are returned to appli-
cant with list of require-
ments not complied with
b) If application and sup-
porting documents are
complete, the Officer
of the Day clears appli-
cation for payment of
the prescribed fees
(proceeds to No. 2)
2) Prepares Payment Assess- 10 minutes Executive Assistant
ment Form (PAF) and in-
structs applicant to process
payment and issue O.R

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Office of the General Accountant
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 45 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE FEES FORM
(under normal circumstances)
3 Presents the PAF at the Processes payment and is- 10 minutes Cashier Filing Fee:
Cashier and settles the re- sues O.R. P10,000.00
quired fee UPLRF:
P100.00
TOTAL:
P10,100.00

Annual Fee:
P2,000.00
4 Submits the machine- 1) Checks contents and 5 minutes Executive Assistant
validated PAF to the OGA stamps Received the
with the application and its three (3) sets of applica-
supporting documents tion documents.
2) Returns one (1) copy of
the application document
to the client.
PROCESSING PROCEDURES
1 Inputs application to Index 5 minutes -do-
Tracking System and for-
wards the same to the Su-
pervising Accountant for
assignment
2 Forwards documents to as- 5 minutes Supervising Account-
signed personnel ant
3 Reviews application and 2 minutes Assigned personnel
supporting documents using
the OGAs Evaluation Sheet.
If complete and qualified,
GO TO STEP 9
4 If not compliant, prepares -do-
comment letter to the appli-
cant

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Office of the General Accountant
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 46 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE FEES FORM
(under normal circumstances)
5 Reviews comment letter 5 minutes Supervising Account-
ant
6 Signs comment letter 5 minutes General Accountant
7 If no compliance is made
within the prescribed period
(allow a 30-day mailing and
reply period from date of
letter):
1) Prepares a letter denying
the application for failure 10 minutes -do-
to comply with the re-
quirements.
2) Reviews letter 5 minutes Supervising Account-
ant
3) Signs letter 5 minutes General Accountant
8 If there is a submission but 2 hours Assigned personnel
still not fully compliant with
the requirement, GO TO STEP
4 but with a written warning
that shall result to the denial
of the application
9 If applicant fully complies 2 hours -do-
with the requirements and
presents all original docu-
ments for authentication
against submitted photo-
copies with application, pre-
pares Memorandum to
Commission En Banc
(through Supervising Com-
missioner)
10 Reviews Memorandum 10 minutes Supervising Account-
ant

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Office of the General Accountant
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 47 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE FEES FORM
(under normal circumstances)
11 Signs and presents Memo- 50 minutes General Accountant
randum to the Commission
En Banc for consideration
(after clearance from Super-
vising Commissioner)
12 Receives advice of the reso- 30 minutes Assigned personnel
lution of the Commission on
the application

If approved, GO TO STEP 13.


a) If denied/deferred:
Denial: Notifies the appli-
cant of the denial and
reasons thereof
Deferment: Notifies the
applicant of the defer-
ment and requirement
to be complied with or
necessary action to cor-
rect the deficiency: GO
TO STEP 4 and onwards.
13 Presents authority to re- Prepares Certificates of Ac-
ceive the certificate creditation
a) Prints two (2) copies 10 minutes Executive Assistant
b) Initials on copies 3 minutes Assigned Personnel
c) Initials on copies 2 minutes Supervising Account-
ant
d) Signs certificates 5minutes General Accountant
e) Notifies applicant that the 5minutes Executive Assistant
Certificate may be
picked up (in case of rep-
resentative, subject to
presentation of authoriza-
tion letter)

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Office of the General Accountant
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 48 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE FEES FORM
(under normal circumstances)
f) Releases Certificate of ac- 10 minutes -do-
creditation and forwards
duplicate file to clerk
g) Logs in registry of Accred- 5 minutes -do-
ited Appraisal Compa-
nies; informs Index Track-
ing Personnel of the issu-
ance of the certificate.
h) Provides MIS with updat- 30 minutes -do-
ed list
i) Updates tracking system 30 minutes Index Tracking Per-
sonnel
END OF TRANSACTION
Duration:
Pre-evaluation of application 1 hour
Processing of application 1 day
Mailing period (estimate) 30 days
Total duration: 31 days and 1 hour

*under normal circumstances

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Office of the General Accountant
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 49 | P a g e

Accreditation of Credit Rating Agencies


Schedule of availability of service : Monday to Friday, 7:00 AM to 6:00 PM (no noon break)
Who may avail of the service : Credit Rating Agencies
What are the requirements :

for
Applicant should be a stock and have a minimum paid-up capital of at least Ten Pesos (P10,000,000.00);
List of shareholders and their corporate
List of other business activities,
Copies of its Articles of and
Sworn on the
a. Ownership structure and possible conflicts of
b. Names, professional and of the staff in the rating decision
Disclosure of training, assistance or support receives from
code of conduct that can ensure the of the rating specialists and the rating agency from the Issuers it is

Rating scales symbols and related assessment devices


9) procedures, rating policies, and other used in arriving at a
10) Copy of model agreement with
11) Manual on Corporate

How to avail of the service :

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE FEES FORM
(under normal circumstances)
PRE-EVALUATION PROCEDURES
1 Secures checklist of re- Provides client a checklist of 5 minutes Officer of the day None Application letter
quirement from the OGA requirements with instruc- duly signed by au-
tions thorized officer

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Office of the General Accountant
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 50 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE FEES FORM
(under normal circumstances)
2 Presents application and 1) Pre-evaluates application 30 minutes Officer of the day
supporting document and supporting docu-
ments.
a) If application and sup-
porting documents are
not complete, the
same are returned to
applicant with list of
requirements not com-
plied with
b) If application and sup-
porting documents are
complete, the Officer
of the Day clears ap-
plication for payment
of the prescribed fees
(applicant proceeds to
No.2)
2) Prepares Payment Assess- 10 minutes Executive Assistant
ment Form (PAF) and instructs
applicant to proceed to the
Cashier
3 Presents the PAF at the Processes payment and is- 10 minutes Cashier Filing Fee:
Cashier and settles the re- sues O.R. P50,000.00
quired fee UPLRF:
P500.00
TOTAL:
P50,500.00

Annual Fee:
P15,000.00
4 Submits the machine- 1) Checks contents and stamps 5 minutes Executive Assistant
validated PAF to the OGA Received the three (3) sets
with the application and its of application documents
2) Returns one (1) copy of the
supporting documents
application document to the
client.

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Office of the General Accountant
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 51 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE FEES FORM
(under normal circumstances)
PROCESSING PROCEDURES
1 Inputs application to Index 5 minutes Executive Assistant
Tracking System and for-
wards the same to the Su-
pervising Accountant for
assignment
2 Forwards documents to as- 5 minutes Supervising Account-
signed personnel ant
3 Reviews application and 2 hours Assigned personnel
supporting documents using
the OGAs Evaluation Sheet.
If complete and qualified,
GO TO STEP 9
4 If not compliant, prepares Assigned personnel
comment letter to the appli-
cant
5 Reviews comment letter 5 minutes Supervising Account-
ant
6 Signs comment letter 5 minutes General Accountant
7 If no compliance is made
within the prescribed period
(allow a 30-day mailing and
reply period from date of
letter):
1) Prepares a letter denying 10 minutes General Accountant
the application for failure
to comply with the require-
ments.

2) Reviews letter 5 minutes Supervising Account-


ant

3) Signs letter 5 minutes General Accountant

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Office of the General Accountant
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 52 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE FEES FORM
(under normal circumstances)
PROCESSING PROCEDURES
8 If there is a submission but 2 hours Assigned personnel
still not fully compliant with
the requirements, GO TO
STEP 4 but with a written
warning that shall result to
the denial of the application
9 If applicant fully complies 2 hours Assigned personnel
with the requirements and
presents all original docu-
ments for authentication
against submitted photo-
copies with application, pre-
pares Memorandum to
Commission En Banc
(through Supervising Com-
missioner).
10 Reviews Memorandum 10 minutes Supervising Account-
ant
11 Signs and presents Memo- 50 minutes General Accountant
randum to the Commission
En Banc for consideration
12 Receives advice of the resolution 30 minutes Assigned personnel
of the Commission En Banc on
the application

If approved, GO TO STEP 13.


a) If denied/deferred:
Denial: Notifies the applicant
of the denial and reasons
thereof
Deferment: Notifies the appli-
cant of the deferment and
requirement to be complied
with or necessary action to
correct the deficiency: GO
TO STEP 4 and onwards.

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Office of the General Accountant
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 53 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE FEES FORM
(under normal circumstances)
PROCESSING PROCEDURES
13 Presents authority to re- Prepares Certificates of Ac-
ceive the certificate creditation
a) Prints two (2) copies 10 minutes Executive Assistant
b) Initials on copies 3 minutes Assigned Personnel
c) Initials on copies 3 minutes Supervising Account-
ant
d) Signs certificates 2 minutes General Accountant
e) Logs in registry of Accred- 5 minutes Executive Assistant
ited Appraisal Compa-
nies; informs Index Track-
ing Personnel of the issu-
ance of the certificate.
f) Provides MIS with updated 30 minutes Executive Assistant
list
g) Updates tracking system 30 minutes Index Tracking
Personnel
END OF TRANSACTION

Duration:
Pre-evaluation of application 1 hour
Processing of application 1 day
Mailing period (estimate) 30 days
Total duration: 31 days and 1 hour

*under normal circumstances

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Office of the General Accountant
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 54 | P a g e

Request for Exemptive Relief


Schedule of availability of service : Monday to Friday, 7:00 AM to 6:00 PM (no noon break)
Who may avail of the service : Corporations or other interested parties with request for Exemptive Relief
What are the requirements :

Supporting documents, if any

How to avail of the service :

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE FEES FORM
(under normal circumstances)
PRE-EVALUATION PROCEDURES
1 Presents letter-request for Prepares Payment Assess- 10 minutes Executive Assistant Letter duly signed
Exemptive Relief and sup- ment Form (PAF) and in- by authorized of-
porting document structs applicant to pro- ficer/ person
ceed to the Cashier
2 Presents the PAF at the Processes payment and is- 10 minutes Cashier Filing Fee:
Cashier and settles the re- sues O.R. P50,000.00 (per
quired fee issue and per
company)
PROCESSING PROCEDURES
1 Submits the machine- Inputs Letter-Request for Ex- 3 minutes Executive Assistant
validated PAF to the OGA emptive Relief or Memoran-
with the application and its dum referred by the Operat-
supporting documents, if ing Department to Index
any Tracking System and forwards
the same to the Supervising
Accountant for assignment.
2 Forwards document to as- 2 minutes Supervising Account-
signed personnel ant

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Office of the General Accountant
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 55 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE FEES FORM
(under normal circumstances)
3 Evaluates the request.

In case of complete support- 4 hours Assigned personnel


ing documents and justifica-
tion, prepares a Memoran-
dum for presentation to the
Commission En Banc contain-
ing the results of evaluation
and recommendation

In case of incomplete justifi- 16 hours


cation with supporting docu-
ments, prepares Advisement
Letter to the requesting party
that the subject matter is un-
der evaluation and may re-
quire additional submission of
documents.
4 Reviews Advisement Letter or 30 minutes Supervising Account-
Memorandum for presenta- ant
tion to Commission En Banc
5 Reviews and signs Advise- 10 minutes General Accountant
ment Letter or Memorandum
6 If there is a submission of ad- 1 hour Assigned personnel
ditional documents, GO TO
STEP 3
7 Presents Memorandum to the 10 minutes General Accountant
Commission En Banc for con-
sideration

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Office of the General Accountant
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 56 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE FEES FORM
(under normal circumstances)

8 Receives advice of the Reso- 30 minutes Assigned personnel


lution from Commission En
Banc

Prepares Advisement Letter


containing the resolution of
the Commission En Banc, no-
tifying the party whether the
request has been approved
or denied
9 Reviews Advisement Letter 30 minutes Supervising Account-
ant
10 Reviews and signs Advise- 10 minutes General Accountant
ment Letter
11 Logs/Updates Index Tracking 2 minutes Executive Assistant
System
END OF TRANSACTION

Duration:
Pre-evaluation of application 20 minutes
Processing of application 1-3 days
Mailing period (estimate) 30 days
Total duration: 31-33 days and 20 minutes

*under normal circumstances

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Office of the General Accountant
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 57 | P a g e

Request for Opinion on Accounting Matters


Schedule of availability of service : Monday to Friday, 7:00 AM to 6:00 PM (no noon break)
Who may avail of the service : Corporations or other interested parties with request for Opinion on Accounting Matters
What are the requirements :

Supporting documents, if any

How to avail of the service :

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE FEES FORM
(under normal circumstances)
PRE-EVALUATION PROCEDURES
1 Presents letter-request for Prepares Payment Assess- 10 minutes Executive Assistant Letter duly signed
opinion and supporting ment Form (PAF) and in- by authorized of-
document structs applicant to pro- ficer/ person
ceed to the Cashier
2 Presents the PAF at the Processes payment and is- 10 minutes Cashier Filing Fee:
Cashier and settles the re- sues O.R. P25,000.00
quired fee (complex is-
sues)
P10,000.00
(non-complex
issues)
PROCESSING PROCEDURES
1 Submits the machine- Inputs Letter-Request for 3 minutes Executive Assistant
validated PAF to the OGA Opinion or Memorandum
with the application and its referred by the Operating
supporting document, if Department to Index Track-
any ing System and forwards the
same to the Supervising Ac-
countant for assignment.
2 Forwards document to as- 2 minutes Supervising Account-
signed personnel ant

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Office of the General Accountant
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 58 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE FEES FORM
(under normal circumstances)
3 Evaluates the request for
opinion.

In case of the simple case 4 hours Assigned personnel


and/or no additional docu-
ments are needed for the
evaluation, prepares an Ad-
vertisement Letter or Memo-
randum containing the re-
sults of the evaluation

In case of complex case 16 hours


and/or additional docu-
ments or further research are
needed, prepares Advise-
ment Letter to requesting
party that the subject matter
is under evaluation and may
require submission of addi-
tional requirements.
4 Reviews Advisement Letter or 30 minutes Supervising Account-
Memorandum ant

5 Reviews and signs Advise- 10 minutes General Accountant


ment Letter or Memorandum
6 If there is a submission of ad- 1 hour Assigned personnel
ditional documents, GO TO
STEP 3
7 Logs/Updates Index Tracking 2 minutes Executive Assistant
System
END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Office of the General Accountant
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 59 | P a g e

Duration:
Pre-evaluation of application 20 minutes
Processing of application 1-3 days
Mailing period (estimate) 30 days
Total duration: 31-33 days and 20 minutes

*under normal circumstances

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Office of the General Accountant
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 60 | P a g e

Accreditation of External Auditor/Auditing Firms


Schedule of availability of service : Monday to Friday, 7:00 AM to 6:00 PM (no noon break)
Who may avail of the service : Auditing Firms, individual practitioners/external auditors
What are the requirements :

1) Fully accomplished application form for external auditor (For initial: SEC Form ExA-001 Revised 2009; For renewal:
SEC Form ExA-001-R).
2) Certificate of Registration as public practitioner issued by BOA.
3) Copies of certificates of participation in seminars/trainings.
4) Quality Assurance Manual
5) In case of Group A, B, and C accreditation, notarized certification that the applicant has fundamental knowledge of
the regulatory requirements on each of the other secondary licensees of the Commission.
6) Copies of Audited Financial Statements (AFS) of the applicants two (2) largest clients in terms of assets.
7) Certificate of Accreditation issued by the Bangko Sentral ng Pilipinas (BSP) and Insurance Commission (IC) for those
availing the mutual recognition of accreditation.
8) Notarized complete list of corporate clients.
Notarized attestation of his/her adherence to the requirements of the Code of Ethics for Professional Accountants in
the Philippines

AUDITING

1) Fully accomplished application form for auditing firm (For initial: SEC Form AuF002 Revised 2009; For renewal: SEC Form AuF-002-R).
2) Certificate of Registration issued by BOA to the firm which is current and effective including its registered partners.
3) Quality Assurance Manual.
4) Copies of Audited Financial Statements (AFS) of the firms two (2) largest clients in terms of assets.
5) Certificate of Accreditation issued by the Bangko Sentral ng Pilipinas (BSP) and Insurance Commission (IC) for those availing the mutual recogni-
tion of accreditation.
6) Notarized complete list of corporate clients.
7) List of employees/personnel and their qualifications/position (for Groups A and B).
8) Notarized attestation of the firms adherence to the requirements of the Code of Ethics for Professional Accountants in the Philippines.

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Office of the General Accountant
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 61 | P a g e

How to avail of the service :

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE FEES FORM
(under normal circumstances)
PRE-EVALUATION PROCEDURES
1 Secures application form Provides client application 5 minutes Officer of the day Auditing
from the OGA form, and checklist of re- Initial
quirements. SEC Form AuF
002 Revised 2009
Renewal Applica-
tion SEC Form AuF
-002-R (Revised
2009)

External Auditor
Initial Application
SEC Form ExA-001
Revised 2009

Renewal Applica-
tion SEC Form ExA
-001-R)
2 Presents application and 1) Pre-evaluates application 30 minutes Officer of the day
supporting documents and supporting docu-
ments.
a) If application and sup-
porting documents are
not complete, the
same are returned to
applicant with list of
requirements not com-
plied with

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Office of the General Accountant
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 62 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE FEES FORM
(under normal circumstances)
b) If application and sup-
porting documents are
complete, the Officer
of the Day clears ap-
plication for payment
of the prescribed fees
(applicant proceeds to
No.2)
2) Prepares Payment Assess-
ment Form (PAF) and instructs 10 minutes Executive Assistant
applicant to proceed to the
Cashier
3 Presents the PAF at the Processes payment and is- 10 minutes Cashier Auditing Firm
Cashier and settles the re- sues O.R. Group A
quired fee Filing Fee:

LRF*:
P
Total

Group
Filing Fee:
P15,000.00
LRF*:
P150.00
TOTAL:
P15,150.00

Group C
Filing Fee:
P5,000.00
LRF*:
P50.00
TOTAL:
P5,050.00
The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Office of the General Accountant
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 63 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE FEES FORM
(under normal circumstances)
3 Individual Ap-
plicant-
Practitioner

Group A
Filing Fee:
P5,000.00
LRF*:
P50.00
TOTAL:
P5,050.00

Group B
Filing Fee:
P3,000.00
LRF*:
P30.00
TOTAL:
P3,030.00

Group C
Filing Fee:
P2,000.00
LRF*:
P20.00
TOTAL:
P2,020.00

*Legal Re-
search Fee is
equivalent to
1% of the Filing
Fee but not less
than P10.00

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Office of the General Accountant
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 64 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE FEES FORM
(under normal circumstances)
4 Submits the machine- 1) Checks contents and 4 minutes Executive Assistant
validated PAF to OGA with stamps and receives the
the application and its sup- three (3) sets of applica-
porting documents tion document
2) Returns one (1) copy of 1 minute Executive Assistant
the application document
to the client.

PROCESSING PROCEDURES
1 Inputs application to Index 3 minutes Executive Assistant
Tracking System and for-
wards the same to the su-
pervising Accountant for
assignment.

2 Forwards documents 2 minutes Supervising Account-


ant
3 Reviews application and 4 hours Assigned Personnel
supporting documents using
the OGAs Evaluation Sheet
4 Prepares comment letter to
applicant/s
5 Reviews comment letter and 5 minutes Supervising Account-
Memorandum ant
6 Reviews and sign comment 5 minutes General Accountant
letter and Memorandum

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Office of the General Accountant
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 65 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE FEES FORM
(under normal circumstances)
7 If no compliance is made
within the prescribed period
(allow a 30-day mailing and
reply period from date of
letter):
1) Prepares a letter denying 10 minutes General Accountant
the application for failure
to comply with me the re-
quirements.
2) Reviews letter 5 minutes Supervising Account-
ant
3) Signs letter 5 minutes General Accountant
8 If there is a submission but 2 hours Assigned personnel
still not fully compliant with
the requirements, GO TO
STEP 4 but with a written
warning that shall result to
the denial of the application
9 1) For Group A/B, prepares 2 hours Assigned personnel
Memorandum to the
Commission En Banc
(through Supervising Com-
missioner) then GO TO STEP
10, 11, and 14.
2) For Group C, finalizes
evaluation Sheet for Submis-
sion to Supervising Commis-
sioner, then GO TO STEP 12,
13, and 15.
10 Reviews Memorandum 10 minutes Supervising Account-
ant

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Office of the General Accountant
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 66 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE FEES FORM
(under normal circumstances)
11 Signs and presents Memo- 20 minutes General Accountant
randum to the Commission
En Banc for consideration
(Upon receipt of clearance
from Supervising Commis-
sioner)
12 Reviews Evaluation Sheet 10 minutes Supervising Account-
ant
13 Signs final Evaluation Sheet 20 minutes General Accountant
and forwards to Supervising
Commissioner for approval
14 Receives advice of the reso- 30 minutes Assigned personnel
lution of the Commission En
Banc on the application for
A/B:

If approved, GO TO STEP 16.


a) If denied/deferred:
Denial: Notifies the appli-
cant of the denial and
reasons thereof
Deferment: Notifies the ap-
plicant of the deferment
and requirement to be com-
plied with or necessary ac-
tion to correct the deficien-
cy: GO TO STEP 4-6 and 8
onwards.

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Office of the General Accountant
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 67 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE FEES FORM
(under normal circumstances)
16 Presents authority to re- Prepares Certificates of Ac-
ceive the certificate creditation (group A/B/C)
a) Prints two (2) copies 10 minutes Executive Assistant
b) Initials on copies 3 minutes Assigned Personnel
c) Initials on copies 3 minutes Supervising Account-
ant
d) Signs certificates 2 minutes General Accountant
e) Notifies applicant that the 10 minutes Executive Assistant
Certificate may be
picked up (in case of rep-
resentative, subject to
presentation of authoriza-
tion letter)
f) Releases Certificate of Ac- 5 minutes Executive Assistant
creditation and forwards
duplicate file to Clerk
g) Logs in registry of Accred- 5 minutes Executive Assistant
ited Firm/External Auditor;
informs Index Tracking
Personnel of the issuance
of the certificate
h) Provides the ICTD with up- 30 minutes Executive Assistant
dated list
i) Updates tracking system 30 minutes Index Tracking Per-
sonnel
END OF TRANSACTION

Duration:
Pre-evaluation of application 1 hour
Processing of application 2 days
Mailing period (estimate) 40 days
Total duration: 42 days and 1 hour
*under normal circumstances

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Office of the General Accountant
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 68 | P a g e

Enforcement and Investor Protection Department

1) Investigates, motu proprio or upon complaint or referral, violations of laws rules and regulations enforced by the Commission;
2) Initiates the issuance of a Cease and Desist Order (CDO) by the Commission;
3) Conducts surveillance of the trading of securities in the exchanges and ensures compliance of market participants and intermediaries with
Sections 24, 26 and 27 of the SRC and its IRR;
4) Acts as the Anti-Money Laundering Desk of the Commission and acts on all requests made by the AMLC;
5) Acts as representative of the Commission on all matters relating to the IOSCO;
6) Performs such other functions as may be assigned by the Commission en banc or the Chair.

FRONTLINE SERVICE:

1) Receipt and Filing of Complaint

SEC Citizens Charter 2016


Table of Contents 69 | P a g e

Receipt and Filing of Complaint


Schedule of availability of service : Monday to Friday, 7:00 AM to 6:00 PM (no noon break)
Who may avail of the service : Public (Investors, members, stockholders, officers, NGOs, etc.)
What are the requirements :
1) with on Non-Forum
2) documents,
3) Filing fee of P2,000.00 plus 1% legal research fee (LRF) of P20.00

How to avail of the service :

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE FEES FORM
(under normal circumstances)

1 Registers with the guard Calls the officer of the day 1 minute Guard on Duty None None
(lobby) and waits to be
called
2 Proceeds to the confer- Holds conference/meeting 1 hour or depends on the sub- Officer of the Day None None
ence room with the client ject of complaint
3 Assesses the inquiry/request -do- -do- None Verified complaint
for assistance/verbal com- with Certification
plaint if within SECs jurisdic- on Non-forum
tion, if not, recommends ap- Shopping / Com-
propriate action. plaint Form

If within SECs jurisdiction,


requests the client to pre-
pare and submit to the Of-
fice of the Director a verified
complaint with Certification
on Non-forum Shopping and
other supporting docu-
ments. In instances when the
client is unable to prepare a
verified complaint, a com-
plaint form will be provided
for him to accomplish/fill up.

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Enforcement and Investor Protection Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 70 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE FEES FORM
(under normal circumstances)
4 Submits to the Office of the Receives the documents 1 minute Office of the Direc- Verified complaint
Director two (2) original and forwards to the officer tors Staff with Certification
copies of verified com- of the day for assessment. on Non-forum
plaint with Certification on Shopping or Com-
Non-forum Shopping and plaint Form
other supporting docu-
ments; or the accom-
plished complaint form.
5 Assesses the verified com- 15 minutes Officer of the day None
plaint if it satisfies the formal
requisites.
6 If the verified complaint is 5 minutes Office of the Direc- PAF
acceptable, issues Payment tors Staff
Assessment Form (PAF).
7 Presents the PAF at the Processes payment and is- 10 minutes Cashier P2,020.00 (Filing
Cashier and settles the re- sues O.R. fee + LRF)
quired fee
8 Submits the machine- Receives documents and 10 minutes Office of the Direc-
validated PAF and O.R., advises the client that a let- tors Staff
and the receiving copy of ter will be sent to notify him
the verified complaint of the actions to be taken
by the department.
END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Enforcement and Investor Protection Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 71 | P a g e

Corporate Governance and Finance Department


1) Registers or grants exemption from registration securities of Mutual Fund Companies (MFCs) and Exchange-Traded Funds (ETFs); issuers of proprie-
tary and non-proprietary membership certificates/shares; timeshares; and commercial papers offered or sold by unlisted or unregistered issuers;
2) Licenses Investment Companies (ICs);
3) Accredits Corporate Governance Training Providers (CGTP);
4) Monitors Public Companies (PCs), Mutual Fund Companies (MFCs), Exchange-Traded Funds (ETFs), Financing Companies (FCs), Lending Compa-
nies (LCs), Issuers of Membership Certificates/Shares, Timeshares/Commercial Papers and Foundations compliance with existing laws and regula-
tions;
5) Monitors covered companies compliance with the Revised Code of Corporate Governance (RCCG) and other governance issuances of the
Commission;
6) Promotes good corporate practices and principles;
7) Updates the status of some pre-need corporations by virtue of the Commissions residual power and resolves claims filed with the SEC before the
enactment of the Pre-Need Code;
8) Acts as Credit Information Corporation (CIC) helpdesk;
9) Participates in Congressional hearings on proposed bills affecting the SEC;
10) Participates in inter-agency and private sector meetings or consultations;
11) Performs such other functions as may be directed by the Chair and Commissioners.

