SEC Citizen`s Charter - Securities and Exchange Commission

2014 [Type the document title] CITIZEN’S CHARTER Securities and Exchange Commission SECURITIES AND EXCHANGE COMMISSION CONTENTS Our Mission Our Values Our Vision Service Pledge Feedback and Redress Mechanism Directory List of SEC Head Office Frontline Services 2 2 3 3 4 5 10 FRONTLINE SERVICE PROCEDURES Company Registration and Monitoring Department Office of the General Accountant Corporate Governance and Finance Department Market and Securities Regulation Department Enforcement and Investor Protection Department Economic Research and Training Department Financial Management Department Human Resource and Administrative Department Information and Communication Technology Department 16 81 111 144 161 165 169 175 184 SEC EXTENSION OFFICES Baguio Extension Office Cagayan De Oro Extension Office Cebu Extension Office Davao Extension Office Iloilo Extension Office Legaspi Extension Office Zamboanga Extension Office Tarlac City Extension Office 194 196 203 210 213 218 221 223 SEC CITIZEN’S CHARTER 1|Page SECURITIES AND EXCHANGE COMMISSION Our Mission __________________ To strengthen the corporate and capital market infrastructure of the Philippines, and to maintain a regulatory system based on international best standards and practices, that promotes the interest of investors in a free, fair and competitive business environment. We shall be guided in this mission by the values of INTEGRITY, PROFESSIONALISM, ACCOUNTABILITY, INDEPENDENCE and INITIATIVE. Our Values __________________ INTEGRITY We are morally upright, honest and sincere in our private and public lives. PROFESSIONALISM We consistently implement the law, provide timely and accurate information to investors, and render efficient and competent service to the public. ACCOUNTABILITY We abide by prescribed ethical and work standards in government service. INDEPENDENCE We act without fear or favor, and render sound judgment in the performance of our duties and responsibilities. INITIATIVE We are strategic and forward-looking in the fulfillment of our developmental and regulatory functions. SEC CITIZEN’S CHARTER 2|Page SECURITIES AND EXCHANGE COMMISSION Our Vision __________________ We envision that by December 31, 2015, the Commission shall have fully implemented its three-year program to build its physical and ICT infrastructure, and harnessed the skills and expertise of highly competent and motivated staff for the efficient and effective performance of its duties and responsibilities. Service Pledge __________________ We, the officials and employees of the Securities and Exchange Commission located at EDSA, Greenhills corner Ortigas, Mandaluyong City, can be reached at telephone numbers 584 0921 and 584 0923 and through our website at www.sec.gov.ph 24/7. Our doors are open to serve you from 8:00 in the morning until 5:00 in the afternoon, Mondays thru Fridays, with no noon break. Our Pledge is to: Serve you with a smile Ensure efficiency in service delivery Commit ourselves to address your complaints, to satisfy you, our cherished clients. We will be guided in this pledge by our values of INTEGRITY, PROFESSIONALISM, ACCOUNTABILITY, INDEPENDENCE and INITIATIVE. SEC CITIZEN’S CHARTER 3|Page SECURITIES AND EXCHANGE COMMISSION Redress Mechanism If you are not satisfied with our service, your written/verbal complaints shall immediately be attended to by the Officer of the Day. Feedback Mechanism Please let us know how we have served you by doing any of the following: 1. Please accomplish the Investor/Client complaint form.  Accomplish our “HOW ARE WE DOING?” Customer Survey Form. 2. The officer of the day will forward to the Department Director for appropriate action.  Send your feedback through e-mail (feedback@sec.gov.ph) 3. Complaints on the SEC personnel concerned shall first be addressed by the Department Director and submitted to the Preliminary Investigating Committee (PIC).  Talk to our OFFICER OF THE DAY  Drop your feedback or suggestion(s) at our feedback/ complaint boxes. In case you do not wish to talk to the Officer of the Day, you may submit your written complaint through our feedback/complaint drop boxes. THANK YOU for helping us in our efforts to continuously improve our services. SEC CITIZEN’S CHARTER 4|Page SECURITIES AND EXCHANGE COMMISSION Directory __________________________________________________________________________________________ Securities and Exchange Commission CONTACT INFORMATION OF OFFICIALS DEPARTMENT/OFFICE POSITION TITLE CONTACT INFORMATION TELEPHONE EMAIL ADDRESS OFFICE OF THE CHAIRPERSON AND COMMISSIONERS SEC Chairperson TERESITA J. HERBOSA 584-5343/ tjherbosa@sec.gov.ph 584-5767 SEC Commissioner MANUEL HUBERTO B. GAITE 584-8142/ mbgaite@sec.gov.ph 584-6769 SEC Commissioner ANTONIETA F. IBE 584-5008/ afibe@sec.gov.ph 584-7327 SEC Commissioner EPHYRO LUIS B. AMATONG 584-6158/ elbamatong@sec.gov.ph 584-6857 SEC Commissioner BLAS JAMES G. VITERBO 584-6896/ bjgviterbo@sec.gov.ph 584-8320 OFFICE OF THE COMMISSION SECRETARY SEC Commission Secretary SEC General Counsel SEC General Accountant FULL NAME C.A GERARD M. LUKBAN OFFICE OF THE GENERAL COUNSEL CAMILO S. CORREA 584-8141/ 584-5478/ gmlukban@sec.gov.ph 584-5348/ 584-5418 cscorrea@sec.gov.ph OFFICE OF THE GENERAL ACCOUNTANT EMMANUEL Y. ARTIZA 584-9763 SEC CITIZEN’S CHARTER eyartiza@sec.gov.ph 5|Page SECURITIES AND EXCHANGE COMMISSION Office of the Director Investigation and Prosecution Division Market Surveillance Division Special Operations Division Office of the Director Investment Products & Services Division Markets & Intermediaries Division Securities Registration Division Office of the Director Information Systems Development & Management Division Systems Operation Division Electronic Records Management Division ENFORCEMENT & INVESTOR PROTECTION DEPARTMENT SEC Director JOSE P. AQUINO 584-6337 jose.aquino@sec.gov.ph SEC Asst. Director 584-6047/ 584-5704 SEC Asst. Director OLIVER O. LEONARDO 584-5324 SEC Division Head ROSALINA T. TESORIO 584-7652 MARKET & SECURITIES REGULATION DEPARMENT SEC Director VICENTE GRACIANO P. 584-5703 FELIZMENIO, JR. SEC Asst. Director ARMANDO A. PAN, JR. 584-2016 llagustin@sec.gov.ph SEC Division Head EMMA A. VALENCIA eavalencia@sec.gov.ph SEC Division Head MA. CRISTINA S. BAYHONGARCIA KENNETH JOY A. QUIMIO mcsbgarcia@sec.gov.ph LEILA T. LAURETA-AGUSTIN 584-7164/ 584-8178 SEC Division Head 584-6080/ 584-8508 INFORMATION & COMMUNICATIONS TECHNOLOGY DEPARTMENT Officer-in-Charge LILIA O.PINZON 584-7204 SEC Division Head GRACE MARTHA T. AMBERONG ooleonardo@sec.gov.ph rttesorio@sec.gov.ph vgpfelizmenio@sec.gov.ph armandopanjr@sec.gov.ph kjaquimio@sec.gov.ph lopinzon@sec.gov.ph gmtamberong@sec.gov.ph SEC Asst. Director VALERIE G. VALERIO ISMA C. GONZALES 584-5285 vgvalerio@sec.gov.ph icgonzales@sec.gov.ph SEC Division Head LEODEGARIA E. CANLAPAN 584-6543 lecanlapan@sec.gov.ph SEC CITIZEN’S CHARTER 6|Page SECURITIES AND EXCHANGE COMMISSION CORPORATE GOVERNANCE & FINANCE DEPARTMENT Office of the Director Licensing Division Monitoring Division SEC Director SEC Asst. Director JUSTINA F. CALLANGAN 584-6103 justina.callangan@sec.gov.ph LEONORA S. TANDOC 584-5950 584-5476/ 584-9227 584-7264 lstandoc@sec.gov.ph Corporate Governance Division ECONOMIC RESEARCH & TRAINING DEPARTMENT VIRGILIO V. SALENTES 584-6220 Office of the Director SEC Director Strategic Management & Planning Division SEC Division Head ROSE ANNE S. ESPIRITU 584-7238 vvsalentes@yahoo.com/ vvsalentes@sec.gov.ph rsespiritu@sec.gov.ph Economic Research & Statistic Division Training Division SEC Asst. Director VIOLETA V. INFANTE 584-6117 vvinfante@sec.gov.ph SEC Division Head JERNEL R. MACATANGAY 584-7256 jrmacatangay@sec.gov.ph Office of the Director Corporate & Partnership Registration Division Compliance Monitoring Division Financial Analysis & Audit Division Corporate Filing & Records Division Licensing Unit COMPANY REGISTRATION & MONITORING DEPARTMENT SEC Director FERDINAND B. SALES 584-5811 584-5922/ 584-0763 SEC Chief Counsel MARY ANNE V. MORALES584-2887 LAGURA SEC Division Head YOLANDA L. TAPALES 584-5922/ 584-8520 SEC Asst. Director GERARDO F. DEL ROSARIO 584-8738/ 584-8803 SEC Division Head THELMA V. ALCORIZA 584-7187 SEC CITIZEN’S CHARTER fbsales@sec.gov.ph mavmlagura@sec.gov.ph yltapales@sec.gov.ph gfdelrosario@sec.gov.ph tvalcoriza@sec.gov.ph 7|Page SECURITIES AND EXCHANGE COMMISSION Green Lane Unit Public Assistance Unit Office of the Director Human Resource Management & Development Division Medical/Dental Clinic Learning Resource & Information Division General Services Division SAMPAGUITA R. LADRIDO 584-5235 584-1119 HUMAN RESOURCE & ADMINISTATIVE DEPARTMENT SEC Director MARILYN PENEYRA-LIM 584-6165 SEC Asst. Director SONIA E. DIAMANTE 584-6072/ 584-5714 SEC Asst. Director NOLIVIENNE C. ERMITAÑO SEC Division Head PEDRO ALFONSO DC. REGULTO Building Services Specialist Procurement Division SEC Asst. Director Office of the Director SEC Director Budget & Fiscal Division Accounting Division SEC Division Head SEC Division Head Treasury Division SEC Division Head 584-5326 584-5994 584-1269 584-5516/ 584-5608 FERDINAND A. JUGO 584-5826 FINANCIAL MANAGEMENT DEPARTMENT ADELAIDA C. NAVARRO584-6585 BANARIA THOURETH I. DELA CRUZ 584-5517 RENATO S. SANTOS 584-6101/ 584-6058 DAISY B. PABUAYA 584-5548 SEC CITIZEN’S CHARTER srladrido@sec.gov.ph mplim@sec.gov.ph sediamante@sec.gov.ph ncermitaño@sec.gov.ph / nolivienne@gmail.com paregulto@sec.gov.ph fajugo@sec.gov.ph aida.banaria@sec.gov.ph tidelacruz@sec.gov.ph rssantos@sec.gov.ph dbpabuaya@sec.gov.ph 8|Page SECURITIES AND EXCHANGE COMMISSION SEC EXTENSION OFFICES LINDEZA R. ROGERO-GAVINO CEBU SEC Director ILOILO RUSSELL I. ILDESA DAVAO SEC Administrative Officer SEC Director CAGAYAN DE ORO SEC Director RENATO V. EGYPTO BAGUIO SEC Director ANNIE G. TESORO LEGASPI ZAMBOANGA SEC Director SEC Director MARYLOU I. DUKA-CASTILLO JESUS SALVADOR A. URO TARLAC CITY Acting Director RICHARD R. LAUS JAVEY PAUL D. FRANCISCO (032) 253-5337/ (032) 253-6987 (033) 337-9984/ (033) 335-0025 (082) 298- 2170/ (082) 298-1983/ (088) 857-4325/ (088) 857-7725/ (074) 442-8170/ (074) 422-8171/ (052) 480-8272 (062) 991-7163/ (062) 993-1437 (045) 491-0140/ (045) 491-0102 SEC CITIZEN’S CHARTER lrgavino@sec.gov.ph riildesa@sec.gov.ph jpdfrancisco@sec.gov.ph rvegypto@sec.gov.ph agtesoro@sec.gov.ph mdcastillo@sec.gov.ph Isauro@sec.gov.ph rrlaus@sec.gov.ph 9|Page SECURITIES AND EXCHANGE COMMISSION LIST OF FRONTLINE SERVICES SEC Head Office FRONTLINE SERVICES FEES Processing of Application for Primary Registration Money Stamp P40.00 (Fees under MC 9) *Subject to modification of procedure Monitoring Procedure Processing of Application for Accreditation as appraisal company Accreditation of External Auditor/Auditing Firm Name Verification Slip PROCESSING TIME (UNDER NORMAL CIRCUMSTANCES PER TRANSACTION) 10-20 minutes Online users: Name Reservation Notice 10-20 minutes CPRDCRMD FORMS OFFICE IN CHARGE CPRDCRMD Guidelines on the imposition of fines dated July 31, 2002; SEC MC # 15 dated October 3,2006; SEC MC # 1 of 2004 Auditing Firm Filing Fee: P5,000.00 LRF* : 50.00 Total: 5,O5O.OO CPRD/FAAD referral slip/CMD monitoring slip 1 day (No penalty) 3 days after payment (with penalty) CMDCRMD Application letter duly signed by authorized officer 1 day and 1 hour OGA Auditing Firm Group A Filing Fee: P20,000.00 LRF* : 200.00 Total : P20,200.00 Auditing Firm Initial Application- SEC Form AuF-002 (Revised 2009) *Processing time exclude mailing period to and from the applicant. 2 days and 1 hour OGA Renewal Application- SEC Form AuF-002-R (Revised 2009) SEC CITIZEN’S CHARTER 10 | P a g e SECURITIES AND EXCHANGE COMMISSION FRONTLINE SERVICES FEES FORMS PROCESSING TIME (UNDER NORMAL CIRCUMSTANCES PER TRANSACTION Group B Filing Fee : P15,000.00 LRF* : 150.00 TOTAL : P15,150.00 Group C or D Filing Fee : P5,000.00 LRF* : 50.00 TOTAL : P5,050.00 Individual ApplicantPractitioner Group A Filing Fee: P5,000.00 LRF* : 50.00 TOTAL : P5,050.00 Individual Applicant- Practitioner Initial Application – SEC Form ExA-001R (Revised 2009) Renewal Application – SEC Form ExA001-R (Revised 2009) Group B Filing Fee: P3,000.00 LRF* : 30.00 TOTAL : P3,030.00 Group C Filing Fee: P2,000.00 LRF* : 20.00 TOTAL : P2,020.00 *Legal Research Fee (LRF-10% of Filing Fee) SEC CITIZEN’S CHARTER 11 | P a g e OFFICE IN CHARGE SECURITIES AND EXCHANGE COMMISSION FRONTLINE SERVICES Issuance of Certificate of Eligibility (CEO) on Special Purpose Vehicle (SPV) FEES FORMS For transfer to be made to an SPV by financial institution under SEC jurisdiction PROCESSING TIME (UNDER NORMAL CIRCUMSTANCES PER TRANSACTION) 6 ½ hours OFFICE IN CHARGE OGA Filing Fee- 0.50% of the transfer price but not below P20,000.00 LRF* - 10% of Filing Fee For Second Leg transfer Filing Fee- 0.10% of the transfer price but not below P5,000.00 LRF* - 10% of Filing Fee Processing of Application Registration of Securities *Legal Research Fee Not more than P500 Million: 0.10% of the maximum aggregate price of the securities to be offered SEC Form 12-1 45 days after Filing of RS (if complete) More than P500 Million but not more than P750 Million: P500,000.00 plus 0.075% of the excess over P500 Million SEC CITIZEN’S CHARTER 12 | P a g e MSRD SECURITIES AND EXCHANGE COMMISSION FRONTLINE SERVICES FEES FORMS PROCESSING TIME (UNDER NORMAL CIRCUMSTANCES PER TRANSACTION) OFFICE IN CHARGE 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 Processing of Application P50,500.00 including Legal Registration as an Exchange/ Research Fee Exchange-SRO; Clearing Agency/Clearing AgencySRO A. For an Exchange/Exchange-SRO and Amendment thereto: SEC Form 33/33-SRO/33-A B. For a Clearing Agency/Clearing Agency-SRO and Amendment thereto: SEC Form 42-CA/42-SRO/42AMD 3 and ½ months MSRD 2 hours CGFD Payment Assessment Form (PAF) Monitoring of Foundations Amount of fines/penalties Request Slip for Monitoring Payment Assessment Form Monitoring Sheet/Confirmation of Payment Order SEC CITIZEN’S CHARTER 13 | P a g e SECURITIES AND EXCHANGE COMMISSION FRONTLINE SERVICES Receipt and Filing of Complaint FEES Filing Fee of P510 Public Assistance Information Data Request P220.00 – ordinary P5,200.00- special initial fee deposit Investor Complaints System FORMS Verified complaint w/ Certification on Non-forum Shopping Payment Assessment Form PARU Inquiry Sheet/Form PARU Action Referral and Return Slip Data Request Form Payment Assessment Form (PAF) PARU Investor Complaint Form Purchase of Pin Mailer Purchase of Service Stamps P40.00 per Service Stamp Payment of Fees for Registration Transaction Payment of Fees for NonRegistration Transaction Receiving of Documents Retrieval of Documents AI – P100 BL – P100 GIS – P25 Others – P5/pages+ P20 P100/Pin Mailer PARU Form 97-05 PROCESSING TIME (UNDER NORMAL CIRCUMSTANCES PER TRANSACTION) 1 hour or depends on the subject of the Complaint OFFICE IN CHARGE EIPD 5 minutes CRMD 30 minutes ICTD 25 minutes CRMD 30 minutes FMD 5 minutes FMD 30 minutes FMD 30 minutes FMD 10 minutes ICTD 40 minutes ICTD PARU Form 97-02 PARU Form 97-03 SEC CITIZEN’S CHARTER 14 | P a g e SECURITIES AND EXCHANGE COMMISSION FRONTLINE SERVICES FEES AI – P150 BL - P150 GIS – P50 Others – P5/pages + P20/doc. FORMS PROCESSING TIME (UNDER NORMAL CIRCUMSTANCES PER TRANSACTION) Payment Assessment Form (PAF) Doc. From View P50/doc w/certificate P20 others SEC CITIZEN’S CHARTER 15 | P a g e OFFICE IN CHARGE SECURITIES AND EXCHANGE COMMISSION FUNCTIONS AND RESPONSIBILITIES OF THE COMPANY REGISTRATION AND MONITORING DEPARTMENT The Department has a number of responsibilities under the Corporation Code and complimentary laws involving domestic and foreign corporations and partnerships, which include the following:           Registers domestic corporations and partnerships; Process applications for amendment of articles of incorporation/articles of partnership, by-laws, mergers and other corporate activities that require the prior approval of the Commission Process and approve applications for corporate reorganization; Grants and revokes licenses for foreign corporations doing business in the Philippines under the Foreign Investments Act of 1991; Grants and revokes licenses for multinational companies establishing regional headquarters in the Philippines under the Omnibus Investment Code of 1987; Grants secondary licenses of (i) lending companies; (ii) financing companies; (iii) brokers, dealers, their salespersons and associated persons and (iv) investment houses; Revokes certificates of incorporation for non-compliance with reportorial requirements and other pertinent laws implemented by the Commission; Monitors compliance by registered corporations with their reportorial responsibilities under the Corporation Code; Maintains custody over registration documents and documents that it has acted upon or has been directly filed with it; Undertakes special studies on corporate problems relating to registration, amendment of articles of incorporation, merger, and other corporate activities and monitoring of corporations submitted to the Commission by the public and government agencies and instrumentalities. SEC CITIZEN’S CHARTER 16 | P a g e SECURITIES AND EXCHANGE COMMISSION GREEN LANE (under the Office of the Director)  Registers corporations and partnerships within one (1) day except application requiring secondary license, application with more than 40% foreign equity or subscriptions paid in modes other than cash. CORPORATE AND PARTNERSHIP REGISTRATION DIVISION          Registers corporations and partnerships; Processes applications for amendments of articles of incorporation / partnership, by-laws, mergers, voting trust agreements and other corporate activities that require the prior approval of the Commission; Handles petitions for correction of articles of incorporation, by-laws, amended articles of incorporation, and amended bylaws; Handles petitions for revocation of amended articles of incorporation and amended by-laws; Handles petitions for revocation of certificate of incorporation on the ground of fraud in the procurement thereof (statement of false TIN/address); Attends, as resource persons or lecturers, the Board of Investments and inter-agency meetings and private sectors activities involving updates on rules/requirements on registration and investor assistance; Answers legal queries on issues involving the Division’s functions; Encodes data on applications for registration of corporation and partnerships; and Performs such other functions as may be assigned by the Department Director, the Commission En Banc or the Chairperson. FINANCIAL ANALYSIS AND AUDIT DIVISION  Examines documents and/or analyzes financial statements of corporations with application for: Articles of Incorporation (non-cash); a. Increase/Decrease of capital Stock; b. Confirmation of Valuation / Confirmation under 10.1; c. Merger and Consolidation; d. SEC CITIZEN’S CHARTER CRMD 17 | P a g e SECURITIES AND EXCHANGE COMMISSION e. f. g. h.  Reclassification, declassification and conversion of shares and change in par value; Dissolution; Equity Restructuring and Quasi-Reorganization; and Property Dividend Declaration; Issues certificates of approval of applications for: a. b. Equity Restructuring and Quasi-Reorganization; and Property Dividend Declaration;  Issues Certificates on capital structure, paid-up capital and percentage of nationality ownership of corporations;  Answers queries on financial issues involving the Division’s functions; and  Performs such other functions as may be directed by the Department Director, the Commission En banc or the Chairperson. CORPORATE FILING AND RECORDS DIVISION  Verifies and reserves proposed corporate, partnership and business names;  Receives applications and petitions relating to the Department’s functions;  Registers Stock and Transfer/Membership Book;  Maintains the custody of official records of the Department and ensures the records are available upon request;  Issues Certifications on corporate registration and filing;  Issues Certifications on the status of corporations;  Authenticates copies of documents on file with the Commission as required by the public, different government agencies and by SEC Internal Users; CRMD SEC CITIZEN’S CHARTER 18 | P a g e SECURITIES AND EXCHANGE COMMISSION  Encodes: a. b. SEC internal documents, such as but not limited to Certificate of Payment, Registration of Stock and Transfer/ Membership Book, Petition for Correction, Order of Revocation, and Setting Aside of Order of Revocation; Data of applications for amendments, increase/decrease of capital stock, mergers and quasi-reorganization; c. Data of corporations/partnerships registered with, and updates amendments approved by, the Extension Offices;  Attends court hearings in compliance with the subpoena and order issued by the courts;  Oversees destruction of records under appropriate law and the Commission’s rules and regulations; and  Performs such other functions as may be directed by the Department Director, the Commission En banc or the Chairperson. COMPLIANCE MONITORING DIVISION   Monitors compliance of domestic and foreign corporations without secondary licenses (except foundations) with the Commission’s reportorial requirements, and with the Corporation Code of the Philippines, Commission’s rules and regulations, and other pertinent laws implemented by the Commission; Handles revocation of certificates of incorporation/licenses of domestic/foreign corporations without secondary licenses (except foundations) for non-compliance with reportorial requirements; Handles petitions to set aside order of revocation of certificate of incorporation of corporations;  Attends stockholders/members’ meetings upon request for the parties;   Attends court hearings in compliance with the subpoena or order issued by the courts; Answers legal queries on issues involving the Division’s functions;  Researches and drafts rules and regulations relevant to the Division’s functions;  Performs such other functions as may be directed by the Department Director, the Commission En banc or the Chairperson.  CRMD SEC CITIZEN’S CHARTER 19 | P a g e SECURITIES AND EXCHANGE COMMISSION LICENSING UNIT    Licenses foreign companies and multinational companies, processes applications for amendment of said licenses, change of resident agent and withdrawal of licenses; Licenses financing and lending companies, both for the main and branch offices;  Licenses Brokers and/or Dealers in securities, its branches, associated persons and salesmen; processes applications for renewal of their respective licenses; Licenses Investment Houses, Underwriter of Securities, Government Securities Eligible Dealers, Investment Company Advisers, and Mutual fund Distributors, their branches, associated persons, compliance officers, salesmen and certified investment solicitors; processes applications for renewal if their respective licenses; Licenses Transfer Agents and processes applications for renewal of their respective licenses;  Licenses REIT Property Managers and REIT Fund Managers;  Encodes data on applications of foreign and multinational corporations for a license to do business in the Philippines;  Answers legal queries on matters involving the Unit’s functions; and  Performs such other functions as may be directed by the Department Director, the Commission En banc or the Chairperson.  Additional Functions: PUBLIC ASSISTANCE CENTER (PAC)   Handles walk-in queries of the public on matters of registration applications/transaction directly handled by the Department. Refers issues or queries within the jurisdiction of the other core Departments. RECEIVING/RELEASING UNIT  Receives/releases applications and other documents approved at CRMD CRMD SEC CITIZEN’S CHARTER 20 | P a g e SECURITIES AND EXCHANGE COMMISSION LIST OF FRONTLINE SERVICES 1. 2. 3. 4. 5. 6. 7. 8. Public Assistance Services Name Verification Services Green Lane Services Processing of Applications for Primary Registration Processing of Applications for Amendments Processing of Applications of Foreign Corporations Receiving, Releasing and Certification Services Compliance Monitoring Services PUBLIC ASSISTANCE CENTER (UNDER THE Office of the Director) Schedule of Availability of Service: 8:00 to 5:00 p.m. (no noon break policy is observed) Monday- Friday Who may Avail of the Service Corporations or Partnerships, Foreign Corporations, Government Offices, Individual Person How to Avail of the Service: TYPE OF ASSISTANCE Walk-In query APPLICANT/CLIENT Fill up Query Slip SERVICE PROVIDER Call service number on a first come, first serve basis DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) Immediate PERSON IN CHARGE SEC Complaints Specialist FORM Query Slip CRMD SEC CITIZEN’S CHARTER 21 | P a g e SECURITIES AND EXCHANGE COMMISSION TYPE OF ASSISTANCE Referral to appropriate division/ department APPLICANT/CLIENT SERVICE PROVIDER Fill up Query Slip/ Referral Slip Phone query DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) Call service number on a first come, first serve basis Immediate Answer telephone calls on a first come, first served basis Immediate PERSON IN CHARGE SEC Complaints Specialist FORM Query Slip/ Referral Slip SEC Complaints Specialist NAME VERIFICATION SERVICES Schedule of Availability of Service: 8:00 am to 5:00 pm Monday-Friday (no noon break) Who may Avail of the Service: Applicant corporations and partnerships thru their representatives How to Avail of the Service: STEP 1. APPLICANT/CLIENT Secure service number and fill-up Name Verification Form SERVICE PROVIDER After the number has been called, applicant submits the filled up request form together with the money stamp to verification officer; DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) PERSON IN CHARGE 5 minutes Guard on duty FEES FORM None Name Verification Form CRMD SEC CITIZEN’S CHARTER 22 | P a g e SECURITIES AND EXCHANGE COMMISSION STEP 2. APPLICANT/CLIENT Proceed to waiting area and wait for service number to be called SERVICE PROVIDER Inputs proposed company name in the system If proposed name is allowed by the system, the reservation and confirmation notice is printed and given to the applicant; DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) PERSON IN CHARGE 5 minutes/ company name Verification officer FEES FORM None P40.00- reservation for 30 days; P80.00 – reservation for 60 days; P120.00 – reservation for 90 days Name Verification Form Confirmation Reservation Notice In case of disallowance of proposed company name, the verification officer verifies the other preferences of the applicant. (maximum of three (3) proposed names per number) CRMD SEC CITIZEN’S CHARTER 23 | P a g e SECURITIES AND EXCHANGE COMMISSION PROCESSING OF APPLICATIONS FOR PRIMARY REGISTRATION OF STOCK AND NON-STOCK CORPORATION AT THE GREEN LANE Schedule of Availability of Service: 8:00am to 5:00 pm Monday - Friday (no noon break) Who may Avail of the Service: All applicant corporations thru their representatives EXCEPT a. Application requiring secondary license b. Application with more than 40% foreign equity c. Subscriptions paid in modes other than cash What are the BASIC requirements: 1. 2. 3. 4. 5. 6. Cover Sheet Reservation Payment Confirmation Articles of Incorporation (AI) By-laws (BL) Treasurer’s Affidavit (for stock) Joint Undertaking to Change Name CRMD SEC CITIZEN’S CHARTER 24 | P a g e SECURITIES AND EXCHANGE COMMISSION How to Avail of the Service: STEP 1. 2. APPLICANT/CLIENT Verify or reserve proposed name Present Articles of Incorporation and By-Laws / at the Green Lane, 2 F, SEC Bldg. SERVICE PROVIDER If proposed name is allowed by the system, the reservation and confirmation notice is printed and given to the applicant; Check the document presented. If complete, advise the registrant to pay the filing fee. If not, advise applicant to comply with requirements DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) PERSON IN CHARGE FEES FORM Name Verification Officer P40.00- reservation for 30 days; P80.00 – reservation for 60 days; 120.00 – reservation for 90 days Confirmation Reservation Notice GL Processor Filing fee for stock corporation: 1/5 of 1% of the authorized capital stock but not less than P1,000.00 plus 1% of the amount as legal research fee; Registration fee for By-Laws of stock corporation is P510.00 Payment Assessment Form Registration fee for Articles of Incorporation and ByLaws of a non-stock corporation is P1,020.00 CRMD SEC CITIZEN’S CHARTER 25 | P a g e SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT/CLIENT SERVICE PROVIDER 3. Pay filing fee at the Cashier located at the 2/F, SEC Bldg. and file application at the Green Lane, located at the 2/F, SEC Bldg. After receipt of application, GL staff generates the Certificate of Incorporation bearing applicant’s SEC Registration No. and corporate Tax Identification No. 4. Present Official Receipt to CRMD Releasing Unit, 2/F, SEC Bldg. to get the Certificate of Incorporation The GL OIC reviews the application and forwards it for approval of CRMD Director Sorts articles of incorporation and by-laws with certificate of incorporation for release to applicant DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) PERSON IN CHARGE GL Staff FEES FORM None Generated Certificate of Incorporation and By-laws from the i-register system OIC GL CRMD Director Applications filed before 11:00 AM approved the same day; filed after 11:00AM, approved not later than 12 noon of the following working day. CFRD Staff None Signed Certificate of Incorporation and By-Laws PROCESSING OF APPLICATIONS FOR PARTNERSHIP AT THE GREEN LANE Schedule of Availability of Service: 8:00am to 5:00 pm Monday - Friday (no noon break) Who may Avail of the Service: All applicant corporations thru their representatives EXCEPT a. Application requiring secondary license b. Application with more than 40% foreign equity c. Subscriptions paid in modes other than cash SEC CITIZEN’S CHARTER CRMD 26 | P a g e SECURITIES AND EXCHANGE COMMISSION What are the BASIC requirements: 1. 2. 3. 4. Cover Sheet Reservation Payment Confirmation Articles of Partnership (AP) Joint Undertaking to Change Name How to Avail of the Service: SERVICE PROVIDER DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) PERSON IN CHARGE STEP APPLICANT/CLIENT 1. Verify or reserve proposed name If proposed name is allowed by the system, the reservation and confirmation notice is printed and given to the applicant Name Verification Officer 2. Present Articles of Partnership at Green Lane, 2/F, SEC Bldg. Check the document presented. If complete, advise the registrant to pay the filing fee. If not, advise applicant to comply with requirements GL Processor FEES FORM P40.00- reservation for 30 days; P80.00 – reservation for 60 days; 120.00 – reservation for 90 days Confirmation Reservation Notice Payment Assessment Form CRMD SEC CITIZEN’S CHARTER 27 | P a g e SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT/CLIENT 3. Pay filing fee at the Cashier nd located at the 2 Floor and file application at the Green Lane, 2/F, SEC Bldg. PERSON IN CHARGE FEES Accepts Payment Assessment Form and generates official receipt HRAD Cashier After receipt of the application, GL staff generates the Certificate of Recording of the Articles of Partnership bearing applicant’s SEC Registration No. and corporate Tax Identification No. GL Staff Filing fee: 1/5 of 1% of the Partnership’s capital but not less than P1,000.00 plus 1% of the amount as legal research fee SERVICE PROVIDER DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) The GL OIC reviews the application and forwards it for approval of CRMD Director 4. Present Official Receipt to CRMD Releasing Unit, 2/F, SEC Bldg. to get the Certificate of Recording of the Articles of Partnership Sorts articles of partnership with Certificate of Recording of the Articles of Partnership for release to applicant FORM Official Receipt Generates Certificate of Recording of the Articles of Partnership from the i-register system GL OIC CRMD Director Applications filed before 11:00 AM approved the same day; filed after 11:00AM, approved not later than 12 noon of the following working day. CFRD Staff None Signed Certificate of Recording of the Articles of Partnership CRMD SEC CITIZEN’S CHARTER 28 | P a g e SECURITIES AND EXCHANGE COMMISSION PROCESSING OF APPLICATIONS FOR PRIMARY REGISTRATION OF STOCK AND NON-STOCK CORPORATION Schedule of Availability of Service: 8:00am to 5:00 pm Monday - Friday (no noon break) Who may Avail of the Service: All applicant corporations thru their representatives What are the BASIC requirements: 1. 