QUALITY MANUAL Document Reference Code SEC … MANUAL Document Reference Code SEC-QMS-QM-001 ......

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QUALITY MANUAL Document Reference Code SEC-QMS-QM-001

Rev. No. Effectivity Date 0 23 December 2016

1. Introduction 3

2. Definition of Terms and Acronyms 4

3. General Information

3.1. Mandate 6

3.2. Vision 10

3.3. Mission 10

3.4. Values 11

4. Organizational Structure

4.1. SEC Organizational Structure 12

4.2. Quality Management Structure 13

5. Operational Control and Supervision

5.1. Powers of Authority 17

5.2. Supervisory and Operational Control 18

6. Statement of QMS Scope 20

7. Description of Processes 22

8. Justification for ISO 9001 requirements that are not applicable 22

9. Description of the Organizational Context 23

10. Description of External Providers 24

11. Description of Key Stakeholders 25

Table of Contents

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12. Annexes

12.1. Quality Policy 26

12.2. Quality Objectives 26

12.3. References/Documents 27

12.4. Customer Satisfaction and Feedback Mechanism 27

12.5. Operations Procedures 28

12.6. Tools

12.6.1. Control of Documented Information 107

12.6.2. Internal Audit 107

12.6.3. Control of Non-Conforming Outputs 108

12.6.4. Nonconformity and Corrective Action 108

12.6.5. Monitoring and Measurement of Client Satisfaction 108

12.6.6. Management Review 108

12.7. Interested Parties 109

12.8. Risks and Opportunities 110

Table of Contents

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This Quality Manual (QM) defines the policies, systems and procedures adopted by the

Securities and Exchange Commission (SEC) to continually improve its Quality Management

System (QMS).

It contains general information about SEC, and the specific operational policies and

procedures it implements to ensure the quality of its services in fulfilment of its mandate,

vision, mission, and customer expectation.

This QM aims to guide the personnel as they implement the QMS. It is also intended to

inform the stakeholders of the Commission’s quality system.

1.0 Introduction

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AAI - Amended Article of Incorporation

AAP - Amended Article of Partnership

AB - Amended By-Laws

AI/BL - Article of Incorporation/By-Laws

AD - Assistant Director

AP - Article of Partnership

AMLA - Anti-Money Laundering Act

BIR - Bureau of Internal Revenue

BO - Budget Officer

BP - Batas Pambansa

CA - Commonwealth Act

CAs - Certificate of Authority/s

CCP - Corporation Code of the Philippines

CFRD - Corporate Filing and Records Division

CMD - Compliance Monitoring Division

COP - Confirmation of Payment of Fines

CRMD - Company Registration and Monitoring Department

CRRD - Central Receiving and Releasing Division

DIL - Document Index List

DIS - Digital Imaging System

DTU - Document Tracking Unit

EIPD - Enforcement and Investor Protection Department

EO - Executive Order

ERN - Employer’s Registration Number

FAAD - Financial Analysis and Audit Division

FCA - Financing Company Act

FIA - Foreign Investment Act

FS - Financial Statement

GIS - General Information Sheet

IBRS - Integrated Business Registration System

LC - License Control

LCRA - Lending Company Regulation Act

LU - Licensing Unit

2.0 Definition of Terms and Acronyms Page 4

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LRF - Legal Research Fee

MS - Monitoring Sheet

MSRD - Markets and Securities Regulation Department

NOC - Notice of Conference

OGA - Office of the General Accountant

OGC - Office of the General Counsel

OR - Official Records

PAF - Payment Assessment Form

Pag-IBIG - Home Development Mutual Fund

PD - Presidential Decree

PhilHealth - Philippine Health Insurance Corporation

PRU - Public Reference Unit

QM - Quality Manual

QMS - Quality Management System

RA - Republic Act

REIT - Real Estate Investment Trust

RRN - Reference Reservation Number

RHQ - Regional Headquarters

RO - Receiving Officer

ROHQ - Regional Operating Headquarters

SRU - Staff Research Unit

SSS - Social Security System

STB/MB - Stock Transfer Book/Membership Book

TCT - Transfer Certificate of Title

TIN - Tax Identification Number

SEC - Securities and Exchange Commission

SRC - Securities Regulation Code

SRO - Self-Regulatory Organization

2.0 Definition of Terms and Acronyms

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3.1 MANDATE

The Securities and Exchange Commission (SEC) or the Commission is the national

government regulatory agency charged with supervision over the corporate sector, the

capital market participants, the securities and investment instruments market, and the

investing public. Created on October 26, 1936 by Commonwealth Act (CA) 83 also known

as The Securities Act, the Commission was tasked to regulate the sale and registration of

securities, exchanges, brokers, dealers and salesmen. Subsequent laws were enacted to

encourage investments and more active public participation in the affairs of private

corporations and enterprises, and to broaden the Commission’s mandates. Recently

enacted laws gave greater focus on the Commission’s role to develop and regulate the

corporate and capital market toward good corporate governance, protection of investors,

widest participation of ownership and democratization of wealth.

SEC is the registrar and overseer of the Philippine corporate sector; it supervises more than

500,000 active corporations and evaluates the financial statements (FS) filed by all

corporations registered with it. SEC also develops and regulates the capital market, a crucial

component of the Philippine financial system and economy. As it carries out its mandate,

SEC contributes significantly to government revenues.

With the growing number of corporations and other forms of associations that SEC

supervises and monitors, and given the evolving nature of transactions where the corporate

vehicle is being used to defraud the investing public, as well as the ever dynamic character

of the capital market, SEC must progressively perform its critical role as the prudent registrar

and supervisor of the corporate sector and the independent guardian of the capital market.

Subsequent laws enacted to broaden the Commission’s mandates, powers, and functions

were:

The SEC Reorganization Act or Presidential Decree (PD) 902-A in 1976, as

subsequently amended by PDs 1653, 1758 and 1799 reorganized the Commission to

give it ample powers to protect the public and their investments. Under the Act, the

Commission was reorganized into a collegial body; and was given additional powers

3.0 General Information

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and functions, including quasi-judicial powers over intra-corporate disputes as well as

absolute jurisdiction, supervision and control over all corporations, partnerships or

associations that are the grantees of primary franchise and/or a license or permit

issued by the government to operate in the Philippines.

The Corporation Code of the Philippines (CCP) or the Batas Pambansa (BP) 68 in

1980 gave SEC the mandate to register corporations, collect fees from registering

corporations, and prescribe reportorial requirements. Along with the granting of

authority to register corporations, it empowered SEC to reject articles of incorporation

or disapprove any amendment thereto if the same is not in compliance with the

requirements of BP 68.

The Code also required all registered corporations to submit to SEC an annual report

of its operations, together with a financial statement of assets and liabilities, certified

by an independent certified public accountant (CPA) in appropriate cases, and such

other requirements as SEC may require within the prescribed period. Likewise, it

authorized SEC to promulgate rules and regulations reasonably necessary to enable

it to perform its duties particularly in the prevention of fraud and abuses on the part of

the controlling stockholders, members, directors, and trustees or officers of

corporations.

The Revised Securities Act or BP 178 in 1982 repealed CA 83 in its entirety to give

way to a new statute that would enable the SEC to keep pace with new and more

complex securities instruments, trading vehicles and strategies. BP 178 provided,

among others, for a more sophisticated disclosure mechanism of securities to be

offered to investors.

The Securities Regulation Code (SRC) or Republic Act (RA) 8799 in 2000 provided

for the SEC reorganization to give greater focus on the Commission’s role in capital

market development, fostering good corporate governance (CG) and enhancing

investor protection. The SRC also provided for the transfer of the Commission’s

jurisdiction over all cases enumerated under Section 5 of PD 902-A to the Courts of

general jurisdiction or the appropriate Regional Trial Court. The SRC also defined in


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clear terms fraud and criminal offenses related to securities transactions, and

strengthened SEC regulatory functions over all entities dealing in securities such as

Self-Regulatory Organizations (SROs) or the Philippine Stock Exchange (PSE),

Philippine Dealing and Exchange Corporation (PDEx) and Capital Market Integrity

Corporation; as well as market professionals such as brokers and dealers, among

others.

The SRC restated the requirements for the submission of an annual report by

companies of their operations, together with FS, certified by an independent CPA,

and such other requirements as SEC may deem necessary. It also included

provisions on internal record keeping and accounting controls to be complied with by

companies. The SRC Implementing Rules and Regulations (IRR), the latest

amendment of which is known as the 2015 SRC Rules, took effect on November 9,

2015.

Section 68 of the SRC on special accounting rules reinforced the power of SEC to

make, amend and rescind such accounting rules and regulations as may be

necessary to carry out the provisions of the SRC and those of the CCP relative to

financial reporting. It also includes rules and regulations governing registration

statements and prospectuses for various classes of securities and issuers, and

defining accounting, technical and trade terms used; the power to prescribe the form

or details to be shown in the FS, and the methods to be followed in the preparation of

accounts, appraisal or valuation of assets and liabilities, and other financial statement

items, among others.

In line with this, Rule 68, the Special Accounting Rules was issued in 2001 as part of

the SRC IRR. Rule 68 specifically provides for the general guides to FS preparation,

responsibility to FS, qualifications and reports of independent auditors, additional

requirements for independent auditors of SEC-regulated entities and other entities,

independence of auditors, engagement of independent auditors, audit reports,

including the accreditation of independent auditors as well as review of their quality

assurance processes. Rule 68 has undergone several amendments, the latest of

which was in 2011; and is presently in the process of amendments to ensure


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reliability of the FS and the protection of investors. Financial Reporting Bulletins

(FRBs) are also issued by the Commission as needed to cover additional Financial

Reporting Requirements.

Credit Information System Act (CISA) or RA 9510 in 2008 mandated the SEC to be

the lead government agency to implement and enforce the said Act. It designated the

Chairman of the SEC to be the Chairman of the Board of Directors of the Credit

Information Corporation (CIC), whose primary purpose is to receive and consolidate

basic credit data; to act as a central registry or central repository of credit information;

and, to provide access to reliable, standardized information on credit history and

financial condition of borrowers.

Microfinance Nongovernment Organizations (NGOs) Act or RA 10693 in 2015

mandated SEC to establish an accrediting body to be known as the Microfinance

NGO Regulatory Council which shall, among others, institute and operationalize a

system of accreditation for Microfinance NGOs; issue certificate of accreditation as a

Microfinance NGO upon determination that the criteria set for this purpose have been

fully satisfied; and, monitor the performance of Microfinance NGOs to ensure

continuing compliance with the provisions of the Act and its IRR. The Chairman of

SEC or designated representative shall serve as the Chairperson of the Council; and

the Council shall be assisted by a secretariat to be lodged in the SEC, which shall

coordinate the activities involved in the accreditation process.