LIST OF FRONTLINE SERVICES:

1) Application for License as a Mutual Fund Company


2) Application for Certificate of Permit to Sell Securities and Order of Registration for MFCs, ETFs and Proprietary/Non-Proprietary Shares, Membership
Certificates, Timeshares
3) Application for Accreditation as Corporate Governance Institutional Training Provider
4) Request for Approval of In-House Corporate Governance Trainings/Seminars
5) Request for Exemptive Relief/Confidential Treatment
6) Petition for Voluntary Revocation
7) Monitoring of Financing and Lending Companies
8) Monitoring of Foundations and Microfinance NGOs
9) Monitoring of MFCs, ETFs, PCs, Issuers of Registered Unlisted Securities, and Issuers of Proprietary and Non-Proprietary Shares, Membership Certifi-
cates and Timeshares
10) Monitoring Application for Amendment of Articles of Incorporation and/or By-Laws, Good Standing and Clearance PLCs, MFCs, ETFs, PCs, Issuers of
Proprietary and Non-proprietary Shares, Membership Certificates and Timeshares
11) Request for Comment on Articles of Incorporation and/or By-Laws
12) Monitoring Compliance with Corporate Governance Regulations of Publicly Listed Companies, MFCs, ETFs, PCs, and Issuers of Membership Certifi-
cates and Timeshares
13) Handling of Complaints Filed Against Covered Institutions

SEC Citizens Charter 2016


Table of Contents 72 | P a g e

Application for License as a Mutual Fund Company (MFC)*

Schedule of availability of service : Monday to Friday, 7:00 AM to 6:00 PM (no noon break)
Who may avail of the service : Any corporation that intends to operate as a Mutual Fund Company
What are the requirements : SEC Form ICA 7-1
How to avail of the service :
STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN CHARGE FEES FORM
ACTIVITY
(under normal
circumstances)
1 Present SEC Form ICA 7-1 Officer of the day SEC Form ICA 7-1
2 Computes Filing Fee and is- 10 minutes Officer of the day
sues Payment Assessment For
(PAF) and advises applicant
to pay prescribed fee to the
Cashier.
3 Pays the prescribed Filing Fee P10,000.00 + LRF per draft Payment Assess-
to the Cashier and submits PAF Consolidated Schedule of ment Form
together with the required Fees and Charges (SEC
documents and its attach- Memorandum Circular No.
ments to receiving clerk/ 12, Series of 2016).
support staff.
4 Receives, encodes and deliv- 10 minutes Support Staff
ers documents to Assistant
Director (AD) for assignment.
END OF TRANSACTION

*This is processed simultaneously with the application to sell securities to the public (SEC Form 12-1 and its exhibits).

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 73 | P a g e

Application for Certificate of Permit to Sell Securities and Order of Registration for Mutual Fund
Companies (MFC), Exchange Traded Funds (ETF), and Proprietary/Non-Proprietary Shares,
Membership Certificates and Timeshares

Schedule of availability of service : Monday to Friday, 7:00 AM to 6:00 PM (no noon break)
Who may avail of the service : Any corporation that intends to sell or offer for sale securities to the Public for Mutual Funds, Exchange
Traded Funds and Issuers of Proprietary/Non-Proprietary, Membership Certificates, and Timeshares
What are the requirements : 1) Accomplished SEC Form 12-1, as amended (Registration Statement)
2) Exhibits to be submitted together with Registration Statement:

I. Initial Minimum Documentary Requirements

a) Audited Financial Statements & Statement of Managements Responsibility;


b) Draft Notice of Publication;
c) Articles of Incorporation and By-laws;
d) Opinion re: Legality of Issue (notarized);
e) Opinion re: Tax Matter;
f) Consents of Experts and Independent Counsel;
g) Notarized Curriculum Vitae and Recent Photographs of Officers and Members of the Board of Directors;
h) Bank Authorization which shall be continuous as long as the registration of securities of the issuer is effective;
i) Copy of Board Resolution approving the securities offering and authorizing the filing of the RS;
j) Duly verified Board Resolution dated and manually signed by a majority of the issuers Board of Directors;
approving the disclosures contained in the RS and assuming responsibility for the information contained
therein;
k) Secretarys Certificate as to adoption by the companys Board re: (1) Adoption of a Fit and Proper Rule for
the selection of corporate directors/officer; (2) Submission of an Undertaking allowing the SEC to resolve
conflicting issues regarding the selection of independent directors;
l) Sample of Subscription Agreement;
m) Manual on Corporate Governance; at least 2 Independent Directors; and
n) Anti-Money Laundering Manual

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 74 | P a g e

II. Additional Requirements

a) Mutual Funds:
i) Management Contract/Agreement;
ii) Distribution Agreement;
iii) Custodian or Escrow Agreement;
iv) Advisory Agreement; and
v) Certification, under oath, by the President and Chairman of the Board, or their equivalent in rank, describing
the involvement, if any, by management or members of the Board of Directors in companies that the invest-
ment company will be dealing with.

b) Exchange Traded Funds:


i) Contract/Agreement with Fund Manager;
ii) Contract/Agreement with Authorized Participants;
iii) Contract/Agreement with Market Maker;
iv) Contract/Agreement with Index Provider;
v) Contract/Agreement with Custodian Bank;
vi) Contract/Agreement with Transfer Agent; and
vii) Certification under oath, by the President and Chairman of the Board, or their equivalent in rank, describing the
involvement, if any, by management or members of the Board of Directors in companies that the investment
company will be dealing with.

c) Proprietary/Non-Proprietary Shares, Membership Certificates, Timeshares:


i) Escrow/Custodian Agreement with a reputable bank;
ii) Credit Line Agreement;
iii) House/Membership Rules and Compliance Certificate;
iv) Copy of Environmental Compliance Certificate;
v) Copy of Lease Contract (if property is under Lease);
vi) Certified true copy of Transfer Certificate of Title (TCT);
vii) Copy of brochures and other selling materials;
viii) Copy of Development Agreement; and
ix) Copy of Trust Agreement (if timeshares).

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 75 | P a g e

How to avail of the service :

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)
1 Presents SEC Form 12-1 for Officer of the 1) SEC Form 12-1, as
Pre-evaluation day amended
(Registration
Statement)
2) Exhibits required
2 2.1 Reviews documents. 1 hour Officer of the Pre-evaluation
Accomplishes pre- day Checklist
evaluation checklist
and provide copy to
the applicant based on
the documents pre-
sented.

If COMPLETE, go to Step
2.3.
If INCOMPLETE, go to Step
2.2

2.2 Returns document to 5 minutes


applicant for compli-
ance. END

2.3 Computes Filing Fee 10 minutes


and issues Payment Assess-
ment Form (PAF) and ad-
vises applicant to pay pre-
scribed fee to the Cashier.
Go to Step 3

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 76 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)
3 Pays the prescribed Filing Please see separate Payment Assess-
fee to the Cashier and sub- schedule of fees* ment Form
mits PAF together with the
required documents and
its attachments to receiv-
ing clerk/support staff.
4 4.1 Receives and encodes 10 minutes Support Staff
documents;

4.2 Delivers documents toAssistant 10 minutes


Director (AD) for assignment.
Go to Step 5.1

4.3 Updates records and delivers 10 minutes


documents to assigned Securi-
ties Specialist and Legal Coun-
sel. Go Step 6.

4.4 Transmits letter to the 30 minutes


Registrant. Go to Step 7.

4.5 Delivers Memo to Supervising 10 minutes


Commissioner/ Commission Sec-
retary for Agenda

4.6 Forwards records to ICTD for mi- 10 minutes


crofilming.
5 5.1 Assigns application to Specialist 10 minutes Assistant Direc-
and Legal Counsel. Return doc- tor
uments to Support Specialist. Go
to Steps 6.1 to 6.6

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 77 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)
5 5.2 Reviews and initials the follow- 1 day Assistant Direc-
ing: tor

5.2.1 DRAFT letter/ memo/


advisement/ Order of Registra-
tion/ Permit to Sell/Notice

5.2.2 FINALletter/memo/ advise-


ment letter/ memo/advisement/
Order of Registration/ Permit to Sell/
Notice
6 If Initial Filing: Securities Spe-
cialist/ Legal
6.1 Reviews documents 7 days Counsel

6.2 Refers the Underwriting/ Man-


agement/Distribution Agree-
ment to MSRD

6.3 Refers Financial Statements to 3 days


OGA. Repeats Step 8

6.4 Refers to OTHER


GOVERNMENT AGENCIES (if appli-
cable)

6.5 Conducts Ocular Inspection (if 1 to 2 days


applicable/allowed)

6.6 Prepares and initials DRAFT/


FINAL 1st COMMENT LETTER
based on findings. Repeats Step
5.2

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 78 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)
6 IF 1st Revision Compliance with 2nd
COMMENT LETTER

6.7 Repeats Steps 6.1, 6.3, 6.4 and/ 3 days


or conducts meeting with the
Registrant.

6.7.1 If compliant with all the


requirements, go to Step
6.8.1.

6.7.2 If still not compliant, pre-


pares and initials DRAFT/FINAL
2nd COMMENT LETTER. Repeats
Step 5.2.

IF 2nd Revision Compliance with


2nd COMMENT LETTER

6.8 Repeats Steps 6.1, 6.3, 6.4 and/


3 days
or conducts meeting with the
Registrant.

6.8.1 If AFS were cleared by


OGA, prepares and initials
DRAFT/FINAL MEMO. Repeat
Step 5.2

6.8.2 If still not compliant or NO


COMPLIANCE, endorses to Legal
Counsel for Hearing.

6.9 Prepares DRAFT/FINAL NOTICE


30 minutes
OF HEARING. Repeats Step 5.2.

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 79 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)
6 6.10 Legal Counsel holds meeting 2 hours
for REJECTION of the applica-
tion.

6.11 Prepares DRAFT/FINAL REJEC- 1 hour


TION LETTER. Repeat Step 5.2.
7 7.1 Files reply/compliance
with Comment Letter to
support staff

If reply to 1st Comment Let-


ter or 2nd Comment Let-
ter. Repeats Steps 4.1
and 4.3.

7.2 If application is de-


ferred, submits compli-
ance requirements. Re-
peats Steps 4.1 and 4.3.

7.3 If rendered effective,


submits FINAL PROSPEC-
TUS.

Repeats Steps 4.1, 4.3 and


Go to Step 11

7.4 Receives ORDER OF


REGISTRATION and PERMIT
TO SELL/REJECTION. END
8 8.1 Reviews and evaluates AFS Office of the
General Ac-
8.2 Endorses findings to assigned countant
CGFD Specialist

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 80 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)
9 9.1 For DRAFT COMMENT/ Director
MEMORANDUM/ REJECTION LET-
TER/ ORDER OF REGISTRATION/
PERMIT TO SELL/NOTICE

9.1.1. Reviews and initials docu- 3 hours


ments
9.1.2. Returns document to Support 10 minutes
Staff. Go to Steps 4.3 and
6.7 or 6.8 or 6.9

9.2 For FINAL COMMENT/ ADVISE- 3 hours


MENT LETTER/NOTICE.

9.2.1. Reviews and signs docu-


ment. Repeats Step 4.4

9.3 If FINAL MEMO, reviews and 1 day


signs document. Returns docu-
ments to Support Staff. Go to
Step 4.5.

9.4 Presents to the Commission En 1 hour


Banc

9.5 Informs Specialist/Legal Counsel


of En Banc Decision. Go to Step
10.

9.6 For ORDER OF REGISTRATION


and PERMIT TO SELL

9.6.a Reviews and signs document. 10 minutes


Returns document to
Support Staff. Go to Steps 4.3 and
12.4

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 81 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)
10 Upon receipt of the Commissions 2 days Securities Spe-
action on the Memorandum: cialist

If Registration Statement is DENIED/


DEFERRED

10.1 Prepare DRAFT/FINAL ADVISE-


MENT LETTER

Repeat Steps 5.2, 9.1, 9.2 and 4.4

If Registration Statement is REN-


DERED EFFECTIVE, go to Step 7.3
11 11.1 Computes adjustment fee, if 30 minutes Securities Spe-
necessary and inform registrant cialist
of the additional fee. Go to
Steps 3 and 4.3.

11.2 If COMPLETE. Go to Step 12

11.3 If INCOMPLETE, notifies regis-


trant to comply with and submit the
requirements. Go to Step 7.3

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 82 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)
12 Prepares CERTIFICATE OF PERMIT TO Securities Spe-
SELL and ORDER OF REGISTRATION cialist/ Legal
12.1 Prints draft/final copies of Cer- 10 minutes Counsel
tificate of Permit to Sell and Order
of Registration
12.2 Initials copy 5 minutes
12.3 Repeat Steps 5.2 and 9.6 10 minutes
12.4 Notifies issuer that the Permit
and Order are ready for release at
the CGFD. Go to Step 7.4
12.5 Forwards records to Support
Staff. Go to Step 4.6
END OF TRANSACTION
*The allotted processing time covers all submissions and evaluations of documents, i.e., initial and subsequent submissions per Comment Letter/s.

Filing Fee :

Maximum aggregate price of securities to be offered Amount of Filing fee


Not more than P500 Million 0.10% of the maximum aggregate price of the securities to be offered
More than P500 Million but not more than P750 Million P500,000 plus 0.075% of the excess over P500 Million
More than P750 Million but not more than P1 Billion P687,500 plus 0.05% of the excess over P750 Million
More than P1 Billion P812,500 plus 0.025% of the excess over P1 Billion

The registration/filing fee is subject to 1% legal Research Fee (but not less than Fifty Pesos) which shall be paid at the time of filing.
Securities to be registered but which are not part of the offering, shall be based on Par Value
Shelf Registration:
a) Upon filing of Registration Statement based on value of the 1st Tranche
b) Filing fees for subsequent tranches payable within seven (7) business days prior to commencement of the offer/sale
Registration Fee of Mutual Funds - Based on Net Asset Value per share but in no case less than par value.
Registration as Investment Company is P10,000.00 plus 1% Legal Research Fee (one-time payment)
Amended Registration Statement (any amendment except price increase is P12,000.00 plus 1% Legal Research Fee

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 83 | P a g e

Application for Accreditation as Corporate Governance Institutional Training Provider

Schedule of availability of service : Monday to Friday, 7:00 AM to 6:00 PM (no noon break)
Who may avail of the service : All Private and Public Institutional Training Provider (ITP)
What are the requirements : Application for Accreditation and required documents under SEC MC No. 11, series of 2012
How to avail of the service :

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)
1 Registers with the Guard Instructs Client where to proceed 5 Minutes Guard on Duty
2 Submits documents to Spe- Issues payment assessment Form 10 Minutes Support Staff P5,050.00 PAF
cialist-in-Charge
3 Pays corresponding fee at Receives payment and issues OR Varies Cashier PAF/OR
the Cashier
4 Receives the documents 5 Minutes Support Staff
5 Assigns the application 15 Minutes Assistant Direc-
tor
6 Reviews the documents re: com- 3 days Specialist-in-
pleteness Charge
7a Drafts Memorandum and submits it 14 days -do-
to the En Banc for approval
7b Sends Comment Letter and Check- 2 days -do-
list of Requirements for compliance
8a Issues Certificate of Accreditation 1 day -do-
after en banc approves applica-
tion
8b Submits requirements to Receives requirements Varies Support Staff

9a Receives Certificate of Ac- Varies


creditation as ITP
END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 84 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)

9b Reviews submitted requirements 2 days Specialist-in-


Charge
10 Drafts Memorandum and submits it 14 days Specialist-in-
to the En Banc for approval Charge
11 Issues Certificate of Accreditation 1 day -do-
after En Banc approves application
12 Receives Certificate of Ac- Varies
creditation as ITP
END OF TRANSACTION

Duration : Twenty-Two (22) business days upon receipt of complete documentary requirements

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 85 | P a g e

Request for Approval of In-House Corporate Governance Training Provider

Schedule of availability of service : Monday to Friday, 7:00 AM to 6:00 PM (no noon break)
Who may avail of the service : All Private and Public Institutional Training Provider (ITP)
What are the requirements :
How to avail of the service :

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)
1 Registers with the Guard Instructs Client where to proceed 5 Minutes Guard on Duty
2 Submits documents to Spe- Issues payment assessment Form 10 Minutes Support Staff P2,020.00 PAF
cialist-in-Charge
3 Pays corresponding fee at Variable Cashier PAF/OR
the Cashier
4a Receives the documents 5 Minutes Support Staff
5 Assigns the application 15 Minutes Assistant Direc-
tor
6 Reviews the documents re: com- 2 days Specialist-in-
pleteness Charge
7a Drafts Memorandum and submits it 7 days Specialist-in-
to the En Banc for approval Charge
7b Sends Comment Letter and Check- 2 days Specialist-in-
list of Requirements for compliance Charge
8a Issues Advisement Letter Approving 1 day Specialist-in-
In-House Corporate Governance Charge
Training/Seminar after en banc ap-
proves application
9a Receives Advisement Let- Variable
ter Approving In-House
Corporate Governance
Training/Seminar
END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 86 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)

8b Submits requirements to Receives requirements Variable Support Staff


Specialist-in-Charge
9b Reviews submitted requirements 2 days Specialist-in-
Charge
10 Drafts Memorandum and submits it 14 days Specialist-in-
to the En Banc for approval Charge

11 Issues Advisement Letter Approving 1 day Specialist-in-


In-House Corporate Governance Charge
Training/Seminar after en banc ap-
proves application
12 Receives Advisement Let- Variable
ter Approving In-House
Corporate Governance
Training/Seminar
END OF TRANSACTION

Duration : Twenty-Two (22) business days upon receipt of complete documentary requirements

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 87 | P a g e

Request for Exemptive Relief/Confidential Treatment

Schedule of availability of service : Monday to Friday, 7:00 AM to 6:00 PM (no noon break)
Who may avail of the service : Public Companies, Issuers of Registered Unlisted Securities, Mutual Fund Companies, and , Issuers of
Proprietary and Non-Proprietary Shares, Membership Certificates, and Timeshare
What are the requirements : Request for Exemptive Relief/Confidential Treatment and required exhibits
How to avail of the service :
STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM
(under normal circum- CHARGE
stances)

1 Registers with the Guard. Gives the Client a Number and Re- 5 minutes Guard on Duty Request Slip
Gets Number and Request quest Slip.
Slip.
2 Accomplishes Request Slip Receives Request Slip and forwards 5 minutes Officer-of-the-
and submits it to Officer-of it to Legal Counsel Day
the-Day
3 a) Verify number of companies 30 minutes Legal Counsel P50,000.00 per issue PAF
and issues of the request and per company*
b) Issues Payment Assessment
Form (PAF)
4 Receives the PAF and pro- Receives payment and issues OR Varies Cashier Amount Imposed
ceeds to Cashier for pay-
ment
5 Forwards validated PAF Receives the validated PAF and 10 minutes Officer of the
and documents to Officer- documents. Forwards to Support Day
of-the-Day Staff
6 6.1 Receives and encodes 10 minutes Support Staff
documents;

6.2 Delivers documents to Assistant 5 minutes


Director (AD) for assignment. Go
to Step 7.1

6.3 Updates records and delivers 10 minutes


documents to assigned Legal
Counsel. Go Step 8.
The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 88 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)
6 6.4 Transmits letter to the Regis- 30 minutes -do-
trant. Go to Step 7.

6.5 Delivers Memo to Supervising 10 minutes


Commissioner/ Commission
Secretary for En Banc presen-
tation. Go to Step 9.4

6.6 Forwards records to ICTD for 15 minutes


microfilming.

7 7.1 Assigns application to Legal 10 minutes Assistant Direc-


Counsel. Forwards documents tor
to Support Staff. Go to Steps
6.3

7.2 Reviews and initials the follow-


ing:
7.2.1 DRAFT letter/ memo/ 1 day
advisement. Go to Step
9.1 and 6.3

7.2.2 FINAL letter/memo/ ad- 1 day


visement letter. Go to
Step 9.3

8 8.1 Review documents 30 minutes Legal Counsel


8.1.a If the request is novel,
Prepare and initial 1 hour
DRAFT/FINAL letter di-
recting to provide addi-
tional information from
the company. Go to
Steps 7.2, 9.1/9.2, 6.4
and 6.6

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 89 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)
8 8.1.b. If the request is not nov- 5 days -do-
el or the department
has received the addi-
tional information from
the applicant pursuant
to Step 8.1.a hereof,
prepare Memorandum
to the Commission en
Banc. Go to Steps 7.2,
9, and 10

8.2 Prepares and initials DRAFT/


FINAL letter of advisement. Re-
peats Steps 7.2, 9.1/9.2, 6.4 and
6.6
9 9.1 For DRAFT COMMENT/ NOTICE/ 3 hours Director
MEMORANDUM
9.1.a. Reviews and Initial
document
9.1.b. Returns document to
Specialist. Go to Step
6.3

9.2 For FINAL COMMENT/ NOTICE/ 3 hours


MEMORANDUM
9.2.a. Reviews and signs doc-
ument. Go to Step 6.3

9.3 If FINAL MEMO, review and sign 1 day


document. Go to Step 6.5.

9.4 Presents to the Commission En


Banc

9.5 Informs Legal Counsel of En 10 minutes


Banc Decision. Go to Step 12.

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 90 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)
10 Upon receipt of the Commissions Legal Counsel
action on the Memorandum:

If DENIED/DEFERRED

10.1 Prepare DRAFT/FINAL ADVISE- 30 minutes


MENT LETTER. Repeats Steps
7.2, 8.2, 9.1, 9.2, 6.4 and 6.6

10.2 If RENDERED EFFECTIVE. Go to


Steps 8.3, 7.2, 9.6, 6.4 and 6.6
11 Receives Letter of Advise-
ment
END OF TRANSACTION

*SEC Memorandum Circular No. 12, Series of 2016

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 91 | P a g e

Petition for Voluntary Revocation

Schedule of availability of service : Monday to Friday, 7:00 AM to 6:00 PM (no noon break)
Who may avail of the service : Mutual Fund Companies, Issuers of Registered Unlisted Securities, Issuers of Proprietary and Non-Proprietary
Shares, Membership Certificates, and Timeshare
What are the requirements : Petition for Revocation and required exhibits under SRC Rule 13
How to avail of the service :

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)

1 Registers with the Guard. Gives the Client a Number and Re- 5 minutes Guard on Duty N/A Request Slip
Gets Number and Request quest Slip.
Slip.
2 Accomplishes Request Slip Receives Request Slip and forwards 5 minutes Officer-of-the-
and submits it to Officer-of it to Legal Counsel Day
the-Day
3 Issues Payment Assessment Form 10 minutes Legal Counsel P10,000 + LRF of 1% of
(PAF) Filing Fee*
4 Receives the PAF and pro- Receives payment and issues OR Varies Cashier Amount Imposed PAF/OR
ceeds to Cashier for pay-
ment
5 Forwards validated PAF Receives the validated PAF and 10 minutes Officer of the
and documents to Officer- documents. Forwards to Support Day
of-the-Day Staff
6 6.1 Receives and encodes 10 minutes Support Staff
documents;

6.2 Delivers documents to Assistant 5 minutes


Director (AD) for assignment. Go
to Step 7.1

6.3 Updates records and delivers 10 minutes


documents to assigned Legal
Counsel. Go Step 8.

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 92 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)
6 6.4 Transmits letter to the Regis- 30 minutes -do-
trant. Go to Step 7.

6.5 Delivers Memo to Supervising 10 minutes


Commissioner/ Commission
Secretary for En Banc presen-
tation. Go to Step 9.4
15 minutes
6.6 Forwards records to ICTD for
microfilming.
7 7.1 Assigns application to Legal 10 minutes Assistant Direc-
Counsel. Forwards documents tor
to Support Staff. Go to Step 6.3

7.2 Reviews and initials the follow-


ing:
7.2.1 DRAFT letter/ memo/
advisement/ Order of 1 day
Registration/ Permit to
Sell/Notice. Go to Step
9.1 and 6.3

7.2.2 FINAL letter/memo/ ad- 1 day


visement letter/ memo/
advisement/ Order of
Registration/ Permit to
Sell/Notice. Go to Step
9.3
8 8.1 Reviews documents, prepares 1 day Legal Counsel
and initials DRAFT/FINAL Notice
of Publication. Go to Steps 7.2,
9.1/9.2 and 6.3

8.2 Prepares and initials DRAFT/


FINAL MEMO. Repeat Step 7.2

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 93 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)
9 9.1 For DRAFT COMMENT/ NOTICE/ 3 hours Director
MEMORANDUM/ORDER

9.1.a. Reviews and Initial doc-


ument
9.1.b. Returns document to
Specialist. Go to Step 6.6
or 6.9

9.2 For FINAL COMMENT/ NOTICE/


MEMORANDUM/ORDER

9.2.a. Reviews and signs docu- 3 hours


ment. Go to Step 6.3

9.3 If FINAL MEMO, review and sign


document. Go to Step 6.5.

9.4 Presents to the Commission En 1 day


Banc

9.5 Informs Legal Counsel of En


Banc Decision. Go to Step 12.

9.6 For ORDER OF REVOCATION 10 minutes

9.6.a Reviews and signs docu-


ment. Go to Step 6.3
10 Receives Notice of Publi-
cation and publishes in
newspaper of general cir-
culation
11 Submits Affidavit of Notice Receives affidavit and wait for 15 business days Legal Counsel
of Publication complaints, if any. Go to Step 8.2

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 94 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)
12 Upon receipt of the Commissions 30 minutes Legal Counsel
action on the Memorandum:

If DENIED/DEFERRED

12.1 Prepare DRAFT/FINAL ADVISE-


MENT LETTER. Repeats Steps
7.2, 8.2, 9.1, 9.2 and 6.4

12.2 If GRANTED. Go to Step 13

13 Prepares ORDER OF REVOCATION Legal Counsel

13.1 Prints draft/final copies of Or-


der of Revocation

13.2 Initial Copy

13.3 Repeats Steps 7.2 and Go to


Step 9.6

13.4 Notifies issuer that the Permit


and Order are ready for release at
the CGFD. Go to Step 14 and 6.6
14 Receives ORDER of Revo-
cation
END OF TRANSACTION

*SEC Memorandum Circular No. 12, Series of 2016

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 95 | P a g e

Monitoring of Financing/Lending Companies/Foundations/Microfinance NGOs

Schedule of availability of service : Monday to Friday, 7:00 AM to 6:00 PM (no noon break)
Who may avail of the service : Financing Companies/Lending Companies/Foundations/Microfinance NGOs
Purposes of Request for Monitoring :
1) Good standing
2) Amendment of AI/BL
3) Application of Certificate of Authority (CA)
4) Request for Exemption-Commercial Paper (CP)
5) Complaints
What are the requirements :
1) Monitoring Slip (from the CGFD or endorsed from other departments),
2) Certificate of Incorporation,
3) Latest approved Articles of Incorporation (AI),
4) Latest approved By-Laws (BL),
5) Latest due General Information Sheet,
6) Latest Audited Financial Statements,
7) Copy of the Stock and Transfer Book Registration, and
8) Other documents/reports (per examiner/specialists instruction).
How to avail of the service :
1) Walk-in monitoring
2) Motu propio monitoring
3) With request for monitoring/referral from other departments

1) Walk-in Monitoring
STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM
(under normal circum- CHARGE
stances)

1 Registers with the Guard Gives the Client a Request Slip 30 seconds Guard on Duty Request Slip
and gets Request Slip (CGFD)
2 Accomplishes Request Slip Records Request and Forwards to 45 seconds OD Request Slip
to Officer of the day assigned Staff
* (1) Volume of walk-in client without complaint but with application for clearance for amendment of Articles of Incorporation/ By-Laws, and Certificate of No Derogatory Information; (2) Volume of Walk-in Client with com-
plaint; (3) Volume of inquiries of client; (4) Number of the reports being monitored for review and evaluation and date of registration of the company; (5) Volume of documents to be printed;(6)Printer buffering system; (7) Re-
trieval and viewing of reports thru SEC i-View; and/or retrieval of documents from the Records Division; (8) System interruption; and (9) Frequency of monitoring.

