THE Securities and Exchange Commission (SEC) said simple applications for permits, licenses, registrations, certificates, clearances, accreditations and other authorizations must be processed within three working days, otherwise they are “deemed approved.”
“Complex applications” requiring evaluation or coordination, meanwhile, must be resolved within seven working days, the commission said in a memorandum circular issued July 10. It took effect Monday, July 14.
The SEC in a statement said this “landmark move,” reinforces its commitment to ease of doing business.
For “highly technical” applications requiring legal or financial review or inter-agency, the process must be completed within 20 working days.
At the same time, transactions governed by special laws must be processed according to timelines under applicable statutes or the SEC Citizen’s Charter.
The SEC said if it fails to act within the prescribed timelines without any update given to the applicant with a notice of deficiency, the application is deemed approved — provided all documentary requirements have been submitted
“Upon confirmation of completeness and lapse of the processing period, the Commission is mandated to issue the corresponding payment assessment form (PAF) immediately. After payment of the assessed fees, the requested documents must be released within two working days,” the SEC said.
Approvals under the “deemed approved” rule, however, will undergo post-approval evaluation. Applicants found to have submitted false or misleading information, or failed to submit required documents will face administrative penalties.
The SEC, however, clarified that the new policy will not apply in cases involving ongoing legal proceedings or regulatory investigations; fraud or misrepresentation; force majeure or uncontrollable delays; and applications requiring specialized or multi-agency evaluations where the delay is attributable to other government agencies.
At the same time, the SEC said all applications with valid PAFs as of July 14 will be deemed approved upon payment, with documents to be released within 2 working days.
Covered applications submitted at least 20 days before effectivity of the circular (except those reverted as of June 30, 2025) will receive their PAFs within 3 days from July 14, and the same deemed approved rule will apply.
Reverted applications whose deficiencies are not addressed within 10 working days from July 14 will be deemed abandoned, the SEC added.