Today, SEC is tasked with “serious responsibility of enforcing all laws affecting corporations

and other forms of associations not otherwise vested in some other government offices.” In

addition to the aforementioned laws, the Commission also implements and acts either as

lead or support agency in administering and enforcing special laws, the more significant of

which are:

Anti-Money Laundering Act (AMLA) of 2001 (RA 9160, as amended)

Lending Company Regulation Act (LCRA) of 2007 (RA 9474)

Financing Company Act (FCA) (RA 5980, as amended)


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Investment Company Act (ICA) (RA 2629)

Investment Houses Law (PD 129)

Retail Trade Liberalization Act of 2000 (RA 8762)

Foreign Investments Act of 1991 (RA 7402, as amended)

Omnibus Investments Code of 1987 (Executive Order 226, Book III)

Anti-Dummy Law (CA 108, as amended)

Civil Code of the Philippines (RA 386, Title IX – Partnership)

Securitization Act of 2004 (RA 9267)

Real Estate Investment Trust Act of 2009 (RA 9856)

Personal Equity and Retirement Account Act of 2008 (RA 9505)

3.2 VISION

By 2019, the SEC is the prudent administrator of the most comprehensive and reliable

company registration and information systems and the independent guardian of a robust

capital market in the ASEAN and Asia-Pacific Region.

3.3 MISSION

To develop and regulate the capital market and supervise company registration toward good

corporate governance, protection of investors, widest participation of ownership and

democratization of wealth.


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3.4 VALUES

Integrity

We are morally upright, honest and sincere in our private and public lives.

Professionalism

We are consistently implement the law, provide timely and accurate information to investors,

and render efficient, competent and committed service to the in a fair and transparent

manner.

Accountability

We abide by prescribed ethical and work standards and good governance principles in

government service.

Independence

We act without fear or favor, and render sound judgment in the performance of our duties

and responsibilities.

Initiative

We are strategic, creative and forward-looking in the fulfillment of developmental and

regulatory functions including identification and management risks.

Teamwork

We engage in internal collaborative activities organized to facilitate inter-departmental

communication and cooperation.


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4.1 SEC ORGANIZATIONAL STRUCTURE

4.0 Organizational Structure

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4.2 QUALITY MANAGEMENT STRUCTURE

Top Management

• Ensures availability of necessary resources.

• Establishes and maintains the Vision, Strategic Directions and the Quality Policy of the

organization.

• Reviews the quality management system periodically (i.e. at least quarterly) and that

results of Management Reviews are in the form of specific actions.

• Ensures that appropriate communication processes are established within the

organization.

• Ensures that the continual improvement of the quality management system is effectively

planned and implemented.

• Promotes the use of the process approach and risk-based thinking.

Quality Management Representative

Ensures processes needed for the Quality Management System are established,

implemented and maintained.

Reports to the Top Management on the performance of the QMS and any need for

improvement.

Liaises with external parties (e.g. consultant and certifying body) on matters relating to

the QMS.

Top Management

Performance Management

Team

Internal Audit Team

Document Control Team

Training and Promotion

Team

Work Improvement

Team

Feedback Management

Team

Quality Management Representative


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Convenes the Management Review Meeting to ensure continuing suitability, adequacy

and effectiveness of the QMS.

Manages the performance of the Quality Management System

Performance Management Team

• Assists the Top Management in establishing the Strategic Directions of the organization

and in promoting the process approach and risk-based thinking.

• Convenes the Performance Planning activities to establish measurable objectives to

support the Strategic Directions and the Quality Policy.

• Ensures that measurable objectives are established and relevant functions within the

organization.

• Assists the Top Management in reviewing the Quality Policy and the Quality Objectives

of the organization.

• Ensures that Quality Objectives are supported by Tactical Plans to achieve them.

Internal Audit Team

Ensures that the QMS conforms to the planned arrangements and to the requirements of

ISO 9001.

Evaluates the effectiveness of the QMS, its processes and the actions taken to address

risks and opportunities.

Carries out internal quality audit covering management, core and support processes in

accordance with QMS Audit Plan;

Prepares, deliberates and finalizes audit findings reports and requests for corrective

actions and present the same to the Top Management during Management Reviews.

Keeps track of the implementation of the corrective actions for non-conformance raised

during the audit through periodic verification as specified by the respective process

owner.


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Document Control Team

• Ensures that changes and the current revision status of documents are identified,

• Ensures that relevant versions of applicable documents are available at points of use,

• Maintains master copies and master lists of internal documents and externally generated

documents and references.

• Controls distribution of QMS documents.

• Ensures that documents remain legible and readily identifiable,

• Prevents the unintended use of obsolete documents.

• Ensures that records remain legible, readily identifiable and retrievable.

• Ensures controls are established for identification, storage, protection, retrieval, retention

time and disposition of records.

Training and Promotion Team

Develops the QMS training plan for the company.

Provides logistical support during the conduct of QMS related training and seminars.

Coordinates with office heads and supervisors to provide employee QMS training.

Prepares minutes of the Management Review Meetings and QMS Core Team meetings

and notify members of the meetings to be held.

Promotes the QMS, Strategic Directions, Quality Policy and Objectives throughout the

organization to increase awareness, motivation and involvement.

Work Improvement Team

Determine areas where improvements or innovations can be made.

Determine and assess risks and opportunities that need to be addressed and plan how

actions to address risks and opportunities can be integrated into the QMS processes.

Review and control changes for provision of services to ensure continuing conformity

with the requirements.

Establish corrective actions on identified nonconformities.


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Promote the use of problem solving tools and techniques.

Initiate programs to establish the suitable environment necessary for effective operation

of the processes.

Feedback Management Team

Ensures the promotion of customer focus throughout the organization.

Ensures that customer information is monitored as one of the measures of performance

of the Quality Management System.

Evaluates customer feedback in order to determine strengths and weaknesses of the

organization.

Recommends necessary actions to be taken to ensure customer satisfaction and to

continually improve the Quality Management System implementation.

Reports to the Top Management during the Management Review Meeting the result of

the analyses of the collected feedback.


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5.1 POWERS OF AUTHORITY

The Commission shall have, among others, the following powers and functions as provided

in Section 5 of the SRC:

Have jurisdiction and supervision over all corporations, partnerships or associations that

are the grantees of primary franchises and/or a license or permit issued by the

Government;

Formulate policies and recommendations on issues concerning the securities market,

advise Congress and other government agencies on all aspects of the securities market

and propose legislation and amendments thereto;

Approve, reject, suspend, revoke or require amendments to registration statements, and

registration and licensing applications;

Regulate, investigate or supervise the activities of persons to ensure compliance;

Supervise, monitor, suspend or take over the activities of exchanges, clearing agencies

and other SROs;

Impose sanctions for the violation of laws and the rules, regulations and orders issued

pursuant thereto;

Prepare, approve, amend or repeal rules, regulations and orders, and issue opinions and

provide guidance on and supervise compliance with such rules, regulations and orders;

Enlist the aid and support of and/or deputize any and all enforcement agencies of the

Government, civil or military as well as any private institution, corporation, firm,

association or person in the implementation of its powers and functions under this Code;

Issue cease and desist orders to prevent fraud or injury to the investing public;

Punish for contempt of the Commission, both direct and indirect, in accordance with the

pertinent provisions of and penalties prescribed by the Rules of Court;

Compel the officers of any registered corporation or association to call meetings of

stockholders or members thereof under its supervision;

5.0 Operational Control and Supervision

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Issue subpoena duces tecum and summon witnesses to appear in any proceedings of

the Commission and in appropriate cases, order the examination, search and seizure of

all documents, papers, files and records, tax returns, and books of accounts of any entity

or person under investigation as may be necessary for the proper disposition of the

cases before it, subject to the provisions of existing laws;

Suspend, or revoke, after proper notice and hearing the franchise or certificate of

registration of corporations, partnerships or associations, upon any of the grounds

provided by law; and,

Exercise such other powers as may be provided by law as well as those which may be

implied from, or which are necessary or incidental to the carrying out of, the express

powers granted the Commission to achieve the objectives and purposes of these laws.

5.2 SUPERVISORY AND OPERATIONAL CONTROLS

All actions of departments and offices – including memoranda, opinions or letters

addressed to the public or any personnel – shall, unless otherwise decided by the

Supervising Commissioner, be subject to his or her review or approval;

No item shall be submitted to the Chairperson for inclusion in the En Banc agenda

unless it bears the endorsement (whether favourable or unfavourable) of the Supervising

Commissioner concerned;

Notwithstanding the exercise of supervisory authority by a Commissioner, the Directors

shall remain accountable and responsible for the performance of the duties and

responsibilities of their respective departments or offices;

Any Director who disagrees with, or has reservations or concerns about any action or

decision by his or her Supervising Commissioner shall put such disagreement,

reservation or concern in writing and submit it to the Chairperson and Supervising

Commissioner before the subject action or decision is implemented; and,


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The Supervising Commissioner shall (i) see to it that all his or her actions are in

accordance with law and applicable rules and regulations; (ii) give due regard and

respect to the comments and recommendations of the Directors concerned; (iii) consult,

where necessary and appropriate, the other Commissioners on inter-departmental

matter; and (iv) refer to the En Banc issues that relate to policy, sanctions, novel

questions of law and such other matters that, in his or her judgment, require the

collective action of the Commission.


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The SEC QMS covers the management, support and core processes on the registration of

domestic corporations and partnerships; processing of applications for amendment of

articles of incorporation/articles of partnership, by-laws, mergers, and other corporate

reorganizations that require the prior approval of the Commission; licensing of foreign

corporations doing business in the Philippines and multinational companies; and, licensing of

lending companies, financing companies and capital market participants.

The interaction of processes, products and services covered by the QMS is illustrated in the

Process Model and Process Map below.

Figure 1. Process Model

6.0 Statement of QMS Scope

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Figure 2. Process Map

6.0 Statement of QMS Scope

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The management processes are carried out to oversee the direction of SEC and ensure that

it fulfils its mandate, vision, mission and quality standards. These include planning, policy

formulation, feedback management, monitoring and evaluation, external affairs management

and managing improvement.

The core processes describe the services delivered by SEC through its Company

Registration and Monitoring Department (CRMD); i.e., the registration of domestic

corporations and partnerships; processing of applications for amendment of articles of

incorporation/articles of partnership, by-laws, mergers, and other corporate reorganizations

that require the prior approval of the Commission; licensing of foreign corporations doing

business in the Philippines and multinational companies; and, licensing of lending

companies, financing companies and capital market participants.