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 96 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)
3 Waits for the Result of the Evaluates Request 5 minutes* Processor** Amount imposed (for Request Slip
Request: financing and lend-
For Clearance ing companies only)
3.A. Check compliance of the cor-
poration
3.A.1. If compliant without 3.A.1.a) Prepares/Updates Processor** Monitoring Sheet
fines, wait for up- Monitoring Sheet (MS) 15 minutes* Review/
dating of CIS/URDB 3.A.1.b) Review MS 10 minutes* Supervising Spe-
or signed MS/COP/ 3.A.1.c) Signs MS/No Penalty 5 minutes* cialist, Assistant
NP. (NP) Director, Direc-
3.A.1.d) Updates CIS/URDB. tor
Issues signed MS/NP, 2 minutes*
upon request.
END OF TRANSACTION
3.A.2. If compliant with 3.A.2.a) Prepares/Updates Mo- Waiting period Accountant
fines, wait for up- nitoring Sheet (MS)
dating of CIS/URDB 3.A.2.b) Review MS
or issuance of 3.A.2.c) Go to Steps 4 to 6.
signed MS/COP/ 3.A.2.d) Signs MS/Confirmation
OPP. of Payment( COP)
3.A.2.e) Updates CIS/URDB. Is-
sues signed MS/COP,
upon request.
3.A.2.f) Prepares Order on Pay-
ment of Penalty (OPP)
3.A.2.g) Signs OPP.
END OF TRANSACTION
3.A.3. If not compliant, If not compliant, provide client with within 15 days. Monitoring Sheet
wait for issuance of MS with Notice of Deficiency. For Notice of Deficien-
MS with Notice of compliance within 15 days cy
Deficiency.
Upon compliance, go to Steps 3.A. Waiting period

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 97 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)
4 Generates and Issues Payment As- 2 minutes Accountant Assessment/ Pay-
sessment Form (PAF) of fees and Examiner ment Assessment
assessed penalties and advises the Specialist Form
client to pay at the Cashier Reprimand Letter

5 Pays at the Cashier Receives payment and issues OR Varies OR OR

6 Presents PAF and OR After payment, go to Steps 3.A.2.d

* (1) Volume of walk-in client without complaint but with application for clearance for amendment of Articles of Incorporation/ By-Laws, and Certificate of Good Standing; (2) Volume of Walk-in Client with complaint; (3) Vol-
ume of inquiries of client; (4) Number of the reports being monitored for review and evaluation and date of registration of the company; (5) Volume of documents to be printed;(6)Printer buffering system; (7) Retrieval and view-
ing of reports thru SEC i-View; and/or retrieval of documents from the Records Division; (8) System interruption; and (9) Frequency of monitoring.

END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 98 | P a g e

2) Motu Propio Monitoring

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)

1 Monitors deadline on the submis- Minimum of 30 minutes Processor** Monitoring Sheet


sion of reportorial and other compli- with maximum time Review/
ance requirements thru SEC i-View/i depending on the fol- Supervising Spe-
-Report. lowing constraints/ var- cialist, Assistant
iables.* Director, Direc-
tor
2 Determines companys compli- Processor**
ance with the SEC reportorial and Review/
other compliance requirements Supervising Spe-
thru SEC i-View/i-Report and rec- cialist, Assistant
ords of the Department. Director, Direc-
If Compliant: Go to Step 3. tor
If not Compliant: Go to Step 4 to
20.
3 Evaluates/reviews compliance of Processor**
the reports with the disclosure and Review/
other requirements under the Rules, Supervising Spe-
Regulations and Circulars of the cialist, Assistant
Commission. Director, Direc-
If Compliant: Update CIS/URBD. tor
Issue signed Monitoring Sheet
(MS)/No Penalty (NOP). END
If not Compliant: Go to Step 4 to
20.
4 Prepares and transmits show cause Processor** Show Cause Letter
letter (SCL). Chief Counsel/
Assistant Direc-
Note: SCL includes directive to the tor/ Director
company to submit specific reports
that it failed to file and/or clarify/
amend reports submitted earlier

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 99 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)

5 Monitors reply of the company on Processor** Letter Reply


SCL.
If With Reply: Go to Step 6.
If Without Reply: Go to Step 8 to
20.

Notes:
Compliance with the SCL is within
15-days from the date of receipt by
the company of said letter subject
to extension upon submission of
meritorious request.
6 Evaluates/validates reasons or justi- Processor**
fications of the company on: (a)
non-filing or late filing of reports, or
non-compliance with the disclosure
requirements, or (b) non-
compliance with the other require-
ments.

If Meritorious: Go to Step 7.
If not Meritorious: Go to Step 10
to 20.
7 Prepares and transmits Advise- Processor** Advisement/ Ac-
ment/Acknowledgment Letter Chief Counsel/ knowledgment Let-
(AdL) to inform the company that Assistant Direc- ter
its justifications are meritorious. Up- tor/ Director
dates Records and File. END

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 100 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)

8 Prepares and transmits Notice of Processor** Notice of Deficien-


Deficiency (NOD) to all directors. Chief Counsel/ cy
Note: Compliance with the NOD is Assistant Direc-
within 15-days from the date of re- tor/ Director
ceipt by the company of said letter
subject to extension upon submis-
sion of meritorious request.
9 Monitors reply of the company on Processor**
NOD.
If With Reply: Go to Step 6 to 7.
If Without Reply: Go to Step 10
to 20.

10 Prepares and transmits Reprimand/ Processor** Reprimand Assess-


Assessment Letter (RAL). Chief Counsel/ ment Letter
Assistant Direc-
tor/ Director
11 Monitors payment of assessed pen- Processor** Order of Payment
alty.
If with payment: Go to Step 12
If without payment: Go to Step
14 to 20.
Notes:
If with request for reduction, deter-
mines if the company meets the
criteria for reduction of penalties
prescribed under Office Order ap-
proved by the Commission. Pre-
pares memo to the Commission En
Banc (CEB) recommending ap-
proval or denial of request for re-
duction of penalties. Informs the
company of the resolution of its re-
quest by the CEB thru AdL.
** Accountant, Examiner, Specialist, or Support Clerk

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 101 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)

12 Prepares and issues Payment Assess- Processor** Assessed Fees/Penalties Payment of Assess-
ment Form (PAF), and instructs the ment Form
companys representative to pay at
the Cashier.
13 Secures validated/paid PAF and Offi- Processor** Order on Payment of
cial Receipt (OR) from companys rep- Chief Counsel/ Penalty (OPP)
resentative and signs MS/COP. Assistant Director/
Updates CIS/URDB. Issue signed MS/ Director
COP, upon request.
Prepares and transmits Order on Pay-
ment of Penalty (OPP). END
14 Prepares and transmits Notice of Defi- Processor** Notice of Deficiency
ciency (ND) to responsible officers. Chief Counsel/
Assistant Director/
If with Reply: Go to Step 12. Director
If without Reply: Go to Step 10.
15 Prepares and transmits Notice of Hear- Legal Officer/
ing (NH), if warranted. Support Staff/ As-
sistant Director/
Director
16 Conducts hearing. Legal Officer
If Compliant: Go to Step 12.
If not Compliant: Go to Step 16.

Notes:
The hearing usually results in the
company undertaking to comply
with the requirements and/or to
pay the penalty.

If compliant with undertaking, do


Steps 12 to 13.
If not compliant with undertaking,
do Steps 16 to 20.
** Accountant, Examiner, Specialist, or Support Clerk

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 102 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)
17 Conducts ocular inspection to de- Processor**
termine if the company is operating
18 Prepares audit report on the status Processor**
of companys operation.
19 Prepares memo to CEB recom- Legal Officer/
mending suspension or revocation Support Staff/
of the companys secondary li- Assistant Direc-
cense. tor/ Director
20 Prepares and transmits Order of Sus- Legal Officer/ Order of Suspension
pension/ Revocation (OSR) of sec- Support Staff/
ondary license. Assistant Direc-
tor/ Director
21 Prepares and endorses memo to Processor**
Enforcement and Investor Protec- Assistant Direc-
tion Department (EIPD) for further tor/ Director
investigation.
22 Updates Records and File. END Processor**
* (1) Volume of walk-in client without complaint but with application for clearance for amendment nt of Articles of Incorporation/ By-Laws, and Certificate of Good Standing; (2) Volume of Walk-in Client with complaint; (3)
Volume of inquiries of client; (4) Number of the reports being monitored for review and evaluation and date of registration of the company; (5) Volume of documents to be printed;(6)Printer buffering system; (7) Retrieval and
viewing of reports thru SEC i-View; and/or retrieval of documents from the Records Division; (8) System interruption; and (9) Frequency of monitoring.

END OF TRANSACTION
** Accountant, Examiner, Specialist, or Support Clerk

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 103 | P a g e

3) With Request for Monitoring/Referral from other Departments/Divisions

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)

1 Receives memorandum with re- Minimum of 30 minutes Security Guard/ Request Slip
quest for monitoring/referral from with maximum time Processor**
other departments/division. depending on the fol-
lowing constraints/ var-
iables.*
2 Determines companys compli- Processor** Monitoring Sheet
ance with the SEC reportorial and Review/
other compliance requirements Supervising Spe-
thru SEC i-View/i-Report and rec- cialist, Assistant
ords of the Department. Director, Direc-
If Compliant: Go to Step 3. tor
If not Compliant: Go to Step 5 to
24
3 Evaluates/reviews compliance of Processor**
the reports with the disclosures and Review/
other requirements under the Rules, Supervising Spe-
Regulations and Circulars of the cialist, Assistant
Commission. Director, Direc-
If Compliant: Go to Step 4 tor
If not Compliant: Go to Step 5 to
24.
4 Prepares reply memorandum. Up- Processor** Reply Memoran-
dates Records and File. END Chief Counsel/ dum
Assistant Direc-
tor/ Director
5 Prepares and transmits show cause Processor** Show Cause Letter
letter (SCL). Chief Counsel/
Assistant Direc-
Note: SCL includes directive to the tor/ Director
company to submit specific reports
that it failed to file and/or clarify/
amend reports submitted earlier

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 104 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)

6 Monitors reply of the company on Processor** Letter Reply


SCL.
If With Reply: Go to Step 7.
If Without Reply: Go to Step 10
to 20.

Notes:
Compliance with the SCL is within
15-days from the date of receipt by
the company of said letter subject
to extension upon submission of
meritorious request.
7 Evaluates/validates reasons or justi- Processor**
fications of the company on: (a)
non-filing or late filing of reports, or
non-compliance with the disclosure
requirements, or (b) non-
compliance with the other require-
ments.
If Meritorious: Go to Step 8.
If not Meritorious: Go to Step 12
to 24
8 Prepares and transmits Advise- Processor** Advisement/ Ac-
ment/Acknowledgment Letter Assistant Direc- knowledgment
(AdL) to inform the company that tor Letter
its justifications are meritorious.
9 Prepares reply memorandum. Up- Processor** Reply Memoran-
dates Records and File. END. Chief Counsel/ dum
Assistant Direc-
tor/ Director

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 105 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)

10 Prepares and transmits Notice of Processor** Notice of Deficien-


Deficiency (NOD) to all directors. Chief Counsel/ cy
Note: Compliance with the NOD is Assistant Direc-
within 15-days from the date of re- tor/ Director
ceipt by the company of said letter
subject to extension upon submis-
sion of meritorious request.
11 Monitors reply of the company on Processor** Reply on NOD
NOD.
If With Reply: Go to Step 7 to 9.
If Without Reply: Go to Step 12
to 24.
12 Prepares and transmits Reprimand/ Processor** Reprimand/ Assess-
Assessment Letter (RAL). Chief Counsel/ ment Letter
Assistant Direc-
tor/ Director
13 Monitors payment of assessed pen- Processor**
alty.
If with payment: Go to Step 14
If without payment: Go to Step
18 to 20.
Notes:
If with request for reduction, deter-
mine if the company meets the cri-
teria for reduction of penalties pre-
scribed under Officer Order ap-
proved by the Commission. Prepare
memo to the Commission En Banc
(CEB) recommending approval or
denial of request for reduction of
penalties. Inform the company of
the resolution of its request by the
CEB thru AdL.

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 106 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)

14 Prepares and issues Payment As- Processor** Assessed Fees/ Payment Assess-
sessment Form (PAF), and instructs Penalties ment Form
the companys representative to
pay at the Cashier
15 Secures validated/paid PAF and Processor** Order of Payment
Official Receipt (OR) from compa- Chief Counsel/ of Penalty (OPP)
nys representative and signs MS/ Assistant Direc-
COP. tor/ Director
Updates CIS/URDB. Issue signed MS/
COP, upon request.
Prepares and transmits Order on
Payment of Penalty (OPP). END
16 Prepares reply memorandum. Up- Processor** Reply Memoran-
dates CIS/URDB. Issue signed MS/ Chief Counsel/ dum
COP, upon request. END Assistant Direc-
tor/ Director
17 Prepares and transmits Notice of Legal Officer/ Notice of Hearing
Hearing (NH), if warranted. Support Staff/
Assistant Direc-
tor/ Director
18 Conducts hearing. Legal Officer
If Compliant: Go to Step 14.
If not Compliant: Go to Step 19.

Notes:
The hearing usually results in the
company undertaking to comply
with the requirements and/or to
pay the penalty.

If compliant with undertaking,


do Steps 14 to 16.
If not compliant with undertak-
ing, do Steps 19 to 24.

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 107 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)

19 Conducts ocular inspection to de- Processor**

20 Prepares audit report on the status Processor**

21 Prepares memo to CEB recom- Legal Officer/


mending suspension or revocation Support Staff/
of the companys secondary li- Assistant Direc-
cense. tor/ Director
22 Prepares and transmits Order of Sus- Legal Officer/ Order of Suspen-
pension/ Revocation (OSR) of sec- Support Staff/ sion/Revocation
ondary license. Assistant Direc- (OSR)
tor/ Director
23 Prepares and endorses memo to Legal Officer/
Enforcement and Investor Protec- Accountant/
tion Department (EIPD) for further Examiner
investigation secondary license.
Specialist/ Sup-
port Staff/ Assis-
tant Director/
Director
24 Updates Records and file. END Processor**
* (1) Volume of walk-in client without complaint but with application for clearance for amendment nt of Articles of Incorporation/ By-Laws, and Certificate of Good Standing; (2) Volume of Walk-in Client with complaint; (3)
Volume of inquiries of client; (4) Number of the reports being monitored for review and evaluation and date of registration of the company; (5) Volume of documents to be printed;(6)Printer buffering system; (7) Retrieval and
viewing of reports thru SEC i-View; and/or retrieval of documents from the Records Division; (8) System interruption; and (9) Frequency of monitoring.

END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 108 | P a g e

Monitoring of Mutual Fund Companies (MFC), Exchange Traded Funds (ETF), Public Companies
(PC), Issuers of Registered Unlisted Securities, and Issuers of Proprietary and Non-Proprietary
Shares, Membership Certificates, and Timeshares

Schedule of availability of service : Monday to Friday, 7:00 AM to 6:00 PM (no noon break)
Who may avail of the service : Mutual Fund Companies, ETF Companies, Public Companies, Issuers of Registered Unlisted Securities, and Issuers
of Proprietary and Non-Proprietary Shares, Membership Certificates and Timeshares
What are the requirements : Information Statement (SEC Form 20-IS)
How to avail of the service :

MONITORING IN RELATION TO AN APPLICATION FOR AMENDMENT OF ARTICLES OF INCORPORATION AND/OR BY-LAWS, GOOD STANDING AND CLEARANCE

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE FEES FORM
(under normal circum-
stances)

1 Registers with the Guard. Gives the Client a Number and Re- 5 minutes Guard on Duty N/A Request Slip
Gets Number and Request quest Slip.
Slip.
2 Accomplishes Request Slip Receives Request Slip and forwards 5 minutes Officer-of-the-Day
and submits it to Officer-of it to Specialist in-Charge
the-Day
3 Monitors companys compliance
with reportorial requirements thru
monitoring index and SEC i-Report
and other relevant source.
a) If compliant: Prepares routing
slip/endorsement to the CRMD/
other concerned SEC depart-
ments
b) If NOT compliant: Prepares rout-
ing slip indicating the deficien-
cies of the monitored company
Forwards draft/final routing slip/ en-
dorsement memorandum to Assis-
tant Director and Director.

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 109 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE FEES FORM
(under normal circum-
stances)
4 Reviews and initials draft/ final rout- 15 minutes Assistant Director/ N/A
ing slip/ endorsement memoran- Director
dum

5 a) If compliant and not subject to 15 minutes Specialist-in-Charge


penalty: Issues clearance. END
OF TRANSACTION.
b) If compliant and subject to
penalty: Issues Payment Assess-
ment Form (PAF), in cases
where the client has been pre-
viously monitored and has been
assessed penalty/ies.
6 Receives the clearance

7 Receives the PAF and pro- Receives payment and issues OR Varies Cashier Amount im- PAF/OR
ceeds to Cashier for pay- posed
ment
8 Forwards validated PAF Receives the validated PAF and 15 minutes Specialist-in-Charge
and official receipt to Spe- draft/final routing slip/endorsement
cialist-in-charge memorandum to Assistant Director
and Director
Advices the Client that the Order
on Payment will be sent to the prin-
cipal officer address via mail

9 Reviews and initials draft/ final rout- 15 minutes Assistant Director/


ing slip/ endorsement memoran- Director
dum
10 Receives the clearance
END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 110 | P a g e

PAYMENT OF FEES/ASSESSED PENALTIES

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)
1 Registers with the Guard. Gives the Client a Number and Re- 5 minutes Guard on Duty N/A Request Slip
Gets Number and Request quest Slip.
Slip.
2 Accomplishes Request Slip Receives Request Slip and forwards 5 minutes Officer-of-the- Information State-
and submits documents to documents to Specialist in-Charge Day ment
Officer-of the-Day (SEC Form 20-IS)
3 Evaluates documents 15 minutes Specialist-in-
Charge
4 Issues Payment Assessment Form 10 minutes Specialist-in- Payment of fees: PAF
(PAF) Charge Information State-
ment and/or Solicita-
tion of Votes by the
Registrant: P7,500 plus
1% Legal Research
Fee (All subsequent or
amended Infor-
mation Statement
shall be subject to a
fee of P5,000 plus 1%
Legal Research Fee)

Solicitation of Votes
Other than by the
Registrant:
P5,000 plus 1% Legal
Research Fee*

Payment of assessed
fees: Variable
(Depends on the vio-
lations committed)

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 111 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)
5 Receives the PAF and pro- Receives payment and issues OR Varies Cashier Amount Imposed PAF/OR
ceeds to Cashier for pay-
ment
6 Forwards validated PAF Receives the validated PAF and 10 minutes Specialist-in-
and official receipt to Spe- instructs the Client that the Order Charge
cialist-in-charge on Payment will be sent to the prin-
cipal office address via mail
END OF TRANSACTION

Duration : Request referring to payment of fees/penalties: 30 minutes to 1 hour (depending on causes beyond the control of the
division, such as the accessibility and performance of SEC i-Report e-payment and volume of clients at the Cashier)

Request referring to monitoring in relation to an application for Amendment of Articles of Incorporation and/or By-laws:
*If compliant 1 to 2 hours
*If not compliant Walk-in clients are provided with Routing Slip indicating the deficiencies of the monitored
companies for their compliance.

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 112 | P a g e

Monitoring Application for Amendment of Articles of Incorporation and/or By-Laws, Good Standing
and Clearance of PLCs, MFCs, ETFs, PCs, Issuers of Proprietary and Non-Proprietary Shares/
Membership Certificates/Timeshares*

Schedule of availability of service : Monday to Friday, 7:00 AM to 6:00 PM (no noon break)
Who may avail of the service : Publicly Listed Companies, Mutual Fund Companies, Exchange Traded Funds, Public Companies and Issuers of
Membership Certificates and Timeshares
What are the requirements :
How to avail of the service :

REQUEST FOR CLEARANCE


STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM
(under normal circum- CHARGE
stances)
1 Registers with the Guard. Gives the Client Number and re- 5 minutes Guard-on-duty n/a Request Slip
Gets Number and Request quest slip
Slip
2 Accomplishes Request Slip Receives Request Slip and forwards 5 minutes Officer-of-Day
and submits it to the Of- it to Specialist in-Charge
ficer-of-the-day
3 Checks the CIS and moni- 30 minutes to 1 hour Specialist
toring index and SEC
i-Report to determine the
companys status and in-
form the client of the defi-
ciency/ies.
Advises the client, through
the Officer-of-the-day, to
first comply with the re-
quirements whether to sub-
mit a report/s or pay the
assessed penalty before it
could give or issue clear-
ance.
*1. All applications for monitoring/clearance and good standing will be lodge at the Company Monitoring Division (CMD) of CRMD except those applications to change the name, and purpose of the corporation. CMD will access the Certification Issuance System
(CIS) to determine the status of a corporation.
2. If the application is to change the name, and purpose of the corporation and/or the CMD found any deficiencies in the CIS, the company representative will go to CGFD;

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 113 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)
4 Submits reports and/or pays any Notes:
assessed penalties 1. Reports should be
filed at the SECs
Central Receiving;
2. Please follow the
processes in the
payment of fees
and penalties
5 Checks the companys 30 minutes Specialist
submission through the
SEC i-report and evalu-
ates contents thereof.
(The specialist may
asks an advance copy
if the same is still not
viewable online)
If the company pays 10 minutes
the penalty, issues Pay-
ment Assessment Form
Updates the CIS by
removing corporation
from the deficient to 5 minutes
cleared status and
advise the client to
proceed to CMD. End
of Transaction.
END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 114 | P a g e

Request for Comment on the Articles of Incorporation and/or By-Laws*

Schedule of availability of service : Monday to Friday, 7:00 AM to 6:00 PM (no noon break)
Who may avail of the service : Publicly Listed Companies, Mutual Fund Companies, Exchange Traded Funds, Public Companies and Issuers of
Membership Certificates and Timeshares or other companies endorsed by CRMD
What are the requirements :
How to avail of the service :

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)
1 Registers with the Guard. Gives the Client Number and re- 5 minutes Guard-on-duty n/a Request Slip
Gets Number and Request quest slip
Slip
2 Accomplishes Request Slip Receives Request Slip and forwards 5 minutes Officer-of-Day
and submits it to the Of- it to Specialist in-Charge
ficer-of-the-day
3 Receives Request Slip and the pro- 5 minutes Officer-of-Day
posed Articles of Incorporation and
By-Laws with endorsement from the
CRMD and forwards it to Assistant
Director for assignment
4 Assigns to a Securities specialist or 5 minutes Assistant Direc-
Securities Counsel tor
5 Reviews copies of proposed Articles 1 hour Securities Spe-
of Incorporation and/or By-Laws cialist/ Securities
and prepares draft/ final endorse- Counsel
ment/Memorandum to CRMD.
6 Reviews and initials the draft/final 1 hour Assistant Direc-
endorsement tor and Director
7 Receives the endorsement Gives a copy of the endorsement 10 minutes Officer-of the
and returns the proposed Articles of Day
Incorporation and/or By-Laws. Ad-
vise the client to go back to CRMD.
*If the company will incorporate as Mutual Fund Company

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 115 | P a g e

Monitoring of Compliance with Corporate Governance Regulations of Publicly Listed Companies,


MFCs, ETFs, PCs, and Issuers of Membership Certificates and Timeshares

Schedule of availability of service : Monday to Friday, 7:00 AM to 6:00 PM (no noon break)
Who may avail of the service : Publicly Listed Companies, Mutual Funds, Exchange Traded Funds, Public Companies and Issuers of
Membership Certificates and Timeshares
What are the requirements :
How to avail of the service :

REQUEST FOR CLEARANCE

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)
1 Registers with the Guard Instructs Client where to proceed 5 Minutes Guard on Duty

2 Submits documents to Spe- Receives the documents 5 Minutes Specialist-in-


cialist-in-Charge Charge
3 Reviews the documents submitted 30 Minutes -do-
4a Issues clearance 5 Minutes -do-
4b Issues Payment Assessment Form 10 Minutes -do-
(PAF), in cases where the client has
been previously monitored and has
been assessed penalty/ies.
5a Receives the clearance
END OF TRANSACTION
5b Receives the PAF and pro- Receives payment and issues OR Varies Cashier Amount Imposed PAF /OR
ceeds to Cashier for pay-
ment
6 Forwards validated PAF Receives the validated PAF and 10 Minutes Specialist-in-
and official receipt Spe- issues clearance Charge
cialist-in-charge
END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 116 | P a g e

PAYMENT OF PENALTIES

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)

1 Registers with the Guard Instructs Client where to proceed 5 Minutes Guard on Duty
2 Submits documents to Spe- Receives the documents 5 Minutes Specialist-in-
cialist-in-Charge Charge
3 Reviews the documents submitted 30 Minutes -do-

4 Issues Payment Assessment Form 10 Minutes -do- PAF


(PAF)
5 Receives the PAF and pro- Receives payment and issues OR Varies Cashier Amount Imposed PAF/OR
ceeds to Cashier for pay-
ment
6 Forwards validated PAF Receives the validated PAF and 10 Minutes Specialist-in-
and official receipt to Spe- instructs the Client that the Order Charge
cialist-in-charge on Payment will be sent to the prin-
cipal officer address via mail
7 Receives Order on Pay- Prepares Order on Payment of Pen- 30 minutes -do-
ment of Penalty alty
8 Sends signed Order on Payment of Varies Support Staff
Penalty via registered mail
END OF TRANSACTION

Duration : Request referring to Clearances- 1 Hour and 5 minutes (depending on causes beyond the control of the division, such as completeness
of the documents presented by the client, accessibility and performance of the SEC i-Report, e-payment and volume of clients at the
Cashier)
Request referring to payment of fees/penalty- 1 Hour (depending on causes beyond the control of the division, such as completeness
of the documents presented by the client, accessibility and performance of the SEC i-Report, e-payment and volume of clients at the
Cashier)

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 117 | P a g e

Handling of Complaints Filed Against Covered Institutions

Schedule of availability of service : Monday to Friday, 7:00 AM to 6:00 PM (no noon break)
Who may avail of the service : Any Person Complaining against Public Companies, Mutual Fund Companies, Financing Companies,
Lending Companies, Micro-Finance Companies, Resorts, Clubs, Timeshare Issuers and Foundation
What are the requirements : Complaint Letter/Form and Supporting documents and any additional documents that the Commission
may require
How to avail of the service :

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)
1 Registers with the Guard Gives the Client a Request Slip 5 minutes Guard on Duty Request Slip
and get Request Slip
2 Accomplishes Request Slip Records request and forwards to 5 minutes* Clerk Request Slip
and submits to Support assigned Staff
Staff
3 With Complaint letter With Complaint Letter 5 minutes Processor** Complaint Letter
with relevant/ sup-
a) Submits together with a) Receives and photocopies sup- porting documents
supporting documents porting documents and
and b) Gives complainants copy and
b) Get s receiving copy of advise complainant to wait for
Complaint Letter/Form companys reply

Without complaint letter Without complaint letter 10 minutes Complaint Form


with relevant/
a) Gets Complaint Form a) Gives Complaint Form supporting docu-
b) Accomplishes Com- b) Waits for accomplished com- ments
plaint Form plaint form. Assist complainant,
c) Submits together with if needed
supporting documents, c) Receives complaint form and
and photocopy supporting docu-
d) Gets received copy of ments, and
Complaint Letter/Form d) Gives complainants copy and
advises complainant to wait for
companys reply
** Accountant, Examiner, Specialist, or Support Clerk
The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 118 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)
4 Waits for Answer/ Com- Evaluates complaint if within the Accountant II Complaint Letter/
ment from the company or jurisdiction of the department Examiner II Form
the Commission Examiner I
Within the CGFDs jurisdiction 15 minutes* Specialist II
a) Prepares and issues advisement Specialist I Advisement Letter
letter to the company to answer Records Spe-
complaint cialist
b) Monitors answer of the compa- Clerk
ny Monitoring Ana-
With answer, waits for reply/ lyst
comment of complainant to
the answer of the company Examiner II
then proceed to step c Specialist II
Without answer, resolve the com-
plaint or proceeds to step 5
c) Monitors reply of complainant Director
With reply, resolves the complaint Assistant Direc-
or proceeds to step 5 tor
Without reply, resolves the com- Division Head
plaint or proceed to step 5.

