SEC Enforces Strict Timelines in Processing Applications

The Securities and Exchange Commission (SEC) has issued new guidelines that enforce strict timelines in processing substantially all types of applications, with a "deemed approved" policy for requests left unattended beyond the prescribed period.

- By RICHMOND MERCURIO

The new guidelines are in line with the commission's efforts to improve service delivery and reinforces its commitment to ease of doing business.

The SEC's new policy, laid out in Memorandum Circular 7, sets clear and enforceable turnaround times for applications for permits, licenses, registrations, certificates, clearances and other authorizations — subject to a limited list of exclusions.

Under the guidelines, simple transactions covering routine applications with minimal discretion must be processed within three working days.

Complex applications requiring evaluation or coordination, on the other hand, must be resolved within seven working days.

Highly technical applications requiring legal or financial review or inter-agency clearances must be completed within 20 working days.

Transactions governed by special laws, meanwhile, must be processed according to timelines under applicable statutes or the SEC Citizen's Charter.