2. 3. 4. 5. 6. Cover Sheet Reservation Payment Confirmation Articles of Incorporation (AI) By-laws (BL) Treasurer’s Affidavit (for stock) Joint Undertaking to Change Name How to Avail of the Service: STEP APPLICANT/CLIENT 1. Verify or reserve proposed name SERVICE PROVIDER If proposed name is allowed by the system, the reservation and confirmation notice is printed and given to the applicant; DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) 10 minutes PERSON IN CHARGE FEES FORM Name Verification Officer P40.00- reservation for 30 days; P80.00 – reservation for 60 days; 120.00 – reservation for 90 days Confirmation Reservation Notice CRMD SEC CITIZEN’S CHARTER 29 | P a g e SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT/CLIENT SERVICE PROVIDER 2. Present Articles of Incorporation and By-Laws at the Corporate and Partnership / Registration Division, 2 F, SEC Bldg. Check the document presented. If complete, advise the registrant to pay the filing fee. If not, advise applicant to comply with requirements 3. Pay filing fee at the Cashier located at the 2/F, SEC Bldg. and file application with CRMD Receiving Unit, located at the 2/F, SEC Bldg. After receipt of application, CPRD staff generates the Certificate of Incorporation bearing applicant’s SEC Registration No. and corporate Tax Identification No. Asst. Director reviews the application and forwards it for approval of CRMD Director DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) 10-20 minutes 5 minutes/ activity PERSON IN CHARGE Securities Specialist CPRD Staff FEES FORM Filing fee for stock corporation: 1/5 of 1% of the authorized capital stock but not less than P1,000.00 plus 1% of the amount as legal research fee; Registration fee for ByLaws of stock corporation is P510.00 Registration fee for Articles of Incorporation and ByLaws of a non-stock corporation is P1,020.00 None Payment Assessment Form Generated Certificate of Incorporation and By-laws from the iregister system Asst. Director CRMD Director CRMD SEC CITIZEN’S CHARTER 30 | P a g e SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT/CLIENT SERVICE PROVIDER 4. Present Official Receipt to CRMD Releasing Unit, 2/F, SEC Bldg. to get the Certificate of Incorporation Sorts articles of incorporation and bylaws with certificate of incorporation for release to applicant DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) 5 minutes PERSON IN CHARGE CFRD Staff FEES FORM None Signed Certificate of Incorporation and By-Laws PROCESSING OF APPLICATIONS FOR PRIMARY REGISTRATION OF PARTNERSHIPS Schedule of Availability of Service: 8:00am to 5:00 pm Monday - Friday (no noon break) Who may Avail of the Service: All applicant corporations thru their representatives What are the BASIC requirements: 1. 2. 3. 4. Cover Sheet Reservation Payment Confirmation Articles of Partnership (AP) Joint Undertaking to Change Name CRMD SEC CITIZEN’S CHARTER 31 | P a g e SECURITIES AND EXCHANGE COMMISSION How to Avail of the Service: STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) 10 minutes PERSON IN CHARGE 1. Verify or reserve proposed name If proposed name is allowed by the system, the reservation and confirmation notice is printed and given to the applicant Name Verification Officer 2. Present Articles of Partnership at the Corporate and Partnership Registration Division, 2/F, SEC Bldg. Check the document presented. If complete, advise the registrant to pay the filing fee. If not, advise applicant to comply with requirements 10-15 minutes Securities Specialist 3. Pay filing fee at the Cashier located at the 2nd Floor and file application with the Receiving Unit, CRMD located at the 2/F, SEC Bldg. Accepts Payment Assessment Form and generates official receipt 5 minutes/ activity HRAD Cashier CPRD Staff After receipt of the application, CPRD staff generates the Certificate of Recording of the Articles of Partnership bearing applicant’s SEC Registration No. and corporate Tax Identification No. The Asst. Director reviews the application and forwards it for approval of CRMD Director FEES FORM P40.00- reservation for 30 days; P80.00 – reservation for 60 days; 120.00 – reservation for 90 days Confirmation Reservation Notice Payment Assessment Form Filing fee: 1/5 of 1% of the Partnership’s capital but not less than P1,000.00 plus 1% of the amount as legal research fee Asst. Director/ CRMD Director Official Receipt Generates Certificate of Recording of the Articles of Partnership from the i-register system CRMD SEC CITIZEN’S CHARTER 32 | P a g e SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT/CLIENT SERVICE PROVIDER 4. Present Official Receipt to CRMD Releasing Unit, 2/F, SEC Bldg. to get the Certificate of Recording of the Articles of Partnership Sorts articles of partnership with Certificate of Recording of the Articles of Partnership for release to applicant DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) 5 minutes PERSON IN CHARGE CFRD Staff FEES FORM None Signed Certificate of Recording of the Articles of Partnership PROCESSING OF APPLICATIONS FOR AMENDMENTS OF STOCK AND NON-STOCK DOMESTIC CORPORATIONS Schedule of Availability of Service: 8:00am to 5:00 pm Monday - Friday (no noon break) Who may Avail of the Service: All applicant corporations thru their representatives What are the BASIC 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. CRMD SEC CITIZEN’S CHARTER 33 | P a g e SECURITIES AND EXCHANGE COMMISSION 3. Amended Articles of Incorporation/Amended By-laws—All 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 Secretary’s Certificate on no pending case of intra-corporate dispute 5. Compliance Monitoring Division clearance 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 Secretary’s Certificate on no pending case of intra-corporate dispute 4. Compliance Monitoring Division clearance 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. CRMD SEC CITIZEN’S CHARTER 34 | P a g e SECURITIES AND EXCHANGE COMMISSION How to Avail of the Service: STEP APPLICANT/CLIENT 1. Prepare Directors’ or Trustees’ Certificate and Amended Articles of Incorporation and/or Amended By-laws Secure Monitoring Clearance from Compliance Monitoring / Division, located at the 2 F, SEC Bldg. 2. SERVICE PROVIDER DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) PERSON IN CHARGE FEES FORM As stated in the basic requirements for amendments Check compliance with reportorial requirements; Check for any double submission of the General Information Sheet; and Within 7 days from date of presentation of complete requirements CMD Monitor Payment of penalties Payment Assessment Form/ Monitoring Sheet Determine existence of intracorporate disputes as provided under the “Guidelines on Double Submission of GIS.” Note: For Financing and Lending companies, issuers of proprietary membership (i.e. golf clubs) listed and public companies and foundations, monitoring shall be with the Corporate Governance and Finance Department located at the 11/F For capital market participants such as brokers, dealers and investment houses, monitoring is with the Markets Securities and Regulation Department at the 6/F, SEC Bldg. CRMD SEC CITIZEN’S CHARTER 35 | P a g e SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT/CLIENT 3. Submit the (i) Directors’/Trustees’ Certificate; (ii) Amended Articles of Incorporation and/or Amended By-laws; and the (iii) Monitoring Clearance to Corporate and Partnership Registration Division located at the 2/F, SEC Bldg. for pre-processing Pay filing fee at the Cashier / located at the 2 F, SEC Bldg. 4. SERVICE PROVIDER Check documents if compliant with the provisions of the Corporation Code of the Philippines and other existing laws. If complete, advise registrant to pay filing fee. If not, advise applicant to comply with requirements Accept payment assessment form and generates official receipt DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) 15-30 minutes depending on the complexity of amendments 5 minutes PERSON IN CHARGE FEES FORM Securities Specialist None As stated in the basic requirements for amendments HRAD Cashier Registration fee for the Amended Articles of Incorporation is P510.00. Official Receipt 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 authorized capital stock CRMD SEC CITIZEN’S CHARTER 36 | P a g e SECURITIES AND EXCHANGE COMMISSION 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 P2,020.00. 5. File the application with CRMD Receiving Unit, located at the 2/F, SEC Bldg After receipt of the application, the same shall be forwarded to the Corporate Filings and Records Division (CFRD) for the verification and production of applicant’s corporate records on file with the Commission. For corporations registered from 1996 onwards whose records are available in the Commission’s database, production of documents may take 1 to 2 days. However, for corporations whose records are not available in the database, production of documents may take longer as the same shall be secured from the SEC offsite warehouse. 5-10 minutes CFRD Staff Registration fee for the Amended By-laws is P510.00. None CRMD SEC CITIZEN’S CHARTER 37 | P a g e SECURITIES AND EXCHANGE COMMISSION After receipt of the application, the same shall be forwarded to the Corporate Filings and Records Division (CFRD) for the verification and production of applicant’s corporate records on file with the Commission. For corporations registered from 1996 onwards whose records are available in the Commission’s database, production of documents may take 1 to 2 days. However, for corporations whose records are not available in the database, production 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 Certificate of Filing of Amended Articles of Incorporation and/or Bylaws. The Assistant Director will review the application and forward it to the CRMD Director for approval Printed Certificate of Filing of Amended Articles of Incorporation and/or By-laws Asst. Director CRMD Director CRMD SEC CITIZEN’S CHARTER 38 | P a g e SECURITIES AND EXCHANGE COMMISSION STEP 6. APPLICANT/CLIENT Present Official Receipt to CRMD Releasing Unit, located / at the 2 F, SEC Bldg. to get the SERVICE PROVIDER Sorts articles of incorporation and/or by-laws with Certificate of Filing of Amended Articles of Incorporation and/or Certificate of Filing of Amended By-laws for release to applicant DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) Certificates may be claimed within five (5) days from filing of application from the CRMD Releasing Unit. However, for corporate records not available in the database, the release of the Certificate of Filing may vary. PERSON IN CHARGE CFRD Staff FEES FORM None Signed Certificate of Filing of the Amended Articles of Incorporation and/or By-laws PROCESSING OF APPLICATIONS FOR AMENDMENTS OF PARTNERSHIPS Schedule of Availability of Service: 8:00am to 5:00 pm Monday - Friday (no noon break) Who may Avail of the Service: All applicant partnerships thru their representatives CRMD SEC CITIZEN’S CHARTER 39 | P a g e SECURITIES AND EXCHANGE COMMISSION What are the BASIC 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/CLIENT 1. Prepare the Amended Articles of Partnership 2. Submit the Amended Articles of Partnership at the Corporate and Partnership Registration Division (CPRD), located at the 2/F, SEC Bldg. for preprocessing. Pay filing fee at the Cashier located at the 2/F, SEC Bldg. 3. SERVICE PROVIDER DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) PERSON IN CHARGE FEES FORM As stated in the basic requirements for amendments Check the documents if compliant with the Civil Code provisions on partnership and other existing laws. If complete, advises registrant to pay filing fee. If not, advises applicant to comply with requirements. 5 minutes Securities Specialist Prepares Payment Assessment Form 1 minute HRAD Cashier Registration fee P1,010.00; Payment Assessment Form/ Official Receipt For increase of capital: 1/5 of 1% of the increase in capital but not less than P1,000.00 plus LRF CRMD SEC CITIZEN’S CHARTER 40 | P a g e SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT/CLIENT SERVICE PROVIDER 4. File the application with the CRMD Receiving Unit located at the 2/F, SEC Bldg. After receipt of the application by CFRD, the records on file shall be attached and transmitted to CPRD for the generation of the Certificate of Recording of Amended Articles of Partnership. 5. Present Official Receipt to CRMD Releasing Unit located at the 2/F, SEC Bldg. to get the Certificate of Recording of Amended Articles of Partnership. The Asst. Director will review the application and forward it to the CRMD Director for approval. Sorts articles of partnership with Certificate of Recording of the Amended Articles of Partnership for release to applicant DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) 10-15 minutes PERSON IN CHARGE FEES FORM CFRD Staff Printed Certificate of Recording of Amended Articles of Partnership CPRD Staff Asst. Director CRMD Director Certificate may be claimed within 5 days from the filing of application with the CRMD Receiving Unit CFRD Staff None Signed Certificate of Recording of Amended Articles of Partnership. PROCESSING OF INCREASE/DECREASE OF AUTHORIZED CAPITAL STOCK Schedule of Availability of Service: 8:00am to 5:00 pm Monday - Friday (no noon break) Who may Avail of the Service: All applicant corporations thru their representatives What are the BASIC requirements: 1. Certificate of Increase of Capital Stock signed by majority of the directors and certified by Chairman and Corporate Secretary of the stockholders meeting; CRMD SEC CITIZEN’S CHARTER 41 | P a g e SECURITIES AND EXCHANGE COMMISSION 2. Treasurer’s Affidavit certifying the increase of capital stock, the amount subscribed and the amount received as payment thereto; 3. List of stockholders as of the date of the meeting approving the increase, indicating the nationalities of the subscribers and their respective subscribed and paid-up capital on the existing authorized capital stock certified by the corporate secretary; 4. Amended Articles of Incorporation; 5. Notarized Secretary’s Certificate on no pending case of intra-corporate dispute; 6. Directors Certificate – a notarized document signed majority of the directors and the corporate secretary certifying (a) the amendment of the Articles of Incorporation increasing the authorized capital stock, (b) the votes of the directors and the stockholders, and (c) the date and place of the stockholders’ meeting. 7. Notarized Secretary’s Certificate certifying that all of the non-subscribing stockholders waived their respective preemptive rights/resolution by the stockholders representing at least 2/3 of the outstanding capital stock approving (the mode of payment made) 8. Monitoring clearance from Financial Analysis and Audit Division Under M. C. No. 6, series of 2012 - Subscription Contract Additional requirements depending on the kind of payment on subscription How to Avail of the Service: STEP APPLICANT/CLIENT 1. Prepares the (i) basic requirements and (ii) additional requirements depending on the mode of payment on subscription SERVICE PROVIDER DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) PERSON IN CHARGE FEES FORM As stated in the basic requirements and additional requirements CRMD SEC CITIZEN’S CHARTER 42 | P a g e SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT/CLIENT SERVICE PROVIDER 2. Secure Monitoring Clearance from Financial Analysis and Audit Division or Compliance Monitoring nd Division , 2 Flr, SEC Bldg. Examiner determines compliance with reportorial requirements, checks double submission of General Information Sheets and determines existence of intra-corporate dispute as provided in the “Guidelines on Double Submission of GIS” DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) 15-30 minutes PERSON IN CHARGE FEES FORM FAAD Examiner or CMD Monitor Monitoring Sheet NOTE: For financing companies, issuers of proprietary or nonproprietary membership and foundations, monitoring shall be done at the Investor Protection and Surveillance Department; For listed and public companies, monitoring is done at the Corporate Governance and Finance Department; For capital market participants such as brokers, dealers and investment houses, monitoring is done at the Markets Securities and Regulation Department CRMD SEC CITIZEN’S CHARTER 43 | P a g e SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT/CLIENT SERVICE PROVIDER 3. Pay assessed fee at the Cashier located at the 2/F, SEC Bldg. Payment Assessment Form for payment of penalties 4. Submit the (i) basic requirements and (ii) Additional requirements with Monitoring Clearance at nd FAAD or CMD, 2 Flr, SEC Bldg. Checks if the documents, if compliant with the provisions of the Corporation Code of the Philippines and other existing laws. If complete, advises applicant to pay filing fee. If not, advises applicant to comply with requirements DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) 5 minutes 4-8 hours depending on the complexity of the application PERSON IN CHARGE FEES FORM HRAD Cashier Confirmation of Payment of Penalties FAAD Examiner or CPRD Processor For applications to be approved by FAAD, if the documents are complete, FAAD Examiner will prepare the report and submit to the Assistant Director for review, if approved, applicant will be advised to pay the filing fee. CRMD SEC CITIZEN’S CHARTER 44 | P a g e SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT/CLIENT 5. Pay filing fee at the Cashier located / at the 2 F, SEC Bldg. SERVICE PROVIDER Prepares Payment Assessment Form DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) 5 minutes PERSON IN CHARGE FAAD Examiner or CPRD Processor FEES FORM Registration fee for Increase of Capital Stock is 1/5 of 1% of the increase in capital stock or subscription price, whichever is higher, but not less than P1,000.00 plus 1 % LRF and P510.00 for the Payment Assessment Form Amended Articles of Incorporation For computation of filing fee of other applications aside from increase of capital stock, please refer to SEC Memorandum Circular No. 9, series of 2004 CRMD SEC CITIZEN’S CHARTER 45 | P a g e SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT/CLIENT SERVICE PROVIDER 6. File the application with the CRMD / Receiving Unit located at the 2 F, SEC Bldg. After receipt of the application, the same is forwarded to CFRD for verification and production of applicant’s records on file. Thereafter the application with the attached records shall be transmitted to FAAD and/or CPRD for the generation of Certificate of Increase/Decrease of Authorized Capital Stock and Certificate of Filing of Amended Articles of Incorporation and/or Bylaws. The Asst. Director will review the application and forward it to the CRMD Director for approval DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) 10-20 minutes PERSON IN CHARGE FEES FORM CFRD Staff Certificate of Filing of Amended Articles of Incorporation and/or By-laws FAAD Staff or CPRD Staff Asst. Director CRMD Director CRMD SEC CITIZEN’S CHARTER 46 | P a g e SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT/CLIENT SERVICE PROVIDER 7. Present Official Receipt to CRMD Releasing Unit, 2/F, SEC Bldg. to get the Certificate of Filing of Amended Articles of Incorporation and/or By-laws Sorts the Certificate of Increase/Decrease of Authorized Capital Stock and Certificate of Filing of Amended Articles of Incorporation and/or By-laws with all pertinent documents DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) 5 minutes PERSON IN CHARGE CFRD Staff FEES FORM None Signed Certificate of Increase/ Decrease of Authorized Capital stock and Certificate of Filing of Amended Articles of Incorporation and/or By-laws PROCESSING OF APPLICATIONS OF FOREIGN CORPORATIONS Schedule of Availability of Service: 8:00am to 5:00 pm Monday - Friday (no noon break) Who may Avail of the Service: Registrant foreign corporations thru their representatives What are the BASIC requirements: A. Branch Office & Representative Office 1. Cover Sheet 2. Name Verification Slip 3. Application Form (AF)  F-103: for Stock Branch Office (SBO)  F-104: for Stock Representative Office (SRO)  F-108: For Non-Stock Branch Office and Representative Office, including Foundations (NBO & NRO) SEC CITIZEN’S CHARTER CRMD 47 | P a g e SECURITIES AND EXCHANGE COMMISSION 4. Authenticated copy of the Board Resolution  authorizing the establishment of Branch/Representative Office in the Philippines  5. 6. 7. designating the resident agent to whom summons and other legal processes may be served in behalf of the foreign corporation  stipulating that in the absence of such agent or upon cessation of its operation 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 Authenticated copies of the Articles of Incorporation/Partnership with an English translation if foreign language other than English 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 Compliance with Financial Ratios SBO Ratio Solvency Liquidity Debt to Equity Formula Total Assets/Total Liabilities Current Assets/Current Liabilities Total Liabilities/Equity SRO, NBO & NRO Ratio Formula Solvency Total Assets/Total Liabilities Benchmark Value 1:1 1:1 3:1 Benchmark Value 1:1 CRMD SEC CITIZEN’S CHARTER 48 | P a g e SECURITIES AND EXCHANGE COMMISSION NOTES:   8. 9. 10. 11. 12. B. 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: submit PhP1M Surety Bond Notarized Proof of inward remittance such as bank certificate of inward remittance or credit advices (for SBO & SRO) Affidavit of undertaking to change corporate name (not required if already stated in the AF) Resident Agent's (RA) acceptance of appointment (not required if RA is the signatory to the AF) Indorsement/Clearance from appropriate government agencies Additional requirements for Foundations a. Notarized Certificate Bank Deposit of the amount of not less than PhP1M b. Statement of Willingness to allow the Commission to conduct an audit RHQ & ROHQ 1. 2. 3. 4. 5. 6. 7. Cover Sheet Name Verification Slip Application Form (AF) Certification from the Philippine Consulate/Embassy or the Philippine Commercial Office or from the equivalent office of the Philippine DTI in the applicant’s home country that said foreign firm is an entity engaged in international trade with affiliates, subsidiaries or branch offices in the Asia Pacific Region 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 Authenticated Certification from principal officer of the foreign entity to the effect that the said foreign entity has been authorized by its board of directors or governing body to establish its RHQ/ROHQ Affidavit of undertaking to change corporate name (not required if already stated in the AF) Indorsement from the Board of Investments CRMD SEC CITIZEN’S CHARTER 49 | P a g e SECURITIES AND EXCHANGE COMMISSION Notes:  Submit original + 3 copies  Use A4 size bond paper  All documents executed abroad should be authenticated by the Philippine Embassy or Consular Office  Only applications, which are complete and compliant in form and substance, shall be issued the Payment Assessment Form. How may the services be availed of: STEP APPLICANT/CLIENT 1. Applicant presents ALL accomplished documentary requirements for preprocessing at the Licensing Unit (LU) 2. 3. SERVICE PROVIDER LU Officer of the Day (OD) takes the application to the LU Division Head (DH) for assignment. LU DH assigns the application to LU Specialist (and Financial Specialist, for SBO). Applicant waits to be called by the Specialist LU Specialist (and LU Financial Specialist, for SBO) pre-processes/ evaluates the application DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) 1 minute 1 minute 1 hour PERSON IN CHARGE FEES FORM LU Officer of the Day F-103: for SBO 104: for SRO F-108: for NBO/NRO RHQ AF ROHQ AF All documentary requirements LU Division Head LU Specialist/ Financial Specialist All documentary requirements CRMD SEC CITIZEN’S CHARTER 50 | P a g e SECURITIES AND EXCHANGE COMMISSION 4. LU Specialist issues the Payment Assessment Form (PAF) 1 minute LU Specialist/ Financial Specialist 1. Filing Fees (FF): SBO: Payment Assessment Form 1% of the actual inward remittance converted into Philippine currency but not less than P2,000 SRO: 1/10 of 1% of the actual inward remittance converted into Philippine currency but not less than P2,000 NBO & NRO: P2,000 RHQ: P5,000 ROHQ: 1% of the actual inward remittance but not less than 1% of peso equivalent of US$200,000 at the time of remittance 2. Legal Research Fee: For ALL Applications: 1/10 of 1% of the FF but not less than P10.00 CRMD SEC CITIZEN’S CHARTER 51 | P a g e SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT/CLIENT 5. Applicant pays license fees to FMD Cashier and files application with Corporate Filing and Records Division, Company Registration and Monitoring Department (CFRD) 7. 8. Applicant claims the License from CFRD (Official Receipt must be presented) DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) PERSON IN CHARGE FEES FORM FMD Cashier CFRD Support Staff Upon receipt of application from the CFRD,LU Specialist prepares the License, and the Financial Specialist prepares the Checklist of Requirements , which contains the financial report for SBO (Checklist) LU DH valuates/reviews the License and(Checklist for SBO), and initials the same. CRMD Director reviews/signs the License. 6. 9. SERVICE PROVIDER 5 days 5 days 2 days LU Specialist/ Financial Specialist License Checklist LU Division Head License Checklist CRMD Director License CFRD Support Staff License CRMD SEC CITIZEN’S CHARTER 52 | P a g e SECURITIES AND EXCHANGE COMMISSION MONITORING SERVICES Schedule of Availability of Service: 8:00am to 5:00 pm Monday - Friday (no noon break) Who may Avail of the Service: Filipino citizens, resident and non-resident aliens, at least 18 years of age What are the MONITORING requirements: 1. 2. 3. 4. Stock and Transfer Book/Membership Book General Information Sheet (GIS) Audited Financial Statement (AFS) Original Articles of Incorporation and By-Laws/ Latest Amended Articles of Incorporation and/or Amended By-Laws How to Avail of the Service: STEP APPLICANT/CLIENT 1. Applicant fills up the “Request Slip for Monitoring” and submission of documents for monitoring 2. SERVICE PROVIDER Monitor checks the requirements submitted and accepts the same if complete. Release of the final Monitoring Sheet and Payment Assessment Form, if for payment and without further corrections or If there is no penalty. DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) 10-20 minutes After 5 working days PERSON IN CHARGE FEES FORM CMD Staff; CMD Monitor Document Index List CMD Staff; CMD Monitor Monitoring Sheet/Payment Assessment Form CRMD SEC CITIZEN’S CHARTER 53 | P a g e SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT/CLIENT SERVICE PROVIDER 3. Applicant complies with the additional requirements if there are deficiencies or corrections found in the initial assessment. Applicant pays the assessed penalties Release of the final Monitoring Sheet 4. 5. 6. Present Official Receipt DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) 30 minutes PERSON IN CHARGE FEES FORM CMD Staff; CMD Monitor Prepare the Confirmation of Payment of Fines (COP) Review and sign COP 2 minutes Support Staff 5 minutes Release of the COP and MS 2 minutes Division Head/ Assistant Director Support Staff Monitoring Sheet/Payment Assessment Form Confirmation of Penalties RECEIVING AND RELEASING PROCESS Schedule of Availability of Service: 8:00am to 5:00 pm Monday - Friday (no noon break) Who may Avail of the Service: Corporations or Partnerships, Foreign Corporations, Government Offices, Individual Persons What are the requirements: Conforms with the physical filing criteria CRMD SEC CITIZEN’S CHARTER 54 | P a g e SECURITIES AND EXCHANGE COMMISSION How to Avail of the Service: STEP APPLICANT/CLIENT 1 2 SERVICE PROVIDER Get service number Present application documents/Official Receipt Call service number on a first come, first serve basis Receive/release approved application DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) 1 minute 1 minute PERSON IN CHARGE FEES FORM CFRD Support Staff CFRD Support Staff CERTIFICATION PROCESS Schedule of Availability of Service: 8:00am to 5:00 pm Monday - Friday (no noon break) Who may Avail of the Service: Corporations or Partnerships, Foreign Corporations, Government Offices, Individual Persons What are the requirements: Conforms with the physical filing criteria CRMD SEC CITIZEN’S CHARTER 55 | P a g e SECURITIES AND EXCHANGE COMMISSION How to Avail of the Service: STEP APPLICANT/CLIENT 1 Get service number 2 Fill up request for certification form 3 4 SERVICE PROVIDER Call service number on a first come, first serve basis Receive request form DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) 1 minute CFRD Support Staff 1 minute CFRD Support Staff Check company status 2 minutes CFRD Support Staff 2 minutes CFRD Support Staff 6 Prepare Certificate 10-20 minutes CFRD Specialist II 7 8 Review Certification Sign Certification 15-30 minutes 5-10 minutes CFRD Specialist III CFRD Assistant Director or CRMD Director CFRD Support Staff 9 Present official receipt to secure Certificate of Corporate Filing and Information FEES FORM Request for certification form CFRD Support Staff Prepare Payment Assessment Form (PAF) Receive application form with payment 5 Pay required certification fee Present application form with payment PERSON IN CHARGE 2-5 minutes P300.00 Payment Assessment Form Signed Certificate CRMD SEC CITIZEN’S CHARTER 56 | P a g e SECURITIES AND EXCHANGE COMMISSION SATELLITE OFFICE Services offered: Verifies and reserves proposed corporate, partnership and business names; Registers corporations; Registers partnerships; Processes applications for amendments of articles of incorporation, partnership, by-laws and increase of authorized capital; Monitors compliance of domestic corporations with application for amendment of the articles of incorporation, by-laws and increase of authorized capital stock; Receives/releases applications and other documents approved at CRMD Handles walk-in queries of the public on matters of registration applications/transaction directly handled by the Department. Performs such other functions as may be assigned by the Department Director. NAME VERIFICATION SERVICES (SATELLITE OFFICE) Schedule of Availability of Service: 10:00 am to 6:00 pm Mondays to Fridays (no noon break) Who may avail of the Service: Applicant corporations and partnerships thru their representatives CRMD SEC CITIZEN’S CHARTER 57 | P a g e SECURITIES AND EXCHANGE COMMISSION How to avail of the service: DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) PERSON IN CHARGE STEP APPLICANT/CLIENT SERVICE PROVIDER 1. Fill-up Name Verification Form Applicant submits the filled up request form together with the money stamp to verification officer 5 minutes Inputs proposed company name in the system 5 minutes/ Satellite Office company name Verification officer Satellite Office FEES FORM None Name Verification Form None Name Verification Form P40.00- reservation for 30 days; Confirmation Reservation Notice Support Staff If proposed name is allowed by the system, the reservation and confirmation notice is printed and given to the applicant; P80.00 – reservation for 60 days; P120.00 – reservation for 90 days In case of disallowance of proposed company name, the verification officer verifies the other preferences of the applicant. (maximum of three (3) proposed names per number) CRMD SEC CITIZEN’S CHARTER 58 | P a g e SECURITIES AND EXCHANGE COMMISSION PROCESSING OF APPLICATIONS FOR PRIMARY REGISTRATION OF STOCK AND NON-STOCK CORPORATION AT THE GREEN LANE (SATELLITE OFFICE) Schedule of Availability of Service: 10:00 am to 6:00 pm Mondays to Fridays (no noon break) Who may avail of the Service: All applicant corporations thru their representatives What are the BASIC requirements: 1. 2. 3. 4. 5. 