The support processes provide the necessary assistance to the CRMD to enable it to deliver

the core services to its clients. These include human resource management, financial

resources management, documents and record management, asset management,

procurement management, and information and communications technology (ICT)

management.

Outsourced processes are support services that are not available within SEC, and for which

the services of external providers are engaged. This includes building and facilities

maintenance; utilities and telecommunications; manpower services; internet and peripherals;

and individual technical consultants.

8.0 Justification for ISO 9001 requirements that are not applicable

This section shall be completed under technical guidance.

7.0 Description of Processes

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Using the PESTLE (Political, Economic, Social, Technological, Legal and Environmental) as

tool in its Planning Conference, the SEC identified the following critical factors that have

substantial impact on its organization.

CRITICAL ENVRONMENT IMPACT ON SEC (+ or -)

Political

New Administration Support for SEC programs/initiatives that are aligned with the new administration’s thrust (+)

Economic

Growth Rate Investors’ appetite; capital market developed, broadened (+)

Ease of Doing Business Reduced cost, requirements and procedures; Improved country ranking in international surveys (+)

Poverty Reduction Job generation; tax generation; more investors (+)

Social

Social Media Faster communication with the investing public for information campaigns and financial literacy programs (+)

Technological

Online Transactions Innovations in service delivery (+)

Legal

Adoption/Amendment of Laws administered by SEC

Broadened powers and responsibilities

(+/-)

Environmental

Transfer of SEC Head Office to PICC Adjustment of personnel and clients to new office location (+/-)

9.0 Description of the Organizational Context

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Each external service provider is covered by a contract mutually agreed upon by SEC and

the external service provider. The Human Resource and Administrative Department monitors

the performance of external providers of building and facilities maintenance; utilities and

telecommunications and manpower services. The Information and Communications

Technology Department is in charge of those pertaining to information technology and

internet-related services. The end-user Department/Office monitors the performance of their

respective individual technical consultants.

10.0 Description of External Providers

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11.0 Description of Key Stakeholders

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12. 1 QUALITY POLICY

The SEC, as overseer of the Philippine corporate sector, capital market participants,

securities and investment instrument market, and the investing public, is committed to

continually improve its quality management system in order to broaden capital market

participation and to enhance the clients’ sound and ethical business practices.

We endeavour to raise the level of staff competencies and renders services with utmost

professionalism to meet, if not exceed, customer expectations.

We strive to secure the necessary resources to effectively implement the quality

management system.

12. 2 QUALITY OBJECTIVES

The SEC seeks to attain the following quality objectives which are reflected in our balanced

scorecards and cascaded to the performance commitments of Departments/Offices and

individuals concerned through the Strategic Performance Management System:

Improved client satisfaction rating

Reduced average turn-around processing/response time for frontline services

ISO certification

12.3 References/Documents

This section shall be completed under technical guidance.

12.0 Annexes

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12.4 CUSTOMER SATISFACTION AND FEEDBACK MECHANISM

SEC customers’ satisfaction and feedback are gathered through the following mechanisms:

Feedback Form

Customers are requested to fill-out the Feedback Form right after they have availed

themselves of SEC service/s to gather immediate feedback on their level of satisfaction.

i-Message

The i-Message Mo is a web-based online application for lodging of public messages

such reports on fraudulent transaction or possible violation, inquiry, feedback, follow-up,

among others.

This facility is an alternative venue where customers may follow-up their queries,

complaints, issues, concerns, suggestions/ opinions, tips and etc. as well as track the

status of redresses/comments.

Frontline Service Assistant

Customers may also call the Frontline Service Assistant for queries, complaints and

feedback.

12.0 Annexes

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12.5 OPERATIONS PROCEDURES

Public Assistance Center (Walk-in Query, Complaint, etc.) Step Client Service Provider Duration Person in Charge

1 Proceeds to Public Assistance Center

Calls client on a first come, first served basis

SEC Complaints Specialist

2 a) Presents concern, query or complaint or

a) Renders advice depending on the kind of concern or query; or b) Gives the appropriate checklist of requirements, guidelines and sample forms; or c) Refers to the appropriate division or unit of the CRMD or another SEC Department

Variable, depending on the kind or complexity of the concern or query

SEC Complaints Specialist

b) Presents written com plaint

Endorses written complaint to the appropriate CRMD division/unit or SEC Department

End Transaction

Satellite Offices – Name Verification Services

Step Client Service Provider Duration Person in

Charge Form

1 Fills up Name Verification Form and submits it together with the money stamp to verification officer

Inputs proposed company name in the system

5 minutes per company name

Satellite Office Support Staff / Verification Officer

Name Verification Form

2 If proposed name is allowed by the system, the reservation and confirmation notice is printed and given to the applicant; If disallowed, the verification officer verifies the other preferences of the applicant. (maximum of three (3) proposed names per number)

End Transaction

12.0 Annexes

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Satellite Office - Processing of Applications for Primary Registration of Stock and Non-Stock Corporations

Step Client Service Provider Duration Person in Charge Form 1 Verifies or reserves

proposed name If proposed name is allowed by the system, the reservation and confirmation notice is printed and given to the applicant.

10 minutes Satellite Office Name Verification Officer

Confirmation Reservation Notice

2 Presents Articles of Incorporation and By-Laws at the SEC Satellite Office

Checks the documents presented. If complete, prepares Payment Assessment Form (PAF) then advises the registrant to pay the filing fee. If not, advises applicant to comply with requirements.

10-20 minutes Satellite Office Securities Specialist

Payment Assessment Form

3 Pays filing fee thru cashier’s or manager’s check at SEC Cashier or designated banking institutions i.e. Landbank, or other payment facilities

After receipt of application, Satellite office staff generates the Certificate of Incorporation bearing applicant’s SEC Registration Number and corporate Tax Identification Number

5 minutes CPRD Staff Generated Certificate of Incorporation and By-laws from the i-register system

4 Physical transfer of the Certificate of Incorporation together with all the documentary requirements to the CRMD Director

Within 8 working hours

5 CRMD Director reviews and approves the application

CRMD Director

6 Presents Official Receipt to the SEC Satellite Office to get the Certificate of Incorporation

Sorts Articles of Incorporation and By-laws with Certificate of Incorporation for release to applicant

5 minutes Satellite Office Support Staff/ CPRD Staff

Signed Certificate of Incorporation and By- Laws

End Transaction

12.0 Annexes

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Satellite Office: Processing of Applications for Partnership

Step Client Service Provider Duration Person in Charge Form 1 Verifies or reserves

proposed name If proposed name is allowed by the system, the reservation and confirmation notice is printed and given to the applicant.

10 minutes Satellite Office Name Verification Officer

Confirmation Reservation Notice

2 Presents Articles of Partnership at the SEC Satellite Office

Checks the documents presented. If complete, prepares Payment Assessment Form (PAF) then advises the registrant to pay the filing fee. If not, advises applicant to comply with requirements.

10-15 minutes Satellite Office Securities Specialist


3 Pays filing fee thru cashier’s or manager’s check at SEC Cashier or designated banking institutions i.e. Landbank, or other payment facilities

Accepts Payment Assessment Form and generates official receipt

5 minutes SEC Cashier/ Designated Banks and other payment facilities

Official Receipt (OR)

4 After receipt of the application, Satellite Office staff generates the Certificate of Recording of the Articles of Partnership bearing applicant’s SEC Registration Number and corporate Tax Identification Number.

5 Physical transfer of the application and its attachments to the CRMD Director

CRMD Director

6 CRMD Director reviews and approves the application

7 Presents Official Receipt to SEC Satellite Office to get the Certificate of Recording of the Articles of Partnership

Sorts articles of partnership with Certificate of Recording of the Articles of Partnership for release to applicant

5 minutes CFRD Staff/ Satellite Office Support Staff

Signed Certificate of Recording of the Articles of Partnership

End Transaction

12.0 Annexes

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Satellite Office: Processing of Applications for Amendment of Stock and Non-Stock Domestic Corporations

Step Client Service Provider Duration Person in Charge Form 1 Prepares Directors’

or Trustees’ Certificate and Amended Articles of Incorporation and/or Amended By-laws

As stated in the basic requirements for amendments

2 Secures Monitoring Clearance at the SEC Satellite Office

Checks compliance with reportorial requirements; Checks for any double submission of the General Information Sheet; and Determines existence of intra-corporate disputes as provided under the “Guidelines on Double Sub- mission of GIS.” Note: For Financing and Lending companies, issuers of proprietary or non-proprietary membership (i.e. golf clubs) listed and public companies and foundations, monitoring shall be with the Corporate Governance and Finance Department (CGFD). For capital market participants such as brokers, dealers and investment houses, monitoring is with the Markets Securities and Regulation Department (MSRD).

Within 5 days from date of presentation of complete requirements

Satellite Office Securities Specialist

Payment Assessment Form/ Monitoring Sheet

3 Submits the (i) Directors’/ Trustees’ Certificate; (ii) Amended Articles of Incorporation and/or Amended By-laws; and the (iii) Monitoring Clearance to SEC Satellite Office for pre- processing

Checks documents if com pliant with the provisions of the Corporation Code of the Philippines and other existing laws. If complete, advises registrant to pay filing fee. If not, advises applicant to comply with requirements

15-30 minutes depending on the complexity of amendments

Satellite Office Securities Specialist


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Step Client Service Provider Duration Person in Charge Form

4 Pays filing fee thru cashier’s or manager’s check at SEC Cashier or designated banking institutions i.e. LandBank, or other payment facilities

Accepts Payment Assessment Form and generates official receipt

5 minutes SEC Cashier/ Designated Bank and other payment facilities

Official Receipt

5 Physical transfer of the application and its attachments to the Main Office


CRMD Staff

6 Files the application to the SEC Satellite Office

After receipt of the application, the same shall be forwarded to the Corporate Filings and Records Division (CFRD) for the verification and production of applicant’s corporate records on file with the Commission. For corporations registered from 1996 onwards whose records are available in the Commission’s database, production of documents may take 1 to 2 days. However, for corporations whose records are not available in the database, production of documents may take longer as the same shall be secured from the SEC offsite warehouse. Thereafter, the application with the attached records shall be transmitted to CPRD for the generation of the Certificate of Filing of Amended Articles of Incorporation and/or By-laws.