Outside CGFDs jurisdiction Within 5 days* `


a) Indorses to the proper depart-
ment of the Commission or oth-
er government office/agency
that has jurisdiction over the
complaint and/or advises com-
plainant of lack of jurisdiction of
SEC. END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 119 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)
5 Attends Scheduled Hear- a) Prepares and Issues Notice of 15 minutes* Processor**
ing Hearing Chief Counsel,
b) Conducts Hearing/Mediation 30 minutes* Counsel III
c) Prepares Minutes, resolution of 10 minutes* Asst. Director,
complaint to be included in the Director
minutes or proceed to step d
d) Issues a written resolution of the 30 days*
case.
END OF TRANSACTION

*Depending on circumstances beyond the control of the Division, such as the volume of walk-in clients handled and nature of complaint
** Accountant, Examiner, Specialist or Support Clerk

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Corporate Governance and Finance Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 120 | P a g e

Company Registration and Monitoring Department


1) Registers domestic corporations and partnerships;
2) Processes applications for amendment of articles of incorporation/articles of partnership, by-laws, mergers, and other corporate reorgani-
zations that require the prior approval of the Commission;
3) Licenses foreign corporations doing business in the Philippines and multinational companies;
4) Licenses lending, financial companies, and capital market participants;
5) Monitors compliance by registered domestic/licensed foreign corporations with their reportorial responsibilities under the Corporation Code
and other existing laws;
6) Maintains custody over registration documents and documents that it has acted upon or directly filed with it;
7) Verifies and reserves proposed company names and issues certification on corporate filings and information;
8) Revokes certificates of incorporation/license to do business for non-compliance with reportorial requirements and other pertinent laws im-
plemented by the Commission;
9) Attends court hearings and processes as witness and as resource person in inter-agency meetings and provides corporate records to other
government agencies;
10) Hears/decides administrative cases within the Department jurisdiction;
11) Acts on Petition for Change of Corporate Name;
12) Undertakes special studies on corporate problems relating to registration and monitoring of corporations submitted to the Commission by
the public and government agencies and instrumentalities and develops, recommends policies on registration and monitoring of corpora-
tions and licensed foreign corporations;
13) Attends to public queries; and
14) Performs such other functions as may be directed by the Chair and Commissioners.

SEC Citizens Charter 2016


Table of Contents 121 | P a g e

LIST OF FRONTLINE SERVICES:

PUBLIC ASSISTANCE CENTER (Under the Office of the Director)

1) Walk-in Query, Complaint, etc.

SATELLITE OFFICE:
1) Name Verification Services
2) Processing of Applications for Primary Registration of Stock and Non-Stock Corporations
3) Processing of Applications for Partnerships
4) Processing of Applications for Amendment of Stock and Non-Stock Domestic Corporations
5) Processing of Applications for Amendment of Partnerships
6) Processing of Applications for Increase/Decrease of Authorized Capital Stock, Reclassification/Conversion/Change of Par Value of Shares
7) Processing of Conversion of Branch Office to Representative Office (Vice Versa), Regional Area Headquarters (RHQ) to Regional Operating
Headquarters (ROHQ) (Vice Versa), Change/Substitution of Resident Agent, Withdrawal of License and Other Amendments of Foreign Cor-
porations
8) Processing of Applications of Foreign Corporations

GREENLANE UNIT:
1) Registration of Stock and Non-Stock, Non-Profit Corporations and Partnerships

CORPORATE AND PARTNERSHIP REGISTRATION DIVISION (CPRD):


1) Application for Amendment of Stock and Non-Stock Domestic Corporations
2) Application for Amendment of Partnerships
3) Conversion of Branch Office to Representative Office (Vice Versa), Regional Area Headquarters (RHQ) to Regional Operating Headquar-
ters (ROHQ) (Vice Versa), Change/Substitution of Resident Agent, Withdrawal of License and Other Amendments of Foreign Corporations
4) Applications of Foreign Corporations
5) Processing Services for Voting Trust Agreements
6) Actions (Two [2] Party Complaints/Petitions)
7) Petitions for Correction

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 122 | P a g e

LIST OF FRONTLINE SERVICES:

LICENSING UNIT:
1) Application for Licensing of Financing Companies
2) Application for Licensing of Lending Companies
3) Application for Registration of Capital Market Institutions
4) Application for Registration of Capital Market Professionals

COMPLIANCE MONITORING DIVISION (CMD):


1) Request for Regular Monitoring of:
Domestic Corporations (Ordinary Stock and Non-stock)
Foreign Corporations (Branch Offices, Representative Offices, Regional Area Headquarters and Regional Operating Headquarters)
2) Process Compliance with Securities Deposit
3) Petition to Lift Order of Revocation/Suspension
4) Request for Payment in Installment or Reduction of Fines
5) Monitoring of Corporations where there is more than one set of General Information Sheet (GIS) filed with the Commission
6) Compliance with SEC Memorandum Circular No. 14, series of 2013 (Guidelines Covering the Use of Properties that Require Ownership Regis-
tration as Paid-Up Capital)
7) Petition for Cancellation or Substitution of Payment in relation to the use of properties that require Ownership Registration as Paid-Up Capi-
tal (SEC Memorandum Circular No. 14, series of 2013)

CORPORATE FILING AND RECORDS DIVISION (CFRD)


1) Name Verification Services
2) Issuance of Certificates of No Derogatory Records/Affirmative/Negative
3) Registration of Stock and Transfer/Membership Book
4) Receiving of Applications for New Registration (Domestic/Foreign)/Articles of Partnership
5) Receiving of Applications for Amendment of Articles of Incorporation/By-Laws/Articles of Partnership/Articles of Merger and Consolidation
6) Releasing of Approved Primary Registration/Amendments/Articles of Merger and Consolidation
7) Data Entry of Applications for Amendment/Articles of Merger and Consolidation and Retrieval of Records
8) Issuance of Authenticated Copies for Government Agencies

FINANCIAL ANALYSIS AND AUDIT DIVISION (FAAD):


1) Amendment of Article VII of Articles of Incorporation and Other Applications (Confirmation of Valuation or Exempt Transaction [Other Than
Cash Payment on Subscription], Property Dividend Declaration, Quasi-Reorganization, Equity Restructuring, Creation of Additional Paid-in
Capital, and Dissolution of Domestic Corporation)
2) Merger/Consolidation
3) Cash or Stock Dividend Declaration
4) Certification of Capital Structure/Percentage of Ownership

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 123 | P a g e

Public Assistance Center (Walk-in Query, Complaint, etc.)


Schedule of availability of service : Monday, 8:30 AM to 5:00 PM (no noon break); Tuesday to Friday, 8:00 AM to 5:00 PM (no noon break)
Who may avail of the service : Transacting Public
What are the requirements : None
How to avail of the service :

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE FEES FORM
(under normal circumstances)
1 Proceeds to the Public As- Calls client on a first come, SEC Complaints Spe- None
sistance Office first served basis cialist

2 a) Presents concern/s, a) Renders advice depend- Variable, depending on the SEC Complaints Spe-
query or complaint; or ing on the kind of concern kind or complexity of the con- cialist
or query; or cern or query
b) Gives the appropriate Checklist of require-
checklist of requirements, ments or guidelines on
SEC applications under
guidelines and sample
the jurisdiction of vari-
forms; or ous SEC Operating
Departments.
Pro-forma samples of
applications, affidavits,
certificates and forms
required for various
transactions to be filed
with the SEC.

c) Refers to the appropriate Referral slip to the


division or unit of the CRMD appropriate CRMD
or another SEC Department division/unit or SEC
Department
b) Presents written com- Endorses written complaint Written complaint
plaint to the appropriate CRMD received by CRMD
division/unit or another SEC division/unit or
Department concerned SEC De-
partment, for ap-
propriate action
END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 124 | P a g e

Satellite Office: Name Verification Services


Schedule of availability of service : Monday to Friday, 10:00 AM to 6:00 PM (no noon break)
Who may avail of the service : Applicant corporations and partnerships thru their representatives
What are the requirements : Name Verification Form
How to avail of the service :

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE FEES FORM
(under normal circumstances)
1 Fills up Name Verification Inputs proposed company 5 minutes per company name Satellite Office None Name Verification
Form and submits it togeth- name in the system Support Staff / Verifi- Form
er with the money stamp cation Officer
to verification officer
2 If proposed name is allowed -do- P40.00- reser-
by the system, the reserva- vation for 30
tion and confirmation notice days;
is printed and given to the P80.00 reser-
applicant; vation for 60
days;
In case the proposed com- P120.00 reser-
pany name is disallowed, vation for 90
the verification officer veri- days
fies the other preferences of
the applicant. (maximum of
three (3) proposed names
per number)
END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 125 | P a g e

Satellite Office: Processing of Applications for Primary Registration of Stock and Non-Stock
Corporations
Schedule of availability of service : Monday to Friday, 10:00 AM to 6:00 PM (no noon break)
Who may avail of the service : Applicant corporations thru their representatives
What are the requirements :
1) Cover Sheet
2) Reservation Payment Confirmation
3) Articles of Incorporation (AI)
4) By-laws (BL)
5) Treasurers Affidavit (for stock)
6) Joint Undertaking to Change Name
How to avail of the service :

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)
1 Verifies or reserves pro- If proposed name is allowed 10 minutes Satellite Officer P40.00- reservation for 30 Confirmation Reser-
posed name by the system, the reserva- Name Verifica- days; vation Notice
tion and confirmation notice tion Officer P80.00 reservation for 60
is printed and given to the days;
applicant. 120.00 reservation for 90
days

2 Presents Articles of Incor- Checks the documents pre- 10-20 minutes Satellite Office Filing fee for stock corporation Payment Assess-
poration and By-Laws at sented. If complete, pre- Securities Spe- (with par value): 1/5 of 1% of ment Form
the SEC Satellite Office pares Payment Assessment cialist the authorized capital stock
Form (PAF) then advises the but not less than P2,000.00
registrant to pay the filing plus 1% Legal Research Fee
fee. If not, advises applicant (LRF);
to comply with the require-
Stock corporation (with no par
ments.
value): 1/5 of 1% of the au-
thorized capital stock com-
puted at P100.00 per share or
the subscription capital stock
whichever is higher but not
less than P2,000.00 plus 1%
Legal Research Fee (LRF);

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 126 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)
Registration fee for By-Laws
of stock corporation is
P1,000.00 plus 1% Legal Re-
search Fee (LRF)

Registration fee for Articles


of Incorporation and By-
Laws of a non-stock corpo-
ration is P2,100.00
3 Pays filing fee thru cashiers After receipt of application, 5 minutes CPRD staff Generated Certifi-
or managers check at SEC Satellite office staff gener- cate of Incorpora-
Cashier or designated ates the Certificate of Incor- tion and By-laws
banking institutions i.e. poration bearing applicants from the i-register
LandBank, or other pay- SEC Registration No. and system
ment facilities corporate Tax Identification
No.
4 Physical transfer of the Cer- Within 8 working hours
tificate of Incorporation to-
gether all the documentary
requirements to the CRMD
Director

5 CRMD Director reviews and CRMD Director


approves the application

6 Presents Official Receipt to Sorts articles of incorporation 5 minutes Satellite Office Signed
the SEC Satellite Office to and by-laws with certificate Support Staff/ Certificate of Incor-
get the Certificate of Incor- of incorporation for release CPRD Staff poration and By-
poration to applicant Laws
END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 127 | P a g e

Satellite Office: Processing of Applications for Partnership


Schedule of availability of service : Monday to Friday, 10:00 AM to 6:00 PM (no noon break)
Who may avail of the service : Applicant partnerships thru their representatives
What are the requirements :
1) Cover Sheet
2) Reservation Payment Confirmation
3) Articles of Partnership (AP)
4) Joint Undertaking to Change Name
How to avail of the service :

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)
1 Verifies or reserves pro- If proposed name is allowed 10 minutes Satellite Office P40.00- reservation for 30 Confirmation Reser-
posed name by the system, the reserva- Name Verifica- days; vation Notice
tion and confirmation notice tion Officer P80.00 reservation for 60
is printed and given to the days;
applicant
2 Presents Articles of Partner- Checks the documents pre- 10-15 minutes Satellite Office PAF
ship at the SEC Satellite sented. If complete, pre- Securities Spe-
Office pares PAF, then advises the cialist
registrant to pay the filing
fee. If not, advises applicant
to comply with require-
ments .
3 Pays filing fee thru cashiers Accepts Payment Assess- 5 minutes/activity SEC Cashier/ Filing fee: 1/5 of 1% of the Official Receipt
or managers check at SEC ment Form and generates Designated Partnerships capital but not (OR)
Cashier or designated official receipt Banks and other less than P2,000.00 plus 1% of
banking institutions i.e. payment facili- the amount as legal re-
LandBank, or other pay- ties search fee
ment facilities

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 128 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)
4 After receipt of the applica- CPRD staff Generated Certifi-
tion, Satellite Office staff cate of Recording
generates the Certificate of of the Articles of
Recording of the Articles of Partnership from
Partnership bearing appli- the i-Register sys-
cants SEC Registration No. tem
and corporate Tax Identifi-
cation No.
5 Physical transfer of the appli- Within 8 working hours
cation and its attachments
to the CRMD Director
6 CRMD Director reviews and CRMD Director
approves the application
7 Presents Official Receipt to Sorts articles of partnership 5 minutes CFRD Staff/ Signed Certificate
SEC Satellite Office to get with Certificate of Recording Satellite Office of Recording of the
the Certificate of Record- of the Articles of Partnership Support Staff Articles of Partner-
ing of the Articles of Part- for release to applicant ship
nership
END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 129 | P a g e

Satellite Office: Processing of Applications for Amendment of Stock and Non-Stock Domestic
Corporations
Schedule of availability of service : Monday to Friday, 10:00 AM to 6:00 PM (no noon break)
Who may avail of the service : Applicant corporations thru their representatives
What are the requirements :
A. AMENDED ARTICLES OF INCORPORATION
1) Cover Sheet
2) Directors or Trustees Certificate a notarized document signed by a majority of the directors (in case of stock corporations) or trustees (in case of non
-stock corporations) and the corporate secretary, certifying (i) the amendment of the Articles of Incorporation or By-laws and indicating the amended
provisions, (ii) the vote of the directors or trustees and stockholders or members, (iii) the date and place of the stockholders or members meeting; and
(iv) the tax identification number of the signatories which shall be placed below their names.
3) Amended Articles of Incorporation/Amended By-lawsAll amendments/changes made shall be indicated by underscoring the same followed by the
date of the meeting approving the same (i.e. As amended on_____).
4) Notarized Secretarys Certificate on no pending case of intra-corporate dispute
5) Monitoring clearance at the SEC Satellite Office
6) Secure and attach endorsement/clearance from other government agencies or other SEC Departments, if applicable.
7) If the provision to be amended is the corporate name, secure Name Verification Slip from the Name Verification and Reservation Unit, SEC Satellite
Office
8) Amendment of the Articles of Incorporation may be made on the following:
a.) Corporate name
b.) Purpose (Primary/Secondary)
c.) Address
d.) Number of directors/trustees
e.) Authorized capital stock

B. AMENDED BY-LAWS
1) Amended By-laws
2) Directors or Trustees Certificate a notarized document signed by a majority of the directors or trustees and the corporate secretary, certifying to (i)
the amendment of the By-laws, indicating the amended provisions, (ii) the vote of the directors or trustees and stockholders or members, (iii) the date
and place of the stockholders or members meeting, and (iv) the tax identification number of the signatories which shall be placed below their
names
3) Notarized Secretarys Certificate on no pending case of intra-corporate dispute
4) Monitoring Compliance

Note: The following cannot be amended: names, citizenship and residences of the incorporators and/or directors/trustees; names, citizenship and original
subscription of the subscribers; names and contribution of each member; name of the designated Treasurer.

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 130 | P a g e

How to avail of the service :


STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM
(under normal circum- CHARGE
stances)
1 Prepares Directors or Trus- As stated in the
tees Certificate and basic requirements
Amended Articles of Incor- for amendments
poration and/or Amended
By-laws
2 Secures Monitoring Clear- Checks compliance with Within 5 days from Satellite Office Payment of penalties Payment Assess-
ance at the SEC Satellite reportorial requirements; date of presentation Securities Spe- ment Form/ Moni-
Office Checks for any double sub- of complete require- cialist toring Sheet
mission of the General Infor- ments
mation Sheet; and
Determines existence of in-
tra-corporate disputes as
provided under the
Guidelines on Double Sub-
mission of GIS.

Note:
For Financing and Lending
companies, issuers of propri-
etary or non-proprietary
membership (i.e. golf clubs)
listed and public companies
and foundations, monitoring
shall be with the Corporate
Governance and Finance
Department (CGFD).

For capital market partici-


pants such as brokers, deal-
ers and investment houses,
monitoring is with the Mar-
kets Securities and Regula-
tion Department (MSRD).

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 131 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)
3 Submits the (i) Directors/ Checks documents if com- 15-30 minutes depend- Satellite Office As stated in the
Trustees Certificate; (ii) pliant with the provisions of ing on the complexity Securities Spe- basic requirements
Amended Articles of Incor- the Corporation Code of the of amendments cialist for amendments
poration and/or Amended Philippines and other existing
By-laws; and the (iii) Moni- laws. If complete, advises
toring Clearance to SEC registrant to pay filing fee. If
Satellite Office for pre- not, advises applicant to
processing comply with requirements
4 Pays filing fee thru cashiers Accepts Payment Assess- 5 minutes SEC Cashier/ Registration fee for the Official Receipt
or managers check at SEC ment Form and generates Designated Amended Articles of Incor-
Cashier or designated official receipt Bank and other poration is P1,000.00 plus 1%
payment facili- Legal Research Fee (LRF) of
banking institutions i.e.
ties not less than P50.00.
LandBank, or other pay-
ment facilities Registration fee for the
Amended Articles of Incor-
poration where amendment
consists of extending the
term of corporate existence
is 1/5 of 1% of the authorized
capital stock but not less
than P2,000.00 plus 1% of
Legal Research Fee (LRF).

Registration fee for the


Amended Articles of Incor-
poration where there is con-
version or reclassification of
shares is P2,000.00 plus 1%
Legal Research Fee (LRF).

Registration fee for the


Amended By-laws is
P1,000.00 plus 1% Legal Re-
search Fee (LRF) of not less
than P50.00
The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 132 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)
5 Physical transfer of the appli- Within 8 working hours CRMD Staff
cation and its attachments
to the Main Office
6 Files the application to the After receipt of the applica- 5-10 minutes Satellite Office
SEC Satellite Office tion, the same shall be for- Staff/
warded to the Corporate
Filings and Records Division CPRD Staff
(CFRD) for the verification
and production of appli-
cants corporate records on
file with the Commission. For
corporations registered from
1996 onwards whose records
are available in the Commis-
sions database, production
of documents may take 1 to
2 days. However, for corpo-
rations whose records are
not available in the data-
base, production of docu-
ments may take longer as
the same shall be secured
from the SEC offsite ware-
house.

Thereafter, the application


with the attached records
shall be transmitted to CPRD
for the generation of the
Certificate of Filing of
Amended Articles of Incor-
poration and/or By-laws.

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 133 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)
7 The Assistant Director will re- Asst. Director
view the application and
forward it to the CRMD Di- CRMD Director
rector for approval
8 Presents Official Receipt to Sorts articles of incorporation Certificates may be Satellite Office Signed Certificate
SEC Satellite Office to get and/or by-laws with Certifi- claimed within five (5) Staff/ of Filing of the
the Certificate of Approval cate of Filing of Amended days from filing of ap- Amended Articles
Articles of Incorporation CFRD Staff of Incorporation
of Amendment plication from the SEC
and/or Certificate of Filing of and/or By-laws
Amended By-laws for re- Satellite Office Releas-
lease to applicant ing Unit. However, for
corporate records not
available in the data-
base, the release of
the Certificate of Filing
may vary.
END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 134 | P a g e

Satellite Office: Processing of Applications for Amendment of Partnerships


Schedule of availability of service : Monday to Friday, 10:00 AM to 6:00 PM (no noon break)
Who may avail of the service : Applicant partnerships thru their representatives
What are the requirements :
1) Cover Sheet
2) The Amended Articles of Partnership signed by all partners and duly notarized

If the amendment pertains to the transfer or assignment of interest(s), or the withdrawal, resignation or death of any partner, the document
evidencing said fact shall be submitted in support of the application.
How to avail of the service :

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)
1 Prepares the Amended As stated in the
Articles of Partnership basic requirements
for amendments

2 Submits the Amended Arti- Checks the documents if 5 minutes Satellite Office
cles of Partnership at the compliant with the Civil Securities Spe-
SEC Satellite Office for pre- Code provisions on partner- cialist
processing. ship and other existing laws.
If complete, advises regis-
trant to pay filing fee. If not,
advises applicant to comply
with requirements.
3 Pays filing fee thru cashiers Prepares Payment Assess- 1 minute Designated Registration fee P2,000.00 Payment Assess-
or managers check at SEC ment Form Banking Institu- plus 1% of Legal Research ment Form/
Cashier or designated tions and other Fee (LRF) Official Receipt
banking institutions i.e. payment facili-
LandBank, or other pay- ties For increase of capital: 1/5
ment facilities of 1% of the increase in cap-
ital but not less than
P2,000.00 plus 1% Legal Re-
search Fee
4 Physical transfer of the appli- Within 8 working hours CRMD Staff
cation and its attachments
the Main Office
The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 135 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)
5 Files the application to the After receipt of the applica- 10-15 minutes Satellite Support Printed Certificate
SEC Satellite Office tion by CFRD, the records on Staff of Recording of
file shall be attached and Amended Articles
transmitted to CPRD for the CPRD Staff of Partnership
generation of the Certificate
of Recording of Amended
Articles of Partnership.

The Asst. Director will review Asst. Director


the application and forward
it to the CRMD Director for
approval. CRMD Director
6 Presents Official Receipt to Sorts articles of partnership Certificate may be Satellite Office Signed Certificate
SEC Satellite Office to get with Certificate of Recording claimed within 5 days Staff/ of Recording of
the Certificate of Record- of the Amended Articles of from the filing of appli- Amended Articles
CFRD Staff of Partnership.
ing of Amended Articles of Partnership for release to cation with the SEC
Partnership. applicant Satellite Office Receiv-
ing Unit
END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 136 | P a g e

Satellite Office: Processing of Applications for Increase/Decrease of Authorized Capital Stock,


Reclassification/Conversion/Change of Par Value Sales
Schedule of availability of service : Monday to Friday, 10:00 AM to 6:00 PM (no noon break)
Who may avail of the service : General Public
What are the requirements :
Amendment of Article VII of Articles of Incorporation:
1) Increase of Authorized Capital Stock
2) Decrease of Authorized Capital Stock
Thru Return of Capital
All Others
3) Reclassification / Conversion / Change of Par Value of Shares

How to avail of the service :

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


ACTIVITY CHARGE
(under normal
circumstances)
1 Presents application and Pre-screening of Applications 5 minutes Support None
supporting documents, Staff
together with monitoring Note: Documents must be complete
clearance, for pre- in accordance with checklist of re-
processing quirements herein provided. Other-
wise the same shall be rejected.

Pre-process application and support- 30 minutes to 1 Specialist


ing documents Hour None
a) If compliant, the assigned Proces-
sor prepares final checklist and
forwards the same to the FAAD
Assistant Director for review
b) If non-compliant, prepares check-
list of deficiencies

Physical transfer of the application Within 8 working CRMD Staff


and its attachments to the Main Of- hours
fice

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 137 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


ACTIVITY CHARGE
(under normal
circumstances)
2 Prepares Payment Assess- Upon approval of the prepared re- 5-10 minutes Specialist Increase of Capital Stock
ment Form (PAF) port (corporation with par value) -
1/5 of 1% of the increase
stock or the subscription price
of the subscribed capital
stock whichever is higher but
not less than P3,000.00 plus
1% Legal Research Fee (LRF)
Increase of Capital Stock
( corporation with no par val-
ue) - 1/5 of 1% of the in-
crease stock computed at
P100.00 or the subscription
price of the subscribed capi-
tal stock whichever is higher
but not less than P3,000.00
plus 1% Legal Research Fee
(LRF)
Decrease of Authorized Cap-
ital stock-
Return of capital: P5,000.00
plus 1% LRF
All others: P3,000.00 plus 1%
LRF
Amended Articles of Incorpo-
ration re: conversion/
reclassification of shares
P2,000.00 plus 1% LRF

3 File the application to the After receipt of the application by 10-15 minutes Satellite Printed Certifi-
SEC Satellite Office CFRD, the records on file shall be at- Support cate of Re-
tached and transmitted to CPRD for Staff cording of
the generation of the Certificate of Amended
Increase/Decrease of Authorized CPRD Staff Articles of
Capital Stock and Amended Articles Partnership
of Incorporation
The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 138 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


ACTIVITY CHARGE
(under normal
circumstances)
- Please Proceed to Step 2 -
1 Presents application and Pre-screening of Applications 5 minutes Support None
supporting documents, Staff
together without monitor- Note: Documents must be complete
ing clearance, for pre- in accordance with checklist of re-
processing quirements herein provided. Other-
wise the same shall be rejected

Pre-process application and sup- 1 hour to 3 hours Specialist


porting documents
a) If compliant, the assigned Proces-
sor forwards the application to the
FAAD Assistant Director
b) If non-compliant, prepares check-
list of deficiencies

Monitors compliance with reporto- 1-2 Hours Specialist


rial requirements and rules and
regulations of SEC

c) If assessed without PENALTY, the


assigned Processor forwards the
application to the FAAD Assistant
Director provided the application
documents are compliant (item
no. 2)
d) If assessed with PENALTY, Prepares
and issues Payment Assessment
Form (PAF)

Physical transfer of the application Within 8 working CRMD Staff


and its attachments to the Main Of- hours
fice

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 139 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


ACTIVITY CHARGE
(under normal
circumstances)
Review applications and supporting 30 minutes to 1 CPRD/
documents Hour FAAD Assis-
tant Direc-
tor(s)

2 Pays assessed penalties at Process payment and Issues Official 5 minutes Cashier
the designated payment Receipt
utilities

3 Submits the machine- 1) Receives the PAF and application 5 minutes Support
validated PAF and the ap- documents Staff
plication documents, if 2) Prepares Confirmation of Payment 10 to 15 minutes
compliant (item 2 of 1.2.1), of Penalties Specialist
to the Assigned Processor 3) Attaches the same to the applica- 1 minute
thru the Counter Officer tion documents
4) Prepares and submits final check- 15 to 20 minutes
list for review

4 Submits the machine- 1) Secures and attaches the PAF to 3 minutes Support None
validated PAF to Satellite the application Staff
Office together with the 2) Stamps receive Four (4) sets the 1 minute (Receiving
Four (4) sets of application application documents Officer)
documents 3) Return one(1) copy of the appli- 1 minute
cation to the client
4) Forwards the application to CFRD End of the day Support
10 to 15 minutes Staff
5) Verifies and produces applicants
(CFRD)
record which shall be attached to
the application
5 minutes Support
6) Forwards the application to CPRD
Staff
for the generation of Certificate 30 Minutes (CPRD)
7) Generates Certificate
8) Approves and signs application 5 to 10 minutes Director
documents and certificate, re-
spectively.