6. Cover Sheet Reservation Payment Confirmation Articles of Incorporation (AI) By-laws (BL) Treasurer’s Affidavit (for stock) Joint Undertaking to Change Name CRMD SEC CITIZEN’S CHARTER 59 | P a g e SECURITIES AND EXCHANGE COMMISSION How to Avail of the Service: STEP 1. APPLICANT/CLIENT Verify or reserve proposed name SERVICE PROVIDER If proposed name is allowed by the system, the reservation and confirmation notice is printed and given to the applicant; DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) 10 minutes PERSON IN CHARGE Satellite Officer Name Verification Officer FEES FORM P40.00- reservation for 30 days; Confirmation Reservation Notice P80.00 – reservation for 60 days; 120.00 – reservation for 90 days 2. Present Articles of Incorporation and By-Laws at the SEC Satellite Office Check the document presented. If complete, advise the registrant to pay the filing fee. If not, advise applicant to comply with requirements 10-20 minutes Satellite Office Securities Specialist Filing fee for stock corporation: Payment Assessment Form 1/5 of 1% of the authorized capital stock but not less than P1,000.00 plus 1% of the amount as legal research fee; Registration fee for By-Laws of stock corporation is P510.00 Registration fee for Articles of Incorporation and ByLaws of a non-stock corporation is P1,020.00 CRMD SEC CITIZEN’S CHARTER 60 | P a g e SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT/CLIENT 3. Pay filing fee thru cashier’s or manager’s check at SEC Satellite Office or designated banking institutions e.i. LandBank, Union Bank or other payment facilities SERVICE PROVIDER After receipt of application, CPRD staff generates the Certificate of Incorporation bearing applicant’s SEC Registration No. and corporate Tax Identfication No. DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) 5 minutes/ Present Official Receipt to the SEC Satellite Office to get the Certificate of Incorporation Sorts articles of incorporation and bylaws with certificate of incorporation for release to applicant CPRD Staff FEES FORM None Generated Certificate of Incorporation and By-laws from the iregister system None Signed activity Asst. Director Asst. Director reviews the application and forwards it for approval of CRMD Director 4. PERSON IN CHARGE CRMD Director 5 minutes Satellite Office Support Staff/CPRD Staff Certificate of Incorporation and By-Laws CRMD SEC CITIZEN’S CHARTER 61 | P a g e SECURITIES AND EXCHANGE COMMISSION PROCESSING OF APPLICATIONS FOR PARTNERSHIP (SATELLITE OFFICE) Schedule of Availability of Service: 10:00 am to 6:00 pm Mondays to Fridays (no noon break) Who may avail of the Service: All applicant partnerships thru their representatives What are the BASIC 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 1. APPLICANT/CLIENT Verify or reserve proposed name SERVICE PROVIDER If proposed name is allowed by the system, the reservation and confirmation notice is printed and given to the applicant DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) 10 minutes PERSON IN CHARGE Satellite Office Name Verification Officer FEES FORM P40.00- reservation for 30 days; P80.00 – reservation for 60 days; 120.00 – reservation for 90 days Confirmation Reservation Notice CRMD SEC CITIZEN’S CHARTER 62 | P a g e SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT/CLIENT SERVICE PROVIDER 2. Present Articles of Partnership at the SEC Satellite Office Check the document presented. If complete, advise the registrant to pay the filing fee. If not, advise applicant to comply with requirements 3. Pay filing fee thru cashier’s or manager’s check at SEC Satellite Office or designated banking institutions e.i. LandBank, Union Bank or other payment facilities Accepts Payment Assessment Form and generates official receipt DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) 10-15 minutes 5 minutes/activity After receipt of the application, CPRD staff generates the Certificate of Recording of the Articles of Partnership bearing applicant’s SEC Registration No. and corporate Tax Identification No. PERSON IN CHARGE FEES FORM Satellite Office Securities Specialist SEC Cashier/ Designated Banks and other payment facilities CPRD Staff Payment Assessment Form Filing fee: 1/5 of 1% of the Partnership’s capital but not less than P1,000.00 plus 1% of the amount as legal research fee Official Receipt None Signed Certificate of Recording of the Articles of Partnership Asst. Director/ Generates Certificate of Recording of the Articles of Partnership from the iregister system CRMD Director The Asst. Director reviews the application and forwards it for approval of CRMD Director 4. Present Official Receipt to SEC Satellite Office to get the Certificate of Recording of the Articles of Partnership Sorts articles of partnership with Certificate of Recording of the Articles of Partnership for release to applicant 5 minutes CFRD Staff/Satellite Office Support Staff CRMD SEC CITIZEN’S CHARTER 63 | P a g e SECURITIES AND EXCHANGE COMMISSION PROCESSING OF APPLICATIONS FOR AMENDMENT OF STOCK AND NON-STOCK DOMESTIC CORPORATIONS (SATELLITE OFFICE) Schedule of Availability of Service: 8:00 am to 5:00 pm Mondays to Fridays (no noon break) Who may avail of the Service: All applicant corporations thru their representatives What are the BASIC 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-laws—All 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 Secretary’s 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) CRMD SEC CITIZEN’S CHARTER 64 | P a g e SECURITIES AND EXCHANGE COMMISSION 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 Secretary’s Certificate on no pending case of intra-corporate dispute 4. Compliance Monitoring Division clearance 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. CRMD SEC CITIZEN’S CHARTER 65 | P a g e SECURITIES AND EXCHANGE COMMISSION How to Avail of the Service: STEP APPLICANT/CLIENT 1. Prepare Directors’ or Trustees’ Certificate and Amended Articles of Incorporation and/or Amended By-laws SERVICE PROVIDER DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) PERSON IN CHARGE FEES FORM As stated in the basic requirements for amendments CRMD SEC CITIZEN’S CHARTER 66 | P a g e SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT/CLIENT 2. Secure Monitoring Clearance at the SEC Satellite Office SERVICE PROVIDER Check compliance with reportorial requirements; Check for any double submission of the General Information Sheet; and DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) Within 7 days from date of presentation of complete requirements PERSON IN CHARGE Satellite Office Securities Specialist FEES FORM Payment of penalties Payment Assessment Form/ Monitoring Sheet Determine existence of intracorporate disputes as provided under the “Guidelines on Double Submission of GIS.” Note: For Financing and Lending companies, issuers of proprietary or nonproprietary membership (i.e. golf clubs) listed and public companies and foundations, monitoring shall be with the Corporate Governance and Finance Department located at the 11/F For capital market participants such as brokers, dealers and investment houses, monitoring is with the Markets Securities and Regulation Department at the 6/F, SEC Bldg. CRMD SEC CITIZEN’S CHARTER 67 | P a g e SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT/CLIENT SERVICE PROVIDER 3. Submit the (i) Directors’/Trustees’ Certificate; (ii) Amended Articles of Incorporation and/or Amended By-laws; and the (iii) Monitoring Clearance to SEC Satellite Office for pre-processing Check documents if compliant with the provisions of the Corporation Code of the Philippines and other existing laws. If complete, advise registrant to pay filing fee. If not, advise applicant to comply with requirements DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) 15-30 minutes depending on the complexity of amendments PERSON IN CHARGE Satellite Office FEES None Securities Specialist FORM As stated in the basic requirements for amendments CRMD SEC CITIZEN’S CHARTER 68 | P a g e SECURITIES AND EXCHANGE COMMISSION 4. Pay filing fee thru cashier’s or manager’s check at SEC Satellite Office or designated banking institutions e.i. LandBank, Union Bank or other payment facilities Accept payment assessment form and generates official receipt 5 minutes SEC Cashier/Designated Bank and other payment facilities Registration fee for the Amended Articles of Incorporation is P510.00. Official Receipt 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 authorized 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 P2,020.00. Registration fee for the Amended By-laws is P510.00. CRMD SEC CITIZEN’S CHARTER 69 | P a g e SECURITIES AND EXCHANGE COMMISSION STEP 5. APPLICANT/CLIENT File the application to the SEC Satellite Office SERVICE PROVIDER After receipt of the application, the same shall be forwarded to the Corporate Filings and Records Division (CFRD) for the verification and production of applicant’s corporate records on file with the Commission. DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) 5-10 minutes PERSON IN CHARGE Satellite Office Staff/ FEES FORM None CPRD Staff For corporations registered from 1996 onwards whose records are available in the Commission’s database, production of documents may take 1 to 2 days. However, for corporations whose records are not available in the database, production 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 Certificate of Filing of Amended Articles of Incorporation and/or By-laws. The Assistant Director will review the application and forward it to the CRMD Director for approval Asst. Director CRMD Director Printed Certificate of Filing of Amended Articles of Incorporation and/or Bylaws CRMD SEC CITIZEN’S CHARTER 70 | P a g e SECURITIES AND EXCHANGE COMMISSION 6. Present Official Receipt to SEC Satellite Office to get the Certificate of Approval of Amendment Sorts articles of incorporation and/or by-laws with Certificate of Filing of Amended Articles of Incorporation and/or Certificate of Filing of Amended By-laws for release to applicant Certificates may be claimed within five (5) days from filing of application from the SEC Satellite Office Releasing Unit. However, for corporate records not available in the database, the release of the Certificate of Filing may vary. Satellite Office Staff/ CFRD Staff None Signed Certificate of Filing of the Amended Articles of Incorporation and/or By-laws PROCESSING OF APPLICATIONS FOR AMENDMENT OF PARTNERSHIPS (SATELLITE OFFICE) Schedule of Availability of Service: 10:00 am to 6:00 pm Mondays to Fridays (no noon break) Who may avail of the Service: All applicant partnerships thru their representatives CRMD SEC CITIZEN’S CHARTER 71 | P a g e SECURITIES AND EXCHANGE COMMISSION What are the BASIC 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 1. APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) PERSON IN CHARGE Prepare the Amended Articles of Partnership FEES FORM As stated in the basic requirements for amendments CRMD SEC CITIZEN’S CHARTER 72 | P a g e SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT/CLIENT SERVICE PROVIDER 2. Submit the Amended Articles of Partnership at the SEC Satellite Office for preprocessing. Check the documents if compliant with the Civil Code provisions on partnership and other existing laws. If complete, advises registrant to pay filing fee. If not, advises applicant to comply with requirements. 3. Pay filing fee thru cashier’s or manager’s check at SEC Satellite Office or designated banking institutions e.i. LandBank, Union Bank or other payment facilities Prepares Payment Assessment Form DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) 5 minutes 1 minute PERSON IN CHARGE FEES FORM Satellite Office Securities Specialist Designated Banking Institutions and other payment facilities Registration fee P1,010.00; Payment Assessment Form/ Official Receipt For increase of capital: 1/5 of 1% of the increase in capital but not less than P1,000.00 plus LRF CRMD SEC CITIZEN’S CHARTER 73 | P a g e SECURITIES AND EXCHANGE COMMISSION STEP 4. 5. APPLICANT/CLIENT File the application to the SEC Satellite Office Present Official Receipt to SEC Satellite Office to get the Certificate of Recording of Amended Articles of Partnership. SERVICE PROVIDER After receipt of the application by CFRD, the records on file shall be attached and transmitted to CPRD for the generation of the Certificate of Recording of Amended Articles of Partnership. The Asst. Director will review the application and forward it to the CRMD Director for approval. Sorts articles of partnership with Certificate of Recording of the Amended Articles of Partnership for release to applicant DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) 10-15 minutes PERSON IN CHARGE FEES Satellite Support Staff FORM Printed Certificate of Recording of Amended Articles of Partnership CPRD Staff Asst. Director CRMD Director Certificate may be claimed within 5 days from the filing of application with the SEC Satellite Office Receiving Unit Satellite Office Staff/ CFRD Staff None Signed Certificate of Recording of Amended Articles of Partnership. CRMD SEC CITIZEN’S CHARTER 74 | P a g e SECURITIES AND EXCHANGE COMMISSION PROCESSING OF INCREASE/DECREASE OF AUTHORIZED CAPITAL STOCK (SATELLITE OFFICE) Schedule of Availability of Service: 10:00 am to 6:00 pm Mondays to Fridays (no noon break) Who may avail of the Service: All applicant corporations thru their representatives What are the BASIC requirements: 1. Certificate of Increase of Capital Stock signed by majority of the directors and certified by Chairman and Corporate Secretary of the stockholders meeting; 2. Treasurer’s Affidavit certifying the increase of capital stock, the amount subscribed and the amount received as payment thereto; 3. List of stockholders as of the date of the meeting approving the increase, indicating the nationalities of the subscribers and their respective subscribed and paid-up capital on the existing authorized capital stock certified by the corporate secretary; 4. Amended Articles of Incorporation; 5. Notarized Secretary’s Certificate on no pending case of intra-corporate dispute; 6. Directors Certificate – a notarized document signed majority of the directors and the corporate secretary certifying (a) the amendment of the Articles of Incorporation increasing the authorized capital stock, (b) the votes of the directors and the stockholders, and (c) the date and place of the stockholders’ meeting. CRMD SEC CITIZEN’S CHARTER 75 | P a g e SECURITIES AND EXCHANGE COMMISSION 7. Notarized Secretary’s Certificate certifying that all of the non-subscribing stockholders waived their respective pre-emptive rights/resolution by the stockholders representing at least 2/3 of the outstanding capital stock approving (the mode of payment made) 8. Monitoring clearance from the SEC Satellite Office Under M,C. No. 6, series of 2012 - Subscription Contract Additional requirements depending on the kind of payment on subscription How to avail of the service: STEP APPLICANT/CLIENT 1. Prepares the (i) basic requirements and (ii) additional requirements depending on the mode of payment on subscription SERVICE PROVIDER DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) PERSON IN CHARGE FEES FORM As stated in the basic requirements and additional requirements CRMD SEC CITIZEN’S CHARTER 76 | P a g e SECURITIES AND EXCHANGE COMMISSION STEP 2. APPLICANT/CLIENT Secure Monitoring Clearance from SEC Satellite Office SERVICE PROVIDER Examiner determines compliance with reportorial requirements, checks double submission of General Information Sheets and determines existence of intracorporate dispute as provided in the “Guidelines on Double Submission of GIS” DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) 15-30 minutes PERSON IN CHARGE Satellite Office Staff FEES FORM Monitoring Sheet NOTE: For financing companies, issuers of proprietary or non-proprietary membership and foundations, monitoring shall be done at the Investor Protection and Surveillance Department; For listed and public companies, monitoring is done at the Corporate Governance and Finance Department; For capital market participants such as brokers, dealers and investment houses, monitoring is done at the Markets Securities and Regulation Department CRMD SEC CITIZEN’S CHARTER 77 | P a g e SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) PERSON IN CHARGE 3. Pay filing fee thru cashier’s or manager’s check at SEC Satellite Office or designated banking institutions e.i. LandBank, Union Bank or other payment facilities Payment Assessment Form for payment of penalties 5 minutes Designated Banking Institutions or payment facilities 4. Submit the (i) basic requirements and (ii) Additional requirements with Monitoring Clearance Checks if the documents, if compliant with the provisions of the Corporation Code of the Philippines and other existing laws. If complete, advises applicant to pay filing fee. If not, advises applicant to comply with requirements. 4-8 hours depending on the complexity of the application Satellite Office Processor FEES FORM Confirmation of Payment of Penalties CRMD SEC CITIZEN’S CHARTER 78 | P a g e SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT/CLIENT SERVICE PROVIDER 5. Pay filing fee thru cashier’s or manager’s check at SEC Satellite Office or designated banking institutions e.i. LandBank, Union Bank or other payment facilities Prepares Payment Assessment Form DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) 5 minutes PERSON IN CHARGE Designated Banking Institutions or payment facilities FEES FORM Registration fee for Increase of Capital Stock is 1/5 of 1% of the increase in capital stock or subscription price, whichever is higher, but not less than P1,000.00 plus 1 % LRF and P510.00 for the Amended Articles of Incorporation Payment Assessment Form For computation of filing fee of other applications aside from increase of capital stock, please refer to SEC Memorandum Circular No. 9, series of 2004 6. File the application with the SEC Satellite Office After receipt of the application, the same is forwarded to CFRD for verification and production of applicant’s records on file. Thereafter the application with the attached records shall be transmitted to CPRD for the generation of Certificate of Increase/Decrease of Authorized Capital Stock and Certificate of Filing of Amended Articles of Incorporation and/or By-laws. The Asst. Director will review the application and forward it to the CRMD Director for approval. 10-20 minutes Satellite Office Staff/CFRD Staff Certificate of Filing of Amended Articles of Incorporation and/or By-laws CPRD Staff Asst. Director CRMD Director CRMD SEC CITIZEN’S CHARTER 79 | P a g e SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT/CLIENT SERVICE PROVIDER 7. Present Official Receipt to SEC Satellite Office to get the Certificate of Filing of Amended Articles of Incorporation and/or By-laws Sorts the Certificate of Increase/Decrease of Authorized Capital Stock and Certificate of Filing of Amended Articles of Incorporation and/or By-laws with all pertinent documents DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) 5 minutes PERSON IN CHARGE CPRD Staff/ Satellite Office Staff FEES None FORM Signed Certificate of Increase/ Decrease of Authorized Capital stock and Certificate of Filing of Amended Articles of Incorporation and/or By-laws CRMD SEC CITIZEN’S CHARTER 80 | P a g e SECURITIES AND EXCHANGE COMMISSION FUNCTION AND RESPONSIBILITIES OF THE OFFICE OF THE GENERAL ACCOUNTANT    Acts as lead office in the adoption and implementation of financial reporting and auditing standards and practices based on global framework; Prepares opinions, clarifications and replies to public queries with respect to financial reporting and audit issues;  Accredits external auditors or auditing firm, appraisal companies, credit rating agencies and other independent professionals or experts engaged by corporations regulated by the Commission; Monitors compliance with rules by external auditors and auditing firms, appraisal companies, credit rating agencies and other experts accredited by the Commission; Evaluates financial statements of corporations that may be referred by the Departments;  Renders advice to the Departments, upon request, on financial reporting and related matters;   Formulates rules and guidelines on quality assurance review of work of accredited experts or professionals, and implements the same to determine compliance; Evaluates applications for, and issues, certificates of eligibility under the Special Purpose Vehicle law;  Maintains custody over documents it has acted on, or are directly filed with it, unless otherwise directed by the En Banc;  Performs such other functions as may be assigned by the En Bane or the Chairperson  a. b. Undertakes rule-making and standard-setting assignments pertinent to the quality assurance review system All previous functions as may be retained by the Office except the evaluation of applications for, and issues certificates of eligibility under the Special Purpose SEC CITIZEN’S CHARTER 81 | P a g e SECURITIES AND EXCHANGE COMMISSION ACCREDITATION OF APPRAISAL COMPANIES Schedule of Availability of Service: 8:00am-5:00pm Mondays-Fridays (without noon break) Who May Avail of the service Appraisal companies What are the requirements: a. Notarized application for accreditation; b. Company profile indicating the history, scope of services, list of key officers and technical staff, bio-data of the executive/certifying officers; c. Copy of license of the certifying property value issued by the Professional Regulatory Board of Real Estate Service or if applicable, copy of license of the appraisal company issued by the Department of Trade and Industry; d. Certificate of good standing issued by a registered association of property values and appraisal companies; e. List of existing and past clients; f. Certifications from at least two (2) commercial banks or two (2) public companies or secondary licensees that they have engaged the services of the appraisal company; g. Notarized certification of the appraisal signed by its President that the company meets all the qualification requirements under Sec. 2 of the Guidelines on Property Valuations; that it has not been declared liable by the Commission or by any competent court for violation of the Corporation Code or the Securities Regulation Code and that the company or any of its directors/executive officers has no adverse judgment on any administrative, civil or criminal case involving its appraisal business; h. Latest audited financial statements; and i. Copy of at least one Appraisal Report issued. SEC CITIZEN’S CHARTER OGA 82 | P a gCRMD e SECURITIES AND EXCHANGE COMMISSION How to Avail of the Services: STEP APPLICANT/CLIENT PRE-EVALUATION PROCEDURES 1. Secures checklist of requirement from the OGA. 2. Presents application and supporting documents SERVICES PROVIDER Provides client a checklist of requirements with instructions. 1. 2. 3. Present the PAF at the Cashier and settles the required fee 4. Submits the machinevalidated PAF to OGA with the application and its supporting documents Pre-evaluates application and supporting documents. a. If application and supporting documents are not complete, the same are returned to applicant with list of requirement not complied with b. If application and supporting document are complete, the “Officer of the Day” clears application for payment of the prescribed fees (proceeds to No. 2) Prepares Payment Assessment Form (PAF) and instructs applicant to process payment and issue O.R Processes payment and issues O.R 1. 2. Checks contents and stamps receive the three (3) sets of application document Returns one (1) copy of the application document to the client. DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) PERSON IN CHARGE 5 minutes Officer of the Day of OGA 30 minutes Officer of the Day of OGA FEES Application letter duly signed by authorized officer 10 minutes Executive Assistant 10 minutes 5 minutes Cashier Filing Fee: P5,000.00 UPLRF: 50 TOTAL P5,050 Executive Assistant SEC CITIZEN’S CHARTER FORM OGA 83 | P a gCRMD e SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT/CLIENT PROCESSING PROCEDURE 1. SERVICES PROVIDER DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) PERSON IN CHARGE Inputs application to Index Tracking System and forwards the same to the supervising Accountant for assignment. 5 minutes -do- 2. Forwards documents to assigned personnel 5 minutes Supervising Accountant 3. Reviews application and supporting documents using the OGA’s Evaluation Sheet. If complete and qualified, GO TO STEP 9 2 minutes Assigned Personnel 4. If not compliant, prepares comment letter to the applicant 5. Review s comment letter 5 minutes 6. Signs comment letter 5 minutes Supervising Accountant General Accountant 7. If no compliance is made within the prescribed period (allow a 30-day mailing and reply period from date of letter): a. Prepares a letter denying the application for failure to comply with the requirements. b. Reviews letter 10 minutes -do- 5 minutes Supervising Accountant General Accountant c. Signs letter FEES -do- 5 minutes SEC CITIZEN’S CHARTER OGA 84 | P a gCRMD e FORM SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT/CLIENT PROCESSING PROCEDURE 8. 9. 10. 11. 12. SERVICES PROVIDER DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) PERSON IN CHARGE If there is a submission but 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 If applicant fully complies with the requirements and presents all original documents for authentication against submitted photocopies with application, prepares Memorandum to En Banc (through Supervising Commissioner). Reviews Memorandum 2 hours Assigned Personnel 2 hours -do- 10 minutes Signs and present Memo to the Commission En Banc for consideration Receives advice of the resolution of the Commission on the application 50 minutes Supervising Accountant General Accountant 30 minutes Assigned Personnel FEES If approved, GO TO STEP 13. a. If denial / deferred: Denial: Notifies the applicant of the denial and reasons thereof Deferment: Notifies the applicant of the deferment and requirement to be complied with or necessary action to correct the deficiency: GO TO STEP 4 and onwards. SEC CITIZEN’S CHARTER OGA 85 | P a gCRMD e FORM SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT/CLIENT PROCESSING PROCEDURE 13. Present authority to receive the certificate SERVICES PROVIDER Prepares Certificates of Accreditation DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) PERSON IN CHARGE 10 minutes Executive Assistant a. b. Prints two (2) copies Initials on copies 10 minutes 3 minutes Executive Assistant Assigned Personnel c. Initials on copies 2 minutes d. Signs certificates 5 minutes Supervising Accountant General Accountant e. Notifies applicant that the Certificate may be picked up (in case of representative, subject to presentation of authorization letter) 5 minutes Executive Assistant f. Releases Certificate of accreditation and forwards duplicate file to clerk 10 minutes -do- g. Logs in registry of Accredited Appraisal Companies; informs Index Tracking Personnel of the issuance of the certificate. 5 minutes -do- h. Provides MIS with updated list 30 minutes -do- i. Updates tracking system 30 minutes Index Tracking Personnel FEES END OF TRANSACTION SEC CITIZEN’S CHARTER OGA 86 | P a gCRMD e FORM SECURITIES AND EXCHANGE COMMISSION Duration: Pre-evaluation of application: Processing of application: Mailing period (estimate): Total duration: 1 hour 1 day 30 days 31 days and 1 hour ACCREDITATION OF CREDIT RATING AGENCIES Schedule of Availability of Service: 8:00am-5:00pm, Mondays to Fridays (no noon break) Who May Avail of the Service: Credit Rating Agencies What Are the Requirements: a. Notarized application for accreditation; b. Applicant should be a stock corporation and have a minimum paid-up capital of at least Ten Million Pesos (P10,000,000.00); c. List of shareholders and their corporate affiliations; d. List of other business activities, if any; e. Copies of its Articles of Incorporation and By-Laws; f. Sworn statement on the following: 1. Ownership structure and possible conflicts of interest; 2. Names, professional qualifications and independence of the staff involved in the rating decision ("rating specialists"); 3. Disclosure of affiliations, training, assistance or support it receives from international rating agencies, if any; SEC CITIZEN’S CHARTER OGA 87 | P a CRMD ge SECURITIES AND EXCHANGE COMMISSION g. Written code of conduct that can ensure the independence of the rating specialists and the rating agency from the Issuers it is rating; h. Rating scales, criteria, measurements, symbols and related assessment devices it uses; i. Operating procedures, rating policies, rating criteria and other rationale used in arriving at a rating; j. Copy of model written agreement with Issuers; k. Manual on Corporate Governance. How to Avail of the Services: STEP APPLICANT / CLIENT PRE-EVALUATION PROCEDURES 1. Secures checklist of requirement from the OGA SERVICE PROVIDER Provides client a checklist of requirement with instruction. DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES 5 minutes PERSON IN CHARGE FEES Officer of the Day of OGA SEC CITIZEN’S CHARTER FORM Application letter duly signed by authorized officer OGA 88 | P a gCRMD e SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT / CLIENT PRE-EVALUATION PROCEDURES 2. Presents application and supporting document SERVICE PROVIDER 1. Pre-evaluates application and supporting document. a. If application and supporting documents are not complete the same returned to applicant with list of requirements not complied with b. If application and supporting documents are complete, the “Officer of the Day” clears application for payment of the prescribed fees (proceeds to No.2) DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES 30 minutes Presents the PAF at the Cashier and settles the required fee 4. Submits the machinevalidated PAF to OGA with the application and its supporting document Process payment and issue s O.R 1. Checks contents and stamps receive the three (3) sets of application document 2. Returns one (1) copy of the application document to the client. FEES Officer of the Day of OGA 10 minutes 2. Prepares Payment Assessment Form (PAF) and instructs applicant to proceed to the Cashier 3. PERSON IN CHARGE Executive Assistant 10 minutes Cashier 5 minutes Executive Assistant SEC CITIZEN’S CHARTER Filing Fee: P50,000 UPLRF: 500 TOTAL P50,500 OGA 89 | P a gCRMD e FORM SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT / CLIENT PROCESSING PROCEDURE 1. 2. 3. 4. 5. 6. 7. SERVICE PROVIDER PERSON IN CHARGE Inputs application to Index Tracking System and forwards the same to the supervising Accountant for assignment. Forwards documents to assigned personnel Reviews application and supporting documents using the OGA’s Evaluation Sheet. If complete and qualified, GO TO STEP 9 If not compliant, prepares comment letter to the applicant Review comment letter 5 minutes -do- 5 minutes Supervising Accountant Assigned Personnel Signs comment letter If no compliance is made within the prescribed period (allow a 30-day mailing and reply period from date of letter): a. Prepares a letter denying the application for failure to comply with me the requirements. 5 minutes Supervising Accountant General Accountant 10 minutes -do- 5 minutes Supervising Accountant 5 minutes 2 hours General Accountant Assigned Personnel b. Reviews letter 8. DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES c. Sign letter If there is a submission but 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 2 hours FEES -do5 minutes SEC CITIZEN’S CHARTER OGA 90 | P a gCRMD e FORM SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT / CLIENT PROCESSING PROCEDURE 9. 10. 11. 