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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 must reflect a steadfast commitment to regulatory compliance and stakeholder convenience.

Section 2: Scope

This Circular applies to all applications submitted to the Commission for permits, licenses, registrations, certificates, clearances, accreditations, and other forms of authorization by corporations, partnerships, foundations, associations, and other entities under its regulatory jurisdiction, except those listed in Annex A hereof.

Section 3: Classification of Transactions and Prescribed Processing Time

Section 4: Applications Deemed Approved

Any pending application shall be deemed approved and immediately issued with a corresponding Payment Assessment Form (PAF) upon showing that: 

  • all required documents were submitted;
  • no written notice of  delay of deficiency has been issued to the applicant; and
  • the prescribed processing period in Section 3 has lapsed.

The Commission shall issue the corresponding license, permit, certificate, clearance, accreditation, or authorization immediately, or within two (2) working days upon payment of PAF.

The Circular shall not apply to:

  • Applications that are subject of ongoing legal proceedings, regulatory investigations, or administrative actions;
  • Instances where fraud, misrepresentation or submission of false information is found;
  • Situations where the delay was caused by force majeure or other circumstances beyond the control of the Commission; and
  • Applications requiring specialized technical evaluations or clearances from other government agencies.

Section 5: Penalties for Non-compliance

Any SEC personnel who causes undue delays in processing applications, including those deemed approved under this Circular, without valid justification shall be subject to appropriate administrative sanctions in accordance with existing laws and regulations. 

Section 6: Repealing clause

All circulars, orders, guidelines or portions thereof which are inconsistent with the foregoing are hereby repealed, amended or modified accordingly.

Effectivity

Unless otherwise provided, the provisions of the Circular shall take effect immediately.

SEC Memo Circular No. 7 series of 2025

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