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 140 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


ACTIVITY CHARGE
(under normal
circumstances)
9) Forwards to CRMD Releasing Unit Support None
Staff
(Office of
the Direc-
tor)

5 Presents Official Receipt to Sorts/Releases the Certificate of In- 5 minutes Support


Satellite Office to claim the crease/Decrease of Authorized Capi- Staff
approved Certificate of tal Stock and Certificate of Filing of (Releasing)
Increase, Decrease, Amended Articles of Incorporation
Amended Articles of Incor- and/or By-laws with all pertinent doc-
poration uments
END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 141 | P a g e

Satellite Office: Processing of Conversion of Branch Office to Representative Office (Vice Versa),
Regional Area Headquarters (RHQ) to Regional Operating Headquarters (ROHQ) (Vice Versa),
Change/Substitution of Resident Agent, Withdrawal of License and other Amendments of Foreign
Corporations
Schedule of availability of service : Monday to Friday, 10:00 AM to 6:00 PM (no noon break)
Who may avail of the service : General Public
What are the requirements :

Petition for Amendment/Conversion of License


1) Authenticated copy of the Board Resolution approving the amendment/conversion
2) Monitoring Clearance
3) Endorsement from the Board of Investments (for RHQ and ROHQ)

Additional Requirements for Amendment for Corporate Name


1) Name Verification Slip
2) Affidavit of a Director/Resident Agent/Local Agent undertaking to change the new corporate name
3) Authenticated copy of Amended Articles of Incorporation/Association/By-laws with an English translation if a foreign language other than English

Additional requirement for Conversion of License to Stock Branch Office (DME) and ROHQ
Proof of compliance with the minimum assigned capital/remittance
Application form (not required if Petition contains all the items in the prescribed Application Form)

Change of Resident Agent


1) Petition for Change of Resident Agent (RA)
2) Authenticated copy of the Board Resolution approving the change/appointment of RA
3) Acceptance by the new RA (not required if RA is the signatory to the Petition)
4) Monitoring Clearance

Withdrawal of License
1) Petition for withdrawal of License;
2) Authenticated copy of the Board Resolution authorizing the withdrawal of license
3) Audited Financial Statements (AFS)
a) as of the last fiscal year
b) stamped received by the BIR and SEC
4) List of creditors, if any, and their consent, OR notarized certification as to non-existence of creditors (Note: to be verified against the AFS)
5) Original license issued by SEC
6) Publisher's affidavit evidencing the publication of the notice of withdrawal ( once a week for three [3] consecutive weeks )
7) Endorsement/Clearance from the Board of Investments (for RHQ and ROHQ)
8) Endorsement/Clearance from appropriate government agencies
9) BIR Tax Clearance

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 142 | P a g e

How to avail of the service :


STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM
ACTIVITY CHARGE
(under normal
circumstances)
1 Prepares Petition for conver- As stated in the
sion/withdrawal of license and basic requirements
other documentary require- for conversion/
ments Withdrawal

2 Secures Monitoring Clearance Checks compliance with Within 5 days Securities Spe- Payment of penalties Payment Assess-
reportorial requirements from date of cialist ment Form/ Monitor-
presentation of ing Sheet
complete re-
quirements

3 Submits the Petition got conver- Checks documents if com- 15-30 minutes Securities Spe- None As stated in the
sion/withdrawal of license, pliant with the provisions of cialist basic requirements
Monitoring Clearance and oth- the Corporation Code of for amendments
er documentary requirements the Philippines and other
existing laws. If complete,
advises registrant to pay
filing fee. If not, advises ap-
plicant to comply with re-
quirements

4 Review of CPRD and/or 30 minutes CPRD and/or


FAAD Asst. Director(s) FAAD Asst. Di-
rector(s)

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 143 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


ACTIVITY CHARGE
(under normal
circumstances)
5 Pays filing fee thru cashiers or Accepts payment assess- 5 minutes SEC Cashier Conversion of Repre- Official Receipt
managers check at SEC Cash- ment form and generates sentative Office to
ier official receipt Branch Office vice versa-
1% of the actual inward
remittance converted
into Philippine currency
but not less than
P5,000.00 plus 1% Legal
Research Fee (LRF)

Conversion of ROHQ to
RHQ vice versa 1% of
the actual remittance
but not less than 1% of
peso equivalent of
US$200,000 at the time of
remittance

Petition for Amendment


of License of Foreign Cor-
porations and multina-
tional companies
P3,000.00 plus 1% Legal
Research Fee

Withdrawal of License of
Foreign Corporations and
Multinational corpora-
tions P3,000.00 plus Le-
gal Research Fee

Petition for appointment/


substitution/revocation of
resident agent - P3,000.00
plus Legal Research Fee
The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 144 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


ACTIVITY CHARGE
(under normal
circumstances)
5 Amended Articles of In- Official Receipt
corporation and By-laws
of foreign corporations -
P2,000.00 plus Legal Re-
search Fee

6 Files the application to the Re- After receipt of the applica- 5-10 minutes Support Staff/ None
ceiving Unit, Corporate Filings tion, the same shall be for- CPRD Staff
and Records Division (CFRD) warded to the Corporate Fil-
ings and Records Division
(CFRD) for the verification and
production of applicants cor-
porate records on file with the
Commission. For corporations
registered from 1996 onwards
whose records are available
in the Commissions data-
base, production of docu-
ments may take 1 to 2 days.
However, for corporations
whose records are not availa-
ble in the database, produc-
tion of documents may take
longer as the same shall be
secured from the SEC offsite
warehouse.

Thereafter, the application


with the attached records
shall be transmitted to CPRD
for the generation of the Cer-
tificate of Filing of Amended
Articles of Incorporation and/
or By-laws.

CRMD Director reviews and CRMD Director Printed License


approves the application

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 145 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


ACTIVITY CHARGE
(under normal
circumstances)
7 Presents Official Receipt to Re- Sorts petition and other License may be Support Staff/ None Signed License
leasing Unit, CFRD to get the documentary requirements claimed within CFRD Staff
License of Approval of Amend- together with the license five (5) days
ment from filing of ap-
plication. How-
ever, for corpo-
rate records not
available in the
database, the
release of the
Certificate of
Filing may vary.

END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 146 | P a g e

Satellite Office: Processing of Applications of Foreign Corporations


Schedule of availability of service : Monday to Friday, 10:00 AM to 6:00 PM (no noon break)
Who may avail of the service : Registrant foreign corporation thru their representatives
What are the requirements :
1) Cover Sheet
2) Name Verification Slip
3) Application Form (AF)
a) F-103 Stock Branch Office (SBO)
b) F-104 Stock Representative Office (SRO)
c) F-108 Non-Stock Branch and Representative Office, including Foundations (NBO & NRO)
4) Authenticated copy of the Board Resolution
i) authorizing the establishment of the Branch/Representative Office in the Philippines
ii) designating the Resident Agent to whom summons and other legal processes may be served in behalf of the foreign corporation
iii) stipulating that in the absence of such Agent or upon cessation of its business in the Philippines, any summons or legal processes may be served to
SEC as if the same is made upon the corporation at its home office
5) Authenticated copy of the Articles of Incorporation/ Partnership / Establishment with an English translation thereof if in a foreign language other than
English
6) Financial Statements (per MC 11 of 2013)
a) For those whose home country requires audited financial statements, the applicant shall submit financial statements:
for the immediately preceding year at the time of filing of the application
audited by an independent Certified Public Accountant of the home country
authenticated before the Philippine Consulate/Embassy

If the date of the AFS exceeds the one-year requirement, the applicant shall submit:
Authenticated Audited Financial Statements that are available as of date of filing of the application; and
Authenticated Unaudited Financial Statements (AUFS) as of date not exceeding one (1) year immediately prior to the filing of the applica-
tion signed by an officer of the foreign corporation.

b) For those whose home country does not require audited financial statements, the applicant shall submit:
Authenticated Unaudited Financial Statements as of a date not exceeding one (1) year immediately prior to the filing of the application; and
Authenticated Certification signed under oath by an officer of a responsible regulatory institution or by the applicants legal counsel that the ap-
plicant is not required to prepare and submit audited financial statements, with citation of the law or regulation on which it is based. (attach the
print out of the law for verification purposes)

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 147 | P a g e

7) Compliance with Financial Ratios


Stock Branch Office

Ratio Formula Benchmark Value


Solvency Total Assets/Total Liabilities 1:1
Liquidity Current Assets/Current Liabilities 1:1
Debt to Equity Total Liabilities/Equity 3:1

Stock Representative Office, Non-Stock Branch Office & Non-Stock Representative Office

Ratio Formula Benchmark Value


Solvency Total Assets/Total Liabilities 1:1

Notes:
(If Solvency Ratio is not within the Benchmark Value: application is rejected)
If Liquidity Ratio and/or Debt to Equity Ratio is/are not within the Benchmark Value/s: Submit PhP1M Surety Bond

8) Notarized proof of inward remittance such as bank certificate of inward remittance or credit advices
9) Affidavit of undertaking to change corporate name (not required if already stated in the AF)
10) Residents Agents acceptance of appointment (not required if RA is the signatory to the AF)
11) Indorsement/Clearance from appropriate government agencies
12) Additional Requirements for Foundations
Notarized Certificate of Bank Deposit of the amount of not less than PhP1M
Statement of willingness to allow the Commission to conduct an audit

Regional Area Headquarters (RHQ) and Regional Operating Headquarters (ROHQ)


1) Name Verification Slip
2) Application Form
3) Certification from the Philippine Consulate/Embassy or the Philippine Commercial Office or from the equivalent office of the Philippine DTI in the appli-
cant's home country that said foreign firm is an entity engaged in international trade with affiliates, subsidiaries or branch offices in the Asia Pacific Re-
gion and other foreign markets; in case the Certification is issued by the equivalent office of the DTI, the same shall be authenticated by the Philippine
Consulate/Embassy
4) Authenticated Certification from principal officer of the foreign entity to the effect that the said foreign entity has been authorized by its board of di-
rectors or governing body to establish its RHQ/ROHQ
5) Affidavit of undertaking to change corporate name (not required if already stated in the AF)
6) Endorsement of the Board of Investments (BOI)
7) Endorsement/Clearance from appropriate government agencies, if applicable

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 148 | P a g e

How to avail of the service :


STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM
(under normal circum- CHARGE
stances)
1 Applicant presents ALL ac- Assigns the application to 5 minutes Support Staff FIA Form 103
complished documentary processor SBO
requirements for pre-
processing at the Satellite FIA Form 104
Office SRO

FIA Form 108 -


NBO/NRO

RHQ

ROHQ
2 Applicant waits to be Specialist pre-processes/ 30 minutes Securities Spe- All documentary
called by the Specialist evaluates the application cialist requirements

3 Specialist issues Payment 5 minutes Securities Spe- Filing Fees (FF): Payment Assess-
Assessment Form (PAF) cialist SBO: ment Form
1% of the actual inward re-
mittance converted into
Philippine currency but not
less than P3,000

SRO:
1/10 of 1% of the actual in-
ward remittance converted
into Philippine currency but
not less than P2,000

NBO & NRO:


P3,000

RHQ:
P5,000

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 149 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)

3 ROHQ:
1% of the actual inward re-
mittance but not less than
1% of peso equivalent of
US$200,000 at the time of
remittance

Legal Research Fee:


For ALL Applications:
1% of the License Fee but
not less than P50.00 shall be
paid at the time of filing
4 Applicant pays license fees Cashier
to cashier and files appli-
cation with Receiving Unit, CFRD Support
Corporate Filing and Rec- Staff
ords Division
5 Upon receipt of application 15 minutes Securities Spe- License Checklist
from the CFRD, CPRD Sup- cialist
port prepares the License,
and the Securities Specialist
prepares the Checklist of
Requirements , which con-
tains the financial report for
SBO (Checklist)

6 FAAD and/or CPRD Assistant 1 hour FAAD and/or License Checklist


Director(s) evaluates/ CPRD Assistant
reviews the License and oth- Director(s)
er attached documentary
requirements and initials the
same.

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 150 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)

7 CRMD Director reviews/signs 30 minutes CRMD Director License


the License.

8 Applicant claims the Li- CFRD Support License


cense from CFRD Staff
(Official Receipt must be
presented)
END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 151 | P a g e

Greenlane Unit: Registration of Stock and Non-Stock, Non-Profit Corporations and Partnerships
Schedule of availability of service : Monday, 8:30 AM to 5:00 PM (no noon break); Tuesday to Friday, 8:00 AM to 5:00 PM (no noon break)
Who may avail of the service : Transacting Public
What are the requirements :

A. Stock Corporation

1) Reservation Payment Confirmation


2) Articles of Incorporation (AI), with cover sheet
3) Treasurers Affidavit
4) By-laws (BL)
5) Joint Affidavit of Undertaking to Change Name, in case the revised undertaking is not incorporated in the Articles of Incorporation
6) Affidavit of Relinquishment (in case Treasurer-in-Trust is a foreigner for a corporation with a 60% Filipino-40% foreign equity)
7) Proof of Residency in the Philippines, in case all or majority of the incorporators are resident aliens
8) Authenticated Articles of Incorporation and By-Laws and supporting documents, in case any of the incorporator/s or authorized signatories signed the
AI-BL or other documents in a foreign country
9) Endorsement/Clearance from other government agencies, if applicable
10) Endorsement/Clearance from other Department/s of the SEC, if applicable
11) Endorsement/Clearance from a) Philippine Economic Zone Authority (PEZA); b) Subic Bay Metropolitan Authority (SBMA) or Clark Development Corpo-
ration (CDC) and c) Cagayan Economic Zone Authority, if applicable
12) Tax Identification Numbers (TIN) for Filipino incorporators, directors, officers and stockholders, including corporate subscribers
13) Tax Identification Numbers (TIN) or Passport Numbers for foreign incorporators, directors, officers and domestic foreign subscribers
14) Proof of Existence of foreign corporate subscribers
15) Filing Fees:

a) Stock corporation with par value 1/5 of 1% of the authorized capital stock or the subscription price of the subscribed capital stock, whichever is
higher but not less than P2,000
b) Stock corporation without par value 1/5 of 1% of the authorized capital stock computed at P100 per share of the subscription price of the sub-
scribed capital stock, whichever is higher but not less than P2,000

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 152 | P a g e

What are the requirements :

B. Non-Stock, Non-Profit Corporation

1) Reservation Payment Confirmation


2) Articles of Incorporation (AI) and By-Laws (BL), with cover sheet
3) Joint Affidavit of Undertaking to Change Name, in case the revised undertaking is not incorporated in the Articles of Incorporation
4) List of names of contributors or donors and the amounts contributed or donated, certified by the Treasurer (not required if this is already stated in the
Articles of Incorporation). There is no fixed amount of contribution required but only such amount as the incorporators and trustees may deem suffi-
cient to enable the corporation to start operation, except in the case of a Foundation which must have a minimum contribution of at least One Million
Pesos (P1,000,000.00)
5) Endorsement/clearance from other government agencies, if applicable
6) For a Foundation: a) Notarized Certificate of Bank Deposit of the contribution which shall not be less than One Million (P1,000,000,00) Pesos; and
b) Statement of Willingness to allow the Commission to conduct an audit
7) For a Religious Corporation: a) Refer to Sections 109-116 of the Corporation Code; b) An affidavit of Affirmation or Verification by the chief priest,
rabbi, minister or presiding elder (not required if this is already part of the Articles of Incorporation)
8) For a Federation: List of Member-Associations, certified by the Corporate Secretary
9) For a Condominium corporation/association: a) Master Deed with primary entry of the Register of Deeds; b) Certification that there is no other existing
similar condominium association within the condominium project
10) Tax Identification Numbers (TIN) for Filipino incorporators, trustees/directors, officers and members
11) Tax Identification Numbers (TIN) or Passport Numbers for foreign incorporators, trustees/directors, officers and members
12) Filing Fee: P1,000.00

C. Partnership

1) Reservation Payment Confirmation


2) Articles of Partnership
3) Joint Affidavit of Undertaking to Change Name, in case the revised undertaking is not incorporated in the Articles of Partnership
4) Endorsement/Clearance from other government agencies, if applicable
5) Endorsement/Clearance from other Department/s of the SEC, if applicable
6) Tax Identification Numbers (TIN) for Filipino partners
7) Tax Identification Numbers (TIN) or Passport Numbers for foreign partners
8) Filing fee: 1/5 of 1% of the partnerships capital but not less than P2,000
*Legal Research Fees: 1% of the Registration/Filing Fee but not less than Fifty Pesos (P50.00) shall be paid at the time of filing.

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 153 | P a g e

How to avail of the service :

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE FEES FORM
(under normal circumstances)
1 Presents application and 1) Receives, encodes and 5 minutes per application Officer of the day Articles of Incorpo-
supporting documents assigns application to ration and By-Laws
processor for pre- (stock or non-stock
processing based on a corporation)
first-come, first served
basis in accordance with
the number queuing. Articles of Partner-
Signs the request form/ ship
transaction slip with the
name of the assigned
processor and gives
back to applicant. How-
ever, in case the name
reservation notice is ex-
pired, applicant is ad-
vised to proceed to the
Name Verification Unit
for extension of name. If
the documents are not
arranged in proper se-
quence, applicant is ad-
vised to arrange in the
proper order.

2) Evaluates/pre-processes 5-15 minutes for pro-forma AI- Processor


application and support- BL; 20-30 minutes for complex
ing documents AI-BL.

a) If application and sup-


porting documents
are incomplete, the
processor returns
them to applicant
with list of deficiencies
and requirements not
complied with.

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 154 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE FEES FORM
(under normal circumstances)
b) If application and sup-
porting documents are
complete, processor
endorses the same to
the Officer-in-Charge
or Assigned Reviewer

3) Reviews applications 5-10 minutes for pro-forma AI- Officer-in-Charge


BL; 30-40 minutes for complex (OIC) or Securities
AI-BL Specialist

a) Stamps OK for PAF Stock Corp.: I/5 Cover sheet of the


(Payment Assessment of 1% of the AI-BL duly initialed
Form) the cover sheet authorized by the OIC or Secu-
of the application if capital stock or rities Specialist to
the same is compliant the subscrip- show that it has
b) If deficient, returns to tion price of been reviewed and
processor or directly the subscribed cleared for issu-
advises the client, with capital stock, ance of the PAF
checklist of the defi- whichever is
ciencies. higher but not
less than
4) Prepares Payment Assess- Officer of the day P2,000.00 PAF
ment Form (PAF).
Non-stock
corp.:
P1,050.00

Partnership:
1/5 of 1% of
the partner-
ships capital
but not less
than P2,000.00

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 155 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE FEES FORM
(under normal circumstances)
5) Initials the PAF and calls Processor, Securities PAF duly initialed by
the name of the corpora- Specialist or OIC the processor, Se-
tion to instruct the repre- curities Specialist or
sentative to pay at the OIC
Cashier and proceed to
the receiving section after
payment
2 Presents the PAF and pays Receives payment and is- Varies Cashier PAF/OR
at the Cashier sues OR
3 6. a) Receives the paid ap- a) and b) 5 minutes per appli- Support Staff Certificate of Incor-
plications, performs teller- cation poration
ing by inputting the Reser- with SEC Reg. No.
vation Reference Number and TIN of Regis-
(RRN) in the i-Register sys- trant
tem to generate SEC Reg-
istration Number and BIR
Tax Identification Number
(TIN)
b) Inputs Corporate Name
and SEC Reg. No. in the
Masterlist and prints Certif-
icate of Incorporation via
SEC i-register

7. Certificates of Incorpora-
tion and applications for-
warded to the Office of the
CRMD Director for review
and approval
Certificates of In-
a) Reviews and signs Certifi- 30 minutes per application CRMD Director
corporation duly
cates of Incorporation
signed by the
and URR transmittal letters
CRMD Director
b) Returns to the processor
or OIC of the GLU in case
of deficiencies.

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 156 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE FEES FORM
(under normal circumstances)
8.a) Generates Employers a) and b) 1 minute per applica- Support Staff Unified Registration
Registration Numbers (ERNs) tion Records (URRs)
from the three (3) social bearing the Em-
agencies (i.e., SSS, Pag-IBIG ployers Registra-
and PhilHealth) and print tion Numbers
Unified Registration Records (ERNs) issued by the
(URRs) through the Integrat- SSS, Pag-IBIG and
ed Business Registration Sys- PhilHealth and URR
tem (IBRS) and print-out pro Transmittal
forma transmittal letters
Letters
b) Encodes work assignment
status via SEC iRegister

9. Records and forwards 10 seconds per application Executive Assistant or


Certificates of Incorporation Clerk assigned at the
and applications to the Re- Office of the Director
leasing Unit, Corporate Filing
and Records Division (CFRD)

10. Document Identification 30 seconds per application Approved applica-


(Doc ID) of the approved tions sorted by
certificates of incorporation batch to be for-
and applications. warded to the Mi-
crofilm Unit of the
Commission
END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 157 | P a g e

Application for Amendment of Stock and Non-Stock Domestic Corporations


Schedule of availability of service : Monday, 8:30 AM to 5:00 PM (no noon break); Tuesday to Friday, 8:00 AM to 5:00 PM (no noon break)
Who may avail of the service : Transacting Public
What are the requirements :

I. Amended Articles of Incorporation

1) Cover Sheet
2) Directors or Trustees Certificate a notarized document signed by a majority of the directors (in case of stock corporations) or trustees (in case of non
-stock corporations) and the corporate secretary, certifying (i) the amendment of the Articles of Incorporation or By-laws and indicating the amended
provisions, (ii) the vote of the directors or trustees and stockholders or members, (iii) the date and place of the stockholders or members meeting;
and (iv) the tax identification number of the signatories which shall be placed below their names.
3) Amended Articles of Incorporation/Amended By-lawsAll amendments/changes made shall be indicated by underscoring the same followed by the
date of the meeting approving the same (i.e. As amended on_____).
4) Notarized Secretarys Certificate on no pending case of intra-corporate dispute
5) Monitoring clearance at the Corporate and Partnership Registration Division
6) Secure and attach endorsement/clearance from other government agencies or other SEC Departments, if applicable.
7) If the provision to be amended is the corporate name, secure Name Verification Slip from the Name Verification and Reservation Unit, 2nd Floor, SEC
Bldg.
8) Amendment of the Articles of Incorporation may be made on the following:
a.) Corporate name
b.) Purpose (Primary/Secondary)
c.) Address
d.) Number of directors/trustees
e.) Authorized Capital Stock

II. Amended By-Laws

1) Amended By-laws
2) Directors or Trustees Certificate a notarized document signed by a majority of the directors or trustees and the corporate secretary, certifying to (i)
the amendment of the By-laws, indicating the amended provisions, (ii) the vote of the directors or trustees and stockholders or members, (iii) the date
and place of the stockholders or members meeting, and (iv) the tax identification number of the signatories which shall be placed below their
names
3) Notarized Secretarys Certificate on no pending case of intra-corporate dispute
4) Monitoring Clearance at the Corporate and Partnership Registration Division

Note: The following cannot be amended: names, citizenship and residences of the incorporators and/or directors/trustees; names, citizenship and original
subscription of the subscribers; names and contribution of each member; name of the designated Treasurer.

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 158 | P a g e

How to avail of the service :


STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM
(UNDER NORMAL CIR- CHARGE
CUMSTANCES)
1 Prepares Directors or As stated in the
Trustees Certificate basic requirements
and Amended Articles for amendments
of Incorporation and/
or Amended By-laws

2 Secures Monitoring Checks compliance with re- Within 5 days from date Securities Specialist Payment of penalties Payment Assess-
Clearance portorial requirements; of presentation of com- ment Form/ Moni-
plete requirements toring Sheet
Checks for any double sub-
mission of the General Infor-
mation Sheet; and

Determines existence of intra-


corporate disputes as provid-
ed under the Guidelines on
Double Submission of GIS.

Note:
For Financing and Lending
companies, issuers of proprie-
tary or non-proprietary mem-
bership (i.e. golf clubs) listed
and public companies and
foundations, monitoring shall
be with the Corporate Gov-
ernance and Finance Depart-
ment (CGFD)

For capital market partici-


pants such as brokers, dealers
and investment houses, moni-
toring is with the Markets Se-
curities and Regulation De-
partment (MSRD)

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 159 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(UNDER NORMAL CIR- CHARGE
CUMSTANCES)
3 Submits the (i) Direc- Checks documents if com- 15-30 minutes Securities Specialist None As stated in the
tors/Trustees Certifi- pliant with the provisions of basic requirements
cate; (ii) Amended the Corporation Code of for amendments
Articles of Incorpora- the Philippines and other
tion and/or Amended existing laws. If complete,
By-laws; and the (iii) advises registrant to pay fil-
Monitoring Clearance ing fee. If not, advises appli-
for pre-processing cant to comply with require-
ments.

4 Pays filing fee thru Accepts payment assess- 5 minutes SEC Cashier Registration fee for the Official Receipt
cashiers or man- ment form and generates Amended Articles of
agers check at SEC official receipt Incorporation is
Cashier P1,000.00.

Registration fee for the


Amended Articles of
Incorporation where
amendment consists of
extending the term of
corporate existence is
1/5 of 1% of the author-
ized capital stock but
not less than P2,000.00
plus 1% of such amount
as legal research fee.

Registration fee for the


Amended Articles of
Incorporation where
there is conversion or
reclassification of shares
is P2,000.00 plus Legal
Research Fee (LRF) of
not less than P50.00.

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 160 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(UNDER NORMAL CIR- CHARGE
CUMSTANCES)
4 Registration fee for the Official Receipt
Amended By-laws is
P1,000.00 plus Legal Re-
search Fee (LRF) of not
less than P50.00.

5 Files the application to After receipt of the applica- 5-10 minutes Support Staff/ None
the Receiving Unit, tion, the same shall be for- CPRD Staff
Corporate Filings and warded to the Corporate
Records Division Filings and Records Division
(CFRD) (CFRD) for the verification
and production of appli-
cants corporate records on
file with the Commission. For
corporations registered from
1996 onwards whose rec-
ords are available in the
Commissions database,
production of documents
may take 1 to 2 days. How-
ever, for corporations whose
records are not available in
the database, production of
documents may take longer
as the same shall be se-
cured from the SEC offsite
warehouse.

6 Thereafter, the application Printed Certificate


with the attached records of Filing of Amend-
shall be transmitted to CPRD ed Articles of Incor-
for the generation of the poration and/or By-
Certificate of Filing of laws
Amended Articles of Incor-
poration and/or By-laws.

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 161 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(UNDER NORMAL CIR- CHARGE
CUMSTANCES)
7 Assistant Director will review 20-30 minutes Asst. Director Printed Certificate
the application of Filing of Amend-
ed Articles of Incor-
poration and/or By-
laws

8 CRMD Director signs the CRMD Director Printed Certificate


Certificate of Filing of Amend-
ed Articles of Incor-
poration and/or By-
laws

9 Presents Official Re- Sorts articles of incorpora- Certificates may be Support Staff/ None Signed Certificate
ceipt to Releasing tion and/or by-laws with claimed within five (5) CFRD Staff of Filing of the
Unit, CFRD to get the Certificate of Filing of days from filing of appli- Amended Articles
Certificate of Approv- Amended Articles of Incor- cation from the Releas- of Incorporation
al of Amendment poration and/or Certificate ing Unit. However, for and/or By-laws
of Filing of Amended By- corporate records not
laws for release to appli- available in the data-
cant base, the release of the
Certificate of Filing may
vary.
END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 162 | P a g e

Application for Amendment of Partnerships


Schedule of availability of service : Monday, 8:30 AM to 5:00 PM (no noon break); Tuesday to Friday, 8:00 AM to 5:00 PM (no noon break)
Who may avail of the service : General Public
What are the requirements :

1) Cover Sheet
2) The Amended Articles of Partnership shall be signed by all partners and duly notarized.

If the amendment pertains to the transfer or assignment of interest(s), or the withdrawal, resignation or death of any partner, the document evidencing
said fact shall be submitted in support of the application.