12. SERVICE PROVIDER DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES PERSON IN CHARGE If applicant fully complies with the requirements and presents all original documents for authentication against submitted photocopies with application, prepare Memorandum to En Banc (through Supervising Commissioner). Reviews Memorandum 2 hours -do- 10 minutes Signs and presents Memorandum to the Commission En Banc for consideration Receives advice of the resolution of the Commission on the application 50 minutes Supervising Accountant General Accountant 30 minutes Assigned Personnel FEES If approved, GO TO STEP 13. a. If denial / deferred: Denial: Notifies the applicant of the denial and reasons thereof. Deferment: Notifies the applicant of the deferment and requirement to be complied with or necessary action to correct the deficiency: GO TO STEP 4 and onwards. SEC CITIZEN’S CHARTER OGA 91 | P a gCRMD e FORM SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT / CLIENT PROCESSING PROCEDURE 13. Presents authority to receive the certificate SERVICE PROVIDER DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES PERSON IN CHARGE FEES Prepares Certificates of Accreditation a. b. c. Prints two (2) copies Initials on copies Initial on copies 10 minutes 3 minutes 2 minutes d. Log in registry of Accredited Appraisal Companies; informs Index Tracking Personnel of the issuance of the certificate. Provide MIS with updated list Updated tracking system 5 minutes Executive Assistant Assigned Personnel Supervising Accountant General Accountant 5 minutes 10 minutes Executive Assistant -do- 5 minutes -do- 30 minutes -do- 30 minutes Index Tracking Personnel e. f. END OF TRANSACTION Duration: Pre-evaluation of application: Processing of application: Mailing period (estimate): Total duration: 1 hour 1 day 30 days__________ 31 days and 1 hour SEC CITIZEN’S CHARTER OGA 92 | P a gCRMD e FORM SECURITIES AND EXCHANGE COMMISSION REQUEST FOR EXEMPTIVE RELIEF Schedule of Availability of Service: 8:00am-5:00pm, Mondays to Fridays (no noon break) Who May Avail of the Service: Corporations or Other Interested Parties with Request for EXEMPTIVE Relief What Are the Requirements: 1. Letter-Request for EXEMPTIVE; and 2. Supporting Documents, if any How to avail of the Service: STEP APPLICANT / CLIENT PRE-EVALUATION PROCEDURE 1 Presents letter-request for EXEMPTIVE relief and supporting document 2 Presents the PAF at the Cashier and settles the required fee SERVICE PROVIDER DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCE) PERSON IN CHARGE Prepares Payment Assessment 10 minutes Form (PAF) and instructs applicant to proceed to the Cashier Executive Assistant Processes payment and issues O.R Cashier 10 minutes SEC CITIZEN’S CHARTER FEES FORM Letter duly signed by authorized officer/ person Filing Fee: P20,000.00 OGA CRMD 93 | P a g e SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT / CLIENT PROCESSING PROCEDURE 1. Submits the machine-validated PAF to the OGA with the application and its supporting document, if any 2. 3. 4. SERVICE PROVIDER DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCE) PERSON IN CHARGE Inputs Letter-Request for EXEMPTIVE Relief or Memorandum referred by the Operating Department to Index Tracking System and forwards the same to the Supervising Accountant for assignment. Forwards document to assigned personnel Evaluates the request. 3 minutes Executive Assistant 2 minutes Supervising Accountant In case of complete supporting documents and justification, prepares a Memorandum for presentation to the Commission En Banc containing the results of evaluation and recommendation 4 hours Assigned Personnel In case of incomplete justification with supporting documents, prepares Advisement Letter to the requesting party that the subject matter is under evaluation and may require additional submission of documents. Reviews Advisement Letter or Memorandum for presentation to Commission En Banc 16 hours 30 minutes FEES FORM Supervising Accountant SEC CITIZEN’S CHARTER OGA 94 | P a gCRMD e SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT / CLIENT PROCESSING PROCEDURE 5. 6. 7. 8. SERVICE PROVIDER Reviews and signs Advisement Letter or Memorandum If there is a submission of additional documents, GO TO STEP 3 Presents Memorandum to the Commission En Banc for consideration Receives advice of the Resolution from Commission En Banc DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCE) 10 minutes 1 hour 10 minutes PERSON IN CHARGE FEES FORM General Accountant Assigned Personnel General Accountant 30 minutes Assigned Personnel 9. Prepares Advisement Letter containing the resolution of the Commission En Banc, notifying the party whether the request has been approved or denied Reviews Advisement Letter 30 minutes 10. Reviews and signs Advisement Letter 10 minutes 11. Logs/Updates Index Tracking System 2 minutes Supervising Accountant General Accountant Executive Assistant END OF TRANSACTION Duration: Pre-evaluation of application: Processing of request: Mailing period (estimate): 20 minutes 1-3 days 30 days SEC CITIZEN’S CHARTER OGA 95 | P a gCRMD e SECURITIES AND EXCHANGE COMMISSION REQUEST FOR OPINION ON ACCOUNTING MATTERS Schedule of Availability of Service: 8:00am-5:00pm, Mondays to Fridays (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: 1. Letter-Request for Opinion; and 2. Supporting Documents, if any How to Avail of the Service: STEP APPLICANT / CLIENT PRE-EVALUATION PROCEDURE 1. Presents letter-request for opinion and supporting document 2. Present the PAF at the Cashier and settles the required fee SERVICE PROVIDER DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCE) PERSON IN CHARGE Prepares Payment Assessment Form (PAF) and instructs application to proceed to the Cashier 10 minutes Executive Assistant Processes payment and issues O.R 10 minutes Cashier SEC CITIZEN’S CHARTER FEES FORM Letter duly signed by authorized officer/ person Filing Fee: P5,000.00 OGA 96 | P a gCRMD e SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT / CLIENT PROCESSING PROCEDURE 1. Submits the machinevalidated PAF to the OGA with the LetterRequest and its supporting document, if any 2. 3. 4. DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCE) SERVICE PROVIDER PERSON IN CHARGE Inputs Letter-Request for Opinion or Memorandum referred by the Operating Department to Index Tracking System and forwards the same to the Supervising Accountant for assignment. Forwards document to assigned personnel Evaluates the request for opinion. 3 minutes Executive Assistant 2 minutes Supervising Accountant In case of the simple case and/or no additional documents are needed for the evaluation, prepares an Advertisement Letter or Memorandum containing the results of the evaluation 4 hours Assigned Personnel In case of complex case and/or additional documents or further research are needed, prepares Advisement Letter to requesting party that the subject matter is under evaluation and may require additional submission of documents 16 hours Reviews Advisement Memorandum 30 minutes Letter or FEES Supervising Accountant SEC CITIZEN’S CHARTER OGA 97 | P a gCRMD e FORM SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT / CLIENT PROCESSING PROCEDURE 5. 6. 7. SERVICE PROVIDER DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCE) PERSON IN CHARGE Reviews and signs Advisement Letter or Memorandum 10 minutes General Accountant If there is a submission of additional documents, GO TO STEP 3 Logs/Updates Index Tracking System 1 hour Assigned Personnel Executive Assistant 2 minutes FEES END OF TRANSACTION Duration: Pre-evaluation of application: Processing of request: Mailing period (estimate): 20 minutes 1-3 days 30 days SEC CITIZEN’S CHARTER OGA 98 | P a gCRMD e FORM SECURITIES AND EXCHANGE COMMISSION ACCREDITATION OF EXTERNAL AUDITOR/ AUDITING FIRMS Schedule of Availability of Service: 8:00am-5:00pm, Mondays to Fridays (no noon break) Who May Avail of the Service: Auditing Firms Individual Practitioners/External Auditors What Are the Requirements: INDIVIDUAL a. b. c. d. e. Fully accomplished application form for external auditor (SEC Form ExA-001- Revised 2009) Certificate of Registration as public practitioner issued by the BOA Copies of certificates of participation in seminars/trainings Quality Assurance Manual 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. f. Copies of Audited Financial Statements (AFS) of the applicant's two (2) largest clients in terms of assets. g. Certificate of Accreditation issued by the BANGKO SENTRAL NG PILIPINAS (BSP) and Insurance Commission (IC) - for those availing the mutual recognition of accreditation. AUDITING FIRM 1. 2. 3. 4. 5. Fully accomplished application form for auditing firm (SEC Form AuF-002- Revised 2009). Certificate of Registration issued by the BOA to the firm that is current and effective. Quality Assurance Manual. Copies of Audited Financial Statements (AFS) of the firm's two (2) largest clients in terms assets. Certificate of Accreditation issued by the BANGKO SENTRAL NG PILIPINAS (BSP) and Insurance Commission (IC) for those availing the mutual recognition of accreditation. SEC CITIZEN’S CHARTER OGA 99 | P a gCRMD e SECURITIES AND EXCHANGE COMMISSION How to avail of the service: STEP APPLICANT / CLIENT PRE-EVALUATION PROCEDURES 1. Secures application form from the OGA. SERVICE PROVIDER Provides client application from, and checklist of requirements. DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCE) 5 minutes PERSON IN CHARGE Officer of the Day OGA FEES FORM Auditing Firm Initial Application – SEC Form AuF002 (revised 2009) Auditing Firm Initial Application – SEC Form AuF-002 (revised 2009) SEC CITIZEN’S CHARTER OGA 100 | P a gCRMD e SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT / CLIENT PRE-EVALUATION PROCEDURES 2. Presents application and supporting documents SERVICE PROVIDER 1. Pre-evaluates application and supporting documents. a. If application and supporting documents are not complete, the same are returned to applicant with the list of requirements not complied with b. If application and supporting documents are complete, the “Officer of the Day” clears application for payment of the prescribed fees (proceeds to no.2) 2. Prepares Payment Assessment Form (PAF) and instructs applicant to proceed to the Cashier DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCE) PERSON IN CHARGE 30 minutes Officer of the Day of OGA 10 minutes Executive Assistant SEC CITIZEN’S CHARTER FEES FORM OGA 101 | P a gCRMD e SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT / CLIENT SERVICE PROVIDER PRE-EVALUATION PROCEDURES 3. Presents the PAF at the Cashier and settles the required fee Process payment and issue O. R. DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCE) 10 minutes PERSON IN CHARGE Cashier FEES Auditing Firm Group A Filing Fee: P20,000.00 LRF* 200.00 Total P20,200.00 Group B Filing Fee: P15,000.00 LRF* : 150.00 TOTAL : P15.150.00 Group C or D Filing Fee : P5,000.00 LRF* : 50.00 TOTAL : P5,050.00 SEC CITIZEN’S CHARTER OGA CRMD 102 | P a g e FORM SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT / CLIENT SERVICE PROVIDER DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCE) PERSON IN CHARGE FEES PRE-EVALUATION PROCEDURES Individual Applicant Practitioners Group A Filing Fee : P5,000.00 LRF* : 50.00 TOTAL : P5,050.00 Group B Filing Fee : P3,000.00 LRF* : 30.00 TOTAL : P3,030.00 Group C or D Filing Fee : P2,000.00 LRF* : 20.00 TOTAL : P2,020.00 *Legal Research Fee (LRF-10% of Filing Fee) SEC CITIZEN’S CHARTER OGA 103 | P a gCRMD e FORM SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT / CLIENT PRE-EVALUATION PROCEDURES 4. Submits the machinevalidated PAF to OGA with the application and its supporting document SERVICE PROVIDER 1. Checks contents and stamps and receives the three (3) sets of application document 2. 3. 4. 5. 6. PERSON IN CHARGE 4 minutes Executive Assistant 1 minutes -do- Inputs application to Index Tracking System and forwards the same to the supervising Accountant for assignment. Forwards documents 3 minutes Executive Assistant 2 minutes Reviews application and supporting documents using the OGA’s Evaluation Sheet Prepares comment letter to applicants Reviews comment letter and Memorandum Reviews and sign comment letter and Memorandum 4 hours Supervising Accountant Assigned Personnel 2. Returns one (1) copy of the application document to the client. PROCESSING PROCEDURE 1. DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCE) FEES -do5 minutes 5 minutes Supervising Accountant General Accountant SEC CITIZEN’S CHARTER OGA 104 | P a gCRMD e FORM SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT / CLIENT PROCESSING PROCEDURE 7. 8. SERVICE PROVIDER If no compliance is made within the prescribed period (allow a 30-day mailing and reply period from date of letter): a. Prepares a letter denying the application for failure to comply with the requirements. DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCE) PERSON IN CHARGE 10 minutes Assigned Personnel b. Reviews letter 5 minutes Supervising Accountant c. Signs letter 5 minutes General Accountant 2 hours Assigned Personnel If there is a submission but 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 SEC CITIZEN’S CHARTER FEES OGA 105 | P a gCRMD e FORM SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT / CLIENT PROCESSING PROCEDURE 9. 10. 11. 12. SERVICE PROVIDER DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCE) PERSON IN CHARGE For Group A/B, prepares Memo random to the Commission En Banc (through Supervising Commissioner) then GO TO STEP 10, 11, and 14. For Group C/D, finalize s evaluation Sheet for Submission to Supervising Commissioner, then GO TO STEP 12, 13, and 15. Reviews Memorandum 2 hours -do- 10 minutes Supervising Accountant Signs and present Memorandum to the Commission En Banc for consideration Reviews Evaluation Sheet 20 minutes General Accountant 10 minutes Supervising Accountant SEC CITIZEN’S CHARTER FEES FORM If no compliance is made within the prescribed period (allow a 30-day mailing and reply period from date of letter): OGA 106 | P a CRMD ge SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT / CLIENT PROCESSING PROCEDURE 13. 14. SERVICE PROVIDER DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCE) PERSON IN CHARGE Signs final Evaluation Sheet and Forwards to Supervising Commissioner for approval 20 minutes General Accountant Receives advice of the resolution of the Commission En Banc on the application for A/B: a. If approved, GO TO STEP 16. 30 minutes Assigned Personnel FEES b. If denial / deferred: Denial: Notifies the applicant of the denial and reasons thereof. Deferment: Notifies the applicant of the deferment and requirement to be complied with or necessary action to correct the deficiency: GO TO STEP 4-6 and 8 onwards. SEC CITIZEN’S CHARTER OGA 107 | P a gCRMD e FORM SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT / CLIENT PROCESSING PROCEDURE 15. SERVICE PROVIDER Receives advice of the recommendation of the Supervising Commissioner on the application for C/D: a. If approved, GO TO STEP 16. b. If denial / deferred: Denial: Notifies the applicant of the denial and reasons thereof. Deferment: Notifies the applicant of the deferment and requirement to be complied with or necessary action to correct the deficiency: GO TO STEP 4-6 and 8 onwards. DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCE) 30 minutes PERSON IN CHARGE FEES Assigned Personnel SEC CITIZEN’S CHARTER OGA 108 | P a gCRMD e FORM SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT / CLIENT PROCESSING PROCEDURE 16. Present authority to receive the certificate SERVICE PROVIDER DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCE) PERSON IN CHARGE FEES Prepares Certificates of Accreditation (group A/B/C/D) a. Prints two (2) copies 10 minutes Executive Assistant 2 minutes Assigned Personnel 3 minutes Supervising Accountant 5 minutes General Accountant 10 minutes -do- 5 minutes -do- b. Initials on copies c. Initials on copies d. Signs certificates e. Notifies applicant that the Certificate may be picked up (in case of representative, subject to presentation of authorization letter) f. Releases Certificate of Accreditation and forwards duplicate file to Clerk SEC CITIZEN’S CHARTER OGA CRMD 109 | P a g e FORM SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT / CLIENT DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCE) SERVICE PROVIDER PERSON IN CHARGE FEES PROCESSING PROCEDURE g. Logs in registry of Accredited Firm/External Auditor; informs Index Tracking Personnel of the issuance of the certificate h. Provide ICTD with updated list 30 minutes -do- i. Updates tracking system 30 minutes Index Tracking Personnel 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 OGA SEC CITIZEN’S CHARTER 110 | P a g e FORM SECURITIES AND EXCHANGE COMMISSION FUNCTIONS AND RESPONSIBILITIES OF THE CORPORATE GOVERNANCE & FINANCE DEPARTMENT      Processes the registration of securities and licensing of an entity as an investment company; Processes the licensing of Mutual Fund Companies (MFCs) including Exchange-Traded Funds (ETFs), Financing Companies (FCs), Micro-Finance Companies (Micro-FCs), issuers of Resorts/Club shares membership certificates and timeshare; Monitors Public Companies (PCs), Mutual Fund Companies (MFCs), Financing Companies (FCs), Lending Companies (LCs), Micro Finance Companies (Micro-FCs), Resorts, Club, Timeshare Issuers and Foundations’ compliance with existing laws and regulations; Monitors covered companies’ compliance with the Revised Code of Corporate Governance and other governance issuances of the Commission; Promotes good corporate practices and principles. Licensing Division Processes the licensing of Mutual Fund Companies (MFCs), including Exchange-Traded Funds (ETFs), Financing Companies (FCs), Micro-Finance Companies (Micro-FCs), Issuers of Resorts/Club shares membership certificates and timeshares. Monitoring Division Monitors Public Companies (PCs), Mutual Fund Companies (MFCs), including Exchange-Traded Funds (ETFs), Financing Companies (FCs), Lending Companies (LCs), Micro-Finance Companies (Micro-FCs), Resort, Clubs, Timeshare Issuers and Foundations’ compliance with existing laws and regulations Corporate Governance Division 1. Monitors compliance of covered companies with CG requirements 2. Evaluates Annual Corporate Governance Reports (ACGR) 3. Recommends measures to promote Corporate Governance (CG) 4. Maps Financial Conglomerates 5. Acts as CIC Desk SEC CITIZEN’S CHARTER 111 | P a g e SECURITIES AND EXCHANGE COMMISSION MONITORING OF MUTUAL FUNDS, EXCHANGE TRADED FUNDS, PUBLIC COMPANIES AND ISSUERS OF MEMBERSHIP CERTIFICATES AND TIMESHARE Schedule of Availability of Service: Mondays to Fridays 7:30 AM to 6:00 PM Who May Avail of the Service: Mutual Fund Company, ETF Company, Public Company and Issuer of Membership Certificates and Timeshares Duration: Request referring to payment of fees/penalties: 20 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 – 5 Hours and 10 minutes - If not compliant – Walk-in clients are advised that evaluation of the company’s compliance with the reportorial requirements of the Commission will be communicated through mail. Subsequent steps likewise involve correspondence between the company and the Department through mail. How to Avail of the Service: Step 1 2 Applicant/Client Registers with the Guard. Gets Number and Request Slip. Accomplishes Request Slip. Submit to Officer-of the- Day Service Provider Gives the Client a Number and Request Slip. Forwards Request Slip to Specialist who monitors the company Duration of Activity (Under Normal Circumstances 5 minutes 5 minutes Person in Charge Fees Guard on Duty N/A Officer-of-the-Day Accountants N/A SEC CITIZEN’S CHARTER Form Request Slip CGFD 112 | P a gCRMD e SECURITIES AND EXCHANGE COMMISSION A. If request refers to payment of fees/assessed penalties, waits for Payment Assessment Form (PAF), then pays assessed fees/penalties Evaluate Request A. Generates and issues PAF. Advise s the client to pay fees/assessed penalties at the Cashier. 10 Minutes Accountants I. 5 Minutes Specialists If the refers to fees on Information Statement (SEC Form 20-IS), secure validated PAF and receive copies of said document. END OF TRANSACTION II. If payment refers to assessed penalties on violations, secure validated PAF a. Prepare Order on Payment of Penalty. END OF TRANSACTION 5 Minutes 1 to 4 Hours 1 Hour B. If request refers to monitoring in relation to an application for Amendment of Articles of Incorporation and/or By-laws, wait for advice on result of the evaluation of company’s compliance with SEC reportorial requirements. Solicitation of Votes by the Registrant: P5,050 (Filing fee of P5,000 plus 1% Legal Research Fee); B. Monitor company’s compliance with reportorial requirements thru SEC i-Report and other relevant source. Solicitation of Votes Other than by the Registrant P2.020 (Filing fee of P2,000 plus 1% Legal Research Fee) Variable (Depending on the violations committed) SEC CITIZEN’S CHARTER CGFD 113 | P a gCRMD e Payment Assessment Form Information Statement (SEC Form 20-IS) SECURITIES AND EXCHANGE COMMISSION I. If compliant, prepare routing slip/endorsement to the CRMD/ other concerned SEC departments. END OF TRANSACTION II. If not compliant, prepare and Send show cause letter addressed to the company. a. Monitor company’s compliance with show cause letter. If company complies with the directives contained in the show cause letter and is not subject to penalty, prepare routing slip/endorsement to the CRMD. END OF TRANSACTION b. Monitor company’s compliance with show cause letter. If company complies with the directives contained in the show cause letter and is subject to penalty, prepare and send assessment letter addressed to the company. i. For payment of penalty, issue PAF and advise client to pay the cashier ii. Secure validated PAF and prepare Order on Payment of Penalty addressed to the company and endorsement to the CRMD interposing no objection to the application for the amendment of the articles of incorporation and/or by-laws. END OF TRANSACTION 1 Hour 1 Hour 1 Hour 1 Hour 10 Minutes 1 Hour SEC CITIZEN’S CHARTER CGFD 114 | P a gCRMD e SECURITIES AND EXCHANGE COMMISSION APPLICATION FOR CERTIFICATE OF AUTHORITY TO OPERATE AS FINANCING COMPANY Schedule of availability of Service: Mondays to Fridays 7:30 AM to 6:00 PM (No noon break) Who may avail of the Service: Any corporation that intends to engage in financing activities under the Financing Company Act (R.A 8556) Duration: 22 days from the date of submission of complete requirements and payment of fees What are the requirements: DOCUMENTS REQUIRED Main/Head: 1. Cover Sheet 2. Duly accomplished application Form; 3. All documents required for incorporation/amended articles of incorporation/increase in capital stock; 4. Information Sheet; 5. Answer to SEC questionnaire; Personal Information Sheet of each of the Directors and Officers; Branch Office: Cover Sheet; Duly accomplished application form; Information Sheet of Registrant Company; NBI Clearance with right thumb print of the Branch Manager, Cashier and Administrative Officer of the Proposed Branch; 5. Personal Data Sheet of the Branch Manager, Cashier and Administrative Officer; 1. 2. 3. 4. SEC CITIZEN’S CHARTER CGFD 115 | P a gCRMD e SECURITIES AND EXCHANGE COMMISSION a. FILIPINO directors and officers: i. NBI clearance with right thumb print ii. Police clearance from local police of the city/municipality of which he is a resident iii. Certificate of good moral character to be executed under oath by at least two (2) reputable and disinterested persons in the community where he resides iv. Notarized bank credit information to be issued by his depository or creditor bank(s), if any; b. FOREIGN directors and officers: i. Photocopy of Alien Certificate of Registration (ACR) or Immigration Certificate of Registration (ICR); ii. Photocopy of passport showing valid visa or stay in the Philippines iii. Clearance from the Bureau of Immigration and Deportation iv. Working permit from Department of labor and Employment (DOLE), ig applicable; 1. Clearance from Bangko Sentral ng Pilipinas (BSP), if the applicant financing company is a subsidiary or affiliation of a bank and/or non-bank financial institution with quasi banking license; 2. Certificate under oath by the President that the corporation has not accepted nor will it solicit, accept or take investments/placements from the public without the necessary license from the SEC and that upon presentation of valid claims, it shall immediately indemnify or return the investments of claimants; 3. Photocopy of the long term lease contract of the building/unit if under lease or title of the building, if owned by the company; 6. Answer to SEC questionnaire (Indicate the minimum and maximum loanable amount, interest rate per month, term of loan, mode of payment. Marketing strategy and sources of funds); 7. Clearance from the Bangko Sentral ng Pilipinas (BSP), if applicant financing company is a subsidiary or affiliate of a bank and/or non-bank financial institution with quasi-banking license; 8. Certification under oath by the President that the corporation has not accepted nor will it solicit, accept or take investment/placements from the public without the necessary license from the SEC; and that upon presentation of valid claims, it shall immediately indemnify or return the investments of claimants; 9. List of existing branch offices with CA; 10. Latest GIS and Audited Financial Statements; 11. Duly notarized Interim Financial Statements (signed by the Presidents and Treasurer) in lieu of the Audited Financial Statements; 12. Photocopy of the long-term lease contract of the building/unit, if under lease or title to the building/unit, if owned by the company; 13. Photocopy of Articles of Incorporation, Increase of Capital Stock, CA: 14. Clearance from the Monitoring Division of the CGFD SEC CITIZEN’S CHARTER CGFD 116 | P a gCRMD e SECURITIES AND EXCHANGE COMMISSION 4. Proof of financial capacity of the stockholders; (e.g. notarized bank certification, TCT with latest tax declaration and notarized certificate of earning capacity; 5. Manual of Corporate Governance; if foreign stockholding is more than 40% of outstanding capital stocks or has total assets of Php50 Million or more; 6. Manual on Anti-Money Laundering, if foreign stockholding is more 40% of outstanding capital stocks or has paid-up capital of Php10 Million or more; 7. Secretary’s Certificate readoption by the said Manulas; 8. Affidavit of General Denial of any court/bank cases of each director/officer; and 9. Format of Disclosure Statement on Loan/Credit Transaction SEC CITIZEN’S CHARTER CGFD 117 | P a gCRMD e SECURITIES AND EXCHANGE COMMISSION APPLICATION FOR CERTIFICATE OF PERMIT TO SELL SECURITIES AND ORDER OF REGISTRATION FOR MUTUAL FUNDS, EXCHANGE TRADED FUNDS AND PROPRIETARY/NON-PROPRIETARY, MEMBERSHIP CERTIFICATES, TIMESHARES Schedule of Availability of Service: Mondays to Fridays/7:30 AM to 6:00 PM (no noon break) Who May Avail of the Service: Any corporation that intents to sell or offer for sale to the Public Mutual Funds, Exchange Traded Funds and Proprietary/ Non-Proprietary, Membership Certificates, Timeshares Duration: 22 days from the date of submission of complete requirements and payments of fees What are the requirements: DOCUMENTS REQUIRED 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) b) c) d) e) f) g) Audited Financial Statements & Statement of Management’s Responsibility; Draft Notice of Publication; Articles of Incorporation and By-laws; Opinion re: Legality of Issue (notarized); Opinion re: Tax Matter; Consents of Experts and Independent Counsel; Notarized Curriculum Vitae and Recent Photographs of Officers and Members of the Board of Directors; SEC CITIZEN’S CHARTER CGFD 118 | P a CRMD ge SECURITIES AND EXCHANGE COMMISSION h) i) j) k) l) m) n) o) Bank Authorization which shall be continuous as long as the registration of securities of the issuer is effective; Bank Authorization which shall be continuous as long as the registration of securities of the issuer is effective; Copy of Board Resolution approving the securities offering and authorizing the filing of the RS; Duly verified Board Resolution dated and manually signed by a majority of the issuer’s Board of Directors; approving the disclosures contained in the RS and assuming responsibility for the information contained therein; Secretary’s Certificate as to adoption by the company’s 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; Sample of Subscription Agreement; Manual on Corporate Governance; at least 2 Independent Directors; and Anti-Money Laundering Manual. II. Additional Requirements A. Mutual Funds: a) Management Contract/Agreement; b) Distribution Agreement; c) Custodian or Escrow Agreement; d) Advisory Agreement; and e) 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. B. Exchange Traded Funds: a) Contract/Agreement with Fund Manager; b) Contract/Agreement with Authorized Participants; c) Contract/Agreement with Market Maker; d) Contract/Agreement with Index Provider; e) Contract/Agreement with Custodian Bank; f) Contract/Agreement with Transfer Agent; and SEC CITIZEN’S CHARTER CGFD 119 | P a gCRMD e SECURITIES AND EXCHANGE COMMISSION g) 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: a) Escrow/Custodian Agreement with a reputable bank; b) Credit Line Agreement; c) House/Membership Rules and Compliance Certificate; d) Copy of Environmental Compliance Certificate; e) Copy of Lease Contract (if property is under Lease); f) Certified true copy of Transfer Certificate of Title (TCT); g) Copy of brochures and other selling materials; h) Copy of Development Agreement; and i) Copy of Trust Agreement (if timeshares). How to avail of the Service: Step Applicant/Client 1 Present SEC Form 12-1 for Pre-evaluation Service Provider Duration of Activity* (under normal circumstances) Person in Charge Fees Form 1. SEC Form 12-1, as amended (Registration Statement) 2. Exhibits required SEC CITIZEN’S CHARTER CGFD 120 | P a gCRMD e SECURITIES AND EXCHANGE COMMISSION Step Applicant/Client Service Provider 2.4 Reviews documents. Accomplishes pre-evaluation checklist and provide copy to the applicant based on the documents presented. 2 If COMPLETE. Goes to Step 2.3 If INCOMPLETE. Goes to Step 2.2 2.5 Returns document to applicant for compliance. END 2.6 Computes Filing Fee and Issue Payment Assessment Form (PAF) and advises applicant to pay prescribed fee to the Cashier. Goes to Step 3 3 Duration of Activity* (under normal circumstances) Person in Charge Fees Form Accountants 5 minutes Specialists Pays the prescribed Filing fee to the Cashier and submits PAF together with the required documents and its attachments to receiving clerk/support staff. Please see schedule below SEC CITIZEN’S CHARTER Payment Assessment Form CGFD 121 | P a gCRMD e SECURITIES AND EXCHANGE COMMISSION Step 4 5 Applicant/Client Service Provider 4.1 Receives and encodes documents; 4.2 Deliver s documents to Assistant Director (AD)/ Division Head (DH) for assignment. Goes to Step 5.1 4.3 Delivers documents to Step 6. 4.4 Transmits letter to the Registrant. Goes to Step 7. 4.5 Delivers Memo to Supervising Commissioner/Commission 5.1 Assigns application to Specialist and Legal Counsel. Goes to Steps 6.1 to 6.6 5.2 Reviews and initials DRAFT/FINAL letter/memo/advisement letter/Order of Registration/Permit to Sell/Notice Duration of Activity* (under normal circumstances) 30 minutes Person in Charge 25 minutes Support Staff 20 minutes Support Staff Fees 20 minutes 10 minutes Executive Assistant- 10 minutes 1 day Assistant Director SEC CITIZEN’S CHARTER CGFD 122 | P a gCRMD e Form SECURITIES AND EXCHANGE COMMISSION Step 6 Applicant/Client Service Provider If Initial Filing: Duration of Activity* (under normal circumstances) 7 days Person in Charge Fees Accountants 6.1 Review Documents 6.2 Refer the Underwriting/ Management/Distribution Agreement to MSRD Specialists 6.3 Refer s Financial Statements to OGA. Repeats Step 8 6.4 Refers to OTHER GOVERNMENT AGENCIES (if applicable) 3 days Chief Counsel 6.5 Conducts Ocular Inspection (If applicable/allowed) SEC CITIZEN’S CHARTER CGFD 123 | P a gCRMD e Form SECURITIES AND EXCHANGE COMMISSION Step Applicant/Client Service Provider Duration of Activity* (under normal circumstances) Person in Charge Fees 6.6 Prepare and initial DRAFT/FINAL 1st COMMENT LETTER based on findings. Repeats Steps 5.2 and 5.3 IF 1st Revision – Compliance with 2nd COMMENT LETTER 6.7 Repeats Steps 6.1, 6.3, 6.4 and/or conducts meeting with the Registrant. 