SEC issues guidelines for PERA participants

The Securities and Exchange Commission (SEC) has issued the guidelines for the accreditation of market participants offering Personal Equity and Retirement Account (PERA) products.

- RICHMOND MERCURIO

The commission said the guidelines issued under Memorandum Circular 14 would apply to entities regulated by the SEC seeking to register as a PERA market participant, such as a PERA administrator or investment manager.

The SEC said securities brokers, investment houses and investment company advisers or fund managers may register as PERA administrators, while investment company advisers or fund managers may register as investment managers.

Likewise, other qualified entities or individuals as may be determined by the SEC may also apply as PERA administrator or investment manager.

To qualify as a PERA administrator, the SEC said an applicant must maintain a net worth of at least P100 million at all times as well as adopt and fully comply with a manual of corporate governance.