SEC: Strict Timelines in the Processing of Applications and Guidelines for Applications Deemed Approved
Background The Republic Act No. 11032, also known as the Ease of Doing Business (EODB) Act was signed into law on May 28, 2018. The law aims to improve the competitiveness of the country by addressing challenges faced by businesses in navigating government processes. The law amends the Anti-Red Tape Act of 2007 in order to streamline procedures and to provide transparency in government transactions. In line with the foregoing, the Securities and Exchange Commission (SEC) affirms commitment to enhance transparency, accountability, and efficiency in public service delivery. The Circular is being issued to further guide the public on processing of applications before the Commission. Section 1: Commitment to Ease of Doing Business All departments and offices of the Commission must ensure that their procedures and requirements are essential, consistent, and simplified. Piecemeal requests for documents or comments shall be strictly prohibited. Every action undertaken m...