6.8 If compliant with all the requirements, goes to Step 6.11. Accountants 3 days 6.9 Prepares/Initials DRAFT/FINAL 2nd COMMENT LETTER. Repeats Steps 5.2 and 5.3. Specialists IF 2nd Revision – Compliance with 2nd COMMENT LETTER Chief Counsel 6.10 Repeats Step 6.1, 6.3 6.11 If APS were cleared by OGA, prepares initials DRAFT/FINAL MEMO. Repeat Step 5.2 3 days SEC CITIZEN’S CHARTER CGFD 124 | P a gCRMD e Form SECURITIES AND EXCHANGE COMMISSION Step Applicant/Client Service Provider IF NO COMPLIANCE. Endorses to Legal Counsel for Hearing. Duration of Activity* (under normal circumstances) Person in Charge Fees 1 day 6.12 Prepares DRAFT/FINAL NOTICE OF HEARING. Repeats Steps 5.2 and 5.3. 6.13 Legal Counsel holds meeting for REJECTION of the application. 6.14 Prepares DRAFT/FINAL REJECTION LETTER. Repeat Steps 5.2 and 5.3. 7 7.1 Files reply/compliance with Comment Letter to support staff st nd If reply to 1 Comment Letter or 2 Comment Letter. Repeats Steps 4.1 and 4.3. 7.2 If application is deferred, submits compliance requirements. Repeats Steps 4.1 and 4.2. SEC CITIZEN’S CHARTER CGFD 125 | PCRMD age Form SECURITIES AND EXCHANGE COMMISSION Step Applicant/Client Service Provider Duration of Activity* (under normal circumstances) Person in Charge Fees 7.3 If rendered effective, submits FINAL PROSPECTUS. Repeats Steps 4.1, 4.3 and Goes to Step 11 7.4 Receive s ORDER OF REGISTRATION and PERMIT TO SELL/REJECTION. END 8 9 8.1 Review and evaluate AFS 8.2 Endorses findings to assigned CGFD Specialist 9.1 For DRAFT COMMENT/MEMORANDUM/ ORDER OF REGISTRATION/PERMIT TO SELL/NOTICE 9.1.a. Reviews and Initial document 9.1.b. Returns document to Specialist. Goes to Step 6.6 or 6.9 Office of the General Accountant 3 hours Acting Director 9.2 For FINAL COMMENT/ ADVISEMENT LETTER/NOTICE. 9.2.a. Reviews and signs document. Repeats Step 4.4 3 hours SEC CITIZEN’S CHARTER CGFD 126 | P a gCRMD e Form SECURITIES AND EXCHANGE COMMISSION Step Applicant/Client Service Provider 9.3 If FINAL MEMO, review and sign document. Goes to Step 4.5. Duration of Activity* (under normal circumstances) 1 day Person in Charge Fees Acting Director 9.4 Presents to the Commission En Banc 9.5 Informs Specialist/Counsel of En Banc Decision. Goes to Step 10. 9.6 For ORDER OF REGISTRATION and PERMIT TO SELL 10 9.6.a Reviews and signs document. Returns document to Specialist. Goes to Step 12.4 Upon receipt of the Commission’s action on the Memorandum: 10 minutes Accountants If Registration Statement is DENIED/DEFERRED Upon receipt of the Commission’s action on the Memorandum: 10.1 Prepare DRAFT/FINAL ADVISEMENT LETTER 2 days SEC CITIZEN’S CHARTER CGFD 127 | P a gCRMD e Form SECURITIES AND EXCHANGE COMMISSION Step Applicant/Client Service Provider Repeat Steps 5.2, 5.3, 6.11, 9.1, 9.2 and 4.4 Duration of Activity* (under normal circumstances) 2 days Person in Charge Fees Specialists 10.2 If Registration Statement is RENDERED EFFECTIVE Goes to Step 7.3 11 11.1 Computes adjustment fee, if necessary and inform registrant of the additional fee 11.2 If COMPLETE. Go to Step 12 11.3 If INCOMPLETE, notifies registrant to comply with and submit the requirements. Go to Step 7.3 12 Accountants Prepares CERTIFICATE OF PERMIT TO SELL and ORDER OF REGISTRATION 12.1 Prints draft/final copies of Certificate of Permit to Sell and Order of Registration 10 minutes Specialists 5 minutes Chief Counsel 12.2 Initial Copy 12.3 Repeat Steps 5.2, 5.3 and Go to Step 9.6 SEC CITIZEN’S CHARTER CGFD 128 | P a gCRMD e Form SECURITIES AND EXCHANGE COMMISSION Step Applicant/Client Service Provider 12.4 Notifies issuer that the Permit and Order are ready for release at the CGFD. Goes to Step 7.4 Duration of Activity* (under normal circumstances) 10 minutes Person in Charge Fees 12.5 Forwards records to ICTD for microfilming. *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 HANDLING OF COMPLAINTS FILED AGAINST COVERED INSTITUTIONS Schedule of Availability of Service: 7:30 AM – 6:00 PM on weekdays ( without noon break) Who May Avail of the Service: Public Companies, Mutual Fund Companies, Financing Companies, Lending Companies, Micro-Finance Companies, Resorts, Clubs, Timeshare Issuers and Foundation SEC CITIZEN’S CHARTER CGFD 129 | P a gCRMD e Form SECURITIES AND EXCHANGE COMMISSION What are the Requirements:  Complaint Letter/Form  Supporting documents and any additional documents that the Commission may require How to Avail of the Service: Step Applicant/Client 1 Registers with the Guard and get Request Slip Accomplishes Request Slip and Submit to Support Staff I. With Complaint letter 2 3 a. b. II. Service Provider Gives the Client a Request Slip Records request and forwards to assigned Staff I. With Complaint Letter Submits together with supporting documents and Get s receiving copy of Complaint Letter/Form Without complaint letter II. a. Receives and photocopies supporting documents and b. Gives complainant’s copy and advise complainant to wait for company’s reply Without complaint letter a. Gets Complaint Form a. Gives Complaint Form b. Accomplishes Complaint Form b. Waits for accomplished complaint form. Assist complainant, if needed Duration of Activity (Under Normal Circumstances) 5 minutes Guard on Duty (CGFD) N/A Request Slip 5 minutes* Clerk N/A Request Slip 5 minutes Accountant II Examiner II Examiner I Specialist II Specialist I Records Specialist Clerk Monitoring Analyst N/A Complaint Letter with relevant/ supporting documents Person in Charge 10 minutes Fees Form Complaint Form with relevant/supporting documents *Depending on circumstances beyond the control of the Division, such as the volume of walk-in clients handled and nature of complaint SEC CITIZEN’S CHARTER CGFD 130 | P a gCRMD e SECURITIES AND EXCHANGE COMMISSION Step 4 Applicant/Client Service Provider c. Submits together with supporting documents, and c. d. Gets received copy of Complaint Letter/Form d. Waits for Answer/ Comment from the company or the Commission Duration of Activity (Under Normal Circumstances) Fees Form Receives complaint form and photocopy supporting documents, and Gives complainant’s copy and advises complainant to wait for company’s reply Evaluates complaint if within the jurisdiction of the department I. Person in Charge Within the CGFD’s jurisdiction a. Prepares and issues advisement letter to the company to answer complaint 15 minutes* b. Monitors answer of the company N/A i. ii. Accountant II Examiner II Examiner I Specialist II Specialist I Records Specialist Clerk Monitoring Analyst Complaint Letter/Form Advisement Letter With answer, waits for reply/comment of complainant to the answer of the company then proceed to step c Without answer, resolve the complaint or proceeds to step 5 SEC CITIZEN’S CHARTER CGFD 131 | P a gCRMD e SECURITIES AND EXCHANGE COMMISSION Step Applicant/Client Service Provider c. II. Attend Scheduled Hearing Person in Charge Fees Form N/A i. With reply, resolves the complaint or proceeds to step 5 Examiner II Specialist II ii. Without reply, resolves the complaint or proceed to step 5. Director Assistant Director Division Head Outside CGFD’s jurisdiction a. 5 Monitors reply of complainant Duration of Activity (Under Normal Circumstances) N/A Indorses to the proper department of the Commission or other government office/agency that has jurisdiction over the complaint and/or advises complainant of lack of jurisdiction of SEC. END OF TRANSACTION Within 5 days* a. Prepares and Issues Notice of Hearing 15 minutes* b. Conducts Hearing/Mediation 30 minutes* c. Prepares Minutes, resolution of complaint to be included in the minutes or proceed to step d 10 minutes* Accountant II Examiner II, Specialist II Specialist I Records Specialist Clerk, Monitoring Analyst Chief Counsel Counsel III, Examiner II Specialist II SEC CITIZEN’S CHARTER N/A Notice of Hearing Minutes of Conference CGFD 132 | P a gCRMD e SECURITIES AND EXCHANGE COMMISSION Step Applicant/Client Service Provider d. Issue a written resolution of the case. END OF TRANSACTION Duration of Activity (Under Normal Circumstances) 30 days* Person in Charge Fees Director Assistant Director Division Head MONITORING OF FINANCING AND LENDING COMPANIES Schedule of Availability of Service: 7:30 AM – 6:00 PM on weekdays (without noon break) Who May Avail of the Service: Financing and Lending Companies What are the Requirements:         Monitoring Slip (from the CGFD or endorsed from other departments), Certificate of Incorporation, Latest approved Articles of Incorporation, Latest approved By-Laws, Latest due General Information Sheet, Latest Audited Financial Statements, Copy of the Stock and Transfer Book Registration, and Other documents/reports (per monitor’s instruction). SEC CITIZEN’S CHARTER CGFD 133 | P a gCRMD e Form SECURITIES AND EXCHANGE COMMISSION How to Avail of the Service: Step 1 2 3 Applicant/Client Registers with the Guard and gets Request Slip Accomplishes Request Slip to Support Staff Waits for the Result of the Request: I. For Clearance a. If compliant, waits for issuance of the Routing Slip (RS) Service Provider Duration of Activity (Under Normal Circumstances 5 minutes Guard on Duty (CGFD) N/A Request Slip 5 minutes* Clerk N/A Request Slip 5 minutes Accountant II Examiner II Examine I Specialist II Specialist I Clerk N/A Request Slip 1. Updates Monitoring Sheets (MS) 15 minutes* Monitoring Analyst Specialist II Division Head Monitoring Sheet 2. Counter Checks MS 5 minutes Routing Slip 3. Signs MS 10 minutes* 4. Prepares RS 5 Minutes 5. Signs RS, and 5 minutes 6. Issues RS to client, 2 minutes Accountant II Examiner II Examiner I Specialist II Specialist I Clerk Monitoring Analyst Director Division Head Gives a Client a Request Slip Records Request and Forwards to assign Staff Evacuates Request I. Checks compliance of the corporation Person in Charge Fees Form a. If compliant END OF TRANSACTION SEC CITIZEN’S CHARTER CGFD 134 | P a gCRMD e SECURITIES AND EXCHANGE COMMISSION Step Applicant/Client Service Provider Duration of Activity (Under Normal Circumstances 2 minutes Person in Charge b. If not compliant, requests for monitoring (Step 3. V) b. If not Compliant, do Step 3.V II. For Payment Assessment Form (PAF) of fees and assessed penalties, waits for PAF and pays at the cashier II. Generates and Issues PAF and advises the client to pay at the Cashier 2 minutes Accountant II Examiner Examiner I Specialist II Specialist I III. For Assessment of penalties III. Reviews MS 10 minutes a. a. If Penalty is reprimand Clerk Monitoring Analyst Accountant II Examiner II Examiner I Specialist II Specialist I Clerk Monitoring Analyst Director Division Head If Penalty is reprimand, waits for Reprimand Letter (RL) and Request for clearance (Step 3.I) b. If with monetary penalty, waits for the assessment and/or request for a PAF (Step 3.II) 1. Prepares RL 2. Signs RL and 3. Do Step 3.I.a and issues the signed RL. END OF TRANSACTION b. If with monetary penalty 1. Does Step 3.I.a 1-3 2. Prepares and issue san assessment and/or sends an Assessment Letter (AL) addressed to the company and 3. Do Step 3.II 5 minutes* 10 Minutes 40 minutes* Fees Form Accountant II 4 hours Assessment/ Payment Assessment Form Reprimand Letter Assessment Monitoring Sheet Monitoring Sheet Accountant II Examiner II Examiner I Specialist II Specialist I Clerk Monitoring Analyst SEC CITIZEN’S CHARTER CGFD 135 | P a gCRMD e SECURITIES AND EXCHANGE COMMISSION Step Applicant/Client IV. For submission proof of compliance with deficiencies a. If no violation, request for clearance (Step 3.I) Service Provider IV. Evaluates the proof of compliance/reports submitted Duration of Activity (Under Normal Circumstances Person in Charge Fees Monitoring Analyst a. If no violation, do Step 3.I.a END OF TRANSACTION b. If with violation, Requests for an assessment (Step 3.III) V. For monitoring / updating of company’s compliance with reportorial requirements, wait for the result of monitoring a. If no deficiencies, request for clearance (Step 3.I) b. If with violation, do Step 3.III V. Monitoring company’s compliance with reportorial requirements thru SEC i-Report and other relevant sources and prepare or update company’s MS a. If no deficiencies, do Step 3.I.a END OF TRANSACTION SEC CITIZEN’S CHARTER CGFD 136 | P a gCRMD e Form SECURITIES AND EXCHANGE COMMISSION Step Applicant/Client b. If with deficiencies, submit proof of compliance 4 Present OR, return the validation PAF to the monitor and wait for the Order on Payment and request for clearance and RS (Step 3.1) Service Provider b. If with deficiencies, direct client to submit proof of compliance (step 3.IV) Do Step 3.1.a and prepare Order on Payment of Penalty addressed to the company. Duration of Activity (Under Normal Circumstances Variable Person in Charge Accountant II Examiner II Examiner I Specialist II Specialist I Clerk Monitoring Analyst END OF TRANSACTION Fees Form Payment Assessment Form/ Official Receipt/ Routing Slip *Depending on circumstances beyond the control of the Division, such as the volume of walk-in clients handled, volume of previous reports filed, accessibility and performance of the SEC i-Report. Financing Companies / Lending Companies FEES Annual Fees Annual Information Statement PENALTIES Variable (Depending on the violations committed) Head Office – 1/8 of 1% of the required paid up capital Branch Office – 1/8 of 1% of the required paid up capital Head Office – P10,000.00 + P100.00 (LRF) - Memorandum Circular No.6 , Series of 2005 or Consolidated Scale of Fines ( Financial Companies) - Memorandum Circular No. 9, Series of 2010 or Scale of Penalties for Lending Companies (Lending Companies) - Memorandum Circular No. 8 Series of 2009 of Fines for Non-compliance with the financial Reporting Requirements of the Commission. - Guidelines on the Imposition of Fines or Penalties for Non-Compliance with Reportorial Requirements dated 31 July 2002 - Other circulars/orders of the Commission on Penalties SEC CITIZEN’S CHARTER CGFD 137 | P a CRMD ge SECURITIES AND EXCHANGE COMMISSION MONITORING OF FOUNDATION Schedule of Availability of Service: 7:30AM - 6:00PM Monday to Friday (no noon break) Who May Avail of the Service: Foundation What Are the Requirement:  Monitoring Slip (from the CGFD or endorsed from other department),  Latest approved Articles of Incorporation and By-laws,  Latest due General Information Sheet,  Latest Audited Financial Statements,  Copy of the Membership Book Registration,  Certification and Sworn Statement required by SEC Memorandum Circular No. 8, Series of 2006 (Section 4, 5 & 6), and  Other documents/reports (per monitor’s instruction). How to Avail of the Service: STEP APPLICANT/CLIENT 1 Registers with the Guard and get Request Slip Accomplishes Request Slip and Submit to Support Staff 2 SERVICES PROVIDER Gives the Client a Request Slip Records request and assigns to Technical Staff DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) 5 minutes 5 minutes* PERSON IN CHARGE FEES FORM Guard on Duty (CGFD) N/A Request Slip Clerk N/A Request Slip SEC CITIZEN’S CHARTER CGFD 138 | P a gCRMD e SECURITIES AND EXCHANGE COMMISSION STEP 3 APPLICANT/CLIENT SERVICES PROVIDER DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) PERSON IN CHARGE Waits for the result of the request: Evaluate Request 5 minutes For clearance/updating of monitoring, present the required documents to Technical Staff Evaluates documents Presented vis - à - vis document index 30 minutes* Accountant II Examiner II Examiner I i. Prepares Monitoring Sheet (MS) 20 minutes* Specialist II Specialist I Records Specialist Clerk Monitoring Analyst ii. Counterchecks the MS 10 minutes* iii. Conducts final checking of the MS 30 minutes* iv. Prepare routing slip (RS) 5 minutes* v. 5 minutes* a. If compliant, wait for issuance of the Routing Slip (RS) I. If compliant, Signs the RS and END OF TRANSACTION II. If not compliant, wait for the assessment of violation of the SEC rules, regulations and orders FORM N/A Monitoring Sheet with attachments Examiner II Specialist Ii Division Head Accountant II Examiner II; Examiner I; Specialist II Specialist I Records Specialist Clerk ; Monitoring Analyst Director Division Head Routing Slip with MS and attachment Accountant II Examiner II; Examiner I; Specialist II Specialist I Records Specialist Clerk ; Monitoring Analyst vi. Gives to the client. b. If not compliant, waits for assessment of violation FEES 2 minutes Accountant II Examiner II; Examiner I; Specialist II Specialist I Records Specialist Clerk ; Monitoring Analyst SEC CITIZEN’S CHARTER Monitoring Sheet with attachments CGFD 139 | P aCRMD ge SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT/CLIENT 1. If no penalty, wait for the issuance of the RS 2. If with penalty, wait for the Payment Assessment Form (PAF) i. If no penalty, do ii. If with penalty ii. Do Step 3 (I.a.1-3) FEES hours* FORM Payment Assessment Form (PAF) 1 hour* 2 minutes Generate and issue PAF and iii. Advise the client to pay at the Cashier Present OR, return the validated PAF and wait for the Confirmation/Order on Payment (COP) and Routing Slip 1.5 PERSON IN CHARGE Step 3 (Step 3.I.a.1-6). END OF TRANSACTION i. 4 DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) SERVICES PROVIDER Updates monitoring sheet and prepare COP (with OR and date of payment) (3.I.) 2 minutes 10 minutes Accountant II Examiner II; Examiner I; Specialist II None Specialist I Records Specialist Confirmation or Order on Payment Clerk ; Monitoring Analyst Director Division Head Reviews and sign s the final MS/COP Accountant II Examiner II; Examiner I; Calls client and issue final MS/COP Specialist II Specialist I Records Specialist END OF TRANSACTION Clerk ; Monitoring Analyst SEC CITIZEN’S CHARTER Official Receipt/ Payment Assessment Form/ CGFD 140 | P a CRMD ge SECURITIES AND EXCHANGE COMMISSION FEE PENALTIES Variables (Depending on the violations committed N/A - Memorandum Circular No. 8 Series of 2009 or Scale of Fines for Non-compliance with the Financial Reporting Requirement of the Commission. Guidelines on the Imposition of Fines or Penalties for Non-Compliance with Reportorial Requirements Dated 31 July 2002 *Depending on circumstances beyond the control of the Division, such as the volume of walk-in clients handled, volume of previous reports filed, accessibility and performance of the SEC i-Report. MONITORING OF PUBLICLY LISTED COMPANIES, MUTUAL FUNDS, EXCHANGE TRADED FUNDS, PUBLIC COMPANIES AND ISSUERS OF MEMBERSHIP CERTIFICATES AND TIMESHARES COMPLIANCE WITH CORPORATE GOVERNANCE REGULATIONS Schedule of Availability of Service: Monday to Fridays 7:30AM to 6:00PM Who May Avail of the Service: Publicly Listed Companies, Mutual Funds, Exchange Traded Funds, Public Companies and Issuers of Membership Certificates and Timeshares Duration: Request referring to Clearances - 1 Hour and 5 minutes (depending on causes beyond the control of the division, such as 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 accessibility and performance of the SEC i-Report, e-payment and volume of clients at the Cashier) SEC CITIZEN’S CHARTER CGFD 141 | P a gCRMD e SECURITIES AND EXCHANGE COMMISSION A. REQUEST FOR CLEARANCE How to Avail of the Service: Step 1 Applicant/Client Service Provider Duration of Activity (Under Normal Circumstances) Person in Charge Fees Form Instructs Client where to proceed 5 Minutes Guard on Duty N/A N/A Receives the documents 5 Minutes Specialist-in-Charge N/A N/A 3 Reviews the documents submitted 30 Minutes Specialist-in-Charge N/A N/A 4a Issues clearance 5 Minutes Specialist-in-Charge N/A N/A 4b Issues Payment Assessment Form (PAF), in cases where the client has been previously monitored and has been assessed penalty/ies. 10 Minutes Specialist-in-Charge N/A N/A N/A N/A N/A N/A N/A N/A Variable Cashier Amount Imposed PAF Receives the validated PAF and issues clearance 10 Minutes Specialist-in-Charge N/A N/A 2 5a 5b 6 Registers with the Guard Submits documents to Specialist-in-Charge Receives the clearance Receives the PAF and proceeds to Cashier for payment Forwards validated PAF and official receipt Specialist-incharge SEC CITIZEN’S CHARTER CGFD CRMD 142 | P a g e SECURITIES AND EXCHANGE COMMISSION B. PAYMENT OF FEE/PENALTY How to Avail of the Service: Step 1 2 Applicant/Client Registers with the Guard Submits documents to Specialist-in-Charge 3 4 5 6 Receives the PAF and proceeds to Cashier for payment Forwards validated PAF and official receipt to Specialistin-charge Duration of Activity (Under Normal Circumstances) Service Provider Person in Charge Fees Form 5 Minutes 5 Minutes Guard on Duty Specialist-in-Charge N/A N/A Reviews the documents submitted 30 Minutes Specialist-in-Charge N/A Issues Payment Assessment Form (PAF) 10 Minutes Specialist-in-Charge N/A N/A variable Cashier Amount Imposed PAF N/A N/A Instructs Client where to proceed Receives the documents Receives the validated PAF and instructs the Client that the Order on Payment will be sent to the principal officer address via mail 10 Minutes Specialist-in-Charge CGFD CRMD SEC CITIZEN’S CHARTER 143 | P a g e N/A N/A N/A N/A SECURITIES AND EXCHANGE COMMISSION FUNCTIONS AND RESPONSIBILITIES OF THE MARKETS & SECURITIES REGULATION DEPARTMENT The Markets and Securities Regulation Department (MSRD) assists the Commission in policy formulation, rule-making and market supervision governing issuance of securities, securities markets and other market participants. In order to accomplish these responsibilities, this Department is tasked to do the following:  Registers all types of securities as defined under Section 3 of the        SRC such as but not limited to equity securities, bonds, commercial papers, real estate investment trusts and other alternative investment products, and supervises and monitors the compliance by the issuers of such products with legal and regulatory requirements. Registers and supervises securities markets and market institutions such as exchanges, alternative trading systems, overthe-counter markets and other trading markets, self-regulatory organizations, clearing agencies, securities lending agencies, depositories, custodians, central trade reporting system, registrars of qualified buyers and other securities-related organizations for their compliance with legal and regulatory requirements. Supervises intermediaries and market professionals such as brokers, dealers, government securities eligible dealers, associated persons and salespersons of brokers, dealers, transfer agents, investment houses, investment company advisers, mutual fund distributors, compliance officers and certified investment solicitors of investment company advisers/mutual fund distributors, and other securities market participants for their compliance with legal and regulatory requirements. Reviews proposed rules of self-regulatory organizations (SROs) and other market participants and proposed products and services in the market to ensure their consistency with securities laws, regulations, policies and global best practices. Reviews existing regulatory frameworks of the securities industry and recommends rules and/or reforms. Establishes linkages with national and international organizations and regulatory agencies with regard to the securities market, including cross-border products, services and arrangements. Acts as National Numbering Agency for all securities issued in the Philippines. Issues show cause orders for non-compliance with rules and regulations. SEC CITIZEN’S CHARTER 144 | P a g e SECURITIES AND EXCHANGE COMMISSION Securities Registration Division  Registers all types of securities as defined under Section 3 of the S R C such as but not limited to equity securities, bonds, commercial papers, real estate investment trusts and other alternative investment products.  Processes applications for Exemption from Registration/ request for confirmation of exemption from registration regarding issuance of securities (10.1and 10.2 transactions).  Monitors and supervises the compliance by issuers with standards of financial reporting and the administration of fair disclosure and other regulatory requirements.  Conducts audits of issuers of securities as warranted and prepares audit reports and recommends corrective actions or sanctions.  Performs other functions as maybe assigned by the Commission. Markets & Intermediaries Division  Monitors and supervises securities markets such as exchanges, alternative trading systems, over-the-counter markets, other trading markets, self-regulatory organizations, clearing agencies, depositories, custodians, transfer agents, central trade reporting system and other securities related organizations and participants, as well as securities brokers, dealers, associated persons and salespersons of brokers dealers, investment houses, investment company advisers, mutual fund distributors, compliance officers and certified investment solicitors of investment company advisers/ mutual fund distributors, securities lending agencies, registrars of qualified buyers and other securities intermediaries, for their compliance with legal and regulatory requirements.  Reviews periodic reports of SRO’s, markets, intermediaries and other registered persons.  Conducts audits of SRO’s, intermediaries and other registered persons and prepares audit reports and recommends corrective actions or sanctions.  Analyzes and collates data and risk-based financial reports to support audit activities.  Monitors compliance of PSE relative to its shares with listing and disclosure requirements.  Performs other functions as may be assigned by the Commission SEC CITIZEN’S CHARTER MSRD CRMD 145 | P a g e SECURITIES AND EXCHANGE COMMISSION Investment Products & Services Division  Registers securities markets and market institutions such as exchanges, alternative trading systems, over-the-counter markets and other trading markets, self-regulatory organizations, clearing agencies, securities lending agencies, depositories, custodians, central trade reporting system, registrars of qualified buyers and other securities-related organizations.  Reviews proposed rules of self-regulatory organizations (SROs) and other market participants and proposed products and services in the market to ensure their consistency with securities laws, regulations, policies and global best practices.  Reviews existing regulatory frameworks of the securities industry and recommends rules and/or reforms.  Establishes linkages with national and international organizations and regulatory agencies with regard to the securities market, including cross-border products, services and arrangements.  Acts as National Numbering Agency for all securities issued in the Philippines.  Performs other functions as maybe assigned by the Commission. PROCESSING OF APPLICATION OF REGISTRATION AS AN EXCHANGE/EXCHANGE-SRO; CLEARING AGENCIES/CLEARING AGENCY- SRO; DEPOSITORIES Schedule of Availability of Service: 8:00AM-5:00PM Mondays to Fridays (no noon break) NOTE: This application procedure is applicable for the registration of the following: A. Exchange/Exchange-SRO B. Clearing Agency/Clearing Agency-SRO C. Depository SEC CITIZEN’S CHARTER MSRD 146 | P a gCRMD e SECURITIES AND EXCHANGE COMMISSION Who May Avail of the Service: A. As an Exchange/Exchange-SRO Any Stock Corporation, Provided; that: 1. No person may beneficially own or control, directly or indirectly, more than five percent {5%) of the voting rights of the Exchange. 2. No industry or business group may beneficially own or control, directly or indirectly, more than twenty percent (20%) of the voting rights of the Exchange. B. As a Clearing Agency/Clearing Agency-SRO/Depository Any entity as may be allowed by the Commission. What Are the Requirement: A. For Exchange/Exchange-SRO 1. All documents enumerated in SEC Form 33/33-SR0/33-A; 2. Any additional document that the Commission may require B. For Clearing Agency/Clearing Agency-SRO/Depository 1. All documents enumerated in SEC Form 33/33-SR0/33-A; 2. Any additional document that the Commission may require. Duration: 2 months SEC CITIZEN’S CHARTER MSRD CRMD 147 | P a g e SECURITIES AND EXCHANGE COMMISSION How to avail of the service: STEP APPLICANT / CLIENT SERVICE PROVIDER 1 Requests for the necessary Gives client the necessary application form application form and additional instructions 2 Files of the application and supporting documents with the MSRD for preprocessing by the MRD Specialist If application and supporting documents were complete, Specialist approved for payment Pays assessed fee at the cashier Submits application, supporting documents and proof of payment 3 4 5 6 DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCE) Within 10 minutes PERSON IN CHARGE FEES FORM MSRD Specialist Pre-processes documents received to determine its completeness. If not complete, advises the applicant document. Prepare Payment Assessment Form and advises client to pay the prescribed fee at the Cashier Within a week Specialist/ Securities Counsel Within 30 minutes Specialist Accepts payment Within 30 minutes Cashier Receives and assigns documents Within 15 minutes Support Clerk Reviews and evaluates documents/prepares recommendation letter 1 week Specialist SEC CITIZEN’S CHARTER a. For an Exchange /Exchange-SRO and Amendments thereto: SEC Form 33/33-SRO/33-A a. For a Clearing Agency/ Clearing Agency-SRO and Amendments thereto: SEC Form 42-CA/42SRO/42AMD Php50,500.00 Payment Assessment Form Payment of assessed fee at the cashier MSRD 148 | P a gCRMD e SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT / CLIENT SERVICE PROVIDER 7 Reviews documents/letter/memorandum 8 9 Makes final comments and signs Presents memorandum to the Commission for approval Issues certificate of registration and informs applicant 10 Receive certificate of registration DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCE) 1 month PERSON IN CHARGE 1 week 1 week Securities Counsel/Division Head/Assistant Director Director Director 1 day Specialist FEES FORM ACCREDITATION OF SURETY BOND COMPANY Schedule of Availability of Service: 8:00AM-5:00PM Mondays to Fridays (no noon break) Who may avail of the Service: Surety Companies What Are the Requirement: All documents enumerated in Form SCA-001 Duration: 1 month MSRD CRMD SEC CITIZEN’S CHARTER 149 | P a g e SECURITIES AND EXCHANGE COMMISSION How to avail of the service: STEP APPLICANT / CLIENT PRE-EVALUATION PROCEDURES 1 Secures application form 2 Presents application and supporting documents SERVICE PROVIDER Provides client application forms, and checklist of requirements. 1. pre-evaluates application and supporting documents a. b. DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCE) PERSON IN CHARGE 5 minutes Specialist assigned 30 minutes Specialist assigned FEES FORM SCA-001 if application and supporting documents are not complete, these are returned to applicant with the list of requirements not complied with if application and supporting documents are complete, the Specialist -in -change clears application for payment of the prescribed fees (proceeds to No. 2) SEC CITIZEN’S CHARTER MSRD 150 | P a gCRMD e SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT / CLIENT SERVICE PROVIDER DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCE) PERSON IN CHARGE FEES FORM PRE-EVALUATION PROCEDURES 3 4 2. Prepares Payment Assessment Form (PAF) and instructs applicant to leave the three (3) sets of application documents with MSRD and to proceed to the Cashier Presents the PAF at the Processes payment and issues O.R Cashier and settles the required fee 10 minutes Submits the machinevalidated PAF to MSRD Secures and attaches the machine-validated PAF application documents. Stamps receive the three (3) sets of application document Returns one (1) copy of the application document to the client. 1 minutes Assigns application to Specialist in charge and inputs in logbook Forwards documents to Specialist in-charge 5 minutes Support Staff 3 minutes Support Staff Reviews application and supporting documents using checklist. 1 day Specialist assigned 1. 2. 