5-10 minutes Satellite Office Staff/ CPRD Staff

7 The Assistant Director will review the application and forward it to the CRMD Director for approval

Assistant Director/ Director

8 Presents Official Receipt to SEC Satellite Office to get the Certificate

Sorts articles of incorporation and/or by-laws with Certificate of Filing of

Certificates may be claimed within five (5) days from filing

Satellite Office Staff/CFRD Staff

Signed Certificate of Filing of the Amended Articles of Incorporation and/or By-laws

of 110



Step Client Service Provider Duration Person in Charge Form of Approval of Amendment

Amended Articles of Incorporation and/or Certificate of Filing of Amended By-laws for release to applicant

of application from the SEC Satellite Office Releasing Unit. However, for corporate records not available in the database, the release of the Certificate of Filing may vary.

End Transaction

Satellite Office: Processing of Applications for Amendment of Partnerships


Charge Form

1 Prepares Amended Articles of Partnership


2 Submits the Amended Articles of Partnership at the SEC Satellite Office for pre- processing.

Checks the documents if compliant with the Civil Code provisions on partnership and other existing laws. If complete, advises registrant to pay filing fee. If not, advises applicant to comply with requirements.

5 minutes Satellite Office Securities Specialist

3 Pays filing fee thru cashier’s or manager’s check at SEC Cashier or designated banking institutions i.e. LandBank, or other payment facilities

Prepares Payment Assessment Form

5 minutes Designated Bank and other payment facilities

Payment Assessment Form/ Official Receipt

5 Physical transfer of the application and its attachments to the Main Office


CRMD Staff

6 Files the application to the SEC Satellite Office

After receipt of the application by CFRD, the records on file shall be attached and transmitted to CPRD for the generation of the Certificate of

5-10 minutes Satellite Office Staff/ CPRD Staff

of 110




Charge Form

Recording of Amended Articles of Partnership.

7 The Assistant Director will review the application and forward it to the CRMD Director for approval

Assistant Director/ Director

8 Presents Official Receipt to SEC Satellite Office to get the Certificate of Recording of Amended Articles of Partnership

Sorts articles of partnership with Certificate of Recording of the Amended Articles of Partnership for release to applicant

Certificate may be claimed within 5 days from the filing of application with the SEC Satellite Office Receiving Unit

Satellite Office Staff/CFRD Staff

Signed Certificate of Recording of Amended Articles of Partnership.

End Transaction

Satellite Office: Processing of Applications for Increase/Decrease of Authorized Capital Stock, Reclassification/Conversion/Change of Par Value Sales


Charge Form

1 Presents application and supporting documents, together with monitoring clearance, for pre- processing

Pre-screening of Applications Note: Documents must be complete in accordance with checklist of requirements. Otherwise the same shall be rejected Pre-process application and supporting documents a) If compliant, the assigned Processor prepares final checklist and

5 minutes

30 minutes to 1 hour

Support Staff Specialist

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Charge Form

forwards the same to the FAAD Assistant Director for review b) If non-compliant, prepares checklist of deficiencies Physical transfer of the application and its attachments to the Main Office

Within 8 working

hours

CRMD Staff

2 Prepares Payment Assessment Form (PAF)

Upon approval of the prepared report

5 -10 minutes Specialist

3 File the application to the SEC Satellite Office

After receipt of the application by CFRD, the records on file shall be attached and transmitted to CPRD for the generation of the Certificate of Increase/Decrease of Authorized Capital Stock and Amended Articles of Incorporation

10 – 15 minutes

Satellite Support Staff CPRD Staff

Printed Certificate of Increase/Decrease of Authorized Capital Stock and Amended Articles of Incorporation

End Transaction 1 Presents

application and supporting documents, together without monitoring clearance, for pre- processing

Pre-screening of Applications Note: Documents must be complete in accordance with checklist of requirements herein provided. Otherwise the same shall be rejected Pre-process application and supporting documents a) If compliant, the assigned Processor forwards the application to the FAAD Assistant Director b) If non-compliant,

5 minutes 1 hour to 3 hours


of 110




Charge Form

prepares checklist of deficiencies Monitors compliance with reportorial requirements and rules and regulations of SEC c) If assessed without PENALTY, the assigned Processor forwards the application to the FAAD Assistant Director provided the application documents are compliant (item no. 2) d) If assessed with PENALTY, Prepares and issues Payment Assessment Form (PAF) Physical transfer of the application and its attachments to the Main Office Review applications and supporting documents

1-2 Hours Within 8 working hours 30 minutes to 1 Hour

Specialist CRMD Staff CPRD/ FAAD Assistant Director

2 Pays assessed penalties at the designated payment utilities

Process payment and Issues Official Receipt

5 minutes Cashier

3 Submits the machine- validated PAF and the application documents, if compliant (item 2 of 1.2.1), to the Assigned Processor thru the Counter Officer

1) Receives the PAF and application documents 2) Prepares Confirmation of Payment of Penalties 3) Attaches the same to the application documents 4) Prepares and submits final check list for review

5 minutes 10 – 15 minutes 1 minute 15 – 20 minutes


of 110




Charge Form

4 Submits the

machine- validated PAF to Satellite Office together with the Four (4) sets of application documents

1) Secures and attaches the PAF to the application 2) Stamps receive Four (4) sets of the application documents 3) Return one(1) copy of the application to the client 4) Forwards the application to CFRD 5) Verifies and produces applicant’s record which shall be attached to the application 6) Forwards the application to CPRD for the generation of Certificate 7) Generates Certificate 8) Approves and signs application documents and certificate, respectively.

3 minutes 1 minute 1 minute End of the day 10 - 15 minutes 5 minutes 30 minutes 5 – 10 minutes

Support Staff (Receiving Officer) Support Staff (CFRD) Support Staff (CPRD) Director

5 Presents Official Receipt to Satellite Office to claim the approved Certificate of Increase, Decrease, Amended Articles of Incorporation

Sorts/Releases the Certificate of In- crease/Decrease of Authorized Capital Stock and Certificate of Filing of Amended Articles of Incorporation and/or By-laws with all pertinent documents

5 minutes Support Staff (Releasing)

End Transaction

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Satellite Office: Processing of Conversion of Branch Office to Representative Office (Vice Versa), Regional Area Headquarters (RHQ) to Regional Operating Headquarters (ROHQ) (Vice Versa), Change/Substitution of Resident Agent, Withdrawal of License and other Amendments of Foreign Corporations


Charge Form

1 Prepares Petition for conversion/withdrawal of license and other documentary requirements

As stated in the basic requirements for conversion/ Withdrawal

2 Secures Monitoring Clearance

Checks compliance with reportorial requirements


Securities Specialist

Payment Assessment Form/ Monitoring Sheet

3 Submits the Petition got conversion/ withdrawal of license, Monitoring Clearance and other documentary requirements

Checks documents if compliant with the provisions of the Corporation Code of the Philippines and other existing laws. If complete, advises registrant to pay filing fee. If not, advises applicant to comply with requirements

15 – 30 minutes



4 Review of CPRD and/or FAAD Asst. Director(s)

30 minutes CPRD and/or FAAD Asst. Director(s)

5 Pays filing fee thru cashier’s or manager’s check at SEC Cashier

Accepts payment assessment form and generates official receipt

5 minutes SEC Cashier Official Receipt

6 Files the application to the Receiving Unit, Corporate Filings and Records Division (CFRD)

After receipt of the application, the same shall be forwarded to the Corporate Filings and Records Division (CFRD) for the verification and production of applicant’s corporate records on file with the Commission. For corporations registered from 1996 onwards

5 – 10 minutes

Support Staff/ CPRD Staff

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Charge Form

whose records are available in the Commission’s data-base, production of documents may take 1 to 2 days. However, for corporations whose records are not available in the database, production of documents may take longer as the same shall be secured from the SEC offsite warehouse. Thereafter, the application with the attached records shall be transmitted to CPRD for the generation of the Certificate of Filing of Amended Articles of Incorporation and/ or By-laws. CRMD Director reviews and approves the application

CRMD Director

Printed license

7 Presents Official Receipt to Re- leasing Unit, CFRD to get the License of Approval of Amendment

Sorts petition and other documentary requirements together with the license

License may be claimed within five (5) days from filing of application. However, for corporate records not available in the database, the release of the Certificate of Filing may vary

Support Staff/CPRD Staff

Signed license

End Transaction

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Satellite Office: Processing of Applications of Foreign Corporations

Step Client Service Provider Duration Person in Charge Form 1 Applicant presents

ALL accomplished documentary requirements for pre- processing at the Satellite Office

Assigns the application to processor

5 minutes Support Staff FIA Form 103 – SBO FIA Form 104 – SRO FIA Form 108 - NBO/NRO RHQ ROHQ

2 Applicant waits to be called by the Specialist

Specialist pre-processes/ evaluates the application

30 minutes Securities Specialist

All documentary requirements

3 Specialist issues Payment Assessment Form (PAF)



4 Applicant pays license fees to cashier and files application with Receiving Unit, Corporate Filing and Records Division

Cashier CFRD Support Staff

5 Upon receipt of application from the CFRD, CPRD Support prepares the License, and the Securities Specialist prepares the Checklist of Requirements , which contains the financial report for SBO (Checklist)


License Checklist

6 FAAD and/or CPRD Assistant Director(s) evaluates/ reviews the License and other attached documentary requirements and initials the same.

1 hour FAAD and/or CPRD Assistant Director(s)

License Checklist

7 CRMD Director reviews/signs the License.

30 minutes CRMD Director License

8 Applicant claims the License from CFRD (Official Receipt must be presented)

CFRD Support Staff

License

End Transaction

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Greenlane Unit: Registration of Stock and Non-Stock, Non-Profit Corporations and Partnerships


Charge Form

1 Presents application and supporting documents

1. Receives, encodes and assigns application to processor for pre- processing based on a first-come, first served basis in accordance with the number queuing. Signs the request form/ transaction slip with the name of the assigned processor and gives back to applicant. How- ever, in case the name reservation notice is expired, applicant is advised to proceed to the Name Verification Unit for extension of name. If the documents are not arranged in proper sequence, applicant is advised to arrange in the proper order.

2. Evaluates/ pre-processes application and supporting documents

a) If

application and supporting documents are incomplete, the processor returns

5 minutes per application

5-15 minutes for pro-forma Al-BL: 20-30 minutes for complex Al-

BL

Officer of the day Processor

Articles of Incorporation and By-Laws (stock and non-stock corporation) Articles of Partnership

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Charge Form

them to applicant with list of deficiencies and requirements not complied with.

b) If application and supporting documents are complete, processor endorses the same to the Officer-in-Charge or Assigned Reviewer

3. Review

applications

c) Stamps OK for PAF (Payment Assessment Form) the coversheet of the application if the same is compliant

d) If deficient, returns to processor or directly advises the client, with checklist of the deficiencies.

