Capital Market Intermediaries

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Application for Certificate of Registration

Who are the Capital Market Intermediaries

Filing Fee and Checklist of Requirements

Type	Filing Fee
Broker Dealers in Securities	P75,000 + LRF
Broker in Securities	P40,000 + LRF
Dealer in Securities	P40,000 + LRF
Brokers in Proprietary Shares
Voice Brokers
Government Securities Eligible Dealers	P75,000 + LRF
Investment Houses	P75,000 + LRF
Investment Houses Engaged in Dealing Government Securities	P75,000 + LRF
Underwriters of Securities Engaged in Dealing Government Securities	P75,000 + LRF
Investment Company Advisers	P15,000 + LRF
Mutual Fund Distributors	P5,000 + LRF
Transfer Agents	P10,000 + LRF

Procedures

Processing Procedure	Subject of Evaluation	Processors	Processing Time
1. Applicant presents SL documents to LU OD. (In some cases, the SL documents are not ready, with the applicant not knowing that the Purpose being applied for requires SL; LU OD gives applicant CORs)	All documents required	OD	1 minute
2. LU OD takes SL documents to LU AD for assignment; AD assigns to LU SC/SS. (Applications presented to the EB should be assigned to SC; LU has no SC since 2014, so these are now assigned to the LU SS)	All documents required	OD/AD	1 minute
3. LU SC/SS evaluates 4 sets of SL documents vis-à-vis COR. (If with deficiencies, LU SC/SS retains the originals and returns 3 copies to applicant, with the COR citing deficiencies.) (Per experience, it takes time for applicant to fully comply with the requirements.)	All documents required vis-à-vis compliance with pertinent laws and SEC rules and regulations	SC/SS	1 working day
4. LU AD reviews application with LU SC/SS. (If still with deficiencies, applicant is given another COR citing the deficiencies; application is returned to applicant for compliance.)	All documents required vis-à-vis compliance with pertinent laws and SEC rules and regulations	SC/SS	15 working days
5. LU AD prepares the Memo to EB, with LU SC/SS. (The LU SC should be the one preparing the Memo to EB, since LU has no SC, the AD has to, prepare it with the LU SC/SS.)	Memo and all documents required	SC/SS	2 days
6. LU Clerk forwards Memo to CRMD D			5 minutes
7. CRMD D okays Memo and instructs LU to issue PAF.		D	1 working day
8. LU SC/SS issues PAF; advises applicant to show SL PAF to CPRD SS as go signal that PR PAF may also be issued (so that both PR & SL filing fees may be paid together)	PAF	SC/SS	15 minutes
9. Upon receipt of SL documents from CFRD, LU SC/SS re-evaluates the SL documents. (If with deficiencies (e.g., documents evaluated different from what was received by CFRD; missing documents), applicant is called for conference, given another COR citing the deficiencies; SL documents are returned to the applicant for compliance.)	Memo and all documents required vis-à-vis compliance with pertinent laws and SEC rules and regulations	SC/SS	5 working days
10. LU AD finalizes the Memo; LU SC/SS and LU AD initial Memo	Memo and all documents required	SC/SS/AD	1 working day
11. CRMD D signs Memo and forwards it to the EB, through the Supervising Commissioner	Memo and all documents required	D and Staff	30 minutes
12. EB deliberates on/approves application. (In case of any finding, the Memo and SL documents are returned to CRMD for appropriate action)	Memo vis-à-vis compliance with pertinent laws and SEC rules and regulations	EB	1 working day
13. Upon receipt of EB-approved Memo from CRMD D, LU SC/SS prepares and initials CA/CR	CR/CA vis-à-vis consistency with all documents required	SC/SS	30 minutes
14. LU AD reviews and initials CA/CR.	CR/CA vis-à-vis consistency with all documents required	AD	10 minutes
15. CRMD D signs CA/CR.	CR/CA vis-à-vis consistency with all documents	D	10 minutes

Note :Duration of activity under normal circumstances

Legend
LU-Licensing Unit	SL-Secondary License	OD-Officer of the Day	COR-Checklist of Requirements
D-Director	SC-Securities Counsel	SS-Securities Specialist	AD-Assistant Director
EB-En Banc	PAF-Payment Assessment Form	CR-Certificate of Registration	CA-Certificate of Authority