3. PROCESSING PROCEDURE 1 2 3 10 minutes 3 minutes Cashier Filing Fee: P5,000.00 LRF*: P50.00 Specialist assigned 1 minutes SEC CITIZEN’S CHARTER MSRD 151 | P a gCRMD e SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT / CLIENT PROCESSING PROCEDURE 4 SERVICE PROVIDER DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCE) PERSON IN CHARGE If application is fully compliant with all requirements, prepares Memorandum to Commission to En Banc Reviews memorandum and forwards it to Support Staff Support staff logs memorandum and forwards it to Director Reviews memorandum 1 day Specialist assigned 1 day Division Head 30 minutes Support Staff 1 hour Director 8 Signs and presents Memo to the Commission En Banc for consideration 1 day Director 9 Receives advice of the resolution of the Commission on the application: 1 day Specialist assigned 5 6 7 If approved: a. Prepares Certificates of Accreditation b. Prints two (2) copies c. Initials on copies d. Sign certificates e. Releases Certificate of accreditation and forwards duplicate file to Specialist assigned f. Files Certificate and all supporting documents SEC CITIZEN’S CHARTER FEES FORM MSRD 152 | P a gCRMD e SECURITIES AND EXCHANGE COMMISSION PROCESSING OF REQUEST FOR SEC CLEARANCE/CERTIFICATE OF GOOD STANDING Schedule of Availability of Service: 8:00AM-5:00PM Mondays to Fridays (no noon break) NOTE: This application procedure is applicable for the request for SEC Clearance/Certificate of Good Standing Who may avail of the Service: a. Any entity as may be allowed by the Commission b. Holder of the Secondary License What Are the Requirement: SEC-MSRD request form Duration: 1 day How to avail of the service: STEP 1 2 APPLICANT/CLIENT Advises applicant to submit SEC-MSRD request form Submits of SEC-MSRD request form SERVICES PROVIDER Gives client the necessary instructions Receives request form or letter-request, logs in and forward the letter-request to the assigned Specialist, if applicant is a holder of a secondary license. If not, prepares a clearance. DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) 10 minutes Support Staff 30 minutes Support Staff PERSON IN CHARGE SEC CITIZEN’S CHARTER FEES FORM SEC-MSRD request form None MSRD 153 | P a gCRMD e SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT/CLIENT PROCESSING PROCEDURE 1 2 3 DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) SERVICES PROVIDER Logs in and forwards letter-request to Specialist- incharge. Evaluates request and prepares the clearance needed and returns to Support Staff for recording purposes. Reviews Clearance: a. If no revision is needed, forwards for signing 10 minutes Support Staff 30 minutes Specialist assigned 30 minutes Division Head 15 minutes Specialist assigned 10 minutes Support Staff 10 minutes Support Staff 30 minutes Director 10 minutes Director 10 minutes Specialist assigned FEES b. 4 5 6 7 8 9 If revision is needed, returns to specialist for revision. Makes the necessary revision and forward the same to the Supporting Staff for recording. PERSON IN CHARGE Support Staff forward the it to the Clearance to the Division Head for initial. Forwards the Clearance to the Director for final review/signature. Reviews Clearance and recommend revisions, if warranted. If no further comments/revisions, signs and forward to the Support Staff for release. Files clearance, letter-request and supporting documents. END OF TRANSACTION SEC CITIZEN’S CHARTER MSRD 154 | P a gCRMD e FORM SECURITIES AND EXCHANGE COMMISSION PROCESSING OF REQUEST FOR COMMENT/RECOMMENDATION ON THE APPLICATION FOR ARTICLES OF INCORPORATION/PARTNERSHIP/BY-LAWS AND AMENDMENTS RELATIVE THERETO Schedule of Availability of Service: 8:00AM-5:00PM Mondays to Fridays (no noon break) NOTE: This application procedure is applicable for the request for Comments/Recommendation relative to any application for registration/amendments to Articles of Incorporation/By-Laws and Partnership Who may avail of the Service: a. Any entity as may be allowed by the Commission b. Holder of the Secondary License What are the Requirements: Request Form STEP 1 2 APPLICANT / CLIENT Advises applicant to submit SEC-MSRD request form Submits of SEC-MSRD request form SERVICE PROVIDER Gives client the necessary instructions Receives request form or letterrequest, logs in and forwards the letter-request to the assigned Specialist, if applicant is a holder of a secondary license. If not, prepares comments/ recommendations DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCE) 10 minutes Support Staff 30 minutes Support Staff PERSON IN CHARGE SEC CITIZEN’S CHARTER FEES FORM SEC-MSRD request form None MSRD 155 | P a gCRMD e SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT / CLIENT PROCESSING PROCEDURE 1 2 3 4 5 6 7 SERVICE PROVIDER Logs in and forwards letterrequest to Specialist- in- change. Evaluates request and prepares the comments/recommendations and returns to Support Staff for recording purposes. Reviews Comments/ Recommendation: a. If no revision is needed, forwards to Director for signature. b. If revision is needed, returns to specialist for revision. Makes the necessary revision and forward the it to the Support Staff for recording. Forwards the comments/ recommendations to the Division Head for initials. Forwards the comments/ recommendations the Director for final review/signature. Reviews comments/ recommendation and recommends revisions, if warranted. DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCE) PERSON IN CHARGE 10 minutes Support Staff 1 day Specialist assigned 1-2 hours Division Head 15 minutes Specialist assigned 10 minutes Support Staff 10 minutes Support Staff 1 hour Director SEC CITIZEN’S CHARTER FEES FORM MSRD 156 | P a gCRMD e SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT / CLIENT PROCESSING PROCEDURE 8 9 DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCE) SERVICE PROVIDER If no further comment/revisions, signs and forwards to the Support Staff for release. File comments/recommendations, letter-request and supporting documents. 10 minutes 10 minutes PERSON IN CHARGE FEES FORM Director Specialist assigned END OF TRANSACTION PROCESSING OF REQUEST FOR EXEMPTIVE RELIEF Schedule of Availability of Service: 8:00AM-5:00PM Mondays to Fridays (no noon break) NOTE: This application procedure is applicable for the request for SEC Clearance Who may avail of the service: Any entity as may be allowed by the Commission What are the requirements: SEC-MSRD request form Duration: 1 Day SEC CITIZEN’S CHARTER MSRD 157 | P a gCRMD e SECURITIES AND EXCHANGE COMMISSION How to avail of the service: STEP APPLICANT/CLIENT 1 Advises applicant to submit SEC-MSRD request form Submits request form of Letter Request 2 3 4 Presents the PAF to the Cashier and pat required fee Submits the machinevalidated PAF to MSRD SERVICES PROVIDER Gives client the necessary instructions Prepares Payment Assessment Form (PAF) and advise client to pays the prescribed fee at the Cashier, if applicable. Receives payment and issues corresponding O.R 1. Receives the machine-validated PAF and attaches the it to the request form/letter-request. 2. Stamps “received” the letter-request or received the request form including PAF. Returns one (1) copy of the letterrequest to the client. Receives request form or letter-request, log in and forwards the same to the assigned Specialist, if applicant is a holder of a secondary license. If not, prepares a Clearance. DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) 10 minutes Support Staff 10 minutes Support Staff 10 minutes Cashier 5 minutes Support Staff 30 minutes Support Staff PERSON IN CHARGE FEES FORM Letter-request 3. SEC CITIZEN’S CHARTER MSRD 158 | P a gCRMD e SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT/CLIENT PROCESSING PROCEDURE 1 2 3 4 5 6 SERVICES PROVIDER Logs in and forwards letter-request to Specialist- in -charge Evaluates request and prepares the clearance needed and return to Support Staff for recording purposes. Review Clearance: a. If no revision is needed, forward it to Director for signature. b. If revisions are needed, returns to Specialist for revision Reviews Memorandum and forwards it to Support Staff Support Staff logs memorandum and forwards it to Director Reviews Memorandum and recommends revision, if warranted If no further comments/revisions, signs and present memorandum to the Commission for approval DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) PERSON IN CHARGE 10 minutes Support Staff 30 minutes Specialist assigned FEES 30 minutes 1 day Division Head 30 minutes Support Staff 3 hours Director 1 day Director SEC CITIZEN’S CHARTER MSRD 159 | P a gCRMD e FORM SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT/CLIENT PROCESSING PROCEDURE 7 8 12 13 14 DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) SERVICES PROVIDER Receives advice of the resolution of the Commission on the application. a. If approved, prepares a letter informing the applicant of the approval; b. If not approved, prepares a letter informing the applicant of the denial of the request and additional instructions/guidance from the Commission. Reviews and countersigns the letter if no revision and forwards it to the Support Staff for logging and signature of the Director Final review and signing of the letter Logs and releases the letter for fax and mailing Files letter-request and all supporting documents including Memorandum to and Resolution from the Commission En Banc PERSON IN CHARGE 1 day Specialist assigned 30mins Division Head 30 minutes 30 minutes 15 minutes Director Support Staff Specialist assigned FEES END OF TRANSACTION MSRD CRMD SEC CITIZEN’S CHARTER 160 | P a g e FORM SECURITIES AND EXCHANGE COMMISSION FUNCTIONS AND RESPONSIBILITIES OF THE ENFORCEMENT & INVESTOR PROTECTION DEPARTMENT       Investigates, motu proprio or upon complaint or referral, violations of laws rules and regulations enforced by the Commission; Initiates the issuance of a Cease and Desist Order (CDO) by the Commission; 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; Acts as the Anti-Money Laundering Desk of the Commission and acts on all requests made by the AMLC; Acts as representative of the Commission on all matters relating to the IOSCO; Performs such other functions as may be assigned by the Commission En Banc or the Chair. Investigation & Prosecution Division 1. 2. 3. 4. 5. 6. Investigates, motu proprio or upon complaint or referral, violations of laws rules and regulations enforced by the Commission; Initiates the issuance of a Cease and Desist Order (COO) by the Commission; Initiates administrative and/or criminal actions against erring individuals, corporations, partnerships or associations; Issues Orders for the imposition of fine and/or other administrative penalties; As representative of the Commission, actively prosecutes criminal cases in courts; Prepares and files necessary pleadings as required in administrative and criminal cases handled by the Division Market Surveillance Division Conducts surveillance of trading securities in the exchanges and ensures compliance of market participants and intermediaries with Sections 24, 26 and 27 of the SRC and its IRR. SEC CITIZEN’S CHARTER 161 | P a g e SECURITIES AND EXCHANGE COMMISSION Special Operations Division 1. 2. 3. 4. 5. 6. Acts on the requests for assistance by foreign and local law enforcement authorities and foreign regulator; Acts as the Anti-Money Laundering Desk of the Commission and acts on all requests made by the AMLC Attends regular meetings of the NALECC as representative of the Commission and acts on all requests made by the NALECC members; Attends and renders assistance to walk-in complainants Issues advisories on investment scams Acts as representative of the Commission on all matters relating to the IOSCO. RECEIPT AND FILING OF COMPLAINT Schedule of Availability of Service: 8:00AM - 5:00 PM without noon break Monday to Friday Who May Avail of the Service: Public (Investors, members, Stockholders, Officers, NGO's etc.) What Are The Requirement: 1. Verified Complaint-Affidavit with Certification on Non-Forum Shopping 2. Supporting documents, evidences 3. Filing fee PhP 510 SEC CITIZEN’S CHARTER EIPD 162 | P a gCRMD e SECURITIES AND EXCHANGE COMMISSION How to Avail of the Service: STEP 1 2 3 CLIENT SERVICES PROVIDER Registers with the guard (lobby) and waits to be called Gives out Complaint Form/Request Slip Fills up Complaint Form/Request Slip 5 Assesses the inquiry/request for assistance/verbal complaint to determine whether the Commission has jurisdiction and if without jurisdiction, recommends appropriate action. If the Commission has jurisdiction, requests the client to prepare and submit a verified complaint with Certification on Non-forum Shopping and other supporting documents 6 1 minute Guard on Duty 15 minutes Holds conference/meeting with the Client 8 PERSON IN CHARGE FEES FORM None 4 7 DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) 1 hour or depends on the subject of complaint Submits 2 original copies of verified complaint with Certification on Non-forum Shopping and other supporting documents to the Office of the Director None Complaint Form/Request Form None Complaint Form/Reques t Form Officer of the Day None None Officer of the Day None None Office of the Director’s Staff None Verified complaint with Certification on Non-forum Shopping Assesses of the verified complaint if it satisfies the formal requisites 15 minutes Officer of the Day SEC CITIZEN’S CHARTER EIPD 163 | P a gCRMD e SECURITIES AND EXCHANGE COMMISSION STEP CLIENT 9 10 11 SERVICES PROVIDER If the verified complaint is acceptable, issues Payment Assessment Form for the filling fee is issued Proceeds to the Cashier Upon payment, goes back to the Office of the Director, presents proof of payment, and submits the receiving copy of the Verified Complaint DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) 5 minutes 10 minutes PERSON IN CHARGE FEES Office of the Director’s Staff Cashier Office of the Director’s Staff Payment Assessment Form PhP 510 END OF TRANSACTION EIPD CRMD SEC CITIZEN’S CHARTER FORM 164 | P a g e SECURITIES AND EXCHANGE COMMISSION FUNCTIONS AND RESPONSIBILITIES OF THE ECONOMIC RESEARCH & TRAINING DEPARTMENT  Coordinates the conduct of strategic and operational planning and implementation of the SEC including the formulation and monitoring of the accomplishments under the Capital Market Development Plan Blueprint; prepare and disseminate information materials on the policies, plans, programs and accomplishments of the SEC including the publication of the SEC Annual Report; acts as the focal department in the SEC on matters relating to performance governance system and quality management programs;  Undertakes relevant economic researches and publishes investment and financial statistics and analytics based on SEC filings; coordinates the preparation and publication of the annual ranking of the Philippines; provides technical support to inter-agency coordination on matters relating to international trade in financial services including the following: multilateral [eg. World Bank, World Trade Organization, International Finance Corporation], regional [ASEAN, ADB, APEC], and bilateral [JPEPA, ASEAN vis-àvis other countries]; and,  Undertakes periodic training needs assessment for the participants of the Philippine financial and capital markets, including the internal capability building needs of the SEC human resources; and  Recommends programs for career growth and human resource development of the internal public for implementation by the HRAD. Strategic Management & Planning Division 1. Coordinates the conduct of strategic and operational planning and implementation; 2. Prepares and disseminates information materials on the policies, plans, programs and accomplishments of the Commission; 3. Undertakes periodic agency performance monitoring and reporting to external demand agencies (e.g. DOF, DBM, OP, Congress, etc.) 4. Coordinates the formulation and monitoring of the accomplishments on the commitments of the Commission under the Capital Market Development Plan Blueprint and on matters relating to national and financial sector plan formulation; 5. Acts as the focal department in the SEC on matters relating to performance governance system and quality management programs; 6. Provides secretariat services to the Strategic Performance Management System team; 7. Prepares and publishes the SEC Annual Report. SEC CITIZEN’S CHARTER 165 | P a g e SECURITIES AND EXCHANGE COMMISSION Economic Research & Statistics Division 1. Publishes investment and financial statistics and analytics based on SEC filings; 2. Provides technical support to inter-agency coordination on matters relating to international trade in financial services including the following: multi-lateral (e.g. World Bank, World Trade Organization, International Finance Corporation), regional (ASEAN, ADB, APEC) and bilateral (JPEPA, ASEAN vis-a-a-vis other countries); 3. Coordinates the preparation and publication of the annual ranking of the Philippines top corporations and related studies; 4. Proposes the annual research agenda of the Commission for approval by the Commission En Banc and undertake the same in coordination with the primary source SEC department or office; 5. Compiles relevant statistics in compliance with inter-agency statistical requirements (BSP, NSCB, NSO, etc.) Training Division 1.1. Undertakes periodic training needs assessment of the participants of the Philippine financial and capital markets as well as the internal public to identify training goals which enables SEC officials and employees to meet organizational goals; 2.2. Conducts regular [monthly] or special [upon request of a firm for a group of 30 examinees] accreditation or licensing examinations for market participants; 3.3. Updates regularly the content, syllabi and methodology of capital market training and reviews programs to ensure relevance to SEC regulatory and compliance requirements; In coordination with concerned SEC departments and offices, updates regularly the content in the question pool to ensure relevance and applicability to current situation and regulatory requirements; 4.4. Evaluates offers from external service providers to partner with SEC on review and training programs for market participants; 5.5. Maintains an updated pool of highly-qualified internal or external trainers for CMTD training and review programs. 6.6. Recommends programs for career growth and human resource development activities of the internal public for implementation by HRAD. 7. SEC CITIZEN’S CHARTER ERTD 166 | P a CRMD ge SECURITIES AND EXCHANGE COMMISSION SEMINAR/EXAMINATION FOR ASSOCIATED PERSONS (AP) Schedule of Availability of Service 8:00AM to 5:00 PM Mondays to Fridays (no noon break) Who may Avail of the Service: Associated Persons, Certified Securities Representatives, Mutual Funds & Fixed Income Salesmen What are the BASIC requirements: Endorsement from the respective participants; Walk-in applicants Duration: 1 (one) hour How to Avail of the Service: Step Applicant/Client Duration of Activity (under normal circumstances) Service Provider Person-in-Charge 1. Pre-registration Examinee ERTD 5 minutes Training Staff 2. Payment Examinee SEC Treasury Division 15 minutes Cashier Examinee ERTD 5 minutes Training Staff Examinee ERTD/ICTD 3. Issuance of examination permit 4. Release of Results One (1) week after the examination END OF TRANSACTION ICTD/ERTD Staff SEC CITIZEN’S CHARTER Fees Form PAF PhP5,500 PAF/Receipt of Payment PAF/Receipt of Payment/ Regis Congratulatory Letter ERTD 167 | P a gCRMD e SECURITIES AND EXCHANGE COMMISSION PAYMENT OF EXAMINATION FEES- REGULAR EXAMINATION Schedule of Availability of Service: 8:00-AM 5:00 PM Mondays to Fridays (no noon break) Who may Avail of the Service: Associated Persons, Certified Securities Representatives, Mutual Funds & Fixed Income Salesmen What are the BASIC requirements: Endorsement from the respective Participants; Walk-in Duration: 1 Hour How to Avail of the Service: Step Applicant/Client Service Provider Duration of Activity (under normal circumstances) Person-in-Charge 1.Pre-registration Examinee ERTD 5 minutes Training Staff 2.Payment Examinee SEC Treasury Division 15 minutes Cashier 3.Issuance of Examination permit Examinee ERTD 5 minutes Training Staff 4.Release of Results Examinee ERTD/ICTD One (1) week after the examination END OF TRANSACTION ICTD/ERTD Staff Fees Form PAF PhP500 PAF/Receipt of Payment PAF/Receipt of Payment/Registration Form Congratulatory Letter ERTD CRMD SEC CITIZEN’S CHARTER 168 | P a g e SECURITIES AND EXCHANGE COMMISSION FUNCTIONS AND RESPONSIBILITIES OF THE FINANCIAL MANAGEMENT DEPARTMENT The Financial Management Department implements financial policies and procedures in accordance with government rules and regulations. It develops and recommends budgetary plans and programs for the Securities and Exchange Commission, evaluates existing policies on budgetary and fiscal matters, and recommends measures to improve the financial management of the Securities and Exchange Commission. In order to accomplish its responsibilities, the Department does the following:    Prepares annual, supplemental and special budgets, fiscal plans, financial and budgetary reports, and requests for changes in financial plans of fund releases. Handles preparation of vouchers and request for obligation of allotments; monitors and attends to budgetary needs of all SEC operating units, including the extension offices. Liaisons with the Department of Budget and Management, Department of Finance, Commission on Audit and other government offices. Manages all SEC fund releases and proper allocations to different programs, projects and activities of the SEC. Participates in the determination of proper fees, fines/penalties and other charges that the SEC may impose on its clientele. Handles immediate payment of all SEC creditors, and attends to the immediate refund of fees, remittances to the client business entities whose computation became excessive due to change in capitalization or cancellation of original request. Undertakes collection of all SEC income from its clientele and immediate deposit of the same to the National Treasury. Prepares and issues checks to all creditors of the SEC, issues salaries and allowances to all SEC employees. Serves as custodian of promissory notes of registered commercial paper issuers and deposit substitutes of multinationals and other foreign corporations doing business in the Philippines. Records financial transactions of the Commission and prepares financial statements; Pre-audits all disbursements for accu racy and compliance with rules and regulations on disbursements. Reconciles bank statements against book balances of all bank accounts of the head office and the extension offices.  Remits withheld taxes to the Bureau of Internal Revenue.         SEC CITIZEN’S CHARTER 169 | P a g e SECURITIES AND EXCHANGE COMMISSION             Remits premiums and loan deductions to GSIS, HDMF, PHILHEALTH, SECCU, SECEA, Provident Fund and PHILAM Prepares regular payroll, overtime, contractual and benefits of employees Prepares the monthly report of income and request confirmation from the Bureau of Treasury of income collected. Prepares report of collections of Legal Research Fee for credit to UP Account at the BTR Prepares and distributes pay slips of employees Remits deductions for GSIS,HDMF, BIR & PHILHEALTH of EOs Prepares monthly BIR Form 2306, 2307,1600,1601 Prepares BIR Form 2316 and the Annual Alpahlist Acts as the Authorized Administrative Officer for GSIS Reconciles subsidiary ledgers against the general ledger Reconciles statement from the procurement service against book balances Handles bookkeeping of and operation of the Provident Fund. Performs such other functions as may be assigned by the Commission En Banc or the Chair. FMD PURCHASE OF PIN MAILER Schedule of availability of service: 8:00AM to 5:00PM Mondays to Fridays (no noon break) Who may avail of the service: Walk-in public clients/customers What are the Requirements: 1. Fully accomplished Purchase Order Slip (POS) 2. Payment Duration: 20 seconds SEC CITIZEN’S CHARTER FMD 170 | P aCRMD ge SECURITIES AND EXCHANGE COMMISSION How to avail of the service: STEP APPLICANT/CLIENT 1 Gets priority service number and fills-up completely the Purchase Order Slip (POS) Waits for the queuing number to be served 2 3 Pays to the cashier with completely filled-up POS SERVICES PROVIDER Processes payment and issue official receipt together with the PIN Mailer DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) 5 seconds No definite time for it depends on the number of transactions of the client being served 15 minutes PERSON IN CHARGE Guard on duty (cashier area) SEC Cashier FEES POS PhP100.00 PURCHASE OF SERVICE STAMPS Schedule of availability of service: 8:00AM to 5:00PM Mondays to Fridays (no noon break) Who may avail of the service: Walk-in public clients/customers What are the Requirements: Payment Duration: 2 seconds SEC CITIZEN’S CHARTER FORM FMD 171 | P aCRMD ge POS SECURITIES AND EXCHANGE COMMISSION How to avail of the service: STEP APPLICANT/CLIENT Pays directly to the cashier without need of priority service number and POS SERVICES PROVIDER Processes payment and issue service stamp DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) 2 seconds PERSON IN CHARGE SEC Cashier FEES FORM PhP40.00 per service stamp END OF TRANSACTION PAYMENT OF FEES FOR REGISTRATION TRANSACTION Schedule of availability of service: 8:00AM to 5:00PM Mondays to Fridays (no noon break) Who may avail of the Service: Filer/s or company representative/s What Are the Requirement/s: 1. Payment Assessment Form (PAF) 2. Payment Duration: 5 minutes How to avail of the service: STEP APPLICANT/CLIENT SERVICES PROVIDER 1 Get s priority service number DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) 3 seconds PERSON IN CHARGE FEES Guard -onduty (cashier area) SEC CITIZEN’S CHARTER FMD 172 | P aCRMD ge FORM SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT/CLIENT SERVICES PROVIDER 2 Waits for the queuing number to be served 3 Pay to the Cashier with PAF form concerned operating department 4 Goes back to the concerned operating department Processes payment by encoding the PAF number in the SEC iReport Cashiering Module. If in order, issues official receipt, and returns the machine-validated PAF to the client DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) No definite time for it depends on the number of transactions of the client being served 4 minutes PERSON IN CHARGE FEES FORM SEC Cashier SEC Cashier depends on type of transaction/s END OF TRANSACTION PAYMENT OF FEES FOR NON-REGISTRATION TRANSACTION Schedule of availability of service: 8:00AM to 5:00PM Mondays to Fridays (no noon break) Who may avail of the Service: Company representative/Payer What Are the Requirement/s: 1. Payment Assessment Form (PAF) 2. Payment Duration: 5 minutes SEC CITIZEN’S CHARTER FMD 173 | P aCRMD ge PAF SECURITIES AND EXCHANGE COMMISSION How to avail of the service: STEP APPLICANT/CLIENT 1 Gets priority service number 2 Waits for the queuing number to be served 3 Pays to the Cashier with PAF form concerned operating department 4 Goes back to the concerned operating department DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) 3 seconds SERVICES PROVIDER Processes Payment by encoding the PAF number in the SEC i-Report Cashiering Module. If in order issues official receipt, and returns the machine-validated PAF to the client No definite time for it depends on the number of transactions of the client being served 4 minutes PERSON IN CHARGE Guard on duty (cashier area) SEC Cashier SEC Cashier FEES depends on type of transaction/s END OF TRANSACTION FMD CRMD SEC CITIZEN’S CHARTER 174 | P a g e FORM PAF SECURITIES AND EXCHANGE COMMISSION FUNCTIONS AND RESPONSIBILITIES OF THE HUMAN RESOURCE & ADMINISTRATIVE DEPARTMENT The HRAD implements the laws and policies related to recruitment and employment; recommends and implement programs for career growth and human resource development; and provides timely and effective administrative and maintenance support to the Departments and Offices of the Commission.  Implements CSC laws, rules and regulations, in matter of recruitment and selection, training and staff development, scholarship grants, performance management, merit promotion, employee welfare and administrate disciplinary actions.  Manages the activities of the Medical and Dental Unit in providing health care to SEC employees.  Conducts human resource (HR) policy research.  Implements internal and external communications system such as publication of newsletter, SEC Circulars, Vacant Position and other publication as may be assigned from time to time.  Coordinates with the Office of Commission Secretary on media-related matters.  Manages the SEC Library.  Provides timely and effective administrative and general services support to the departments and offices of the Commission.  Provides administrative support and assistance in the procurement process of the SEC in accordance with Republic Act No. 8194 and its Revised Implementing Rules and Regulations (IRR) and other applicable laws and rules.  Reviews and submits SALN of employees to appropriate agencies.  Manages the Citizens Charter and monitors compliance with the Anti-Red Tape Act of 2001 (RA 8974).  Plans and implements Gender and Development (GAD) programs.  Plans and implements Senior-Citizens-related concerns.  Administers the internship program.  Performs such other functions as may be directed by the Chair and Commissioners. SEC CITIZEN’S CHARTER 175 | P a g e SECURITIES AND EXCHANGE COMMISSION Human Resources Management & Development Division 1. 2. 3. 4. 5. 6. 7. 8. 9. Implements CSC laws, rules and regulations, in matters of recruitment and selection, performance management, merit promotion, employee welfare and administrative disciplinary actions which includes the following: Manages the activities of the Medical and Dental Unit in providing health care to SEC employees Issues certificate of employment, service record, no pending case, appearance, etc. Monitors/reports attendance and punctuality of the employees and computes and updates leave balances. Facilitates GSIS, Philhealth, Pag-IBIG memberships, loans and other concerns. Maintains and manages 201 files of officials and employees of the Commission; Acts as Secretariat to the Personnel Selection Board (PSB), Grievance Machinery Committee GMC) and Investigating Committee (IC). Reviews and submits SALNs to appropriate agencies Performs such other functions as may be directed by the HRAD Director. General Services Division 1. 2. 3. 4. 5. Provides timely and effective administrative and maintenance support to all departments, offices and units of the Commission on building, security, janitorial and transport services; Ensures the safety and proper maintenance of official properties and equipment; Conducts annual inventory of properties and equipment of the Commission in accordance with laws, rules regulations; and Manages provision of office supplies. Performs such other functions as may be directed by the HRAD Director SEC CITIZEN’S CHARTER HRAD 176 | P aCRMD ge SECURITIES AND EXCHANGE COMMISSION Learning Resource & Information Division 1. 2. 3. 4. 5. 6. Publishes the SEC Newsletter and other forms of employee communications; Coordinates with the Office of the Commission Secretary on media relations and undertakes special media projects; Pans and implements SEC Gender and Development (GAD) programs; Conducts human resources (HR) policy research; Acts as Secretariat to the Personnel Development Committee (PDC); Plans and Conducts all trainings/seminars and other HR development interventions for SEC personnel, whether funded through SEC appropriations or external grants; 7. Monitors compliance to the Anti-Red Tape Act of 2001 8. Administers the SEC Internship Program; and 9. Manages the SEC Library. 10. Plans and implements Senior -Citizens- related concerns. 11. Performs such other functions as may be directed by the HRAD Director Procurement Division 1. 2. 3. 4. 5. 6. 