2) Prepares Payment Assessment Form (PAF)

3) Initials the PAF

and calls the name of the corporation to instruct the representative

5-10 minutes for pro-forma Al-BL; 30-40 minutes for complex Al-

BL

Officer-in-Charge (OIC) or Securities Specialist Officer of the day Processor, Securities Specialist or OIC

Cover sheet of the Al-BL duly initiated by the OIC or Securities Specialist to show that it has been reviewed and cleared for issuance of the PAF

of 110




Charge Form

to pay at the Cashier and proceed to the receiving section after payment

PAF PAF duly initialed by the processor, Securities Specialist or OIC

2 Presents the PAF and pays at the Cashier

Receives payment and issues OR

Varies Cashier PAF/OR

3 6.a) Receives the paid applications, performs tellering by inputting the Reservation Reference Number (RRN) in the i-Register system to generate SEC Registration Number and BIR Tax Identification Number (TIN) b) Inputs Corporate Name and SEC Reg. No. in the Masterlist and prints Certificate of Incorporation via SEC i-register 7. Certificates of Incorporation and applications forwarded to the Office of the CRMD Director for review and approval a) Reviews and signs Certificates of Incorporation and URR transmittal letters b) Returns to the processor or OIC of the GLU in case of deficiencies 8.a) Generates Employer’s Registration Numbers (ERNs) from the three (3) social agencies (i.e., SSS, Pag-IBIG and PhilHealth) and print

a) and b) 5 minutes per application

30 minutes per application a) and b) 1 minute per

Support Staff CRMD Director Support Staff

Certificate of Incorporation with SEC Reg. No. and TIN of Registration Certificates of Incorporation duly signed by the CRMD Director Unified Registration Records (URRs)

of 110




Charge Form

Unified Registration Records (URRs) through the Integrated Business Registration System (IBRS) and print-out pro forma transmittal letters b) Encodes work assignment status via SEC-iRegister 9. Records and forwards Certificates of Incorporation and applications to the Releasing Unit, Corporate Filing and Records Division (CFRD) 10.Document Identification (Doc ID) of the approved certificates of incorporation and applications

application 10 seconds per application 30 seconds per application

Executive Assistant or Clerk assigned at the Office of the Director

bearing the Employer’s Registration Numbers (ERNs) issued by the SSS, Pag-IBIG and PhilHealth and URR Transmittal Letters Approved applications sorted by batch to be forwarded to the Microfilm Unit of the Commission

End Transaction

of 110



Application for Amendment of Stock and Non-Stock Domestic Corporations


Charge Form

1 Prepares Directors’ or Trustees’ Certificate and Amended Articles of Incorporation and/ or Amended By-laws



Checks compliance with reportorial requirements; Checks for any double submission of the General Information Sheet; and Determines existence of intra- corporate disputes as provided under the “Guidelines on Double Submission of GIS. Note: For Financing and Lending companies, issuers of proprietary or non-proprietary membership (i.e. golf clubs) listed and public companies and foundations, monitoring shall be with the Corporate Governance and Finance Department (CGFD) For capital market participants such as brokers, dealers and investment



Payment Assessment Form/Monitoring Sheet

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Charge Form

houses, monitoring is with the Markets Securities and Regulation Department (MSRD)

3 Submits the (i) Directors’/ Trustees’ Certificate; (ii) Amended Articles of Incorporation and/or Amended By-laws; and the (iii) Monitoring Clearance for pre-processing

Checks documents if compliant with the provisions of the Corporation Code of the Philippines and other existing laws. If complete, advises registrant to pay filing fee. If not, advises applicant to comply with requirements.

15-30 minutes







After receipt of the application, the same shall be forwarded to the Corporate Filings and Records Division (CFRD) for the verification and production of applicant’s corporate records on file with the Commission. For corporations registered from 1996 onwards whose records are available in the Commission’s database, production of documents may take 1 to 2 days. How- ever, for corporations whose records are not available in the database, production of documents may take longer as the same shall be secured from the SEC

5-10 minutes Support Staff/ CPRD Staff

of 110




Charge Form

offsite warehouse. 6 Thereafter, the

application with the attached records shall be transmitted to CPRD for the generation of the Certificate of Filing of Amended Articles of Incorporation and/or By-Laws

Printed Certificate of Filing of Amended Articles of Incorporation and/or By-Laws

7 Assistant Director will review the application

20-30 minutes

Asst. Director Printed Certificate of Filing of Amended Articles of Incorporation and/or By-Laws

8 CRMD Director signs the Certificate

CRMD Director Printed Certificate of Filing of Amended Articles of Incorporation and/or By-Laws

9 Sorts articles of incorporation an/or by-laws with Certificate of Filing of Amended Articles of Incorporation and/or Certificate of Filing of Amended By-laws for release to applicant

Certificates may be claimed within five (5) days from filing of application from the Releasing Unit. However, for corporate records not available in the database, the release of the Certificate of Filing may vary.

Support Staff/ CFRD Staff

Signed Certificate of Filing of the Amended Articles of Incorporation and/or By-Laws

End Transaction

of 110



Application for Amendment of Partnerships


Charge Form

1 Prepares the Amended Article of Partnership


2 Submits the Amended Articles of Partnership for pre-processing.

Checks the documents if complaint with the Civil Code provisions on partnership and other existing laws. If complete, advises registrant to pay filing fee. If not, advises applicant to comply with requirements.


3 Pays filing fee thru cashier’s or manager’s check SEC Cashier


1 minute SEC Cashier Payment Assessment Form/Official Receipt

4 Files the application to Receiving Unit, Corporate Filings and Records Division (CFRD)

After receipt of the application by CFRD, the records on file shall be attached and transmitted to CPRD for the generation of the Certificate of Recording of Amended Articles of Partnership.

10-15 minutes

CPRD Staff Printed Certificate of Recording of Amended Articles of Partnership

5 Asst. Director will review the application

5-15 minutes Assistant Director

Certificate of Recording of Amended Articles of Partnership.

6 CRMD Directors signs the Certificate

5-15 minutes CRMD Director Certificate of Recording of Amended Articles of Partnership.

7 Presents Official Receipt to Releasing Unit, CFRD to get the Certificate of Recording of Amended Articles of Partnership.

Sorts articles of partnership with Certificate of Recording of the Amended Articles of Partnership for release to applicant

Certificate may be claimed within 2 days from the filing of application with the Receiving Unit

CFRD Staff Signed Certificate if Recording of Amended Articles of Partnership.

End Transaction

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Conversion of Branch Office to Representative Office (Vice Versa), Regional Area Headquarters (RHQ) to Regional Operating Headquarters (ROHQ) (Vice Versa), Change/Substitution of Resident Agent, Withdrawal of License and other Amendments of Foreign Corporations


Charge Form

1 Prepares Petition for conversion/ withdrawal of license and other documentary requirements

As stated in the basic requirements for conversion/withdrawal


Checks compliance with reportorial requirements



Payment Assessment Form/Monitoring Sheet

3 Submits the Petition got conversion/ withdrawal of license, Monitoring Clearance and other documentary requirements

Checks documents if compliant with the provisions of the Corporation Code of the Philippines and other existing laws. If complete, advises applicant to comply with requirements.

15-30 minutes



4 Review of CPRD and/or FAAD Asst. Director(s)

30 minutes CPRD and/or FAAD Asst. Director(s)





After receipt of the application, the same shall be forwarded to the Corporate Filings and Records Division (CFRD) for the verification and production of applicant’s corporate records on file with the Commission. For corporations registered from 1996 onwards whose records are available in the Commission’s database, production of

12.0 Annexes

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Charge Form

documents may take 1 to 2 days. However, for corporations whose records are not available in the database, production of documents may take longer as the same shall be secured from the SEC offsite warehouse. Thereafter, the application with the attached records shall be transmitted to CPRD for the generation of the Certificate of Filing of Amended Articles of Incorporation and/or By-laws. CRMD Director reviews and approves the application

10-15 minutes

CRMD Director

Printed License

7 Presents Official Receipt to Releasing Unit, CFRD to get the License of Approval of Amendment

Sorts petition and other documentary requirements together with license

License may be claimed within five (5) days from filing of application. However, for corporate records not available in the database, the release of the Certificate of Filing may vary.

Support Staff/ CFRD Staff

Signed License

End Transaction

of 110



Application of Foreign Corporations

Step Client Service Provider Duration Person in Charge Form 1 Applicant presents

ALL accomplished documentary requirements for pre-processing at the Satellite Office

Assigns the application to processor

5 minutes Support Staff FIA Form 103-SBO FIA Form 104-SRO FIA Form 108-NBO/ NRO RHQ ROHQ

2 Applicant waits to

be called by the

Specialist

Specialist pre-processes/ evaluates the application Specialist issues Payment Assessment Form (PAF)

30 minutes 5 minutes

Specialist Securities Securities Specialist

All documentary requirements Payment Assessment Form

3 ROHQ

4 Applicant pays

license fees at the

Cashier and files

application to

Receiving Unit,

Corporate Filing

and Records

Division (CFRD)

Cashier CFRD Support Staff

5 Upon receipt of application from the CFRD, CPRD Support prepares the License, and the Securities Specialist prepares the Checklist of Requirements, which contains the financial report for SBO (Checklist)


License Checklist

6 FAAD and/or CPRD Assistant Director(s) evaluates/reviews the License and other attached documentary requirements and initials the same.

1 hour FAAD and/or CPRD Assistant Director(s)

License Checklist

7 CRMD Director reviews/signs the License

30 minutes CRMD Director License

8 Applicant claims the License from CFRD (Official Receipt must be presented)

CFRD Support Staff

License

End Transaction

of 110



Processing Services for Voting Trust Agreements


Charge Form

1 Prepares Voting Trust Agreements

As stated in the basic requirements

2 Submits the Voting Trust Agreements for pre-processing.

Checks the documents if compliant with the Civil Code provisions on partnership and other existing laws. If complete, advises registrant to pay filing fee. If not, advises applicant to comply with requirements.