How to avail of the service :

STEP APPLICANT/ SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


CLIENT ACTIVITY CHARGE
(under normal
circumstances)
1 Prepares the Amended Arti- As stated in the
cles of Partnership basic requirements
for amendments
2 Submits the Amended Articles Checks the documents if com- 5 minutes Securities
of Partnership for pre- pliant with the Civil Code provi- Specialist
processing. sions on partnership and other
existing laws. If complete, ad-
vises registrant to pay filing fee.
If not, advises applicant to
comply with requirements.

3 Pays filing fee thru cashiers or Prepares Payment Assessment 1 minute SEC Cashier Registration fee P2,000.00 Payment Assessment
managers check SEC Cashier Form plus Legal Research Fee Form/
(LRF) of not less than Official Receipt
P50.00;

For increase of capital:


1/5 of 1% of the increase
in capital but not less
than P2,000.00 plus Legal
Research (LRF) of not less
than P50.00

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 163 | P a g e

STEP APPLICANT/ SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


CLIENT ACTIVITY CHARGE
(under normal
circumstances)
4 Files the application to Receiv- After receipt of the application 10-15 minutes CPRD Staff Printed Certificate of
ing Unit, Corporate Filings and by CFRD, the records on file Recording of
Records Division (CFRD) shall be attached and transmit- Amended Articles of
ted to CPRD for the generation Partnership
of the Certificate of Recording
of Amended Articles of Partner-
ship.

5 Asst. Director will review the ap- 5-15 minutes Assistant Di- Certificate of Re-
plication rector cording of Amended
Articles of Partner-
ship.

6 CRMD Director signs the Certifi- 5-15 minutes CRMD Direc- Certificate of Re-
cate tor cording of Amended
Articles of Partner-
ship.

7 Presents Official Receipt to Sorts articles of partnership with Certificate may CFRD Staff None Signed Certificate of
Releasing Unit, CFRD to get Certificate of Recording of the be claimed Recording of
the Certificate of Recording of Amended Articles of Partner- within 2 days Amended Articles of
Amended Articles of Partner- ship for release to applicant from the filing Partnership.
ship. of application
with the Receiv-
ing Unit
END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 164 | P a g e

Conversion of Branch Office to Representative Office (Vice Versa), Regional Area Headquarters
(RHQ) to Regional Operating Headquarters (ROHQ) (Vice Versa), Change/Substitution of Resident
Agent, Withdrawal of License and other Amendments of Foreign Corporations
Schedule of availability of service : Monday, 8:30 AM to 5:00 PM (no noon break), Tuesday to Friday, 8:00 AM to 5:00 PM (no noon break)
Who may avail of the service : General Public
What are the requirements :

Petition for Amendment/Conversion of License


1) Authenticated copy of the Board Resolution approving the amendment/conversion
2) Monitoring Clearance
3) Endorsement from the Board of Investments (for RHQ and ROHQ)

Additional Requirements for Amendment for Corporate Name


1) Name Verification Slip
2) Affidavit of a Director/Resident Agent/Local Agent undertaking to change the new corporate name
3) Authenticated copy of Amended Articles of Incorporation/Association/By-laws with an English translation if a foreign language other than English

Additional requirement for Conversion of License to Stock Branch Office (DME) and ROHQ
1) Proof of compliance with the minimum assigned capital/remittance
2) Application form (not required if Petition contains all the items in the prescribed Application Form)

Change of Resident Agent


1) Petition for Change of Resident Agent (RA)
2) Authenticated copy of the Board Resolution approving the change/appointment of RA
3) Acceptance by the new RA (not required if RA is the signatory to the Petition)
4) Monitoring Clearance

Withdrawal of License
1) Petition for withdrawal of License;
2) Authenticated copy of the Board Resolution authorizing the withdrawal of license
3) Audited Financial Statements (AFS)
as of the last fiscal year
stamped received by the BIR and SEC
4) List of creditors, if any, and their consent, OR notarized certification as to non-existence of creditors (Note: to be verified against the AFS)
5) Original license issued by SEC
6) Publisher's affidavit evidencing the publication of the notice of withdrawal ( once a week for three [3] consecutive weeks )
7) Endorsement/Clearance from the Board of Investments (for RHQ and ROHQ)
8) Endorsement/Clearance from appropriate government agencies
9) BIR Tax Clearance

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 165 | P a g e

How to avail of the service :


STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM
ACTIVITY CHARGE
(under normal
circumstances)
1 Prepares Petition for conver- As stated in the
sion/withdrawal of license and basic requirements
other documentary require- for conversion/
ments Withdrawal

2 Secures Monitoring Clearance Checks compliance with Within 5 days Securities Spe- Payment of penalties Payment Assess-
reportorial requirements from date of cialist ment Form/ Monitor-
presentation of ing Sheet
complete re-
quirements

3 Submits the Petition got conver- Checks documents if com- 15-30 minutes Securities Spe- None As stated in the
sion/withdrawal of license, pliant with the provisions of cialist basic requirements
Monitoring Clearance and oth- the Corporation Code of for amendments
er documentary requirements the Philippines and other
existing laws. If complete,
advises registrant to pay
filing fee. If not, advises ap-
plicant to comply with re-
quirements

4 Review of CPRD and/or 30 minutes CPRD and/or


FAAD Asst. Director(s) FAAD Asst. Di-
rector(s)

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 166 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


ACTIVITY CHARGE
(under normal
circumstances)
5 Pays filing fee thru cashiers or Accepts payment assess- 5 minutes SEC Cashier Conversion of Repre- Official Receipt
managers check at SEC Cash- ment form and generates sentative Office to
ier official receipt Branch Office vice versa-
1% of the actual inward
remittance converted
into Philippine currency
but not less than
P5,000.00 plus 1% Legal
Research Fee (LRF)

Conversion of ROHQ to
RHQ vice versa 1% of
the actual remittance
but not less than 1% of
peso equivalent of
US$200,000 at the time of
remittance

Petition for Amendment


of License of Foreign Cor-
porations and multina-
tional companies
P3,000.00 plus 1% Legal
Research Fee

Withdrawal of License of
Foreign Corporations and
Multinational corpora-
tions P3,000.00 plus Le-
gal Research Fee

Petition for appointment/


substitution/revocation of
resident agent - P3,000.00
plus Legal Research Fee
The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 167 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


ACTIVITY CHARGE
(under normal
circumstances)
5 Amended Articles of In- Official Receipt
corporation and By-laws
of foreign corporations -
P2,000.00 plus Legal Re-
search Fee

6 Files the application to the Re- After receipt of the applica- 5-10 minutes Support Staff/ None
ceiving Unit, Corporate Filings tion, the same shall be for- CPRD Staff
and Records Division (CFRD) warded to the Corporate Fil-
ings and Records Division
(CFRD) for the verification and
production of applicants cor-
porate records on file with the
Commission. For corporations
registered from 1996 onwards
whose records are available
in the Commissions data-
base, production of docu-
ments may take 1 to 2 days.
However, for corporations
whose records are not availa-
ble in the database, produc-
tion of documents may take
longer as the same shall be
secured from the SEC offsite
warehouse.

Thereafter, the application


with the attached records
shall be transmitted to CPRD
for the generation of the Cer-
tificate of Filing of Amended
Articles of Incorporation and/
or By-laws.

CRMD Director reviews and 10-15 minutes CRMD Director Printed License
approves the application

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 168 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


ACTIVITY CHARGE
(under normal
circumstances)
7 Presents Official Receipt to Re- Sorts petition and other License may be Support Staff/ None Signed License
leasing Unit, CFRD to get the documentary requirements claimed within CFRD Staff
License of Approval of Amend- together with the license five (5) days
ment from filing of ap-
plication. How-
ever, for corpo-
rate records not
available in the
database, the
release of the
Certificate of
Filing may vary.

END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 169 | P a g e

Application of Foreign Corporations


Schedule of availability of service : Monday, 8:30 AM to 5:00 PM (no noon break), Tuesday to Friday, 8:00 AM to 5:00 PM (no noon break)
Who may avail of the service : Registrant foreign corporation thru their representatives
What are the requirements :
1) Cover Sheet
2) Name Verification Slip
3) Application Form (AF)
a) F-103 Stock Branch Office (SBO)
b) F-104 Stock Representative Office (SRO)
c) F-108 Non-Stock Branch and Representative Office, including Foundations (NBO & NRO)
4) Authenticated copy of the Board Resolution
a) authorizing the establishment of the Branch/Representative Office in the Philippines
b) designating the Resident Agent to whom summons and other legal processes may be served in behalf of the foreign corporation
c) stipulating that in the absence of such Agent or upon cessation of its business in the Philippines, any summons or legal processes may be served to
SEC as if the same is made upon the corporation at its home office
5) Authenticated copy of the Articles of Incorporation/ Partnership / Establishment with an English translation thereof if in a foreign language other than
English
6) Financial Statements (per MC 11 of 2013)
a) For those whose home country requires audited financial statements, the applicant shall submit financial statements:
for the immediately preceding year at the time of filing of the application
audited by an independent Certified Public Accountant of the home country
authenticated before the Philippine Consulate/Embassy

If the date of the AFS exceeds the one-year requirement, the applicant shall submit:
Authenticated Audited Financial Statements that are available as of date of filing of the application; and
Authenticated Unaudited Financial Statements (AUFS) as of date not exceeding one (1) year immediately prior to the filing of the applica-
tion signed by an officer of the foreign corporation.

b) For those whose home country does not require audited financial statements, the applicant shall submit:
Authenticated Unaudited Financial Statements as of a date not exceeding one (1) year immediately prior to the filing of the application; and
Authenticated Certification signed under oath by an officer of a responsible regulatory institution or by the applicants legal counsel that the ap-
plicant is not required to prepare and submit audited financial statements, with citation of the law or regulation on which it is based. (attach the
print out of the law for verification purposes)

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 170 | P a g e

7) Compliance with Financial Ratios


Stock Branch Office
Ratio Formula Benchmark Value
Solvency Total Assets/Total Liabilities 1:1
Liquidity Current Assets/Current Liabilities 1:1
Debt to Equity Total Liabilities/Equity 3:1

Stock Representative Office, Non-Stock Branch Office & Non-Stock Representative Office
Ratio Formula Benchmark Value
Solvency Total Assets/Total Liabilities 1:1

Notes:
(If Solvency Ratio is not within the Benchmark Value: application is rejected)
If Liquidity Ratio and/or Debt to Equity Ratio is/are not within the Benchmark Value/s: Submit PhP1M Surety Bond

8) Notarized proof of inward remittance such as bank certificate of inward remittance or credit advices
9) Affidavit of undertaking to change corporate name (not required if already stated in the AF)
10) Residents Agents acceptance of appointment (not required if RA is the signatory to the AF)
11) Indorsement/Clearance from appropriate government agencies
12) Additional Requirements for Foundations
a) Notarized Certificate of Bank Deposit of the amount of not less than PhP1M
b) Statement of willingness to allow the Commission to conduct an audit

Regional Area Headquarters (RHQ) and Regional Operating Headquarters (ROHQ)


1) Name Verification Slip
2) Application Form
3) Certification from the Philippine Consulate/Embassy or the Philippine Commercial Office or from the equivalent office of the Philippine DTI in the appli-
cant's home country that said foreign firm is an entity engaged in international trade with affiliates, subsidiaries or branch offices in the Asia Pacific Re-
gion and other foreign markets; in case the Certification is issued by the equivalent office of the DTI, the same shall be authenticated by the Philippine
Consulate/Embassy
4) Authenticated Certification from principal officer of the foreign entity to the effect that the said foreign entity has been authorized by its board of di-
rectors or governing body to establish its RHQ/ROHQ
5) Affidavit of undertaking to change corporate name (not required if already stated in the AF)
6) Endorsement of the Board of Investments (BOI)
7) Endorsement/Clearance from appropriate government agencies, if applicable

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 171 | P a g e

How to avail of the service :


STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM
(under normal circum- CHARGE
stances)
1 Applicant presents ALL ac- Assigns the application to 5 minutes Support Staff FIA Form 103
complished documentary processor SBO
requirements for pre-
processing at the Satellite FIA Form 104
Office SRO

FIA Form 108 -


NBO/NRO

RHQ

ROHQ
2 Applicant waits to be Specialist pre-processes/ 30 minutes Specialist All documentary
called by the Specialist evaluates the application Securities requirements
3 Specialist issues Payment 5 minutes Securities Spe- Filing Fees (FF): Payment Assess-
Assessment Form (PAF) cialist SBO: ment Form
1% of the actual inward re-
mittance converted into
Philippine currency but not
less than P3,000

SRO:
1/10 of 1% of the actual in-
ward remittance converted
into Philippine currency but
not less than P2,000

NBO & NRO:


P3,000

RHQ:
P5,000

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 172 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)
3 ROHQ:
1% of the actual inward re-
mittance but not less than
1% of peso equivalent of
US$200,000 at the time of
remittance

Legal Research Fee:


For ALL Applications:
1% of the License Fee but
not less than P50.00 shall be
paid at the time of filing
4 Applicant pays license fees Cashier
at the Cashier and files ap-
plication to Receiving Unit, CFRD Support
Corporate Filing and Rec- Staff
ords Division (CFRD)
5 Upon receipt of application 15 minutes Securities Spe- License
from the CFRD, CPRD Sup- cialist Checklist
port prepares the License,
and the Securities Specialist
prepares the Checklist of
Requirements , which con-
tains the financial report for
SBO (Checklist)

6 FAAD and/or CPRD Assistant 1 hour FAAD and/or License


Director(s) evaluates/ CPRD Assistant Checklist
reviews the License and oth- Director(s)
er attached documentary
requirements and initials the
same.

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 173 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)
7 CRMD Director reviews/signs 30 minutes CRMD Director License
the License
8 Applicant claims the Li- CFRD Support License
cense from CFRD Staff
(Official Receipt must be
presented)
END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 174 | P a g e

Processing Services for Voting Trust Agreements


Schedule of availability of service : Monday, 8:30 AM to 6:00 PM (no noon break), Tuesday to Friday, 8:00 AM to 6:00 PM (no noon break)
Who may avail of the service : Filipino citizen, resident and non-resident aliens, at least 18 years of age
What are the requirements :
1) Voting Trust Agreement
2) Secretarys Certificate reflecting the list of stockholders and their respective assigned trustee
3) Secretarys Certificate on no intra corporate dispute
How to avail of the service :

STEP APPLICANT/ SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


CLIENT ACTIVITY CHARGE
(under normal
circumstances)
1 Prepares Voting Trust As stated in the basic re-
Agreements quirements

2 Submits the Voting Trust Checks the documents if 5 minutes Securities


Agreements for pre- compliant with the Civil Code Specialist
processing. provisions on partnership and
other existing laws. If com-
plete, advises registrant to
pay filing fee. If not, advises
applicant to comply with re-
quirements.

3 Pays filing fee thru Prepares Payment Assessment 1 minute SEC Cashier Voting Trust Agreement Payment Assessment Form/
cashiers or managers Form fee P500.00/agreement; Official Receipt
check SEC Cashier
Plus 1% Legal Research
Fee of not less than
P50.00
4 Files the application to After receipt of the applica- 10-15 minutes CPRD Staff Printed Certificate of Record-
Receiving Unit, Corpo- tion by CFRD, the records on ing of Voting Trust Agree-
rate Filings and Records file shall be attached and ments
Division (CFRD) transmitted to CPRD for the
generation of the Certificate
of Recording of the Voting
Trust Agreements

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 175 | P a g e

STEP APPLICANT/ SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


CLIENT ACTIVITY CHARGE
(under normal
circumstances)
5 The Asst. Director will review 15-30 minutes Asst. Director Printed Certificate of Record-
the application and forward it ing of Voting Trust Agree-
to the CRMD Director for ap- ments and the Voting Trust
proval. CRMD Direc- Agreements
tor

Presents Official Re- Sorts Voting Trust Agreements Certificate CFRD Staff None Signed Certificate of Record-
6 ceipt to Releasing Unit, with Certificate of Recording may be ing of Voting Trust Agree-
CFRD to get the Certifi- of Voting Trust Agreements for claimed within ments
cate of Recording of release to applicant 2 days from the
Voting Trust Agree- filing of appli-
ments cation with the
Releasing Unit
END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 176 | P a g e

Actions (Two [2] Party Complaints/Petitions)


Schedule of availability of service : Monday, 8:30 AM to 5:00 PM (no noon break), Tuesday to Friday, 8:00 AM to 5:00 PM (no noon break)
Who may avail of the service : Natural or juridical persons or entities authorized by law or a party in interest acting through an attorney-in-fact
(SEC Rules of Procedure, Rule 2-2)
What are the requirements :
1) Verified Complaint/Petition (SEC Rules of Procedure, Rule 3-4 and 3-9)
2) Certificate of Non-Forum Shopping (SEC Rules of Procedure, Rule 3-5)
3) Affidavits, Documents, and Other Supporting Documents (SEC Rules of Procedure, Rule 3-14)
4) Monitoring Clearance
5) Docket Fee of Three Thousand Twenty (Php3,020.00) Pesos inclusive of Legal Research Fee (SEC Rules of Procedure, Rule 3-15 in accordance with the
Schedule of Fees forming part of the SEC Rules)
How to avail of the service :
STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM
ACTIVITY CHARGE
(under normal
circumstances)
Pre-processing
1 Presents complaint/ Receives complaint/ 5 minutes Support staff Verified Complaint/Petition
petition petition for evaluation and supporting documents

2 Assignment for pre- 1 minute CFRD Officer-in-


processing Charge

3 Pre-processing of the com- 1 hour Securities Coun-


plaint / petition / evalua- sel of the CRMD
tion of the formal require-
ments
if the complaint/ 5 minutes Executive Assis- Payment Assessment Form
petition is complete tant (PAF)
and sufficient in form,
the petition is forward-
ed to the Office of the
Director for the issu-
ance of the Payment
Assessment Form
(PAF) and instructs the
client to pay the
Docket Fee

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 177 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


ACTIVITY CHARGE
(under normal
circumstances)
Pre-processing
3 if the complaint/ 5 minutes Executive Assis- Payment Assessment Form
petition is incomplete tant (PAF)
and insufficient in
form, the complaint/
petition is returned to
the applicant with a
list of requirements not
complied with
4 Proceeds to the Cashier Receives payment and 15 minutes Cashier Php3,020.00 Official Receipt (OR)
for the payment of the issues Official Receipt
Docket Fee

5 Proceeds to the CRMD Receives the complaint/ 15 minutes CRMD Receiving


Receiving Unit petition and the supporting Unit
documents to be forward-
ed to the Office of the Di-
rector for assignment to
Securities Counsel of the
CRMD

6 Complaint/petition official-
ly filed with the CRMD

Complaint/petition is as- 10 minutes Executive Assis-


signed a docket number or tant
case number

Assignment of the com- 2 minutes Director


plaint/petition to a Hearing
Officer (Securities Counsel
of the CRMD)

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 178 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


ACTIVITY CHARGE
(under normal
circumstances)
Proceedings Before the Hearing Officer
7 Summons to the respond- Within Ten (10) Securities Coun-
ent shall be issued ordering days from the sel
respondent to file answer date of the fil-
within fifteen (15) days ing of the com-
from service of summons plaint/petition
(SEC Rules of Procedure,
Rule 4-1)
if the respondent fails within ten (10)
to answer the com- days from ser-
plaint/petition within vice of the an-
the days prescribed, swer
he shall be considered
in default (SEC Rules of
Procedure, Rule 3-12)
the complainant may
file a reply (SEC Rules of
Procedure, Rule 3-13)*
a rejoinder may be within five (5)
submitted (SEC Rules of days from re-
Procedure, Rule 3-13)* ceipt of the re-
ply
*The filing of a reply and
rejoinder may be disal-
lowed (SEC Rules of Proce-
dure, Rule 3-12)

8 The case shall be set for Within ten (10) Securities Coun-
conference (SEC Rules of days after the sel
Procedure, Rule 5-1) last pleading
has been filed,
or upon the ex-
piration of the
period within
which to file the
reply or rejoin-
der
The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 179 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


ACTIVITY CHARGE
(under normal
circumstances)
Proceedings Before the Hearing Officer
9 Decision rendered / Order within thirty (30) Securities Coun-
Issued (SEC Rules of Proce- days from sub- sel
dure, Rule 6-1) mission for reso-
lution
10 Finality of the Decision (SEC Within fifteen
Rules of Procedure, Rule 6- (15) days from
2) notice of the
decision
The Decision shall be en- Executive Assis-
tered in the Book of Entry tant
of Judgments (SEC Rules of
Procedure, Rule 6-2-)
END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 180 | P a g e

Petition for Correction


Schedule of availability of service : Monday, 8:30 AM to 5:00 PM (no noon break), Tuesday to Friday, 8:00 AM to 5:00 PM (no noon break)
Who may avail of the service : Natural or juridical persons or entities authorized by law or a party in interest acting through an attorney-in-fact
(SEC Rules of Procedure, Rule 2-2)
What are the requirements :
1) Verified Petition (SEC Rules of Procedure, Rule 3-4 and 3-9)
2) Certificate of Non-Forum Shopping (SEC Rules of Procedure, Rule 3-5)
3) Affidavits, Documents, and Other Supporting Documents (SEC Rules of Procedure, Rule 3-14)
4) Corrected Articles of Incorporation
5) Monitoring Clearance
6) Docket Fee of Three Thousand Twenty (Php3,020.00) Pesos inclusive of Legal Research Fee (SEC Rules of Procedure, Rule 3-15 in accordance with the
Schedule of Fees forming part of the SEC Rules)
How to avail of the service :
STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM
ACTIVITY CHARGE
(under normal
circumstances)
Pre-processing
1 Presents petition Receives petition for evaluation 5 minutes Support Staff Verified pe-
tition and
supporting
documents
2 Assignment for pre-processing 1 minute CFRD Officer-
in-Charge

3 Pre-processing of the petition/evaluation of the formal 1 hour Securities


requirements Counsel of
the CRMD
if the petition is complete and sufficient in form, the 5 minutes Payment
petition is forwarded to the Office of the Director for Executive As- Assessment
the issuance of the Payment Assessment Form (PAF) sistant Form (PAF)
and instructs the client to pay the Docket Fee
if the petition is incomplete and insufficient in form,
the petition is returned to the applicant with a list of
requirements not complied with

4 Proceeds to the Cashier Receives payment and issues Official Receipt 15 minutes Cashier Php3,020.00 Official Re-
for the payment of the ceipt (OR)
Docket Fee
The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 181 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


ACTIVITY CHARGE
(under normal
circumstances)
Pre-processing
5 Proceeds to the CRMD Receives the petition and the supporting documents to 15 minutes CRMD Receiv-
Receiving Unit be forwarded to the Office of the Director for assign- ing Unit
ment to Securities Counsel of the CRMD

6 Petition officially filed with the CRMD

Petition is assigned a docket number or case number 10 minutes Executive As-


sistant

Assignment of the petition to a Hearing Officer 2 minutes Director


(Securities Counsel of the CRMD)

Proceedings Before the Hearing Officer


7 Order Issued (SEC Rules of Procedure, Rule 6-1) within thirty (30) Securities
days from sub- Counsel
mission for reso-
lution

8 Finality of the Decision (SEC Rules of Procedure, Rule 6- Within fifteen


2) (15) days from
notice of the
decision

The Decision shall be entered in the Book of Entry of Executive As-


Judgments (SEC Rules of Procedure, Rule 6-2) sistant
END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 182 | P a g e

Application for Licensing of Financing Companies


Head Office/Branch Office (Including replacement of Certificate of Authority due to amendment of corporate name and/or principal office address)

Schedule of availability of service : Monday, 8:30 AM to 5:00 PM (no noon break), Tuesday to Friday, 8:00 AM to 5:00 PM (no noon break)
Who may avail of the service : Corporations organized in accordance with the provisions of Republic Act No. 8556 The Financing
Company Act of 1998
What are the requirements :

1) All documents required for registration as a corporation


2) Cover Sheet
3) Application Form
4) Information sheet of registrant company
5) Personal Information Sheet of Directors and Officers
6) For Filipino Directors and Officers: Clearance from the National Bureau of Investigation (NBI)
7) For Foreign Directors and Officers:
a) Photocopy of Alien Certificate of Registration or Immigration Certificate of Registration;
b) Photocopy of passport showing valid visa or stay in the Philippines; and
c) Clearance from the Bureau of Immigration (BI)
8) Clearance from the Bangko Sentral ng Pilipinas, if the applicant is a subsidiary or affiliate of a bank and/or non-bank financial institution with quasi-
banking license
9) Manual on Corporate Governance:
a) If foreign participation in voting stock is more than 40%; or
b) If total assets is PhP50M or more; or
c) If commercial paper issuer, either exempt or registered
10) Manual on Anti-Money Laundering:
a) If foreign participation in voting stock is more than 40%; or
b) If total assets is PhP10M or more
11) Board Resolution on the adoption of the Manual/s
12) Format of Disclosure Statement on Loan/Credit Transactions
13) Notarized Bank Certificate of Deposit of the Paid-up Capital

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 183 | P a g e

How to avail of the service :


STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM
ACTIVITY CHARGE
(under normal
circumstances)
1 Presents documents for Checks completeness of the 5 minutes Officer of the Articles of Incorporation
evaluation/processing documents and takes the Day and By-Laws
application to the Assistant Cover Sheet
Director (AD)/Officer-in- Application Form
Charge (OIC) for assignment Companys Information
Sheet
Personal Information Sheet
of Directors and Officers
2 Assigns the application to a 1 minute AD/OIC
Specialist

3 Records assignment 1 minute Clerk

4 Waits to be called by Processes/evaluates the ap- 1 hour Specialist


the Specialist plication

(In case of deficiency, the


applicant is given a checklist
citing the deficiency; appli-
cation is returned to the ap-
plicant for compliance)

5 Prepares the Memorandum 1 hour Specialist


for the Commission En Banc

6 Reviews the application and 1 hour AD/OIC


the Memorandum

(In case of any finding, the


license and application are
returned to the processor for
appropriate action)

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 184 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


ACTIVITY CHARGE
(under normal
circumstances)
7 Reviews and approves the 30 minutes Director
Memorandum and the issu-
ance of Payment Assess-
ment Form (PAF)

(In case of any finding, the


license and application are
returned to Licensing Unit for
appropriate action)
8 Pays the assessed fees Issues the PAF 5 minutes Specialist Primary License
1/5 of 1% of the authorized
capital stock or the sub-
scription price of the sub-
scribed capital stock
whichever is higher but not
less than P2,000 + Legal Re-
search Fee (LRF)

Secondary License
Head Office: 1/10 of 1% of
the paid-up capital + LRF

Branch/Agency/ Extension/
Unit: 1/10 of 1% of the capi-
tal of the branch, satellite,
extension or unit + LRF

Amendment of Certificate
of Authority
Head Office: P500 + LRF
Branch Office: P500 + LRF

*LRF: 1% of the Registration/


Filing Fee but not less than
P50
The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 185 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


ACTIVITY CHARGE
(under normal
circumstances)
9 Upon receipt of application 30 minutes Specialist
documents from the CRMD-
CFRD, re-evaluates the ap-
plication and finalizes the
Memorandum

(In case of deficiency, the


applicant is immediately in-
formed)

10 Reviews and initials the 15 minutes AD/OIC


Memorandum

(In case of any finding, the


license and application are
returned to the processor for
appropriate action)

11 Reviews, signs and forwards 15 minutes Director


the Memorandum to the En
Banc, through the Supervis-
ing Commissioner

(In case of any finding, the


license and application are
returned to Licensing Unit for
appropriate action)

12 Deliberates on/approves the 30 minutes Commission


application En Banc

(In case of any finding, the


Memorandum and applica-
tion is returned to CRMD for
appropriate action)
The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 186 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