7. Provides administrative support to the Bids and Awards Committee (BAC); Organizes and makes all necessary arrangements for BAC meetings and conferences; Manages the sale and distribution of Bidding Documents to interested bidders; Advertises and/or post bidding opportunities, including bidding documents, and Notices of Awards; Monitors procurement activities and milestones for proper reporting to relevant agencies when required; and Consolidates Project Procurement Management Plans (PPMPs) from various SEC Departments/Offices/EOs and prepares the SEC Annual Procurement Plan (APP). Performs such other functions as may be directed by the HRAD Director SEC CITIZEN’S CHARTER HRAD 177 | P aCRMD ge SECURITIES AND EXCHANGE COMMISSION SEC CITIZEN’S CHARTER HRAD 178 | P aCRMD ge SECURITIES AND EXCHANGE COMMISSION SEC CITIZEN’S CHARTER HRAD 179 | P aCRMD ge SECURITIES AND EXCHANGE COMMISSION SEC CITIZEN’S CHARTER HRAD 180 | P aCRMD ge SECURITIES AND EXCHANGE COMMISSION SEC CITIZEN’S CHARTER HRAD 181 | P aCRMD ge SECURITIES AND EXCHANGE COMMISSION SEC CITIZEN’S CHARTER HRAD 182 | P aCRMD ge SECURITIES AND EXCHANGE COMMISSION HRAD CRMD SEC CITIZEN’S CHARTER 183 | P a g e SECURITIES AND EXCHANGE COMMISSION FUNCTIONS AND RESPONSIBILITIES OF THE INFORMATION & COMMUNICATIONS TECHNOLOGY DEPARTMENT              Formulates the SEC Information Systems Strategic Plan (ISSP) and coordinates activities relative to the implementation thereof; Undertakes p rocurement p lanning, a cquisition, and d eployment o f t he C ommission's Information and C ommunications Technology (ICT) Resources in accordance w ith t he S EC-ISSP; Acts as lead coordinator on application systems development activities, including the administration and maintenance of the systems developed and deployed Commission-wide; Performs capacity-planning activities and administers the network and communications infrastructure of the Commission including establishment of linkages between the SEC head office and extension offices; Promotes the development of an efficient management information system in the Commission; Ensures the proper maintenance of the computer facilities and systems of the Commission; Maintains and manages the content of the SEC Website <www.sec.gov.ph>; Prepares the terms of reference and oversees activities for preserving the integrity of the SEC data (through the conduct of a database cleanup and undertaking the related maintenance service agreements); Participates in inter-agency electronic linkages and data-sharing arrangements such as the electronic issuance of pre-generated TINs to newly-registered corporations and partnerships, and the Philippine Business Registry project, wherein the SEC provides the list of newly-registered firms daily; Updates the database entries relative to amendments to the capital structure/contributed capital of company registration with the SEC; Performs other technical support services as may be assigned by the SEC Officials; Receives reports and applications and releases SEC documents except applications processed and approved by the CRMD; Maintains electronic copies of documents and reports submitted to SEC. Develops and updates procedures and standards for electronic and paper copy records retention at the SEC and ensure that the standards are applied in all departments; SEC CITIZEN’S CHARTER 184 | P a g e SECURITIES AND EXCHANGE COMMISSION       Stores the official electronic records of the SEC and ensures the records are available upon request; Coordinates with the other departments/ offices in the disposal of records in accordance with Philippine law and SEC policy; Assists in the preparation of annual budget insofar as the records keeping and management is concerned; Handles records keeping and filing of SEC documents; Provides information to the public; Retrieves and prepares corporate/partnership documents requested by SEC clients for authentication of the CRMD Information Systems Development & Management Division 1. Formulates Information Systems strategic plan and budget. 2. Manages and supervises information system development projects 3. Develops/formulates system/ICT standards, policies and procedures. 4. Manages the development and maintenance of the website. 5. Manages transition of information systems developed into production and provides system. 6. Administers the operation of Information system/s in production. 7. Manages database build up/conversion/population. 8. Monitors system performance. 9. Manages and maintains IT Library and information resources/assets. Systems Operations Division 1. Manages system software (Operating System, Firewall, Anti-Virus, etc.) and version updates. 2. Manages network and computer services (e.g. internet, email, video conferencing, etc.) 3. Manages databases and servers. 4. Secures network and databases. SEC CITIZEN’S CHARTER ICTD 185 | P a CRMD ge SECURITIES AND EXCHANGE COMMISSION 5. Provides HW and SW set up and installation support. 6. Provides technical support, trouble-shooting and repairs. 7. Responds to incoming requests for help, support, problems, etc. 8. Tracks and monitors incoming requests for help, support, problems, etc. Electronic Records Management Division 1. Records and releases SEC documents and maintains official records of SEC. 2. Develops and updates procedures and standards for electronic and paper copy records retention at the SEC and ensures that the standards are applied in all departments. 3. Develops and implements the most effective means of storing and retrieving records in electronic format. 4. Stores the official electronic records of the SEC and ensures the records are available upon request. 5. Oversees destruction of records under Philippine law and SEC policy. 6. Handles records keeping and filing of SEC documents. 7. Provides information to the public and issues certified true copy of corporate/partnership documents requested by SEC clients at the PRU. Provides information to the public at the PRU on corporate/ partnership status and direct walk-in clients to other SEC Departments/Offices for other issues and concerns that requires assistance/advice. 8. SEC CITIZEN’S CHARTER ICTD 186 | P aCRMD ge SECURITIES AND EXCHANGE COMMISSION RECEIVING OF DOCUMENTS Schedule of Availability of Service: 8:00am to 5:00 pm, Mondays to Fridays (no noon break) Who May Avail of the Service: General public What Are the Requirement: Conforms with the physical filing criteria Duration: 10 minutes How to Avail of the Service: STEP APPLICANT/CLIENT Get a queue number then wait SERVICES PROVIDER DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) 1 minute 3 minutes 1. Calls the client on queue, submit reports 2. Checks completeness of documents 3. Receives/submits the document into the I-Submit Module 3 minutes 4. Retains two copies & returns third copy along with an acknowledgement page to client 3 minutes END OF TRANSACTION SEC CITIZEN’S CHARTER PERSON IN CHARGE Receiving Officer FEES None ICTD 187 | P aCRMD ge FORM None SECURITIES AND EXCHANGE COMMISSION RELEASING OF DOCUMENTS Schedule of Availability of Service: 8:00 am to 5:00 pm, Mondays to Fridays (no noon break) Who May Avail of the Service: General public What Are the Requirement: Original Official Receipt presented Duration: 10 minutes How to Avail of the Service: STEP APPLICANT/CLIENT 1 Gets a queue number then wait SERVICES PROVIDER 1. 2. 2 Accomplishes information required in the logbook Call the client on queue. Releasing Officer checks completeness of documents Releasing Officer releases document DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) 1 minute PERSON IN CHARGE FEES FORM Releasing Officer None None Releasing Officer None none 4 minutes 5 minutes END OF TRANSACTION SEC CITIZEN’S CHARTER ICTD 188 | P aCRMD ge SECURITIES AND EXCHANGE COMMISSION RETRIEVAL OF DOCUMENTS Schedule of Availability of Service: 8:00 am to 5:00 pm, Mondays to Fridays (no noon break) Who May Avail of the Service: General public What Are the Requirement: 1) Fully accomplished Clearance Form (PRU Form 97-05) 2) Fully accomplished Request Form (PRU Form 97-02/PRU Form 97-03) 3) Payment Assessment Form (PAF) Duration: 45 minutes How to Avail of the Service: STEP 1 APPLICANT/CLIENT a) b) Fills out Clearance Form Submits to Information Counter for verification SERVICES PROVIDER a) Stamps time IN and gives Clearance Form to client; b) Verifies request; DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) 2 minutes & 30 seconds PERSON IN CHARGE a) Guard- onduty; b) Information Counter Personnel SEC CITIZEN’S CHARTER FEES FORM PRU Form 97-05 ICTD 189 | P aCRMD ge SECURITIES AND EXCHANGE COMMISSION DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) STEP APPLICANT/CLIENT 2 Fills out Request Form and submits to Paper/Film Counter personnel; waits for number called Presents request form with assessed fees Calls priority service number 7-10 minutes Section Counter Personnel Prepares & prints Payment Assessment Form 1 minute PAF Counter Personnel Proceeds to Cashier to: Accepts Payment and issues official Receipt 3 4 a) b) 5 a) b) 6 Pays assessed fee; Buys required Pin mailer (for Paper & Film) Presents payment/ receipt and get document (for I-view) Return to Records Retriever; get document Lines up document for authentication (CTC) SERVICES PROVIDER PERSON IN CHARGE FEES PRU Form 97-02 PRU Form 97-03 Payment Assessment Form (PAF) Cashier, Ground Floor Releases printed document 1 minutes Records Retriever AI- P100 BL- P100 GIS- P25 OthersP5/pages+P20 Creates Client account and prints requested document fro, database; 7-10 minutes Records Retriever P100/pin mailer 16 minutes a) Authentication Counter Personnel; b) Authorized signatory AI- P100 BL-P100 GIS- P50 OthersP5/pages+P20 /doc a) Checks document completeness, stamps initials; b) Signs document for and FORM SEC CITIZEN’S CHARTER ICTD 190 | P aCRMD ge SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT/CLIENT SERVICES PROVIDER DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) PERSON IN CHARGE FOR PLAIN COPY PROCEED TO STEP 7 7 Returns signed Clearance Form to Guard FEES FORM doc from IVIEW P50/doc w/ certificate P20-others Retrieves signed Clearance Form from Client and stamps time OUT Guard -on-duty END OF TRANSACTION PROCEDURE FOR REQUESTING LISTINGS: STEP APPLICANT/CLIENT 1 Fills-up request form and submit to ICTD Evaluates request 2 Presents request form Assesses request, prepares and prints Payment Assessment Form (PAF) 3 Proceeds to Cashier to pay assessed fee Presents request form and the payment/receipt Accepts payment and issues Official Receipt Transmits the request form and PAF to System Developer 4 SERVICES PROVIDER DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) 30 minutes to fillup the form 5 minutes to generate 5 minutes PERSON IN CHARGE FEES Support Staff Request for ICTD Information services Payment Assessment Form (PAF) Support Staff Cashier Ground Floor Support Staff SEC CITIZEN’S CHARTER FORM Initial payment of P200 ICTD CRMD 191 | P a g e SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT/CLIENT 5 Generates data requested and assesses total payment due 6 Returns to the ICTD to get the document 7 Proceeds to Cashier if additional payment required Presents payment/ receipt and get document 8 SERVICES PROVIDER Checks record of requesting data if ready for releasing and prepares PAF for additional payment Releases data request DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) Due 15 working days from receipt of request and PAF PERSON IN CHARGE FEES FORM System Developer 5 minutes Support Staff 15 minutes Cashier Ground Floor Support Staff REQUESTS FOR PLAIN/AUTHENTICATED DOCUMENTS: Application at the SEC Office : Clients who still want to PERSONALLY COME to request for documents will have to get A PRIOR APPOINTMENT: Thru a phone call 737-888 By logging in to www.secexpress.ph. Online Application: Public may place their request at the user-friendly, web-based interface, pay at any of the designated payment channels, and then wait for the documents to be delivered to them in three (3) days. SEC CITIZEN’S CHARTER ICTD 192 | P aCRMD ge SECURITIES AND EXCHANGE COMMISSION Call Center Facility: Public may call the hotline 737-888 to place their requests for document/s, pay at any of the designated payment channels, and then wait for the documents to be delivered in three (3) days. ICTD CRMD SEC CITIZEN’S CHARTER 193 | P a g e SECURITIES AND EXCHANGE COMMISSION FUNCTIONS AND RESPONSIBILITIES OF THE EXTENSION OFFICES These offices will support the SEC Commission's enforcement and regulatory responsibilities and goals in field offices located in a number of cities in the Philippines. In order to accomplish their responsibilities, these Offices will do the following: Performs enforcement investigations in coordination with the Enforcement and Investor Protection Department (EIPD); Performs inspections in coordination with the EIPD; Support work for the Commission Head Office. SEC BAGUIO EXTENSION OFFICE PROCESSING OF APPLICATIONS FOR PRIMARY REGISTRATION Schedule of Availability of Service: 8:00 am- 5:00 pm with no noon break Who may avail of the service: Filipino citizens, Non-resident or Resident Aliens qualified to form corporations and partnerships in accordance with applicable laws Basic Requirements: 1. Name Verification Slip 2. Document Cover Sheet 3. Articles of Incorporations (w/TIN and Undertaking to Change Name) SEC CITIZEN’S CHARTER BEO 194 | P a CRMD ge SECURITIES AND EXCHANGE COMMISSION 4. By-Laws 5. Endorsement of other Government Agencies (if Applicable) 6. Notarized Bank Certificate (for Stock Corporations and Foundations Only) Duration: 1 hour How to Avail of the Service: STEP APPLICANT / CLIENT SERVICE PROVIDER DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCE) 10 minutes PERSON IN CHARGE Any attending Personnel 1 name Verification* Gives proposed name/s to attending staff Gets service number instruction from the guard- on- duty 2 Registration Presents Name Reservation Certification, Articles and By-Laws st Issuance of 1 Endorsement, If applicable Evaluates documents to determine sufficiency/ completeness Checks for compliance with Corporation Code on Endorsement from Supervising Government Agency 15 minutes Securities Counsel II 5 minutes Securities Counsel II, any other Attending Personnel Pay Required Filling Fees at the Cashier Confirms Registration Payment 5 minutes Securities Specialist Prepares Certificate of Registration 10 minutes Support Staff Undertakes final Evaluation and Signing of the Certificate of Registration 10 minutes Director 3 4 SEC CITIZEN’S CHARTER FEES Depending on Reservation Period minimum P40 Schedule of Fees/ Memorandum Circular Attached by SEC HRAD BEO 195 | P aCRMD ge FORM SECURITIES AND EXCHANGE COMMISSION STEP 5 APPLICANT / CLIENT Presents Official receipt to secure Certificate of Registration SERVICE PROVIDER Release of Certificate of Registration DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCE) 5 minutes PERSON IN CHARGE SEC-BEO Support Staff FEES END OF TRANSACTION *If name verified by client himself proceeds to step 2 SEC CAGAYAN DE ORO EXTENSION OFFICE PROCESSING OF NAME RESERVATION Schedule of availability of service: 8:00am to 5:00 pm with no noon break; Monday to Friday Who May Avail of the Service: Filipino citizen, Non-resident or resident aliens What Are the Requirements: Duly accomplished verification form Duration: 8 minutes SEC CITIZEN’S CHARTER CDO 196 | P aCRMD ge FORM SECURITIES AND EXCHANGE COMMISSION How to avail of the services: STEP APPLICANT/CLIENT 1 Gets a verification form from the guard on duty, accomplishes it and submits it Brings the 2 copies of the reservation notice to the cashier for payment of the period of reservation 2 SERVICES PROVIDER Verifies the proposed name at the iregistr.sec.gov.ph and prints the reservation notice in 2 copies Accepts payment and issues official receipt to the client including 1 reservation notice stamped “paid.” DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCES) 8 minutes PERSON IN CHARGE Verifier 2 minutes Cashier FEES None P40.00/ P80.00/ P120.00 END OF TRANSACTION PROCESSING OF APPLICATION FOR PRIMARY REGISTRATION FOR A NON-STOCK EXCLUDING APPLICATION WITH REQUIRED ENDORSEMENT FROM CONCERNED GOVERNMENT AGENCY Schedule of availability of service: Monday to Friday 8:00am to 5:00 pm with no noon break Who May Avail of the Service: Filipino citizen, Non-resident or resident aliens What Are the Requirements: 1. Coversheet 2. Reservation Notice 3. Articles of Incorporation and By-laws 4. Joint Affidavit of Undertaking to Change Name 5. Tax Identification Numbers Note: Please use an A4 size of book paper. SEC CITIZEN’S CHARTER CDO 197 | P aCRMD ge FORM Verification form SECURITIES AND EXCHANGE COMMISSION Duration: 3 days How to avail of the services: STEP 1 2 3 4 5 6 7 APPLICANT / CLIENT Submits application to the Evaluates documents to determine Examiner of the day completeness of registration requirements. If complete, affixes initial for filling and payment at the Cashier otherwise provides a checklist for deficiencies. Brings the checked Accepts payment and issues official receipt to application for payment of the client the filling fee File s application duly paid Receives filed application and stamp the documents received Forwards the received application to the Examiner who evaluates completeness of the documents Reviews the application and forward to the Director for final approval If approved Forward the same to the in-charge for the preparation of Certificate otherwise return the documents to the examiner for compliance Prepares Certificate of Incorporation 8 9 SERVICE PROVIDER Claims document Signs Certificate and forward it to the Releasing personnel Releasing Documents DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCE) 10minutes PERSON IN CHARGE FEES Securities Specialist/ Securities Counsel None 5 minutes Cashier P1,060.00 10 minutes Receiving In-charge None Examiner 1 day & 25 minutes None 1 day Securities Specialist/ Securities Counsel SEC-CDOEO Director 6 minutes In-charge None 4 minutes SEC-CDOEO Director None 2 minutes In-charge None None END OF TRANSACTION SEC CITIZEN’S CHARTER CDO 198 | P aCRMD ge FORM SECURITIES AND EXCHANGE COMMISSION PROCESSING OF APPLICATIONS FOR PRIMARY REGISTRATION FOR A STOCK CORPORATION WHOSE PAID-UP CAPITAL IS IN CASH EXCLUDING APPLICATION WITH REQUIRED ENDORSEMENT FROM CONCERNED GOVERNMENT AGENCY Schedule of availability of service: Monday to Friday 8:00 am to 5:00 pm with no noon break Who May Avail of the Service: Filipino citizen, Non-resident or resident aliens What Are the Requirement: 1. Coversheet 2. Reservation Notice 3. Articles of Incorporation and By-laws 4. Treasurer's Affidavit under oath. 5. Bank Certificate 6. Affidavit (for non-resident alien) 7. ACR, ICARD, & ICR (for resident alien) 8. Joint Affidavit of Undertaking to Change Name 9. Tax Identification Numbers Note: Please use an A4 size of book paper. Duration: 3 days SEC CITIZEN’S CHARTER CDO 199 | P aCRMD ge SECURITIES AND EXCHANGE COMMISSION How to avail of the services: STEP APPLICANT / CLIENT 1 Submit s application to the Examiner of the day 2 Bring the checked application for filling and payment of the filling fee 3 4 5 SERVICE PROVIDER Evaluates documents to determine completeness of registration requirements. If complete, affixes initial for filling and payment at the cashier; otherwise , provides a checklist for deficiencies. Accept payment and issue official receipt to the client. Forward the same to the Receiving Unit. Receive filed application and stamp the documents received. Forward the received application to the Examiner who evaluates the document Reviews the application, prepares Examiner’s report, and accomplishes routing slip. Forwards the received application to the Examiner who evaluates the documents Reviews the application. If approved, forward the same to the In-charge for the preparation of Certification otherwise return the documents to the examiner for compliance DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCE) 10 minutes PERSON IN CHARGE Securities Specialist/ Securities Counsel 5 minutes Cashier 10 minutes Receiving Incharge 1 day & 25 minutes Securities Specialist/ Securities Counsel 1 day SEC-CDOEO Director SEC CITIZEN’S CHARTER FEES None Minimum Cap is P500,000 AI- 1/5 of 1% of authorized BL 500, H-30, SB-10, LRF-(1% of AI + 10) CDO 200 | P aCRMD ge FORM SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT / CLIENT 6 7 8 Claims documents at the releasing section SERVICE PROVIDER Prepares Certificate of Incorporation Signs Certificate and forward it to the Releasing personnel Releases Documents DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCE) 6 minutes 4 minutes PERSON IN CHARGE In-charge SEC-CDOEO Director Releasing Officer 2 minutes FEES none END OF TRANSACTION PROCESSING OF APPLICATION FOR THE RECORDING OF PARTNERSHIP WITH CAPITAL CONTRIBUTION IN CASH Schedule of availability of service: Monday to Friday 8:00am to 5:00pm without noon break Who May Avail of the Service: Filipino citizen, Non-resident or resident aliens What Are the Requirement: 1. Coversheet 2. Reservation Notice 3. Articles of Partnership 4. Bank Certificate (if partner is a foreigner) 5. Tax Identification Numbers Note: Please use an A4 size of book paper. Duration: 3 days SEC CITIZEN’S CHARTER CDO 201 | P aCRMD ge FORM SECURITIES AND EXCHANGE COMMISSION How to avail of the services: STEP APPLICANT / CLIENT 1 Submits application to the Examiner of the day 2 Brings the checked application for filling and payment of the filling fee Submit application & receipt of filling fee 3 4 5 6 7 8 Claims documents at the Releasing Section SERVICE PROVIDER Evaluates documents to determine completeness of registration requirements. If complete, affixes initial for filling and payment at the cashier otherwise provides a checklist for deficiencies. Accepts payment and issues official receipt to the client. Forwards the same to the receiving section. Receives filed application and stamp the documents received. Forward s the received application to the Examiner who evaluates the document Reviews the application and accomplishes routing slip. Forwards the same to the director for final review and approval Reviews the application. If approved, forwards the same to the Officer- In-charge for the preparation of Certification otherwise return the documents to the examiner for compliance Prepares Certificate of Incorporation Signs Certificate and forward it to the Releasing personnel Releases Documents DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCE) 10 minutes PERSON IN CHARGE Securities Specialist/ Securities Counsel 5 minutes Cashier 10 minutes Receiving Incharge 1 day & 25 minutes Securities Specialist/ Securities Counsel SEC-CDOEO Director 1 day 6 minutes 4 minutes 2 minutes In-charge SEC-CDOEO Director Releasing Officer FEES FORM None none END OF TRANSACTION SEC CITIZEN’S CHARTER CDO 202 | P aCRMD ge SECURITIES AND EXCHANGE COMMISSION CEBU EXTENSION OFFICE PROCESSING OF APPLICATIONS FOR PRIMARY REGISTRATION Schedule of Availability of Service: 8:00am -5:00pm without noon break Who May Avail of the Service: Filipino citizen, Non-resident or resident aliens What Are the BASIC Requirement: 1. Cover Sheet 2. Name Reservation Notice 3. Bank Certificate of Deposit (if stock corporation or foundation) 4. Articles of Incorporation and By-laws 5. Joint Undertaking to Change Name 6. Tax Identification Numbers NOTE: Use A4 coupon bond SEC CITIZEN’S CHARTER CEO 203 | P aCRMD ge SECURITIES AND EXCHANGE COMMISSION How to avail of the Service: STEP 1 Name verification APPLICANT / CLIENT Gets and fills up Verification request form from the Information SERVICE PROVIDER Issues service number to applicant DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCE) 2 to 3 minutes PERSON IN CHARGE Guard -on -Duty Instructs applicant to pay to 2 to 3 minutes the cashier Instructs applicant to call 2 to 3 minutes two (2) weeks from date of payment to inquire if name verified is approved Cashier Brings approved name reservation notice and gets a service number from the guard Verifies/reserves proposed corporate name, prepares Articles of Incorporation and By-laws and others pertinent documents Pays filling fee and others charges Presents approved name reservation in 2 copies Cashier Submits application to the Receiving Section 2 FEES FORM Name verification Slip P40.00 for the first 30 days. Support Staff For Online Users: 2(a) Registration (when mode of payment for subscription is CASH) 2(a) 1 2(a) 2 Presents application to officer of the day for preprocessing 20 minutes Officer of the Day Receives payment of filling fees and other charges 5 minutes Stamps “ Received” in the application Forwards application to the processing lawyer for review 10 minutes Cashier refer to Memorandum Circular 9 Support Staff 20 minutes Securities Counsel SEC CITIZEN’S CHARTER P40 for the first 30 days Refer to attached list of documentary requirements CEO 204 | P aCRMD ge SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT / CLIENT 2(a) 4 2(a) 5 2(a) 6 2(a) 7 Presents Official Receipt to Releasing Unit, to secure the certificate FOR ONLINE USERS: 2(b) Registration (when mode of payment for subscription is OTHER THAN CASH) 2(b) 1 SERVICE PROVIDER If application is complete in form and substance and in conformity with the Corporation Code, forwards application to Support Staff for typing Signs Certificate Forwards signed certificate to Releasing Unit Releases Certificate DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCE) 10 minutes FEES FORM Support Staff 10 minutes 2 minutes Director Support staff 2 minutes Support Staff For future implementation. Currently taking measures to implement on-line capability Verifies/reserves Presents application to 20 minutes proposed corporate Officer of the Day and name, prepares Articles Securities Counsel for preof Incorporation and processing By-laws and other pertinent documents Requires applicant to Receives payment of filling pay filling fee and other fees and other charges charges PERSON IN CHARGE Securities Counsel 5 minutes Officer of the Day and Securities Specialist Cashier SEC CITIZEN’S CHARTER Refer to attached list of documentary requirements Refer to Memorandum Circular 9 CEO 205 | P aCRMD ge SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT / CLIENT SERVICE PROVIDER DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCE) FOR ONLINE USERS: 2(b) 2 Submit s application to Stamped “Received” in the 10 minutes the Receiving Unit application 2(b) 3 Forwards application to the 30 to 45 minutes Securities Specialist for the preparation of the Examiner’s Report then to processing lawyer for review 2(b) 4 If application is complete in 10 minutes form and substance and in conformity with the Corporation Code, forwards application to Support Staff for typing 2(b) 5 Signs certificate 10 minutes 2(b) 6 Forwards signed Certificate 2 minutes to Releasing Unit 2(b) 7 Present Official Receipt Releases Certificate 2 minutes to Releasing Unit, to secure the certificate END OF TRANSACTION PERSON IN CHARGE FEES FORM Support Staff Securities Specialist and Securities Counsel Securities Counsel Support Staff Director Support Staff Support Staff SEC CITIZEN’S CHARTER CEO 206 | P aCRMD ge SECURITIES AND EXCHANGE COMMISSION PROCESSING OF APPLICATION FOR CERTIFICATION OF AUTHORITY TO OPERATE AS LENDING CORPORATION Schedule of Availability of Service: 8:00 am - 5:00 pm without noon break Who May Avail of the Service: Filipino citizen, Non - resident or resident aliens What are the BASIC requirements: 1. Application Form 2. Information Sheet 3. Business Plan 4. NBI Clearance of each Director/Officer 5. For Foreign Director/Officer a. Clearance from the Bureau of Immigration b. Photocopy of the passport showing valid visa or stay in the Philippines c. Alien Certificate of Registration (ACR), I-Card and d. Work Permit issued by the Department of Labor and Employment For New Corporation 6. Sworn Statement by the President that the corporation will not accept, solicit investment and/or incur loans from more than nineteen (19) persons. In case of unauthorized acceptance, solicitation of investments or borrowings, it shall immediately indemnify or return the investments of persons upon presentation of valid claims. SEC CITIZEN’S CHARTER CEO 207 | P aCRMD ge SECURITIES AND EXCHANGE COMMISSION In case there is/are foreign stockholders, the President shall state of a foreign stockholder/s allows Filipino citizens and/or to do lending business therein. That the company shall comply with the Rule 17 1 (2) (C) of the Amended Rules and Regulations of the Securities Regulation Code. PROCESSING OF APPLICATION FOR CERTIFICATION OF AUTHORITY TO OPERATE AS LENDING CORPORATION For Existing Corporation Lending Investors 1. Sworn statement by the President that the corporation has not accepted, solicited investment or incurred loans from more than nineteen (19) persons and undertaking that the corporation will not accept, solicit investment and/or incur loans from more than nineteen (19) persons. In case of unauthorized acceptance, solicitation of investments or borrowings, it shall immediately indemnify of return the investment of persons upon presentation of valid claims. In case there is/are foreign stockholders, the President shall state further that the country or state of foreign stockholder’s allows Filipino citizen’s and/or corporation/s to do lending business therein. 2. Sworn Statement of the External Auditor (BOA Accredited) that based on his examination of the corporate books of account and other related records, the Corporation/Partnership/Single Proprietorship engaged as a lending investors has neither accepted, solicited investments nor incurred loans from more than nineteen (19) persons. Special audit report on the site verification of financial records on the paid-up capital of the proposed lending corporation. 3. Schedule of Company’s capital build-up capital shall be within 3 years from the effectivity of the Lending Company Act of 2007. 