3 Pays filing fee thru cashier’s or manager’s check SEC Cashier


1 minute SEC Cashier Payment Assessment Form/Official Receipt

4 Files the application to Receiving Unit, Corporate Filings and Records Division (CFRD)

All receipt of the application by CFRD, the records on files shall be attached and transmitted to CPRD for the generation of the Certificate of Recording of the Voting Trust Agreements

10-15 minutes

CPRD Staff Printed Certificate of Recording of Voting Trust Agreements

5 The Assistant Director will review the application and forward it to the CRMD Director for approval.

15-30 minutes

Asst. Director Printed Certificate of Recording of Voting Trust Agreements and the Voting Trust Agreements

6 Presents Official Receipt to Releasing Unit, CFRD to get the Certificate of Recording of Voting Trust Agreements

Sorts Voting Trust Agreements with Certificate of Recoding of Voting Trust Agreements for release to applicant

Certificate may be claimed within 2 days from the filing of application with the Releasing Unit

CFRD Staff Signed Certificate of Recording of Voting Trust Agreements

End Transaction

of 110



Actions (Two [2] Party Complaints/Petitions)


Charge Form

1 Presents complaint/ petition

Receives complaint/ petition for evaluation

5 minutes

Support staff

Verified Complaint/ Petition and supporting documents

2 Assignment for pre-processing

1 minute

CFRD Officer-in-Charge

3 Pre-processing of the complaint/ petition/ evaluation of the formal requirements

If the complaint/petition is complete and sufficient in form, the petition is forwarded to the Office of the Director for the issuance of the Payment Assessment Form (PAF) and instructs the client to pay the Docket Fee

If he complaint/ petition is incomplete and insufficient in form, the complaint/ petition is return to the applicant with a list of requirements not complied with

1 hour

5 minutes 5 minutes

Securities Counsel of the CRMD Executive Assistant Executive Assistant

Payment Assessment Form Payment Assessment Form

4 Proceed to the Cashier for the payment of the Docket Fee

Receives payment and issues Official Receipt

15 minutes Cashier Official Receipt (OR)

5 Proceeds to the Receives the

15 minutes CRMD

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Charge Form

CRMD Receiving Unit

complaint/ petition and the supporting documents to be forwarded to the Office of the Di- rector for assignment to Securities Counsel of the CRMD

Receiving Unit

6 Complaint/ petition on officially filed with the CRMD Compliant/ petition is assigned a docket number or case number Assignment of the complaint/ petition to a Hearing Officer (Securities Counsel of the CRMD)


Executive Assistant Director

7 Summons to the respondent shall be issued ordering respondent to file answer within fifteen (15) days from service of summons (SEC Rules of Procedure, Rule 4-1)

If the respondent fails to answer the complaint/ petition within the days prescribed in default (SEC Rules of Procedures, Rule 3-12)

The complainant may file a reply (SEC Rules of Procedure, Rule 3-13)*

A rejoinder may be submitted (SEC Rules of Procedure, Rule 3-13)*

* The filing of a reply

Within Ten (10) days from the date of the filing of the complaint/ petition Within ten (10) days from service of the answer Within five (5) days from receipt of the reply

Securities Counsel

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Charge Form

and rejoinder may be disallowed (SEC Rules of Procedure, Rule 3-12)

8 The case shall be set for conference (SEC Rules of Procedure, Rule 5-1)

Within ten (10) days after the last pleading has been filed, or upon the expiration of the period within which to file the reply or rejoinder

Securities Counsel

9 Decision rendered/ Order issued (SEC Rules of Procedure, Rule 6-1)

Within thirty (30) days from submission for resolution

Securities Counsel

10 Finality of the Decision (SEC Rules of Procedure, Rule 6-1) The Decision shall be entered in the Book of Entry of Judgments (SEC Rules of Procedure, Rule 6-2)

Within fifteen (15) days from notice of the decision

Executive Assistant

End Transaction

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Petition for Correction


Charge Form

1 Presents petition Receives petition for evaluation

5 minutes Support Staff Verified petition and supporting documents

2 Assignment for pre-processing

1 minute

CFRD Officer-in-Charge Securities

3 Pre-processing of the petition/ evaluation of the formal requirements If the petition

is complete and sufficient in form, the petition is forwarded to the Office of the Director for the issuance of the Payment Assessment Form (PAF) and instructs the client to pay the Docket Fee

1 hour 5 minutes

Securities Counsel of the CRMD Executive Assistant

Payment Assessment Form (PAF)

4 Proceeds to the Cashier for the payment of the Docket Fee

Receives payment and issues Official Receipt

15 minutes Cashier Official Receipt (OR)

5 Proceeds to the CRMD Receiving Unit

Receives the petition and the supporting documents to be forwarded to the Office of the Director for assignment to Securities Counsel of the CRMD

15 minutes CRMD Receiving Unit

6 Petition officially filed with the CRMD Petition is assigned a docket number or case number Assignment of the petition to a Hearing Officer (Securities Counsel of the CRMD)


Executive Assistant Director

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Charge Form

7 Order Issued (SEC Rules of Procedures, Rule 6-1)

Within thirty(30) days for submission for resolution

Securities Counsel

8 Finality of the Decision (SEC Rules of Procedure, Rule 6-2) The Decision shall be entered in the Book of Entry of Judgements (SEC Rules of Procedure, Rule 6-2)

Within fifteen (15) days from notice of the decision

Executive Assistant

End Transaction

of 110



Application for Licensing of Financing Companies Head Office/Branch Office (Including replacement of Certificate of Authority due to amendment of corporate name and/or principal office address)


Charge Form

1 Presents documents for evaluation/ processing

Checks completeness of the documents and takes the application to the Assistant Director (AD)/Officer-in-Charge (OIC) for assignment

5 minutes Officer of the Day

Articles of Incorporation and By-Laws

Cover Sheet Application Form Company’s

Information Sheet Personal

Information Sheet of Directors and Officers

2 Assigns the application to a Specialist

1 minute AD/OIC

3 Records assignment

1 minute Clerk

4 Waits to be called by the Specialist

Processes/ evaluates the application (In case of deficiency, the applicant is given a checklist citing the deficiency; application is returned to the applicant for compliance)

1 hour Specialist

5 Prepares the Memorandum for the Commission En Banc

1 hour Specialist

6 Reviews the application and the Memorandum (In case of any finding, the license and application are returned to the processor for appropriate action)

1 hour AD/OIC

7 Reviews the approves the Memorandum and the issuance of Payment Assessment Form (PAF)

30 minutes Director

of 110




Charge Form

8 Pays the assessed fees

Issues the PAF 5 minutes Specialist

9 Upon receipt of application documents from the CRMD-CFRD, re-evaluates the application and finalizes the Memorandum (In case of deficiency, the applicant is immediately informed)

10 Reviews and initials the Memorandum (In case of any finding, the license and application are returned to the processor for appropriate action)

15 minutes AD/OIC

11 Reviews, signs and forwards the Memorandum to the En Banc, through the Supervising Commissioner (In case of any finding, the license and application are returned to Licensing Unit for appropriate action)

15 minutes Director

12 Deliberates on/ approves the application (In case of any finding, the Memorandum and application is returned to CRMD for appropriate action)

30 minutes Commission En Banc

13 Upon receipt of 5 minutes Specialist

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Charge Form

the approved application from the En Banc, prepares the Certificate of Authority

14 Reviews and initials the Certificate of Authority (In case of any finding, the license and application are returned to the processor for appropriate action)

10 minutes AD/OIC

15 Claims the Certificate of Authority

Reviews and signs the Certificate of Authority (In case of any finding, the license and application are returned to Licensing Unit for appropriate action)

10 minutes Director

End Transaction

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Application for Licensing of Lending Companies Head Office/Branch Office (Including replacement of Certificate of Authority due to amendment of corporate name and/or principal office address)


Charge Form

1 Presents all documentary requirements for pre-processing/ evaluation

Checks completeness of the documents and takes the application to the Assistant Director (AD)/Officer-in-Charge (OIC) for assignment


Registration documents (i.e., Articles and By-Laws, Treasurer’s Affidavit, Undertaking to Change Name)

Cover Sheet

Application Form Information Sheet

2 Assigns the

application to a Specialist

1 minute AD/OIC


1 minute Clerk


Processes/evaluates

the application (In

case of deficiency,

the applicant is

given a checklist

citing the defi-

ciency; application

is returned to the

applicant for

compliance)

30 minutes Specialist

5 Reviews the application and approves issuance of Payment Assessment Form (PAF) (In case of any finding, the license and application are returned to the processor for appropriate action)

30 minutes AD/OIC


Issued the PAF 5 minutes Specialist

7 Upon receipt of application documents from the CRMD-CFRD, re-evaluates the application and prepares the Certificate of Authority

10 minutes AD/OIC

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Charge Form

(In case of deficiency, the applicant is immediately informed)

8 Reviews and initials the Certificate of Authority (In case of any finding, the license and application are returned to the processor for appropriate action)

10 minutes AD/OIC


Reviews and signs the Certificate of Authority (In case of any finding, the license and application are returned to Licensing Unit for appropriate action)

10 minutes Director

End Transaction

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Application for Registration of Capital Market Institutions Investment Houses/Underwriter of Securities/Broker Dealer/Broker Only/Dealer Only/Investment Company Advisers/Transfer Agents/Mutual Fund Distributors (Including amendments)


Charge Form

1 Presents documents for evaluation/ processing

Checks completeness of the documents and takes the application to the Assistant Director (AD)/ Officer-in-Charge (OIC) for assignment


SEC Form MFD SEC Form 28-BD SEC Form 36-TA SEC Form ICA-IA SEC Form IH-BO

2 Assigns the application to a Counsel

1 minute AD/OIC


1 minute Clerk


Evaluates the application (In case of deficiency, the applicant is given a checklist citing the deficiency; application is returned to the applicant for compliance)

2 hours Counsel/ Specialist

5 Prepares the Memorandum for the Commission En Banc

1 hour Counsel/ Specialist

6 Reviews the application and the Memorandum (In case of any finding, the license and application are returned to the processor for appropriate action)

2 hours AD/OIC

7 Reviews and approves the Memorandum and the issuance of Payment Assessment Forum (PAF) (In case of any finding, the license and application are

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Charge Form

returned to Licensing Unit for appropriate action)


Issues the PAF 5 minutes Counsel/ Specialist

9 Upon receipt of application documents for the CRMD-CFRD, re-evaluates the application and finalizes the Memorandum (In case of deficiency, the applicant is immediately informed)

1 hour Counsel/ Specialist

10 Reviews and initials the Memorandum (In case of any finding, the license and application are returned to the processor for appropriate action

1 hour AC/OIC

11 Reviews, signs and forwards the Memorandum to the En Banc, through the Supervising Commissioner (In case of any finding, the license and application are returned to Licensing Unit for appropriate action)

30 minutes Director

12 Deliberates on/approves the application (In case of any finding, the Memorandum and application is returned to CRMD-LU for appropriate action)


13 Upon receipt of the approved application from the En Banc, prepares the Certificate of Registration

5 minutes Counsel/ Specialist

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Charge Form

14 Reviews and initials the Certificate of Registration (In case of any finding, the license and application are returned to the processor for appropriate action