ACTIVITY CHARGE
(under normal
circumstances)
13 Upon receipt of the ap- 5 minutes Specialist
proved application from the
En Banc, prepares the Certif-
icate of Authority

14 Reviews and initials the Cer- 10 minutes AD/OIC


tificate of Authority

(In case of any finding, the


license and application are
returned to the processor for
appropriate action)

15 Claims the Certificate of Reviews and signs the Certifi- 10 minutes Director
Authority cate of Authority

(In case of any finding, the


license and application are
returned to Licensing Unit for
appropriate action)

END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 187 | P a g e

Application for Licensing of Lending Companies


Head Office/Branch Office (Including replacement of Certificate of Authority due to amendment of corporate name and/or principal office address)

Schedule of availability of service : Monday, 8:30 AM to 5:00 PM (no noon break), Tuesday to Friday, 8:00 AM to 5:00 PM (no noon break)
Who may avail of the service : Corporations organized in accordance with the provisions of Republic Act No. 9474 Lending Company
Regulation Act of 2007
What are the requirements :
1) All documents required for registration as a corporation
2) Cover Sheet
3) Application Form
4) Information sheet of registrant company
5) For Filipino Directors and Officers: Clearance from the National Bureau of Investigation (NBI)
6) For Foreign Directors and Officers:
a) Photocopy of Alien Certificate of Registration or Immigration Certificate of Registration;
b) Photocopy of passport showing valid visa or stay in the Philippines; and
c) Clearance from the Bureau of Immigration (BI)
7) Manual on Corporate Governance:
a) If foreign participation in voting stock is more than 40%; or
b) If total assets is PhP50M or more; or
c) If commercial paper issuer, either exempt or registered
8) Manual on Anti-Money Laundering:
a) If foreign participation in voting stock is more than 40%; or
b) If total assets is PhP10M or more
9) Board Resolution on the adoption of the Manual/s
10) Notarized Bank Certificate of Deposit of the Paid-up Capital
How to avail of the service :
STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM
ACTIVITY CHARGE
(under normal
circumstances)
1 Presents all documen- Checks completeness of the docu- 5 minutes Officer of Registration docu-
tary requirements for ments and takes the application to the Day ments (i.e., Articles and
pre-processing/ the Assistant Director (AD)/Officer-in By-Laws, Treasurers
evaluation -Charge (OIC) for assignment Affidavit, Undertaking
to Change Name)
Cover Sheet
Application Form
Information Sheet
2 Assigns the application to a Special- 1 minute AD/OIC
ist
The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 188 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


ACTIVITY CHARGE
(under normal
circumstances)
3 Records assignment 1 minute Clerk

4 Waits to be called by Processes/evaluates the application 30 minutes Specialist


the Specialist (In case of deficiency, the applicant
is given a checklist citing the defi-
ciency; application is returned to
the applicant for compliance)

5 Reviews the application and ap- 30 minutes AD/OIC


proves issuance of Payment Assess-
ment Form (PAF)
(In case of any finding, the license
and application are returned to the
processor for appropriate action)

6 Pays the assessed fees Issues the PAF 5 minutes Specialist Primary License
1/5 of 1% of the authorized capital
stock or the subscription price of the
subscribed capital stock whichever
is higher but not less than P2,000 +
Legal Research Fee (LRF)

Secondary License
Head Office: 1/10 of 1% of the paid-
up capital + LRF

Branch/Satellite/ Extension/Unit: 1/10


of 1% of the capital of the branch,
satellite, extension or unit + LRF

Amendment of Certificate of Au-


thority
Head Office: P500 + LRF
Branch Office: P500 + LRF

*LRF: 1% of the Registration/Filing Fee


but not less than P50
The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 189 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


ACTIVITY CHARGE
(under normal
circumstances)
7 Upon receipt of application docu- 10 minutes Specialist
ments from the CRMD-CFRD, re-
evaluates the application and pre-
pares the Certificate of Authority
(In case of deficiency, the applicant
is immediately informed)

8 Reviews and initials the Certificate 10 minutes AD/OIC


of Authority
(In case of any finding, the license
and application are returned to the
processor for appropriate action)

9 Claims the Certificate of Reviews and signs the Certificate of 10 minutes Director
Authority Authority
(In case of any finding, the license
and application are returned to Li-
censing Unit for appropriate action)

END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 190 | P a g e

Application for Registration of Capital Market Institutions


Investment Houses/Underwriter of Securities/Broker Dealer/Broker Only/Dealer Only/Investment Company Advisers/Transfer Agents/Mutual Fund Distributors
(Including amendments)

Schedule of availability of service : Monday, 8:30 AM to 5:00 PM (no noon break), Tuesday to Friday, 8:00 AM to 5:00 PM (no noon break)
Who may avail of the service : Companies intending to be registered as capital market institutions under Republic Act No. 8799
(Securities Regulation Code), Presidential Decree No. 129 (Investment Houses Law) and Republic Act
No. 2629 (Investment Company Act)
What are the requirements : Please refer to the attached Checklist of Requirements for each institution
Annex A Mutual Fund Distributor
Annex B Broker Dealer in Securities
Annex C Investment Company Adviser
Annex D Investment House/Underwriter of Securities
How to avail of the service :
STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM
ACTIVITY CHARGE
(under normal
circumstances)
1 Presents documents for Checks completeness of the docu- 5 minutes Officer of the SEC Form MFD
evaluation/ ments and takes the application to Day SEC Form 28-BD
processing the Assistant Director (AD)/Officer-in- SEC Form 36-TA
Charge (OIC) for assignment SEC Form ICA-IA
SEC Form IHU-A
SEC Form IH-BO
2 Assigns the application to a Counsel 1 minute AD/OIC

3 Records assignment 1 minute Clerk

4 Waits to be called by Evaluates the application 2 hours Counsel/


the Specialist Specialist
(In case of deficiency, the applicant is
given a checklist citing the deficien-
cy; application is returned to the ap-
plicant for compliance)

5 Prepares the Memorandum for the 1 hour Counsel/


Commission En Banc Specialist

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 191 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


ACTIVITY CHARGE
(under normal
circumstances)
6 Reviews the application and the 2 hours AD/OIC
Memorandum
(In case of any finding, the license
and application are returned to the
processor for appropriate action)

7 Reviews and approves the Memoran- 2 hours Director


dum and the issuance of Payment
Assessment Form (PAF)
(In case of any finding, the license
and application are returned to Li-
censing Unit for appropriate action)

8 Pays the assessed fees Issues the PAF 5 minutes Counsel/ Mutual Fund Distributor:
Specialist P5,000 + LRF
Brokers/Dealers (Main Office):
P75,000 + LRF
Broker (Main Office): P40,000
+ LRF
Dealer (Main Office): P40,000
+ LRF
Broker/Dealer Branch Office:
P10,000 + LRF
Investment House/ Underwrit-
er: P75,000 + LRF
Investment House/Underwriter
with GSED: P75,000 + LRF
Investment House Branch Of-
fice: P10,000 + LRF
GSED: P75,000 + LRF
Investment Company Adviser:
P15,000 + LRF
Transfer Agents: P10,000 + LRF

*LRF: 1% of the Registration/


Filing Fee but not less than
P50

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 192 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


ACTIVITY CHARGE
(under normal
circumstances)
9 Upon receipt of application docu- 1 hour Counsel/
ments from the CRMD-CFRD, re- Specialist
evaluates the application and finaliz-
es the Memorandum
(In case of deficiency, the applicant is
immediately informed)

10 Reviews and initials the Memorandum 1 hour AD/OIC


(In case of any finding, the license
and application are returned to the
processor for appropriate action)

11 Reviews, signs and forwards the 30 minutes Director


Memorandum to the En Banc,
through the Supervising Commissioner
(In case of any finding, the license
and application are returned to Li-
censing Unit for appropriate action)

12 Deliberates on/approves the applica- 30 minutes Commission


tion En Banc
(In case of any finding, the Memoran-
dum and application is returned to
CRMD-LU for appropriate action)

13 Upon receipt of the approved appli- 5 minutes Counsel/


cation from the En Banc, prepares the Specialist
Certificate of Registration

14 Reviews and initials the Certificate of 30 minutes AD/OIC


Registration
(In case of any finding, the license
and application are returned to the
processor for appropriate action)

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 193 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


ACTIVITY CHARGE
(under normal
circumstances)
15 Claims the Certificate of Reviews and signs the Certificate of 30 minutes Director
Registration Registration
(In case of any finding, the license
and application are returned to Li-
censing Unit for appropriate action)

END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 194 | P a g e

Application for Registration of Capital Market Professionals


Associated Persons/Compliance Officers/Salesmen/Certified Investment Solicitors (Including replacement of Certificate of Registration due to amendment of
corporate name of institution)

Schedule of availability of service : Monday, 8:30 AM to 5:00 PM (no noon break), Tuesday to Friday, 8:00 AM to 5:00 PM (no noon break)
Who may avail of the service : Individuals intending to be registered as capital market professionals under Republic Act No. 8799
(Securities Regulation Code), Presidential Decree No. 129 (Investment Houses Law) and
Republic Act No. 2629 (Investment Company Act)
What are the requirements :

1) Cover Sheet
2) Application Forms (SEC Form 28-S, SEC Form 28-AP, SEC Form IHU/GSED-CO-AP, SEC Form ICA-CO, SEC Form ICA-CIS) verified under oath by the
employer
3) If an applicant is a foreigner, certified true copy of valid work permit duly issued by the Department of Labor and Employment (DOLE) or any ap-
propriate agency
4) Copies of identity cards/passports of applicant
5) Evidence, preferably a certified true copy, that such person has complied with applicable examination requirements and/or meets other educa-
tional, professional or technical qualifications
6) Written evidence that the employer has agreed to employ such person contingent upon such persons registration as capital market professional

How to avail of the service :


STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM
ACTIVITY CHARGE
(under normal
circumstances)
1 Presents documents for Checks completeness of the docu- 5 minutes Officer of SEC Form 28-S
evaluation/processing ments and takes the application to the Day SEC Form 28-AP
the Assistant Director (AD)/Officer-in- SEC Form IHU/
Charge (OIC) for assignment GSED-CO-AP
SEC Form ICA-CO
SEC Form ICA-CIS
2 Assigns the application to a Specialist 1 minute AD/OIC

3 Records assignment 1 minute Clerk

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 195 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


ACTIVITY CHARGE
(under normal
circumstances)
4 Waits to be called by Evaluates the application 15 minutes Specialist
the Specialist
(In case of deficiency, the applicant
is given a checklist citing the deficien-
cy; application is returned to the ap-
plicant for compliance)

5 Reviews the application and ap- 15 minutes AD/OIC


proves issuance of Payment Assess-
ment Form (PAF)

(In case of any finding, the license


and application are returned to the
processor for appropriate action)

6 Pays the assessed fees Issues the PAF 5 minutes Specialist Associated Person/
Compliance Officer:
P3,000 + Legal Research
Fee (LRF)
Salesman: P2,000 + LRF
Certified Investment So-
licitor: P2,500 + LRF
Investment Company
Adviser/Compliance
Officer: P3,000 + LRF

*LRF: 1% of the Registra-


tion/Filing Fee but not less
than P50

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 196 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


ACTIVITY CHARGE
(under normal
circumstances)
7 Upon receipt of application docu- 5 minutes Specialist
ments from the CRMD-CFRD, re-
evaluates the application and pre-
pares the Certificate of Authority

(In case of deficiency, the applicant


is immediately informed)

8 Reviews and initials the Certificate of 10 minutes AD/OIC


Authority

(In case of any finding, the license


and application are returned to the
processor for appropriate action)

9 Claims the Certificate of Reviews and signs the Certificate of 10 minutes Director
Authority Authority

(In case of any finding, the license


and application are returned to Li-
censing Unit for appropriate action)

END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 197 | P a g e

Request for Regular Monitoring of Domestic Corporations (Ordinary Stock and Non-Stock)
*Except foundations, publicly listed corporations and corporations with secondary license

Schedule of availability of service : Monday, 8:30 AM to 5:00 PM (no noon break), Tuesday to Friday, 8:00 AM to 5:00 PM (no noon break)
Who may avail of the service : General transacting public for:
a) Registered corporations;
b) Revoked corporations;
c) Corporations with Notice of Deficiencies and Hearing or Orders; and
d) Corporations with applications to be filed with the Corporate and Partnership Registration Division, Financial
Audit and Analysis Division and Corporate Filing and Records Division
What are the requirements :
1) Latest due Financial Statements and any amendments thereto (duly stamped received by BIR and SEC)
2) Latest due General Information Sheet and any amendments thereto (duly stamped received by BIR and SEC)
3) Copies of Certificate of Incorporation and latest Certificate of filing of Amended Articles or By-laws (if any) together with copies of the latest Arti-
cles of Incorporation and By-laws
4) Copy of Registration of Stock and Transfer Book/Membership Book
5) Other documents (per monitors instructions)
How to avail of the service :

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON FEES FORM


ACTIVITY IN
(under normal CHARGE
circumstances)
1 Provides request form with 2 mins. Officer of N/A Request Form with Checklist
checklist the Day

2 Submits filled-up Request Pre-evaluates required docu- 10 mins. Officer of Request Form with Checklist
for Monitoring and the ments. the Day and required documents.
required documents. a) If documents are not
complete, the same are
returned together with the
checklist of the require-
ments;
b) If documents are com-
plete the request is ac-
cepted and issues an
acknowledgement re-
ceipt with date of return
indicated therein.

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 198 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON FEES FORM


ACTIVITY IN
(under normal CHARGE
circumstances)
3 Prints system generated Doc- 5 mins. Support Document Index List
ument Index List (DIL). Staff

4 Assigns DIL with attached 2 mins. Support


documents to a particular Staff
monitor/analyst .

5 Determines compliance, de- 30-45 mins. on Monitor Guidelines on the Imposition Monitoring Sheet
ficiencies and violations, average of fines or penalties for non-
and prepares the Monitoring compliance with reportorial
requirements; Memoran-
Sheet (MS).
dum Circular No. 8, series of
2009 (MC8-2009); Amended
rules governing the distribu-
tion of excess profits of cor-
poration; Memorandum
Circular No. 8, Series of 1998
(MC8-1998); and Office Or-
der No. 298, Series of 2010.
6 Returns on assigned day, Presents the findings to the 15 mins. Monitor
and if is agreeable to the applicant.
findings presented, signs
the MS . If there are no deficiencies,
the MS prepared by the Moni-
tor will indicate such finding
and will be directly submitted
to the Assistant Director/
Officer-in-Charge for review
and signing.

Note: If applicable, clarifica-


tions and further compliance
may be required by the moni-
tor prior to the release of the
MS.

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 199 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON FEES FORM


ACTIVITY IN
(under normal CHARGE
circumstances)
7 Prepares and issues the Pay- 5 mins. Monitor Payment Assessment Form
ment Assessment Form (PAF).

8 Pays the assessed fines Applicant

Note: Applicant with re-


quest for reduction or pay-
ment in installment of fines,
the procedure for reduc-
tion of fines or payment in
installment will be followed.

9 Presents machine- Receives the PAF together 5 mins. Support


validated PAF with the other documents Staff
and indicates date of the
release of the Confirmation
of Payment of Fines (COP)

10 Prepares the COP 5 mins. Support Confirmation of Payment of


Staff Fines

11 Review and signs the COP or 10 mins. Assistant


MS, if without penalty. Director/
Officer-in-
If upon review, there are de- Charge
termined deficiencies/
corrections, it will be returned
to the applicant until the
same has been complied
with.

12 Returns on assigned day Releases the COP and MS 2 mins.Support


Staff
END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 200 | P a g e

Request for Regular Monitoring of Foreign Corporations (Branch Offices, Representative


Offices , Regional Area Headquarters and Regional Operating Headquarters)
*Except foundations

Schedule of availability of service : Monday, 8:30 AM to 5:00 PM (no noon break), Tuesday to Friday, 8:00 AM to 5:00 PM (no noon break)
Who may avail of the service : Walk-in applicants for:
a) Licensed foreign corporations;
b) Revoked foreign corporations;
c) Foreign corporations with Notice of Deficiencies and Hearing or Orders; and
d) Foreign corporations with applications to be filed with the Corporate and Partnership Registration Division
What are the requirements :
1) Latest due Financial Statements and any amendments thereto (duly stamped received by BIR and SEC)
2) Latest due General Information Sheet and any amendments thereto (duly stamped received by BIR and SEC)
3) SEC License and Application
How to avail of the service :
STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM
ACTIVITY CHARGE
(under normal
circumstances)
1 Provides request form with checklist 2 mins. Officer of Request form with
the Day checklist
2 Presents filled up Pre-evaluates required documents. 10 mins. Officer of
Request for Monitor- a. If documents are not complete, the the Day
ing and required docu- same are returned with the checklist of
ments. the requirements
b. If documents are complete the
Officer of the Day accepts the request
for monitoring

3 Prints system generated Document Index 5 mins. Support Document Index


List (DIL). Staff List

4 Determines compliance, deficiencies and 30 45 mins. Monitor Memorandum Circular Monitoring Sheet
violations, and prepares the Monitoring No. 15, series of 2006
Sheet (MS). (Including compliance with Se- (MC15-2006); and
curities Deposit* and Inward Remittance in MC8-2009
case of branch offices, and Regional Oper-
ating Headquarters (ROHQ) and Regional
headquarters (RHQ), respectively)

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 201 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


ACTIVITY CHARGE
(under normal
circumstances)
5 Reviews findings of the Monitor. 15 mins. Specialist/
Counsel
6 If agreeable to the find- Presents the findings to the applicant. 10 mins. Monitor
ings presented, signs the
MS. Note: If there are no deficiencies, the MS
indicating such finding will be directly sub-
mitted to the Assistant Director/Officer-in-
Charge for review and signing.

7 Prepares the Payment Assessment Form 5 mins. Monitor Payment Assess-


(PAF). ment Form
8 Pays assessed fines Applicant

9 Presents the PAF with Receives the PAF together with the other 5 mins. Support
cashiers validation documents and indicates date of the re- Staff
lease of the Confirmation of Payment of
Fines (COP)

10 Prepares the Confirmation of Payment of 5 mins. Monitor Confirmation of


Fines (COP) Payment of Fines

11 Reviews and signs the COP or MS, if with- 10 mins. Assistant


out penalty. Director/
Officer-in-
If upon review, there are determined defi- Charge
ciencies/corrections, it will be returned to
the applicant until the same has been
complied with.

12 Returns on assigned day Release of the COP and MS. 2 mins. Support
Note: In case of Securities Deposit, the Certifi- Staff
cate of the deposit of securities (Initial, Substi-
tution and Additional) is issued to the foreign
corporation upon compliance.

END OF TRANSACTION
The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 202 | P a g e

Process Compliance with Securities Deposit


Schedule of availability of service : Monday, 8:30 AM to 5:00 PM (no noon break), Tuesday to Friday, 8:00 AM to 5:00 PM (no noon break)
Who may avail of the service : Foreign Branch Offices (stock corporations)
What are the requirements :
1) Copy of latest Certificate of Securities Deposit (if any); and
2) Four (4) sets of the following:
a) Cover Sheet
b) Notarized cover letter requesting for the acceptance of securities deposit signed by the Resident Agent or any authorized representative
c) Photocopy of Confirmation of Sale (in case of Treasury Bill) or original copy if Government Bonds
d) Original copy of Proof of Earmarking of Treasury Bills in favor of SEC
How to avail of the service :
STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN CHARGE FEES FORM
ACTIVITY
(under normal
circumstances)
1 Submits the documen- Checks the completeness of requirements 10 mins. Monitor
tary requirements
(If documents are incomplete or non-
compliant, the same are returned with the
checklist of the requirements)

2 Steps 3 to 6 of the monitoring of Foreign Corpo-


rations will be followed.

3 Computes for the required securities deposit 15 mins. Monitor Memorandum


based on its latest due AFS Circular No. 2,
series of 2012
Note: a) In case of foreign airline companies (MC2-2012)
the Corporation must submit a Modified Formu-
la Computation for the computation of the re-
quired securities deposit (Sec. 5, Memorandum
Circular #2, series of 2012);

b) Computation is done simultaneously with the


monitoring of the Foreign branch office.

4 Prepares and issues the Payment Assessment 5 mins. Monitor


Form

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 203 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN CHARGE FEES FORM


ACTIVITY
(under normal
circumstances)
5 Pays custodian/ Applicant
monitoring fee
6 Prepares report of the securities deposit 10 mins. Monitor

7 Reviews the report of the securities deposit 5 mins. Specialist/ Counsel

8 Prepares and generates Certificate of Securities 5 mins. Monitor


Deposit

9 Reviews the generated Certificate of Securities 10 mins. Assistant Director/


Deposit Officer-in-Charge

10 Transmits the Certificate of Securities of Deposit 2 mins. Support Staff


to the Office of the Director for signing

END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 204 | P a g e

Petition to Lift Order of Revocation/Suspension


Schedule of availability of service :
Monday, 8:30 AM to 5:00 PM (no noon break), Tuesday to Friday, 8:00 AM to 5:00 PM (no noon break)
Who may avail of the service :
Corporations whose certificates of registration were revoked or suspended by the Commission for failure to
comply with the reportorial requirements and whose corporate term has not yet expired
What are the requirements : Pursuant to Memorandum Circular No. 5, series of 2016
1) Verified petition to set aside the Order of Revocation or Suspension
2) Directors or Trustees Certificate
3) Latest due Audited Financial Statements
4) Latest due General Information Sheet
5) Copies of Certificate of Incorporation and latest Certificate of filing of Amended Articles or By-laws (if any) together with latest Articles of
Incorporation and By-laws
6) Copy of registration of stock and transfer book or membership book
7) Secretarys Certificate of No Intra Corporate Controversy
8) Sworn Certifications by the auditor
9) Proofs of operation for each year, starting from the date of revocation or date of incorporation (for a suspension order) up to the time of the filing
of the petition
10) Payment of penalties/fines imposed after monitoring
How to avail of the service :

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


ACTIVITY CHARGE
(under normal
circumstances)
1 Presents the request form Checks the completeness of require- 10 mins. Request form
and documentary require- ments. Monitor with Checklist
ments and documen-
If documents are incomplete or non- tary require-
compliant, the same are returned with ments
the checklist of the requirements.

2 Assigns the Petition. 2 mins. Assistant Direc-


tor / Officer-in-
Charge
3 Steps 5 to 7 of the regular monitoring will
be followed

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 205 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


ACTIVITY CHARGE
(under normal
circumstances)
4 Pays the Petition Fee and Applicant P3,000 petition
Legal Research Fee together fee
with the fines/penalties im-
posed thereon plus

Note: Applicant with request Legal Research


for reduction or payment in Fee: 1% of Filing
installment of fines, the pro- Fee but not less
cedure for reduction of fines than Fifty Pesos
or payment in installment will (P50.00) shall be
be followed. paid at the time
of filing
5 Dockets the Case 2 mins. Staff

6 Reviews the Petition to lift Order of Rev- 30 mins. Specialist/


ocation and the attachments Counsel

7 Prepares the draft Order setting aside 15 mins. Specialist/


the Order of Revocation or Suspension Counsel

Note: if applicable, Summons and Clari-


ficatory Conferences may be issued/
held at any time and the process will be
held in abeyance until after the issues
have been settled or complied with.

8 Reviews the draft Order 15 mins. Assistant Direc- Draft Order


tor/ Officer-in-
Charge

9 Reviews and approves the draft order 5 mins. CRMD Director

10 Prepares the final Order 5 mins. Specialist/


Counsel

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 206 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


ACTIVITY CHARGE
(under normal
circumstances)
11 Routes the Order to the Commission En 5 mins. CRMD Director Final Order
Banc for signing.

12 The Chairperson and Commissioners varies Commission En


sign the Order Banc

13 Receives the Order 2 mins. Support Staff

14 Prepares the transmits letter 5 mins. Specialist/


Counsel

15 Reviews the transmittal letter 5 mins. Assistant Direc- Transmittal letter


tor / Officer-in-
Charge

16 Signs the transmittal letter 5 mins. CRMD Director

17 Mails the Order 5 mins. Support Staff

END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 207 | P a g e

Request for Payment in Installment or Reduction of Fines


Schedule of availability of service : Monday, 8:30 AM to 5:00 PM (no noon break), Tuesday to Friday, 8:00 AM to 5:00 PM (no noon break)
Who may avail of the service : a) Non-stock corporations for reduction of fines; and
b) Stock and Non-stock corporations for installment of fines
What are the requirements :
1) Written request for the reduction of fines or payment in installments
2) Copy of the Monitoring Sheet with the final assessment
3) Copy of the latest due Financial Statements
How to avail of the service :

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


ACTIVITY CHARGE
(under normal
circumstances)
1 Sends letter requesting for reduction or Applicant
instalment payment of fines together
with the attachments.

2 Assigns the letter-request. 2 mins. Assistant Director/


Officer-in-Charge

3 Reviews the request if it will qualify for re- 15 mins. Assigned Monitor/
duction or installment payment. Specialist

4 Prepares memorandum to the Commis- 5 mins. Assigned Monitor/


sion En Banc. Specialist

However, corporations with Petition to Lift


Order of Revocation/Suspension and re-
questing for payment in installment, the
memorandum will be addressed to the
Supervising Commissioner.

5 Reviews and signs the memorandum. 10 mins. CRMD Director

6 Presents the request to the Commission en Varies En Banc


banc or Supervising Commissioner as the
case may be, for approval.

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 208 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


ACTIVITY CHARGE
(under normal
circumstances)
7 Secures a copy of the resolution. Varies Support Staff

8 Prepares the draft letter Informing the ap- 10 mins. Assigned Monitor/
plicant about the decision of the En banc Specialist
or Supervising Commissioner.

9 Reviews the draft letter 10 mins. Assistant Director/


Officer-in-Charge
10 Approves and signs the letter 5 mins. CRMD Director

11 Mails the letter 5 mins. Support Staff

12 Pays the reduced fines or payment of Steps 7 to 11 of the regular monitoring will Monitor
the first installment. be followed.

Note: Assigned monitor will check Applicant


monthly compliance of the particular
corporation on their staggered pay-
ments.
13 Returns on assigned day Releases the COP 2 mins. Support Staff

Note: A) For corporations with installment,


Confirmation of Payment is issued only
upon full payment.

B) For corporations with petitions to set


aside the Order of Revocation or Suspen-
sion, the COP and the Order granting the
petition shall be withheld until full pay-
ment by of the total fines.

14 Reviews and signs the Confirmation of 5 mins. Assistant Director/


Payment. Officer-in-Charge

15 Releases the Confirmation of Payment. 2 mins. Support Staff

END OF TRANSACTION
The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 209 | P a g e

Monitoring of Corporations where there is more than one set of General Information Sheet (GIS)
filed with the Commission
Schedule of availability of service : Monday, 8:30 AM to 5:00 PM (no noon break), Tuesday to Friday, 8:00 AM to 5:00 PM (no noon break)
Who may avail of the service : Transacting Public
What are the requirements : None
How to avail of the service :
STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM
ACTIVITY CHARGE
(under normal
circumstances)
1 Submits request for monitoring Determines and verifies that there is more 15 30 mins. Monitor N/A N/A
than one set of GIS filed with the Commis-
sion by two or more different groups.

Note: Monitoring will be deferred

2 Assigns the case 5 mins. Assistant Direc-


tor/Officer-in-
Charge

3 Prepares the Notice for a Clarficatory Con- 10 mins. Assigned Spe-


ference addressed to the different groups. cialist/ Counsel

4 Representatives from the different


groups answers or appears on the
scheduled conference
5 Determines that there is an existence of an 30 mins. Assigned Spe-
intra-corporate issue, prepares the draft or- cialist/ Counsel
der recommending that the GIS in question
be marked as disputed.

