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Credit Rating Agencies
Schedule of Availability of Service:
Monday to Friday, 7:00 AM to 6:00 PM (no noon break)
Who May Avail of the Service:
Credit Rating Agencies
What Are the Requirements:
| 1. | Notarized application for accreditation; |
| 2. | Applicant should be a stock and have a minimum paid-up capital of at least Ten Pesos (P10,000,000.00); |
| 3. | List of shareholders and their corporate affiliations; |
| 4. | List of other business activities,, if any; |
| 5. | Copies of its Articles of and By-Laws; |
| 6. | Sworn statement on the following: |
| a. Ownership structure and possible conflicts of interest; | |
| b. Names, professional and of the staff in the rating decision (“rating specialist”); | |
| c. Disclosure of training, assistance or support receives from international rating agencies, if any; | |
| 7. | Written code of conduct that can ensure the of the rating specialists and the rating agency from the Issuers it is rating; |
| 8. | Rating scales symbols and related assessment devices it uses; |
| 9. | Operating procedures, rating policies, rating criteria and other rationale used in arriving at a rating; |
| 10. | Copy of model written agreement with issuers; |
| 11. | Manual on Corporate Governance. |
How to avail of the service
| STEP | APPLICANT/CLIENT | SERVICE PROVIDER | DURATION OF ACTIVITY | PERSON IN CHARGE | FEES | FORM |
| PRE-EVALUATION PROCEDURES | ||||||
| 1 | Secures checklist of requirement from the OGA | Provides client a checklist of requirements with instructions. | 5 minutes | Officer of the Day | None | Application letter duly signed by authorized officer |
| 2 | Presents application and supporting documents | 1) Pre-evaluates application and supporting documents. a) If application and supporting documents are not complete, the same are 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) |
30 minutes | Officer of the Day | ||
| 2) Prepares Payment Assessment Form (PAF) and instructs applicant to process payment and issue O.R | 10 minutes | Executive Assistant | ||||
| 3 | Presents the PAF at the Cashier and settles the required fee | Processes payment and issues O.R. | 10 minutes | Cashier |
Filing Fee: Annual Fee: |
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| 4 | Submits the machine-validated PAF to the OGA with the application and its supporting documents |
1. Checks contents and stamps “Received” the three (3) sets of application documents 2. Returns one (1) copy of the application documents to the client. |
5 minutes | Executive Assistant | ||
| PROCESSING PROCEDURES | ||||||
| 1 | Inputs application to Index Tracking System and forwards the same to the Assistant Director for assignment | 5 minutes | Executive Assistant | |||
| 2 | Forwards documents to assigned personnel | 5 minutes | Assistant Director | |||
| 3 | Reviews application and supporting documents using the OGA’s Evaluation Sheet. If complete and qualified, GO TO STEP 9. | 2 days | Assigned Personnel | |||
| 4 | If not compliant, prepares comment letter to the applicant | 1 hour | Assigned Personnel | |||
| 5 | Reviews comment letter and returns to Assigned | 30 minutes | Assistant Director | |||
| 6 | Approves and signs comment letter | 10 minutes | General Accountant | |||
| 7 | If no compliance is made within the prescribed period (allow a 30-day mailing and reply period from date of letter): | |||||
| 1) Prepares a letter denying the application for failure to comply with the requirements. | 30 minutes | Assigned Personnel | ||||
| 2) Reviews letter | 20 minutes | Assistant Director | ||||
| 3. Approves and signs letter | 10 minutes | General Accountant | ||||
| 8 | 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 | 1 hour | Assigned personnel | |||
| 9 | If applicant fully complies with the requirements and presents all original docu- ments for authentication against submitted photo- copies with application, prepares Memorandum to Commission En Banc, Evaluation Sheet and other supporting documents (through Supervising Com- missioner) | 2 hours | Assigned personnel | |||
| 10 |
Reviews Memorandum, Evaluation Sheets and other supporting documents and returns to Assigned Personnel to effect corrections. If Memorandum and other documents are already acceptable, forwards the same to General Accountant for approval and signature. |
30 minutes | Supervising Accountant | |||
| 11 | Approves and signs Memorandum, Evaluation Sheets and other supporting documents. Forwards application folder to Supervising Commissioner for approval/clearance for presentation to Commission En Banc | 10 minutes | General Accountant | |||
| 12 |
Reviews Memorandum and other documents. If with inquires/comments, returns the application folder to OGA for further evaluation (GO TO STEP 4). If application is already acceptable, signs document for presentation by General Accountant to Commission En Banc |
1 day | Supervising Commissioner | |||
| 13 | Submits letter explanation on noted findings in receiving department | Acknowledges receipt of letter explanation and forwards the same to the Assistant Director for assignment | 10 minutes | Executive Assistant | ||
| 14 |
Receives advice of the resolution of the Commission En Banc on the application If approved, GO TO STEP 15. If denied/deferred: |
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• 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. |
30 minutes | Assigned Personnel | ||||
| 15 | Presents authority to receive the certificate | Prepares Certificates of Accreditation: | ||||
| a. Prints two (2) copies | 10 minutes | Executive Assistant | ||||
| b. Checks details and Initials on copies | 5 minutes | Assigned Personnel | ||||
| c. Checks details and Initials on copies | 5 minutes | Assistant Director | ||||
| d. Signs certificates | 5 minutes | 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 | Executive Assistant | ||||
| g. Logs in registry of Accredited Appraisal Companies; informs Index Tracking Personnel of the issuance of the certificate. | 10 minutes | Executive Assistant | ||||
| h. Provides MIS with updated list | 30 minutes | Executive Assistant | ||||
| i. Updates tracking system | 30 minutes | Index Tracking Personnel | ||||
| Duration: | |
| Pre-evaluation of application: | 1 hour |
| Processing of application: | 4 days |
| Total duration: | 4 days and 1 hour |
* Exclusive of mailing and response period. The above processing time commences upon actual evaluation of the application documents and not on receipt of documents. Processing of application is dependent on the number of comment/ supplemental letters sent which are contingent on the completeness of responses/documents and additional inquiries/comments received from Supervising Commissioner/Commission En Banc.