4. That the Company shall comply with a Rule 17 1 (2) (C) of the Amended Rules and Regulations of the Securities Regulation Code. SEC CITIZEN’S CHARTER CEO 208 | P aCRMD ge SECURITIES AND EXCHANGE COMMISSION For Old and New Corporation Manual on Good Corporate Governance and Revised Anti Money Laundering Operating Manual NOTE: A4 coupon bond How to avail the Service: Step Applicant/Client Service Provider 1 Verifies/reserves proposed corporate name and prepares Articles of Inc Bylaws and other pertinent documents Pay s filing fee and other charges Presents application to Officer of the Day for pre-processing and evaluates documents to determine completeness of registration requirements Receives payments of filing fees and other charges Submits application to the Receiving Unit Stamped “Received” on the application Checks documents for conformity with existing law; ensures that all documents requiring signatures and notarization are signed; and prepares memorandum report Reviews application 2 3 4 5 Duration of Activity (Under Normal Circumstances 20 minutes Person in Charge Fees Securities Specialist 5 minutes Cashier 10 minutes Support Staff 30 – 45 minutes Securities Specialist 30 – 45 minutes Securities Counsel Form Refer to attached list of documentary requirements. Refer to Memorandum Circular 9 SEC CITIZEN’S CHARTER CEO 209 | P aCRMD ge SECURITIES AND EXCHANGE COMMISSION Step Applicant/Client 6 7 8 Presents Official Receipt to Releasing Unit, to secure the certificate Service Provider Signs Certificate of Registration and Certificate of Authority to Operate as a Lending Company Forwards to Releasing Section Releases of Certificate Duration of Activity (Under Normal Circumstances 10 minutes Director 2 minutes 2 minutes Support Staff Support Staff Person in Charge Fees Form END OF TRANSACTION DAVAO EXTENSION OFFICE GENERAL PROCEDURE FOR REGISTRATION OF CORPORATIONS AND PARTNERSHIPS: Schedule of Availability of Service 8:00 AM to 5:00 PM without noon break What entities are registered with SEC: Stock Corporations (including foreign corporations e.g. Branch Offices, Representatives offices, regional Headquarters or regional operating requirements) Non-Stock Corporations (Foundations, Associations, Non-government organizations, religious organizations, etc.) Partnership (General and Limited Partnership) *Generally, non-stock corporations need not submit Bank Certificate of Deposit except for Foundations which require a Bank Certificate of Deposit in the amount of P1 million. SEC CITIZEN’S CHARTER DEO 210 | P a CRMD ge SECURITIES AND EXCHANGE COMMISSION How to Avail of the Service: STEP Applicant/Client Service Provider 1 Submits or calls-in proposed company name/s Verifies/ Reserves proposed Company Name through SEC website 2 Prepares Articles of Incorporation and By-Laws in Accordance Corporation Code. If assistance is sought, advices client on information needed in said forms Presents five (5) sets of prepared and accomplished Articles of Incorporation and By-Laws to Legal Unit for Pre- filing conference Review s documents and advises client on needed corrections/ additions, if any. 3 Duration of Activity (Under Normal Circumstances) 5 minutes Person in Charge Executive Asst. Fees Form P40 for each month of reservations (max. 3 months)* List of names Blank Pro-forma forms may be purchased at Davao Extension Office Initial Assistance= 15 minutes Securities Counsel P600 for Pro-forma stock corporation form; P500 for non-stock & P350 for partnership ** 15 minutes Securities Counsel None Endorse AOI and BL to different government agencies, if required If Articles of Incorporation and ByLaws are complete and in order, the documents stamped “Approved for payment” and forwards them to Cashier SEC CITIZEN’S CHARTER DEO 211 | P a CRMD ge SECURITIES AND EXCHANGE COMMISSION STEP Applicant/Client 4 Pays Filing Fees to Cashier Service Provider Issues Official Receipt and affixes payment stamps on document Duration of Activity (Under Normal Circumstances) 5 minutes Person in Charge Cashier Fees Form For stock corporations = 1/5 of 1% of authorized capital plus legal Research Fee (LRF), handling fee and stock and transfer book registration fee For non-stock = P1,000 plus LRF, handling fee and registration of membership book. 5 Proceeds to Receiving Station Accomplishes documents to be stamped “Received” 5 minutes Receiving Section Clerk 6 Proceeds to Legal Unit Processes Documents and affixes necessary signatures. If complete, forwards them to Receiving Unit for Typing of Certificate of Incorporation 5 minutes Securities Counsel In case of Stock corporations, forward to Examiners Section for preparation of Examiner’s Report prior to typing of Certificate of Incorporation 10 minutes For Partnership= 1/5 of 1% of contribution plus LRF and handling fee None None None None Securities Specialist SEC CITIZEN’S CHARTER DEO 212 | P aCRMD ge SECURITIES AND EXCHANGE COMMISSION STEP Applicant/Client Service Provider 7 Proceed to Releasing Section Forward documents to Director for final review and signing of certificate of Incorporation Review s and signs Certificate of Incorporation then forwards it to Releasing Unit Client to acknowledges receipt of approved certificate by signing in the logbook 8 Claims Certificate of Incorporation Duration of Activity (Under Normal Circumstances) 5 minutes Person in Charge Receiving Section Clerk Fees None 15 minutes Director None 10 minutes Releasing Section Clerk None Form None 1 set to be released to client. SEC retains 4 sets. END OF TRANSACTIONS *Paid to Cashier **Purchased from SECCU desk at Extension Office ILOILO EXTENSION OFFICE PROCESSING OF APPLICATIONS FOR PRIMARY REGISTRATION Schedule of Availability of Services: 8:00 am – 5:00 pm without noon break Who May Avail of the Service: Filipino citizen, Non-resident or resident aliens What are the Basic requirements: 1. Cover Sheet* 2. Name Verification Slip* 3. Articles of Incorporation and By-laws* SEC CITIZEN’S CHARTER IEO 213 | P aCRMD ge SECURITIES AND EXCHANGE COMMISSION 4. Joint Undertaking to Change Name* 5. Tax Identification Numbers NOTE: Use A4 coupon bond How to avail of the Service: Step 1 Name verification Applicant/Client Gets and fills up Verification Request nd Form from the 2 Floor For Online Users: Presents approved name reservation to Cashier 2(a) Registration (when mode of payment for subscription is CASH) Verifies/reserves proposed corporate name, prepares AOI and BLs and other pertinent documents Service Provider name verifier When company name is allowed, the Verifier prints out the Reservation Payment Confirmation and attaches it to the stamped paid verification slip TELLERING DONE Duration of Activity (Under Normal Circumstances) 10 minutes/ per name Person In Charge Clerk/ Messenger-NVer Fees P40.00 per name Clerk/ Messenger- NVer Form Name Verification Slip Reservation Payment Confirmation OUTSIDE SEC Cashier issues OR Cashier-Executive Assistant NVer prints out Reservation Payment Confirmation Assigns application for pre-processing Clerk/ Messenger -NVer Support Clerical I SEC CITIZEN’S CHARTER P40.00 Name Reservation Notice Reservation Payment Confirmation Refer to attached list of documentary requirements IEO 214 | P aCRMD ge SECURITIES AND EXCHANGE COMMISSION Presents application to processing CPA and/or lawyers Pays required filling fee at the Cashier Presents official receipt to secure Certificate of registration Evaluates documents to determine completeness of registration requirements Processing CPA & lawyer affixes approved for Payment on documents Receives and forwards application to processing CPA/lawyer Securities Specialist II / Securities Counsel Prepares report/memorandum Review report/memorandum Reviews legal aspect of application Securities Specialist II Securities Specialist IV Securities Counsel Signs certificate of registration IEO Director Securities Specialist II / Securities Counsel Refer to Memorandum Circular 9 Cashier/Support Clerical Releasing Unit Ground Floor For Online users Verifies/reserves proposed corporate name, downloads Articles of Inc. By-laws and other pertinent documents SEC CITIZEN’S CHARTER IEO 215 | P aCRMD ge SECURITIES AND EXCHANGE COMMISSION Step Applicant/Client Service Provider Duration of Activity (Under Normal Circumstances) Person In Charge Fees Form For Online users Pays required filling fee either directly at Cashier or authorized bank Presents signed and notarized application and proof of payment to SEC IEO 2(b) Registration (when mode of payment for subscription is OTHER THAN CASH) Presents official receipt to secure Certificate of registration Prepares documents then presents application to the Receiving Section for assignments Refer to Memorandum Circular 9 Assigns application for pre-processing Support Clerk Evaluates documents to determine completeness of registration requirements Receives documents Securities Specialist/ Securities Counsel Reviews application Securities Counsel Signs Certificate of Registration Release s and forwards certificate to Releasing Unit Assigns application to pre-processing CPA/lawyer IEO Director Refer to attached list of documentary requirements Support Clerk Support Clerk Support Clerk SEC CITIZEN’S CHARTER Refer to attached list of documentary requirements IEO 216 | P aCRMD ge SECURITIES AND EXCHANGE COMMISSION Step Applicant/Client Service Provider Duration of Activity (Under Normal Circumstances) Person In Charge Fees Form For Online users Presents application for pre-processing of CPA/lawyer Pays required filling fee to Cashier Presents official receipt to secure Certificate of Increase from Releasing Unit Checks documents for : Completeness of requirements, conformity with existing laws. Ensures all documents requiring signatures and notarization are signed and notarized Confirms Registration Payment Securities Specialist II / Securities Counsel Receives and forwards application to processing CPA/lawyer Prepares Examiner’s Report Reviews and approves Examiner’s Report Examines application re: legal aspect Prepares certificate for the application Reviews application and signs certificate Releases certificate and forwards 2 copies to Head Office Support Clerk SEC Cashier Refer to Memorandum Circular 9 Securities Specialist II Securities Specialist IV Securities Counsel SEC Executive Assistant IEO Director Support Clerk END OF TRANSACTION SEC CITIZEN’S CHARTER IEO 217 | P aCRMD ge SECURITIES AND EXCHANGE COMMISSION LEGASPI EXTENSION OFFICE PROCESSING OF APPLICATIONS FOR PRIMARY REGISTRATION Schedule of Availability of Service: 8:00AM -5:00PM without noon break Monday to Friday Who May Avail of the Service: Filipino citizen, Non-resident or resident aliens What Are the BASIC Requirement: 1. Cover Sheet 2. Name Reservation Notice 3. Articles of Incorporation and By-laws 4. Joint Undertaking to Change Name 5. Tax Identification Numbers NOTE: Use A4 coupon bond, and submit 4 conformed copies/page SEC CITIZEN’S CHARTER LEO 218 | P aCRMD ge SECURITIES AND EXCHANGE COMMISSION How to avail of the Service: STEP 1 Name verification APPLICANT / CLIENT Gets and fill up Verification slip SERVICE PROVIDER Confirms the name and issues the confirmation/reservation notice DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCE) 5 minutes PERSON IN CHARGE Verification Officer FEES P40.00 verification/ reservation fee FORM Verification Slip Name reservation Confirmation notice Step 2: (REGISTRATION) Confirms the name and issues the confirmation/reservation notice Presents approved verification Verification Officer issues name reservation notice to Reservation payment Verification Officer confirmation Presents the application (AI-BL Evaluates the document to to AP) to the Processor for determine completeness of pre-processing registration requirements and conformity with pertinent laws In case of Stock Corporations (with Cash Paid-up), transmits to Specialist for review of Capital Structure If documents are in order, authorizes the payment by stamping “OK for payment” 5 minutes Verification Officer 3 minutes Verification Officer P40.00 Verification/ reservation fee Securities Specialist/ Securities Counsel SEC Specialist Securities Specialist/ Securities Counsel SEC CITIZEN’S CHARTER LEO 219 | P a CRMD ge SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT / CLIENT SERVICE PROVIDER DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCE) Proceeds to the Cashier for payment of filling fees Issues official receipt for payment of filling fees and validates two (2) copies of the documents Presents the documents to Stamps the document Receiving Officer for stamping “Received”, indicates the date “Received” of receipt and compiles the same in a folder, which is subsequently transmitted to the Director for review Evaluates if the documents in order, if they are transmits them back for preparation of the Certificate of Incorporation/Partnership filling Routes the Certificate back to the Processor for initials PERSON IN CHARGE Cashier FEES FORM Filling Fees per SEC Memo Circular No. 9 series of 2004 Receiving Officer and SEC Director SEC Director Support Staff Presents the receipt for Releases the Certificate of payment of filling fees and Incorporation signs the receipt of the Certificate of Registration END OF TRASANCTION Certificate of Registration/ filling Support Staff SEC Specialist/ SEC Counsel Support Staff SEC CITIZEN’S CHARTER LEO 220 | P aCRMD ge SECURITIES AND EXCHANGE COMMISSION ZAMBOANGA EXTENSION OFFICE PROCESSING OF APPLICATIONS FOR PRIMARY REGISTRATION Schedule of Availability of Service: 8:00AM -5:00PM without noon break Monday to Friday Who May Avail of the Service: Filipino citizen, Non-resident or resident aliens What Are the Basic Requirement: 1. Cover Sheet 2. Name Reservation Notice 3. Articles of Incorporation and By-laws 4. Joint Undertaking to Change Name 5. Tax Identification Numbers NOTE: Use A4 coupon bond How to avail of the Service: STEP 1 Name verification APPLICANT / CLIENT Gets and fills up Verification Request Form from the Verification Officer SERVICE PROVIDER Confirms the name and issues the confirmation/reservation notice DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCE) 10 minutes PERSON IN CHARGE Verification Officer SEC CITIZEN’S CHARTER FEES FORM Name Verification ZEO 221 | P aCRMD ge SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT / CLIENT 2 Fills up form and pays verification fee to cashier Submits filled up form to Verification Officer 3 SERVICE PROVIDER DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCE) 5 minutes PERSON IN CHARGE Cashier FEES FORM P80.00 Verifies request and when company 20 minutes name is allowed, prints out the Name Reservation Confirmation TELLERING DONE OUTSIDE SEC 5 minutes Verification Officer Issues Reservation Payment Confirmation 20 minutes Verification Officer Reservation Payment Confirmation 3 Assigns application for pre-processing 15 minutes SEC Specialist Refer to attached list to documentary requirement 4 Evaluates documents to determine completeness of registration requirements 1 hour SEC Specialist 1 FOR ONLINE USER Presents approved name reservation notice to Verification Officer Name Reservation Confirmation Name Reservation Notice Pays to the cashier 2 Prepares Articles of Incorporation and other pertinent documents Checks financial aspects of the application SEC CITIZEN’S CHARTER ZEO 222 | P aCRMD ge SECURITIES AND EXCHANGE COMMISSION STEP APPLICANT / CLIENT 5 6 SERVICE PROVIDER DURATION OF ACTIVITY (UNDER NORMAL CIRCUMSTANCE) FEES FORM Prepares Examiner’s Report (if mode of payment is other than cash) Pays required filling fee to Cashier 5 minutes Cashier Securities Counsel Director 7 Reviews Application 15 minutes 8 Signs Certificate of Registration 5 minutes Releases the Certificate of Registration 5 minutes 9 PERSON IN CHARGE Presents Official Receipt to secure Certificate of Registration and acknowledges receipt thereof Supporting Staff END OF TRANSACTION TARLAC CITY EXTENSION OFFICE PROCESSING OF NAME RESERVATION Schedule of availability of service: 8:00AM to 5:00PM with no noon break Who May Avail of the Service: Filipino citizen, Non-resident or resident aliens What are the requirements: Duly accomplished verification form Duration: 15 minutes SEC CITIZEN’S CHARTER TCEO 223 | P aCRMD ge SECURITIES AND EXCHANGE COMMISSION How to avail of the service: Step Applicant/Client Service Provider Duration of Activity (Under Normal Circumstances) Person In Charge 1 Gets a verification form from the guard on duty, accomplishes and submit Verifies the proposed name at the iregister.sec.gov.ph and prints the reservation notice in 2 copies. 12 minutes Verification Officer 2 Brings the 2 copies of the Reservation Notice to the Cashier for payment of the period of reservation. Accepts payment and issues official receipt to the client including 1 reservation notice stamped “Paid”. 3 minutes Cashier Fees None Form Verification form PROCESSING OF APPLICATIONS FOR PRIMARY REGISTRATION FOR A STOCK CORPORATION WHOSE PAID-UP IS IN CASH Schedule of availability of service: 8:00AM to 5:00PM with no noon break Who May Avail of the Service: Filipino citizen, Non-resident or resident aliens What are the requirements: 1. Cover Sheet 2. Name Verification Slip SEC CITIZEN’S CHARTER TCEO 224 | P aCRMD ge SECURITIES AND EXCHANGE COMMISSION 3. 4. 5. 6. Articles of Incorporation and By-laws (Indicate the individual TIN for Filipinos and Passport Number for foreign incorporators) Treasurer’s Affidavit under oath. Joint Affidavit of Undertaking to Change Name* Endorsement from concerned government agency, if required. *Not required if already stated in the Articles of Incorporation Note: Please use A4 size bond paper Duration: 2 days How to avail of the service: Step Applicant/Client Service Provider Duration of Activity (Under Normal Circumstances) Person In Charge 1 Submits application to the Front Desk Clerk Evaluates documents to determine completeness of registration requirements. If complete, affixes initials for filing and payment at the Cashier otherwise; provides a checklist for deficiencies. 10 minutes Processor 2 Pays of the filing fee Accepts payment and issues official receipt to the client. Forwards the OR to the Receiving Unit. 5 minutes Cashier Fees Form All requirements as mentioned above Minimum Cap is P500,000 Ai-1/5 of 1% of Authorized BL-500, H-30, SB-10, LRF- (1% of Al+10) SEC CITIZEN’S CHARTER TCEO 225 | P a g e CRMD SECURITIES AND EXCHANGE COMMISSION Step Applicant/Client Duration of Activity (Under Normal Circumstances) Service Provider Person In Charge 3 Receives filed application and stamp the documents “Received”. Forwards the received application to the Processor who evaluates the document 10 minutes Clerk 4 Reviews the application, prepares examiner’s report, and accomplishes routing slip. Forwards the same to the Director for final review and approval 8 hours Processor 5 Reviews the application. If approved, forwards it to the Officer- In-Charge for the preparation of Certificate; otherwise returns the documents to the Processor for compliance -checking 5 hours Director 6 Prepares Certificate of Incorporation 6 minutes Officer-InCharge 7 Signs Certificate and forwards it to the Releasing personnel 4 minutes Director Releases documents 2 minutes Releasing Officer 8 Claims documents at the Releasing Unit Fees END OF TRANSACTION SEC CITIZEN’S CHARTER TCEO 226 | P aCRMD ge Form SECURITIES AND EXCHANGE COMMISSION PROCESSING OF APPLICATIONS FOR PRIMARY REGISTRATION FOR A NON-STOCK EXCLUDING APPLICATION WITH REQUIRED ENDORSEMENT FROM CONCERNED GOVERNMENT AGENCY Schedule of availability of service: 8:00 am to 5:00 pm with no noon break Who May Avail of the service: Filipino citizen, Non-resident or resident aliens What are the requirements: 1. 2. 3. 4. 5. 6. 7. Cover Sheet Name Verification Slip Articles of Incorporation and By-Laws (Indicate the individual TIN for Filipinos and Passport Number for foreign incorporators) Joint Affidavit of undertaking to Change Name* List of members, certified by the Corporate Secretary* List of contributors and amount contributed certified by the treasurer* Endorsement from concerned government agency, if required. *The three (3) requirements need not be submitted if already stated in the Articles of Incorporation Note: Please use A4 size bond paper Duration: 2 days How to avail of the services: SEC CITIZEN’S CHARTER TCEO 227 | P aCRMD ge SECURITIES AND EXCHANGE COMMISSION Step Applicant/Client 1 Submits application to the Front Desk Clerk 2 Payment of the filing fee 3 Files application Duration of Activity (Under Normal Circumstances) Service Provider Person In Charge Evaluates documents to determine completeness of registration requirements. If complete, affixes initials for filing payment at the cashier otherwise a checklist Accepts payment and issue s officialisreceipt provided for deficiencies. to the client Receives filed application and stamps the documents “Received” Forwards the received application to the processor who evaluates completeness of the documents 10 minutes Front Desk Clerk 5 minutes Cashier 10 minutes Officer- InCharge Front Desk Clerk Reviews the application and forwards to the Director for final approval 8 hours Processor Forwards the application to the Officer-inCharge for the preparation of Certificate ;otherwise returns the documents to the processor for compliance-checking 5 hour Director 7 Prepares Certificate of incorporation 6 minutes Officer-InCharge 8 Signs Certificate and forward s it to the Releasing personnel 4 minutes Director Releases documents 2 minutes Officer-InCharge 4 5 6 9 If approved Claims document Fees Form All requirements as mentioned above P1,060.00 END OF TRANSACTION SEC CITIZEN’S CHARTER TCEO 228 | P aCRMD ge SECURITIES AND EXCHANGE COMMISSION PROCESSING OF APPLICATIONS FOR THE RECORDING OF A PARTNERSHIP WITH CAPITAL CONTRIBUTIONS IN CASH Schedule of availability of service: 8:00am to 5:00pm without noon break Who May Avail of the Service: Filipino citizen, Non-resident aliens What are the requirements: 1. Cover Sheet 2. Name Verification Slip 3. Articles of Partnership (Indicate the individual TIN for Filipino and Passport Number for foreign partners) 4. Endorsement from concerned government agency, if required. Note: Please use A4 size Bond paper. Duration: 2 days How to avail of the services: Step 1 Applicant/Client Submits application to the Examiner of the day Service Provider Evaluates documents to determine completeness of registration requirements. If complete, affixes initials for filing and payment at the cashier otherwise; provides a checklist for deficiencies. Duration of Activity (Under Normal Circumstances) 10 minutes Person In Charge Processor SEC CITIZEN’S CHARTER Fees Form All requirements as mentioned above TCEO 229 | P aCRMD ge SECURITIES AND EXCHANGE COMMISSION Step Applicant/Client 2 Pays of the filing fee 3 Submit s application & receipt of filing fee 4 5 6 7 8 Claim documents at Releasing Section Service Provider Duration of Activity (Under Normal Circumstances) Person In Charge Accepts payment and issues official receipt to the client. Forward the OR to the Receiving Unit Receive filed application and stamps the documents “Received”. Forward s the received application to the Examiner who evaluates the documents Reviews the application and accomplishes routing slip. Forwards the application to the Director for final review and approval 5 minutes Cashier 10 minutes Office-InCharge 8 hours Processor Review s the application. If approved, forward it to the Officer-In-Charge for the preparation of Certificate otherwise returns it to the Processor for compliancechecking Prepares Certificate of Incorporation 5 hours Director 6 minutes Clerk Signs Certificate and forwards it to the Releasing personnel Releases documents 4 minutes Director 2 minutes Releasing Officer Fees AP-1/5 of 1% of Contribution LRF- (1% of AP) None END OF TRANSACTION SEC CITIZEN’S CHARTER TCEO 230 | P aCRMD ge Form SECURITIES AND EXCHANGE COMMISSION PROCESSING OF APPLICATION FOR CERTIFICATE OF AUTHORITY TO OPERATE AS LENDING CORPORATION Schedule of availability of service: 8:00am to 5:00pm without noon break Who May Avail of the Service: Filipino citizen, Non-resident aliens, at least 18 years of age, and of good moral character. What are the BASIC requirements: 1. Application Form 2. Information Sheet 3. Location Map (signed by the President and Corporate Secretary) 4. NBI Clearance of each Director/Officer 5. For Foreign Director or officer, if any, in addition of the NBI Clearance: a. Clearance from the Bureau of Immigration b. Photocopy of the passport showing valid visa or stay in the Philippines c. Alien Certificate of Registration (ACR), I-Card and d. Work Permit issued by the Department of Labor and Employment For New Corporation 6. Sworn Statement by the President that the corporation will not accept, solicit investment and/or incur loans from more than nineteen (19) persons. In case of unauthorized acceptance, solicitation of investments or borrowings, it shall immediately indemnify or return the investments of persons upon presentation of valid claims. * In case there is/are foreign stockholders, the President shall state further that the country or state of a foreign stockholder/s allows Filipino citizens and/or corporation to do lending business therein. That the company shall comply with the Rule 17 1 (2) (C) of the Amended Rules and Regulations of the Securities regulation Code. SEC CITIZEN’S CHARTER TCEO 231 | P aCRMD ge SECURITIES AND EXCHANGE COMMISSION For Existing Corporation Lending Investors 1. Sworn statement by the President that the corporation has not accepted, solicited investment or incurred loans from more than nineteen (19) persons and undertaking that the corporation has not accepted, solicited investment and/or incur loans from more than nineteen (19) persons. In case of unauthorized acceptance, solicitation of investments or borrowings, it shall immediately indemnify or return the investments of persons upon presentation of valid claims. *In case there is/are foreign stockholders, the President shall state further that the country or state of a foreign stockholder’s allows Filipino citizens and/or corporation/s to do lending business therein 2. Sworn Statement of the External Auditor (BOA Accredited) that based on his examination of the corporate books of account and other related records, the Corporation/Partnership/Single Proprietorship engaged as a lending investor has neither accepted, solicited investments nor incurred loans from more than nineteen (19) persons. Special audit report on the site verification of financial records on the paid-up capital of the proposed lending corporation. 3. Schedule of Company’s capital build-up capital shall be within 3 years from the effectivity of the Lending Company Act of 2007 4. That the Company’s capital build-up capital shall comply with the Rule 17 1 (2) (C) of the Amended Rules and Regulations of the Securities Regulation Code For Old and New Corporation Manual on Good Corporate Governance and Revised Anti Money Laundering Operating Manual Duration: 6 days NOTE: A4 coupon bond SEC CITIZEN’S CHARTER TCEO 232 | P a CRMD ge SECURITIES AND EXCHANGE COMMISSION How to avail of the Service: Step Applicant/Client Service Provider Duration of Activity (Under Normal Circumstances) Person In Charge 1 Submits application to the Front Desk Clerk Evaluates documents to determine completeness of registration requirements. If complete, affixes initials for filing and payment at the cashier otherwise; provides a checklist for deficiencies. 15 minutes Front Desk Clerk 2 Pays of filing fee Accepts payment and issues official receipt to the client 5 minutes Cashier 3 Files application Accepts filed application and stamp documents “Received” 10 minutes Clerk 4 Forwards the received application to the Processor ,who evaluates completeness of the documents 5 Review and checks documents for : conformity with existing laws; ensures all documents requiring signatures and notarization are signed ; and prepares memorandum report Fees Form All requirements as mentioned above Refer to Memo. Cir. No.9 Clerk 4 days Processor SEC CITIZEN’S CHARTER TCEO 233 | P aCRMD ge SECURITIES AND EXCHANGE COMMISSION Step Applicant/Client Service Provider Duration of Activity (Under Normal Circumstances) Person In Charge 6 Reviews the application. If approved, forwards it to the Officer- In-Charge for the preparation of Certificate Authority otherwise return the documents to the processor for compliance-checking 1 day Director 7 Prepares Certificate of Authority 6 minutes Clerk 8 Signs Certificate of Authority and forward it to the releasing clerk 5 minutes Director Release s Certificate of Authority and approved documents 3 minutes Clerk 9 Claims the Certificate of Authority and the approved documents Fees END OF TRANSACTION SEC CITIZEN’S CHARTER TCEO 234 | P aCRMD ge Form SECURITIES AND EXCHANGE COMMISSION PROCESSING OF APPLICATIONS FOR CERTIFICATE OF AUTHORITY FOR BRANCH OFFICE TO OPERATE AS FINANCING COMPANY Schedule of Availability of Service: 8:00AM -5:00PM without noon break Who May Avail of the Service: Filipino citizen, Non-resident or resident aliens What are the BASIC requirements: 1. Cover Sheet 2. Duly accomplished application form for a Certificate of Authority to Operate as a Financing Company; 3. All documents required for incorporation/amended articles of incorporation/increase in capital stock, (if applicable); 4. Information Sheet of the registration; 5. Answer to SEC questionnaire; 6. Personal Information Sheet of each of the directors and officers; 7. FILIPINO directors and officers: a. NBI clearance b. Police clearance from local police of the city/municipality of which he is a resident c. Certificate of good moral character to be executed under oath by at least two (2) reputable and disinterested person in the community d. Bank credit information to be issued by his depository or creditor bank(s),if any SEC CITIZEN’S CHARTER TCEO 235 | P aCRMD ge SECURITIES AND EXCHANGE COMMISSION FOREIGN directors and officers: a. Photocopy of Alien Certificate of Registration (ACR) or Immigration Certificate of Registration (ICR) b. Photocopy of passport showing valid visa or stay in the Philippines c. Clearance from the Bureau of Immigration and Deportation d. Working permit from Department of Labor and Employment (DOLE), if applicable 8. 9. Clearance from Bangko Sentral ng Pilipinas (BSP),if the applicant financing company is a subsidiary of affiliate of a bank and/or non-bank financial institution with quasi-banking license; Organizational Chart; 10. Certification under oath by the President that the corporation has not accepted nor will it solicit, accept or take investments/placements from the public without the necessary license from the SEC and that upon presentation of valid claims, it shall immediately indemnify or return the investments of claimants; 11. Photocopy of the long-term lease contract of the building/unit if under lease or title of the building/unit if owned by the company; 12. Proof of financial capacity of stockholders;(e.g. bank certification must be notarized, TCT with latest tax declaration and certification of earning capacity under oath) 13. Manual on Corporate Governance; if foreign stockholding is more than 40% or has total assets of P50million or more; 14. Manual on Anti-Money Laundering, if foreign stockholding is more 40% or paid up capital of P10million or more 15. Board Resolution, certified by the Corporate Secretary, adopting the aforesaid Manuals; 16. Affidavit of General Denial of any court/bank cases of each director/officer ADDITIONAL REQUIREMENTS FOR EXISTING APPLICANTS: 1. Report of an Independent CPA on the conduct and result of the verification procedures required under SEC Memorandum Circular No. 6, Series of2008; 2. Management of Representation as required under the above-cited circular; 3. Latest audited financial statements and GSIS TCEO 4. Monitoring Clearance SEC CITIZEN’S CHARTER 236 | P aCRMD ge SECURITIES AND EXCHANGE COMMISSION Duration: 10 days NOTE: Use A4 coupon bond MONITORING PROCEDURE (FOR STOCK, NON STOCK FOUNDATION, LENDING AND FINANCING CORPS.) Schedule of Availability of service: 8:00 AM – 5:00 PM (without noon break) Who May Avail of the service: Corporations What are the Requirements: 1. Properly filled out Request for Monitoring 2. Certificate of Incorporation 3. Latest Approved Articles of Incorporation 4. Latest Approved By-laws 5. Latest Due General Information Sheet 6. Latest Due Audited Financial Statement 7. Copy of the Stock and Transfer Book/Membership Book Registration Duration: Variable* *Depending on causes beyond the control of the Division, such as the volume of the walk-in clients handled, volume of previous reports filed, accessibility and performance of the system, etc SEC CITIZEN’S CHARTER TCEO 237 | P aCRMD ge SECURITIES AND EXCHANGE COMMISSION How to avail of the Service: Service Provider Duration of Activity (Under Normal Circumstances) Step Applicant/Client Person In Charge 1 Gets a number from Guard’s Desk and waits to be called by the frontline staff Gives client a number 2 Approaches the Front Desk when called Endorses client to Securities Specialist for monitoring 3 minutes Front Desk Clerk 3 Presents the requirements to the monitor/analyst Generates Document Index List. Views the client’s previous filing of the report in the database. Assesses the corporation for violation of the law and SEC rules. Prepares the MS/COP. 45 minutes Monitorer/ Analyst Fees Form Guard on Duty SEC CITIZEN’S CHARTER Monitoring Request Requirement Nos. 2 to 7 TCEO 238 | P aCRMD ge SECURITIES AND EXCHANGE COMMISSION Step 4 Applicant/Client Service Provider Duration of Activity (Under Normal Circumstances) If NO PENALTY, wait s for the MS/COP to be issued. (END OF TRANSACTION) Reviews the MS/COP. If WITH PENALTY, waits for the Assessment to be issued. If NO PENALTY, signs MS/COP 10 minutes Calls client and issue final MS/COP. (END of TRANSACTON) 3 minutes Person In Charge Fees Assigned Specialist If WITH PENALTY, call client and issues Assessment Analyst 5 Pays at the Cashier Processes payment and issues O.R. Cashier SEC CITIZEN’S CHARTER Penalty Assessed TCEO 239 | P aCRMD ge Form SECURITIES AND EXCHANGE COMMISSION Step Applicant/Client Service Provider 6 Returns to the monitorer/analyst and presents the O.R. with cashier validated PAF Prepares the final MS/COP (with OR and date of payment) Waits for the final MS/COP to be issued Duration of Activity (Under Normal Circumstances) 15 minutes Person In Charge Monitorer/Analyst Fees Form O.R and cashier validated PAF Reviews and signs the final MS/COP Calls Client and issues final MS/COP Monitorer/Analyst END OF TRANSACTION SEC CITIZEN’S CHARTER TCEO 240 | P aCRMD ge

SEC Citizen`s Charter - Securities and Exchange Commission

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