Note: monitoring shall continue to be de-


ferred until the dispute is resolved by appro-
priate courts.

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 210 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


ACTIVITY CHARGE
(under normal
circumstances)
6 Reviews the draft order 15 - 30 mins. on Assistant Direc-
an average tor/Officer-in-
Charge

7 Further reviews, approves and/or signs the 3045 mins. on CRMD Director
Order an average but
may vary on
the complexity
of the issue/s

8 Mails and transmits the Order to the parties, 10 mins. Support Staff
Corporate Filing and Records Division and
the Electronic Records Management Divi-
sion. The same shall also be entered in the
Certification Issuance System Unified Ref-
erence Database

Note: Monitoring will be deferred

END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 211 | P a g e

Process Compliance with SEC Memorandum Circular no. 14, series of 2013 (Guidelines Covering
the use of properties that require Ownership Registration as Paid-Up Capital)
Schedule of availability of service : Monday, 8:30 AM to 5:00 PM (no noon break), Tuesday to Friday, 8:00 AM to 5:00 PM (no noon break)
Who may avail of the service : Transacting Public
What are the requirements :
How to avail of the service :
STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM
(under normal circum- CHARGE
stances)
1 Presents at the Compli- a) Examines certificate/s or Five (5) minutes per certifi- Securities
ance Monitoring Division new title/s in the name of cate or title Counsel/
(CMD) proof/s of transfer the transferee corporation, Securities
of certificate/s of owner- verifying against the original Specialist
ship in the name of the documents
transferee corporation b) Endorses to the SEC receiv-
ing section if the new titles
are valid and in accordance
with law

2 Transferee corporation Receives transmittal letter and Receiving Transmittal letter for the
presents new certificates the new titles and certificates of Clerk Certificates or new titles of
or titles to the SEC receiv- ownership and forwards to the property in the name of the
ing section, with transmit- CRMD Director. transferee corporation
tal letter stamped received by the
SEC.
3 Forwards certificates or new ti- Five (5) minute CRMD Direc-
tles to CMD for evaluation and tor
confirmation

4 Assigns certificates or new titles One (1) minute Assistant Di-


to Securities Counsel/ Securities rector/ Of-
Specialist ficer-in-
Charge

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 212 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN FEES FORM


(under normal circum- CHARGE
stances)
5 Prepares draft letter/s confirming Fifteen (15) to sixty (60) Securities Draft of Confirmation Letter.
that proof/s of transfer of owner- minutes or variable de- Counsel/
ship of the property in the name pending on the number of Securities
of the transferee corporation/s titles and volume of sup- Specialist
is/are compliant with SEC rules porting documents to be
and regulations. examined

6 Reviews draft of confirmation Ten (10) to thirty (30) Assistant Di- Final Draft of Confirmation
letter and if sufficient, forwards minutes or variable de- rector/ Letter
to the CRMD Director pending on the number of Officer-in-
titles and volume of sup- Charge
porting documents

7 Approves and signs confirmation Ten (10) to Twenty (20) Confirmation letter that cor-
letter minutes depending on the poration is compliant with
number of titles and vol- SEC MC No. 14, series of 2013
ume of supporting docu- duly signed by the CRMD
ments Director

END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 213 | P a g e

Petition for Cancellation or Substitution of Payment in relation to the use of properties that require
Ownership Registration as Paid-Up Capital (SEC Memorandum Circular no. 14, series of 2013)
Schedule of availability of service : Monday, 8:30 AM to 5:00 PM (no noon break), Tuesday to Friday, 8:00 AM to 5:00 PM (no noon break)
Who may avail of the service : Transacting Public
What are the requirements :
How to avail of the service :
STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM
ACTIVITY CHARGE
(under normal
circumstances)
1 Presents verified petition for Examines petition Ten (10) to fif- Securities Coun-
substitution of payment or teen (15) sel/ Securities
cancellation of the related Stamps OK for payment if Peti- minutes Specialist
application using property as tion is sufficient in form and
paid-up capital substance

2 Issues Payment Assessment Two (2) minutes Executive Assis- P2,000.00


Form (PAF). per petition tant or Clerk plus
under the Legal Research Fee:
CRMD Director 1% of Filing Fee but
not less than Fifty
Pesos (P50.00) shall
be paid at the time
of filing
3 Initials PAF Five (5) seconds Securities Coun- PAF initialed
sel/ Securities
Specialist and
Executive Asst.
or Clerk

4 Pays at the Cashier Petition Issues Official Receipt and ma- Five (5) seconds SEC Cashier Official Receipt issued
Fee chine validates the PAF with to petitioner-
the amount paid, date and corporation and PAF
time of payment machine validated

5 Receives Petition and forwards Five (5) minutes Receiving Clerk


to the CRMD Director

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 214 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


ACTIVITY CHARGE
(under normal
circumstances)
6 Assigns to Securities Counsel/ Ten (10) minutes CRMD Director
Securities Specialist for appro-
priate action

7 Reviews the Petition Twenty minutes Securities Coun-


or variable, de- sel/ Securities
pending on the Specialist
complexity of
the Petition

8 Endorses to Financial Analysis Thirty (30) Securities Coun- Memorandum to FAAD


and Audit Division (FAAD), if minutes sel/ Securities
necessary Specialist

9 Evaluates and Prepares Report One (1) to two FAAD Financial Report Recommending
on the Petition (2) hours, or var- Specialist Approval or Denial of
iable the Petition

10 Prepares draft Order on the Two (2) to four Securities Coun- Draft Order Approving
Petition based on the merits or (4) hours or vari- sel/ Securities or Denying the Petition
if applicable, per the FAAD able Specialist
Report

11 Reviews Draft Order and en- Thirty (30) Assistant Direc- Draft Order granting or
dorses to the CRMD Director minutes tor/Officer-in- denying the Petition,
Charge endorsed to the CRMD
Director
12 Reviews and approves the Twenty (20) CRMD Director
Draft Order minutes

13 Prepares the approved final Five (5) minutes Securities Coun- Final Draft Order grant-
Order together with the trans- sel/ Securities ing or denying the Peti-
mittal letter Specialist tion

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 215 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


ACTIVITY CHARGE
(under normal
circumstances)
14 Signs and Approves Final Order Five (5) minutes CRMD Director Order granting or deny-
and Transmittal letter ing the Petition, duly
signed by the CRMD
Director

15 Petitioner corporation re- Releases Order Five (5) minutes Executive Assis- Order granting or deny-
ceives Order* tant or Clerk ing the Petition, duly
under the signed by the CRMD
*May appeal, if not satisfied CRMD Director Director and officially
with the Order to the Com- received by Petitioner.
mission En Banc (CEB).
END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 216 | P a g e

Name Verification Services


Schedule of availability of service : Monday, 8:30 AM to 5:00 PM (no noon break), Tuesday to Friday, 8:00 AM to 5:00 PM (no noon break)
Who may avail of the service : The general public thru their representatives
What are the requirements :
How to avail of the service :

STEP APPLICANT/ SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


CLIENT ACTIVITY CHARGE
(under normal
circumstances)
1 Secures service number from Provides service number on 1 minute Guard on Duty None Name Verification Form
guard and fills up Name Veri- a first come, first serve basis
fication Form/Purchase Mon-
ey Stamp

2 Proceeds to waiting area Inputs proposed company 10-15 minutes/ Name Verification None Name Verification Slip
and wait for service number name in the i-register system company Officer
to be called name
3 For DTI registered

-Presents DTI Certificate of


Registration
-Letter stating the entity in-
tended to convert to a cor-
poration signed by DTI regis-
trant

For cancelled DTI Registra-


tion
-Presents Certificate of Can-
cellation from DTI

4 Purchases money stamp If proposed company name 5 Minutes Name Verification 40.00/ Month
is allowed by the system, Officer
Issues Reservation Confirma-
tion Form

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 217 | P a g e

STEP APPLICANT/ SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


CLIENT ACTIVITY CHARGE
(under normal
circumstances)
5 Files letter-appeal with print- If the proposed name is dis- 10 minutes Records Assistant None
out of the denied name at allowed and applicant in-
the Central Receiving Unit tends to appeal
CRU transmits letter- appeal
to CFRD

6 Decides letter-appeal. En- 5 minutes Assistant Director None


dorses the approved name
to Name Verification Officer

7 Issues Reservation Payment 5 minutes Name Verification 40.00


Confirmation officer

8 Applicant revoked/dissolved For Revoked/Dissolved Cor- 5 minutes Records Assistant None


corporation to file Letter- porations
Appeal addressed to SEC En CRU transmits letter appeal
Banc at the Central Receiv- to CFRD
ing Unit (CRU) , with At-
tached
1) Board Resolution/Sec.
Cert. stating that appli-
cant intends to use the
name
2) latest General Infor-
mation Sheet
3) Affidavit of no-intra cor-
porate dispute, and
4) IF WITH PROPERTY, attach
Affidavit with list of prop-
erties; IF NO PROPERTY,
attach Affidavit of no
property.
9 Prepares Memorandum for 15 minutes Assistant Director None
approval of the Commission
En Banc

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 218 | P a g e

STEP APPLICANT/ SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


CLIENT ACTIVITY CHARGE
(under normal
circumstances)
10 Commission En Banc ap- 15 minutes Commission En None
proves or denies the use of Banc
name

11 If name is approved by the 5 minutes Name Verification 40.00


Commission En Banc Officer
Issues Reservation Confirma-
tion Form

12 Files letter-appeal at the CRU For Expired term (re- 10 minutes Name Verification None
with attached incorporation) Officer
1) Board Resolution/Sec.
Cert. stating that appli- Receives letter-appeal and
cant intends to use the Endorses to the Assistant Di-
name rector
2) Latest General Infor-
mation Sheet, Affidavit of
no-intra corporate dis-
pute, and
3) IF WITH PROPERTY, attach
Affidavit with list of prop-
erties; IF NO PROPERTY,
attach Affidavit of no
property.
13 Reviews letter appeal and 10 minutes Assistant Director None
other attached documents.
Endorses the approved
name to Name Verification
Officer

14 Issues Reservation Confirma- 5 minutes Name Verification 40.00


tion Form Officer

END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 219 | P a g e

Issuance of Certificates of No Derogatory Records/Affirmative/Negative


Schedule of availability of service : Monday, 8:30 AM to 5:00 PM (no noon break), Tuesday to Friday, 8:00 AM to 5:00 PM (no noon break)
Who may avail of the service : The general public thru their representatives
What are the requirements :
How to avail of the service :

STEP APPLICANT/ SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


CLIENT ACTIVITY CHARGE
(under normal
circumstances)
1 Secures service number from Provides service number on 1 minute Guard on Duty None Certification Form
guard and fill up Certification a first come, first serve basis
Form
2 Proceeds to waiting area Records Assistant
and wait for service number
to be called
3 For: Affirmative Certification Verifies application form 10 minutes Monitoring Ana-
Presents request for certifica- and refers applicant lyst
tion to CMD for issuance of veri-
fication report
4 CMD verifies status and 5 minutes Records Assistant
compliance of reports of the
corporation. Issues verifica-
tion report
5 Applicant returns to CFRD Issues Payment Assessment 15 minutes Records Assistant P300.00
and presents application Form
form with verification report
6 Prepares Certification on 15 minutes Records Specialist
Corporate Filing/Information
7 Reviews Certification 5 minutes Assistant Director
8 Signs Certification 5 minutes Assistant Director
9 Presents receipt of payment. Releases Certification on 5 minutes Records Assistant
Acknowledges receipt of Corporate Filing/Information
Certification
END OF TRANSACTION FOR AFFIRMATIVE CERTIFICATION
The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 220 | P a g e

STEP APPLICANT/ SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


CLIENT ACTIVITY CHARGE
(under normal
circumstances)
3 For: Negative Certification Issues Payment Assessment 10 minutes Records Assistant
Presents request for certifica- Form
tion
4 Verifies record and 15 minutes Records Assistant
Prepares Negative Certifica-
tion
5 Reviews/Signs Certification 5 minutes Assistant Director
6 Presents receipt of payment. Releases Certification on 5 minutes Records Assistant
Acknowledges receipt of Corporate Filing/Information
Certification
END OF TRANSACTION FOR NEGATIVE CERTIFICATION
3 For: Certification of No De- Receives documents/ 5 minutes Records Assistant
rogatory Information Endorses to Records Special-
ist for review
a) If with confirmation of Issues Payment Assessment 5 minutes Records Specialist P500.00
payment, pays the certifica- Form
tion fee
4 Prepares Certificate of No- 10 minutes Records Specialist
Derogatory Record
5 Reviews/Signs Certification 5 minutes Assistant Director
6 Presents OR/ Releases Certificate of No- 5 minutes Records Assistant
Acknowledges receipt of the Derogatory Record
Certification
-END OF TRANSACTION-
3 b) If no confirmation of pay- Applicant corporation shall 15 minutes Records Specialist
ment be monitored
Pays Certification Fee. Re- a) If no penalty, Issues Pay- 5 minutes Records Specialist P500.00
turns the documents to Rec- ment Assessment Form (then
ords Specialist (then see see steps 4, 5 & 6)
steps 4, 5 & 6)
Pays penalty and certifica- b) If with penalty, Issues Pay- Records Specialist Penalty variable
tion fee (then see steps 4, 5 & ment Assessment Form for
6) penalty and Payment As-
sessment Form for certifica-
tion fee (then see steps 4, 5
& 6)
END OF TRANSACTION FOR CERTIFICATION OF NO DEROGATORY RECORD
The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 221 | P a g e

Registration of Stock and Transfer / Membership Book


Schedule of availability of service : Monday, 8:30 AM to 5:00 PM (no noon break), Tuesday to Friday, 8:00 AM to 5:00 PM (no noon break)
Who may avail of the service : Registrant corporations thru their representatives
What are the requirements :
How to avail of the service :

STEP APPLICANT/ SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


CLIENT ACTIVITY CHARGE
(under normal
circumstances)
1 Secures service number from Gives service number on a 1 minute Guard on duty None
guard first come, first serve basis

2 Issues Payment Assessment 1-2 minutes Records Assistant


Form

Stock Corporation P150.00


Non-Stock Corporation P75.00

3 Returns registration form and Stamps and inputs name of 2-3 minutes Records Assistant
original receipt together with corporation, date of ap-
the book for stamping proval

4 Acknowledges receipt of the Releases Stock and Transfer/ 3 minutes Records Clerk None
stamped STB/Membership Membership Book duly
Book stamped by SEC

END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 222 | P a g e

Receiving of Applications for New Registration (Domestic/Foreign) / Articles of Partnership


Schedule of availability of service : Monday, 8:30 AM to 5:00 PM (no noon break), Tuesday to Friday, 8:00 AM to 5:00 PM (no noon break)
Who may avail of the service : Registrant corporations thru their representatives
What are the requirements :
How to avail of the service :

STEP APPLICANT/ SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


CLIENT ACTIVITY CHARGE
(under normal
circumstances)
1 Applicant presents docu- Checks Payment Assess- 5 minutes Records Officer None
ments to the Receiving Of- ment Form, Machine Valida-
ficer tion for fees paid. Verifies
type of documents filed,
completeness of documents
and the number of copies
submitted
2 Stamps the first page of 1 minute Records Officer
each documents including
FIA Application filed with
Received. Affixes his signa-
ture and date. Retains 3 sets
of registration documents
3 Records in the receiving log- 1 minute Records Assistant
book the name of applicant
corporation and the type of
documents submitted
4 Transmits documents for 30 minutes Records Assistant
registration and other perti-
nent documents to CPRD
5 Acknowledges transfer of 5 minutes CPRD Clerk
documents after counter-
checking the documents
listed in the logbook
END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 223 | P a g e

Receiving of Applications for Amendment of Articles of Incorporation / By-Laws / Articles of


Partnership/ Articles of Merger and Consolidation
Schedule of availability of service : Monday, 8:30 AM to 5:00 PM (no noon break), Tuesday to Friday, 8:00 AM to 5:00 PM (no noon break)
Who may avail of the service :
What are the requirements :
How to avail of the service :
STEP APPLICANT/ SERVICE PROVIDER DURATION OF PERSON IN FEES FORM
CLIENT ACTIVITY CHARGE
(under normal
circumstances)
1 Applicant presents docu- Checks Payment Assess- 5 minutes Records Officer None
ments to the Receiving Of- ment Form, Machine Valida-
ficer tion for fees paid. Verifies
type of documents filed,
completeness of documents
and the number of copies
submitted
2 Stamps the first page of 1 minute Records Officer
each set of amended docu-
ments and the Directors
Certificate with Received.
Affixes his signature and
date. Retains 3 sets of
amended documents
3 Records in the receiving log- 1 minute Records Assistant
book the name of applicant
corporation and the type of
documents submitted
4 Transmits amended docu- 15 minutes Records Assistant
ments for retrieval of records
5 Acknowledges transfer of 5 minutes Computer Opera-
documents after counter- tor
checking the documents
listed in the logbook
END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 224 | P a g e

Releasing of Approved Primary Registration / Amendments / Articles of Merger and Consolidation


Schedule of availability of service : Monday, 8:30 AM to 5:00 PM (no noon break), Tuesday to Friday, 8:00 AM to 5:00 PM (no noon break)
Who may avail of the service : Registrant/Claimant corporations thru their representatives
What are the requirements :
How to avail of the service :

STEP APPLICANT/ SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


CLIENT ACTIVITY CHARGE
(under normal
circumstances)
1 Secures service number from Provides service number on 1 minute Guard on Duty None None
guard a first come, first serve basis

2 Registrant/Claimant corpora- Retrieves from the shelves of 5 minutes Records Clerk


tion presents Official Receipt sorted documents and affix-
and service number to Rec- es SEC dry seal on claimed
ords Officer documents

3 Records claimants infor- 5 minutes Records Assistant


mation in logbook
Claimants Name, type of
document, date approved
and OR number

4 Registrant/Claimant affixes Stamps RELEASED in OR, 5 minutes Records Assistant


name and other information approval date of document
in the logbook and date of release. Hands
over to Claimant document
and OR
END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 225 | P a g e

Data Entry of Applications for Amendment / Articles of Merger and Consolidation and
Retrieval of Records
Schedule of availability of service : Monday, 8:30 AM to 5:00 PM (no noon break), Tuesday to Friday, 8:00 AM to 5:00 PM (no noon break)
Who may avail of the service : Registrant/Claimant corporations thru their representatives
What are the requirements :
How to avail of the service :
STEP APPLICANT/ SERVICE PROVIDER DURATION OF PERSON IN CHARGE FEES FORM
CLIENT ACTIVITY
(under normal
circumstances)
1 Receives pre-processed applications for
amendment of Articles of Incorporation
and By-laws/Articles of Merger and Consoli-
dation from the CRMD Receiving Unit

2 Checks payment information (Number of 5-10 minutes Computer Operator None


documents and documents paid for
against amended documents

3 Confirms machine validation for payment


of filing fee

4 Enters the following information in SEC I-


Register - SEC Reg. No./Name/Form Type
and Amount Paid

5 Writes the system-generated Document ID 5 minutes Computer Operator


on the lower portion of the PAF

6 Reproduces documents needed in the pro-


cessing of application for amendments/
merger and consolidation. Transmits to
CPRD/FAAD for preparation of Certificate
of Incorporation

END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 226 | P a g e

Issuance of Authenticated Copies for Government Agencies


Schedule of availability of service : Monday, 8:30 AM to 5:00 PM (no noon break), Tuesday to Friday, 8:00 AM to 5:00 PM (no noon break)
Who may avail of the service : Government agencies thru their representatives
What are the requirements :
How to avail of the service :

STEP APPLICANT/ SERVICE PROVIDER DURATION OF PERSON IN CHARGE FEES FORM


CLIENT ACTIVITY
(under normal
circumstances)
1 Government Forwards letter request to Assistant Director 5 minutes Directors Secretary Executive None
agency Assistant
sends letter-
request
2 Assigns letter request to Records Specialist 3 minutes Assistant Director

3 Endorses to SEC Computer Operator for 3 minutes Records Specialist


verification, and printing of records

4 Prints requested documents/records and 15 minutes SEC Computer Operator


prepares rubber stamp for signature

5 Reviews and authenticates the requested 10 minutes Assistant Director


records

6 Prepares endorsement letter for signature 5 minutes SEC Clerk


of the Director

7 Signs the endorsement letter 5 minutes Director

8 Endorsement letter and authenticated 10 minutes Records Assistant


copies are forwarded to the government
agency

END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 227 | P a g e

Amendment of Article VII of Articles of Incorporation and Other Applications


1. Amendment of Article VII of Articles of Incorporation:
a) Increase of Authorized Capital Stock
b) Decrease of Authorized Capital Stock
i. Thru Return of Capital
ii. All Others
c) Reclassification / Conversion / Change of Par Value of Shares

2. Other Applications:
a) Confirmation of Valuation or Exempt Transaction (Other than Cash Payment on Subscription)
b) Property Dividend Declaration
c) Quasi-Reorganization
d) Equity Restructuring
e) Creation of Additional Paid-in Capital
f) Dissolution of Domestic Corporation

Schedule of availability of service : Monday, 8:30 AM to 5:00 PM (no noon break), Tuesday to Friday, 8:00 AM to 5:00 PM (no noon break)
Who may avail of the service : Corporations duly registered at SEC
What are the requirements : Please refer to Annex E
How to avail of the service :
STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM
ACTIVITY CHARGE
(under normal
circumstances)
1.1 Presents application and sup- 1) Pre-screens Applications and Assigns 5 minutes Support Staff None Transaction Slip
porting documents, together the Processor / Specialist (Available at the
with monitoring clearance, for Guards Post)
pre-processing Note: Documents must be complete in
accordance with checklist of require-
ments herein provided. Otherwise the
same shall be rejected.

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 228 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


ACTIVITY CHARGE
(under normal
circumstances)
2) Pre-processes application and sup- 30 minutes to 1 Specialist None
porting documents Hour
a) If compliant, the assigned Proces-
sor prepares final checklist and
forwards the same to the Division
Head for review
b) If non-compliant, prepares
checklist of deficiencies

3) Reviews applications and supporting 3 to 5 Days Asst. Director None


documents

4) Prepares Payment Assessment Form 5 minutes Specialist


(PAF)

Please Proceed to Step 2 -

1.2. Presents application and sup- 1) Pre-screens Applications and assigns 5 minutes Support Staff None Transaction Sli
1 porting documents, together to the Processor / Specialist (Available at the
without monitoring clearance, for Guards Post)
pre-processing Note: Documents must be complete in
accordance with checklist of require-
ments herein provided. Otherwise the
same shall be rejected.

2) Pre-processes application and sup- 1 hour to 3 Specialist


porting documents hours
a) If compliant, the assigned Proces-
sor forwards the application to
the Division Head
b) If non-compliant, prepares
checklist of deficiencies

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 229 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


ACTIVITY CHARGE
(under normal
circumstances)
3) Monitors compliance with reportorial 1-2 Hours Specialist
requirements and rules and regula-
tions of SEC
a) If assessed without PENALTY, the
assigned Processor forwards the
application to the Division Head
provided the application docu-
ments are compliant (item no. 2)
b) If assessed with PENALTY, Pre-
pares and issues Payment Assess-
ment Form (PAF)

1.2.2 Pays assessed penalties at the Processes payment and Issues Official 5 minutes Cashier
Cashier Receipt

1.2.3 Submits the machine-validated 1) Receives the PAF and application 5 minutes Support Staff
PAF and the application docu- documents
ments, if compliant (item 2 of 2) Prepares Confirmation of Payment of 10 to 15 Specialist
1.2.1), to the Assigned Processor Penalties minutes
thru the Counter Officer 3) Attaches the same to the application 1 minute
documents
4) Prepares and submits final checklist 15 to 20
for review minutes
5) Reviews applications and supporting Asst. Director
documents
6) Prepares Payment Assessment Form Specialist
(PAF)

2 Pays filing fee at the Cashier Processes payment and Issues Official 5 minutes Cashier Please refer to
Receipt Annex E

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 230 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


ACTIVITY CHARGE
(under normal
circumstances)
3 Submits the machine-validated 1) Secures and attaches the PAF to the 3 minutes Support Staff None
PAF to CRMD Receiving Unit to- application (Receiving
gether with the Four (4) sets of 2) Stamps receive Four (4) sets the ap- 1 minute Officer)
application documents plication documents
3) Returns one(1) copy of the applica- 1 minute Support Staff
tion to the client (CFRD)
4) Forwards the application to CFRD End of the day
5) Verifies and produces applicants 10 to 15
record which shall be attached to minutes
the application
6) Forwards the application to CPRD for 5 minutes Support Staff
the generation of Certificate (CPRD)
7) Generates Certificate 30 Minutes
8) Reviews application 5 minutes Asst. Director
9) Approves and signs application doc- Director
uments and certificate, respectively.
10) Forwards to CRMD Releasing Unit Support Staff
(Office of the
Director)

4 Presents Official Receipt to Sorts/Releases the Certificate of In- 5 minutes Support Staff
CRMD Releasing Unit, to claim crease/Decrease of Authorized Capital (Releasing)
the approved Certificate of In- Stock and Certificate of Filing of Amend-
crease, Decrease, Amended Ar- ed Articles of Incorporation and/or By-
ticles of Incorporation laws with all pertinent documents

END OF TRANSACTION

The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 231 | P a g e

Merger/Consolidation

Schedule of availability of service : Monday, 8:30 AM to 5:00 PM (no noon break), Tuesday to Friday, 8:00 AM to 5:00 PM (no noon break)
Who may avail of the service : Corporations duly registered at SEC
What are the requirements : Please refer to Annex E
How to avail of the service :

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


ACTIVITY CHARGE
(under normal
circumstances)
1.1 Presents application and support- 1) Pre-screens Applications and Assigns to 5 minutes Support Staff None Transaction Slip
ing documents, together with FAAD Processor / Specialist (Available at
monitoring clearance, for pre- Note: Documents must be complete in ac- the Guards Post)
processing cordance with checklist of requirements
herein provided. Otherwise the same shall
be rejected.

2) Pre-processes application and support- 2 3 Hours FAAD Spe- None


ing documents cialist
a) If compliant, the assigned Processor
prepares final checklist to be for-
warded to FAAD Division Head after
compliance with CPRDs require-
ments.
b) If non-compliant, prepares checklist
of deficiencies
3) Forwards to CPRD 5 minutes Support Staff
4) Assigns application to CPRD Processor / 5 minutes Support Staff
Specialist
5) Pre-processes application and support- 30 minutes to 1 CPRD Spe-
ing documents hour cialist
a) If compliant, the assigned Processor
prepares final checklist and forwards
the same to FAAD
b) If non-compliant, prepares checklist
of deficiencies
6) Prepares and submits final checklist for 30 minutes FAAD Spe-
review cialist
The fees reflected in this SEC Citizens Charter shall apply once the new schedule of fees and charges to be imposed and
collected by the Securities and Exchange Commission takes effect. At present, the consolidated schedule of fees and
Company Registration and Monitoring Department
charges provided in SEC Memorandum Circular No. 9 series of 2004 applies.
Table of Contents 232 | P a g e

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF PERSON IN FEES FORM


ACTIVITY CHARGE
(under normal
circumstances)
7) Reviews applications and supporting 1 to 2 hours Assistant Di- None
documents rector
8) Prepares Payment Assessment Form 5 minutes FAAD Spe-
(PAF) cialist
- Please Proceed to Step 2 -
1.2.1 Presents application and support- 1) Pre-screens Applications and Assigns to 5 minutes Support Staff
ing documents, together without FAAD Processor / Specialist
monitoring clearance, for pre-
processing Note: Documents must be complete in ac-
cordance with checklist of requirements
herein provided. Otherwise the same shall
be rejected.

2)