30 minutes AD/OIC

15 Claims the Certificate of Registration

Reviews and signs the Certificate of Registration (In case of any finding, the license and application are returned to Licensing Unit for appropriate action)

30 minutes Director

End Transaction

Application for Registration of Capital Market Professionals Associated Persons/Compliance Officers/Salesmen/Certified Investment Solicitors (Including replacement of Certificate of Registration due to amendment of corporate name of institution)


Charge Form

1 Present documents for evaluation/ processing

Checks completeness of the documents and takes the application to the Assistant Director (AD)/Officer-in- Charge (OIC) for assignment


SEC Form 28-S

SEC Form 28-AP

SEC

Form

IHU/

GSED-

CO-AP SEC Form ICA-

CO

SEC Form ICA-

CIS

2 Assigns the application to a Specialist

1 minute AD/OIC


1 minute Clerk


Evaluates application (In case of deficiency, the applicant is given a checklist citing the deficiency; application is returned to the applicant for

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Charge Form

compliance)

5 Reviews the application and approves issuance of Payment Assessment Form (PAF) (In case of any finding, the license and application are returned to the processor for appropriate action)

15 minutes AD/OIC


Issues the PAF 5 minutes Specialist

7 Upon receipt of application documents from the CRMD-CFRD, re-evaluates the application and prepares the Certificate of Authority (In case of deficiency, the applicant is immediately informed)

5 minutes Specialist

8 Reviews and initials the Certificate of Authority (In case of deficiency, the applicant is immediately informed)

10 minutes AD/OIC


Review and signs the Certificate of Authority (In case of any finding, the license and application are returned to Licensing Unit for appropriate action)

10 minutes Director

End Transaction

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Request for Regular Monitoring of Domestic Corporations (Ordinary Stock and Non-Stock)


Charge Form

1 Provides request form with checklist


Request Form with Checklist

2 Submits filled-up “Request for Monitoring and the required documents.

Pre-evaluates required documents a) If documents

are not complete, the same are returned together with the checklist of the requirements;

b) If documents are complete the request is accepted and issues an acknowledgement receipt with date of return indicated therein.


Request Form with Checklist and required documents.

3 Prints system generated Document Index List (DIL).

5 minutes Support Staff Document Index List

4 Assigns DIL with attached documents to a particular monitor/ analyst.

2 mins. Support Staff

5 Determines compliance, deficiencies and violations, and prepares the Monitoring Sheet (MS).

30-45 minutes on average

Monitor Monitoring Sheet

6 Returns on assigned day, and if is agreeable to the findings presented, signs the MS.

Presents the findings to the applicant. If there are no deficiencies, the MS prepared by the Monitor will indicate such finding and will be directly submitted to the Assistant

15 minutes Monitor

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Charge Form

Director/Officer- in-charge for review and signing. Note: If applicable, clarifications and further compliance may be required by the monitor prior to the release of the MS.

7 Prepares and issues the Payment Assessment Form (PAF).

5 minutes Monitor Payment Assessment Form

8 Pays the assessed fines Note: Applicant with request for reduction or payment in installment of fines, the procedure for reduction of fines or payment in installment will be followed.

Applicant

9 Presents machine- validated PAF

Receives the PAF together with the other documents and indicates date of the release of the Confirmation of the Payment of Fines (COP)


10 Prepares the COP 5 mins. Support Staff 11 Review and signs

the COP or MS, if without penalty. If upon review, there are determined deficiencies/ corrections, it will be returned to the applicant until the same has been complied with.

10 mins. Assistant Director/ Officer-in-Charge

Confirmation of Payment of Fines

12 Returns on assigned day

Releases the COP and MS


End Transaction

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Request for Regular Monitoring of Foreign Corporations (Branch Offices, Representative Offices , Regional Area Headquarters and Regional Operating Headquarters)


Charge Form

1 Provides request form with checklist


Request form with checklist

2 Presents filled- up “Request for Monitoring” and required documents

Pre-evaluates required documents. a. If documents

are not complete, the same are returned with the checklist of the requirements

b. If documents are complete “Officer of the Day” accepts the request for monitoring.

10 mins. Officer of the Day

3 Print system generated Document Index List (DIL).

5 mins. Support Staff Document Index List

4 Determines compliance, deficiencies and violations, and prepares the Monitoring Sheet (MS). (Including compliance with Securities Deposit* and Inward Remittance in case of branch offices, and Regional Operating Headquarters (ROHQ) and Regional headquarters (RHQ), respectively)

30-45 mins. Monitor Monitoring Sheet

5 Reviews finding of the Monitor.

15 mins. Specialist/ Counsel

6 Presents the findings of the applicant. Note: If there are no deficiencies, the MS indicating such finding will be directly submitted to the Assistant

10 mins. Monitor

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Charge Form

Director/Officer- in-Charge for review and signing.

7 Prepares the Payment Assessment Form (PAF).

5 mins. Monitor Payment Assessment Form

8 Pays assessed fines

Applicant

9 Presents the PAF with cashier’s validation

Receives the PAF together with the other documents and indicates date of the release of the Confirmation of Payment of Fines (COP)


10 Prepares the

Confirmation of Payment of Fines (COP)

5 mins. Monitor Confirmation of Payment of Fines

11 Reviews and signs the COP or MS, if without penalty If upon review, there are determined deficiencies/ corrections, it will be returned to the applicant until the same has been complied with.

10 mins. Assistant Director/ Officer-in- Charge

12 Returned on assigned day

Release the COP and MS. Note: In case of Securities Deposit, the Certificate of the deposit of securities (initial, substitution and additional) is issued to the foreign corporation upon compliance.


End Transaction

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Process Compliance with Securities Deposit


Charge Form

1 Submits the documentary requirements

Checks the completeness of requirements. (If documents are incomplete or non-compliant, the same are returned with the checklist of the requirements)

10 mins. Monitor

2 Steps 3 to 6 of the monitoring of Foreign Corporations will be allowed.

3 Computes for the required securities deposit based on its latest due AFS Note: a) in case of foreign airline companies the Corporation must submit a Modified Formula Computation for the computation of the required securities deposit (Sec. 5, Memorandum Circular #2, series of 2012); b)Computation is done simultaneously with the monitoring of the Foreign branch office.

15 mins. Monitor

4 Prepares and issues the Payment Assessment Form

5 mins. Monitor

5 Pays custodian/ monitoring fee

Applicant

6 Prepares report of the securities deposit

10 mins. Monitor

7 Reviews the report of the securities deposit


8 Prepares and generates Certificate of Securities Deposit

5 mins. Monitor

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Charge Form

9 Reviews the generated Certificate of Securities Deposit


10 Transmits the Certificate of Securities of Deposit to the Office of the Director for signing


End Transaction

Petition to Lift Order of Revocation/Suspension


Charge Form

1 Presents the request form and documentary requirements

Checks the completeness of requirements. If documents are incomplete or non-compliant, the same are returned with the checklist of the requirements.

10 mins. Monitor Request form with Checklist and documentary requirements

2 Assigns the Petition.


3 Steps 5 to 7 of the regular monitoring will be followed

4 Pays the Petition Fee and Legal Research Fee together with the fines/penalties imposed thereon Note: Applicant with request for reduction or payment in installment of fines, the procedure for reduction of fines or payment in installment will be followed.

Applicant

5 Dockets the Case 2 mins. Staff 6 Reviews the

Petition to lift Order of Revocation and the


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Charge Form

attachments 7 Prepares the draft

Order setting aside the Order of Revocation or Suspension Note: if applicable, Summons and Clarificatory Conferences may be issued/ held at any time and the process will be held in abeyance until after the issues have been settled or complied with.


8 Reviews the draft Order


Draft Order

9 Reviews and approves the draft order

5 mins. CRMD Director

10 Prepares the final Order


11 Routes the Order to the Commission En Banc for signing.

5 mins. CRMD Director Final Order

12 The Chairperson and Commissioners sign the Order

varies Commission En Banc

13 Receives the Order 2 mins. Support Staff 14 Prepares the

transmits letter 5 mins. Specialist/

Counsel

15 Reviews the transmittal letter


Transmittal letter

16 Signs the transmittal letter


17 Mails the Order 5 mins. Support Staff End Transaction

Request for Payment in Installment or Reduction of Fines

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Charge Form

1 Sends letter requesting for reduction or instalment payment of fines together with the attachments.

Applicant

2 Assigns the letter request.


3 Reviews the request if it will qualify for reduction or installment payment.

15 mins. Assigned Monitor/ Specialist

4 Prepares memorandum to the Commission En Banc. However, corporations with Petition to Lift Order or Revocation/ Suspension and requesting for payment in installment, the memorandum will be addressed to the Supervising Commissioner


5 Reviews and signs the memorandum.


6 Presents the request to the Commission en banc or Supervising Commissioner as the case may be, for approval.

varies En Banc

7 Secures a copy of the resolution.

Varies Support Staff

8 Prepares the draft letter Informing the applicant about the decision of the En banc or Supervising Commissioner.


9 Reviews the draft letter

5 mins. Assistant Director/

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Charge Form

Officer-in-charge

10 Approves and signs the letter


11 Mails the letter 5 mins. Support Staff 12 Pays the reduced

fines or payment of the first installment. Note: Assigned monitor will check monthly compliance of the particular corporation on their staggered payments.

Steps 7 to 11 of the regular monitoring will be followed.

Monitor Applicant

13 Returns on assigned day.

Released the COP Note: A) For corporations with installment, Confirmation of Payment is issued only upon full payment. B) For corporations with petitions to set aside the Order of Revocation or Suspension, the COP and the Order granting the petition shall be withheld until full payment by of the total fines.

14 Reviews and signs the Confirmation of Payment.


15 Releases the Confirmation of Payment


End Transaction

Monitoring of Corporations where there is more than one set of General Information Sheet (GIS) filed with the Commission

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Charge Form

1 Submits request for monitoring

Determines and verifies that there is more than one set of GIS filed with the Commission by two or more different groups. Note: Monitoring will be deferred

15-30 mins. Monitor N/A

2 Assigns the case 5 mins. Assistant Director/ Officer-in-Charge

3 Prepares the Notice for a Clarificatory Conference addressed to the different groups.

10 mins. Assigned Specialist/ Counsel

4 Representatives from the different groups answers or appears on the scheduled conference

5 Determines that there is an existence of an intra-corporate issue, prepares the draft order recommending that the GIS is question be marked as disputed. Note: monitoring shall continue to be deferred until the dispute is resolved by appropriate courts.

6 Reviews the draft order

15-30 mins. on an average

Assistant Director/ Officer-in-Charge

7 Further reviews, approves and/or signs the Order

30-45 mins. on an average but may vary on the complexity of the issue/s

CRMD Director

8 Mails and transmits the Order to the


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Charge Form

parties, Corporate Filing and Records Division and the Electronic Records Division. The same shall be also be entered in the Certification Issuance System – Unified Reference Database

End Transaction

Process Compliance with SEC Memorandum Circular no. 14, series of 2013 (Guidelines

Covering the use of properties that require Ownership Registration as Paid-Up Capital)


Charge Form

1 Presents at the Compliance Monitoring Division (CMD) proof/s of transfer of certificate/s of ownership in the name of the transferee corporation

a) Examines certificate/s or new title/s in the name of the transferee corporation, verifying against the original documents

b) Endorses to the SEC receiving section if the new titles are valid and in accordance with law

Five (5) minutes per certificate or title

Securities Counsel/ Securities Specialist

2 Transferee corporation presents new certificates or titles to the SEC receiving section, with transmittal letter

Receives transmittal letter and the new titles and certificates of ownership and forwards to the CRMD Director.

Receiving Clerk

Transmittal letter for the Certificates or new titles of property in the name of the transferee corporation stamped received by the SEC.

3 Forwards certificates or new

Five (5) minutes

CRMD Director

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Charge Form

titles to CMD for evaluation and confirmation

4 Assigns certificates or new titles to Securities Counsel/ Securities Specialist

One (1) minute


5 Prepares draft letter/s confirming that proof/s of transfer of ownership of the property in the name of the transferee corporation/s is/are compliant with SEC rules and regulations.

Fifteen (15) to sixty (60) minutes or variable depending on the number of titles and volume of supporting documents to be examined


Draft of Confirmation Letter

6 Reviews draft of confirmation letter and if sufficient, forwards to the CRMD Director

Ten (10) to thirty (30) minutes or variable depending on the number of titles and volume of supporting documents

Assistant Di- rector/ Officer-in- Charge

Final Draft of Confirmation Letter

7 Approves and signs confirmation letter

Ten (10) to Twenty (20) minutes depending on the number of titles and volume of supporting documents

Confirmation letter that corporation is compliant with SEC MC No. 14, series of 2013 duly signed by the CRMD Director

End Transaction

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Petition for Cancellation or Substitution of Payment in relation to the use of properties

that require Ownership Registration as Paid-Up Capital (SEC Memorandum Circular no.

14, series of 2013)


Charge Form

1 Presents verified petition for substitution of payment or cancellation of the related application using property as paid-up capital

Examines petition Stamps OK for payment if Petition is sufficient in form and substance

Ten (10) to fifteen (15)

minutes


2 Issues Payment Assessment Form (PAF).

Two (2) minutes per petition

Executive Assis tant or Clerk under the CRMD Director

3 Initials PAF Five (5) seconds

Securities Counsel/ Securities Specialist and Executive Asst. or Clerk

PAF initialed

4 Pays at the Cashier Petition Fee

Issues Official Receipt and machine validates the PAF with the amount paid, date and time of payment

Five (5) seconds

SEC Cashier Official Receipt issued to petitioner- corporation and PAF machine validated

5 Receives Petition and forwards to the CRMD Director

Five (5) minutes

Receiving Clerk

6 Assigns to Securities Counsel/ Securities Specialist for appropriate action

Ten (10) minutes

CRMD Director

7 Reviews the Petition

Twenty minutes or variable, depending on the complexity of the Petition


8 Endorses to Financial Analysis and Audit Division (FAAD), if necessary

Thirty (30) minutes


Memorandum to FAAD

9 Evaluates and Prepares Report on the Petition

One (1) to two (2) hours, or variable

FAAD Financial Specialist

Report Recommending Approval or Denial of the Petition

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Charge Form

10 Prepares draft Order on the Petition based on the merits or if applicable, per the FAAD Report

Two (2) to four (4) hours or variable


Draft Order Approving or Denying the Petition

11 Reviews Draft Order and endorses to the CRMD Director

Thirty (30) minutes


Draft Order granting or denying the Petition, endorsed to the CRMD Director

12 Reviews and approves the Draft Order

Five (5) minutes

CRMD Director

13 Prepares the approved final Order together with the transmittal letter

Five (5) minutes


Final Draft Order granting or denying the Petition

14 Signs and Approves Final Order and Transmittal Letter

Five (5) minutes

CRMD Director Order granting or denying the Petition, duly signed by the CRMD Director

15 Petitioner corporation receives Order*

Release Order Five (5) minutes

Executive Assistant or Clerk under the CRMD Director

Order granting or denying the Petition, duly signed by the CRMD Director and officially received by Petitioner.

End Transaction

Name Verification Services


Charge Form

1 Secures service number from guard and fills up Name Verification Form/Purchase Money Stamp

Provides service number on a first come, first serve basis

1 minute Guard on Duty Name Verification Form

2 Proceeds to waiting area and wait to service number to be called

Inputs proposed company name in the i-register system

10-15 minutes/ company name

Name Verification Order

Name Verification Slip

3 For DTI registered -Presents DTI Certificate of Registration

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Charge Form

-Letter stating the entity intended to convert to a corporation signed by DTI registrant For cancelled DTI Registration -Present Certificate of Cancellation from DTI

4 Purchases money stamp

If proposed company name is allowed by the system issues Reservation Confirmation Form

5 minutes Name Verification Officer

5 Files letter appeal with print out of the denied name at the Central Receiving Unit

If the proposed name is disallowed and applicant intends to appeal CRU transmits letter appeal to CFRD

10 minutes Records Assistant

6 Decides letter of appeal. Endorses the approved name to Name Verification Officer

5 minutes Assistant Director

7 Issues Reservation Payment Confirmation


8 Applicant revoked/ dissolve corporation to file Letter Appeal address to SEC En Banc at the Central Receiving Unit (CRU), with Attached 1) Board

Resolution/ Sec. Cert. stating that applicant intends to use the name

2) Latest General Information Sheet

3) Affidavit of no-antra corporate

For Revoked/ Dissolved Corporations CRU transmits letter appeal to CFRD


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Charge Form

dispute, and 4) IF WITH

PROPERTY, attach Affidavit with list of properties; IF NO PROPERTY, attach Affidavit of no property.

9 Prepares Memorandum for approval of the Commission En Banc


10 Commission En Banc approves or denies the use of name


11 If name is approved by the Commission En Banc Issues Reservation Confirmation Form


12 Files letter-appeal at the CRU with attached 1) Board

Resolution/ Sec. Cert. stating that applicant intends to use the name

2) Latest General Information Sheet, Affidavit of no-intra corporate dispute and

3) IF WITH PROPERTY, attach Affidavit with list of properties; IF NO PROPERTY, attach Affidavit of no property

For Expired term (re-incorporation) Receives letter-appeal and Endorses to the Assistant Director

13 Reviews letter appeal and other


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Charge Form

attached documents. Endorses the approved name to Name Verification Officer

14 Issues Reservation Confirmation Form


End Transaction

Issuance of Certificates of No Derogatory Records/Affirmative/Negative


Charge Form

1 Secures service number from guard and fill up Certification Form


1 minute Guard on Duty Certification Form

2 Proceeds to waiting area and wait for service number to be called

Record Assistant

3 For: Affirmative Certification Presents request for certification

Verifies application form and refers applicant to CMD issuance of verification report

10 minutes Monitoring Analyst

4 CMD verifies status and compliance reports of the corporation, Issues verification report


5 Applicant returns to CFRD and presents application form with verification report

Issues Payment Assessment Form


6 Prepares Certification on Corporate Filing/ Information

15 minutes Records Specialist

7 Reviews Certification


8 Signs Certification 5 minutes Assistant Director

9 Presents receipt of payment. Acknowledges receipt of Certification

Releases Certification on Corporate Filing/ Information


End Transaction


Charge Form

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Charge Form

3 For Negative Certification Presents request for certification

Issues Payment Assessment Form


4 Verifies record and Prepares Negative Certification


5 Reviews/Signs Certification


6 Presents receipt of payment, acknowledges receipt of Certification

Corporate Filing/ Information


End Transaction – For Negative Certification


Charge Form

3 For: Certification of No Derogatory Information a) If with

confirma-tion of payment, pays with certification fee

Receives documents/ Endorses to Records Specialist for review Issues Payment Assessment Form

5 minutes

5 minutes

Records Assistant Records Specialist

4 Prepares Certificate of No-Derogatory Record


5 Reviews/Signs Certificate


6 Present OR/ Acknowledgement Receipt of the Certification

Releases Certificate of Non-Derogatory Record


End Transaction


Charge Form

3 b) If no

confirma-

tion of

payment

Pays Certification

Fee. Returns the

documents to

Records

Specialist (then

see steps 4,5 & 6)

Pays penalty and

certification fee

(then see steps 4,

5 & 6)

Applicant corporation shall be monitored a) If no penalty,

Issues Payment Assessment Form (then see steps 4, 5, & 6)

b) If will penalty, Issues Payment Assessment Form for penalty and

15 minutes

5 minutes 5 minutes

Records Specialist Records Specialist Records Specialist

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Charge Form

Payment Assessment Form for certification fee (then see steps 4, 5 & 6)

End Transaction – For Certification of No Derogatory Record

Registration of Stock and Transfer / Membership Book


Charge Form

1 Secures service number from guard

Gives service number on a first come, first serve basis

1 minute Guard on duty

2 Issues Payment Assessment Form Stock

Corporation Non-Stock

Corporation

1-2 minutes Records Assistant

3 Returns registration form and original receipt together with the book for stamping

Stamps and inputs name of corporation, date of approval

2-3 minutes Records Assistant

4 Acknowledges receipt of the stamped STB/ Membership Book

Releases Stock and Transfer/ Membership Book duly stamped by SEC

3 minutes Records Clerk

End Transaction

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Receiving of Applications for New Registration (Domestic/Foreign) / Articles of

Partnership


Charge Form

1 Applicant present documents to the Receiving Officer

Checks Payment Assessment Form, Machine Validation for fees paid. Verifies type of documents filed, completeness of documents and the number of copies submitted

5 minutes Records Officer

2 Stamps the first page of each documents including FIA Application filed with “Received.” Affixes his signature and date. Retains 3 sets of registration documents

1 minute Records Officer

3 Records in the receiving logbook the name of applicant corporation and the type of documents submitted

1 minute Records Assistant

4 Transmits documents for registration and other pertinent documents to CPRD


5 Acknowledges transfer of documents after counter-checking the documents listed in the logbook

5 minutes CPRD Clerk

End Transaction

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Receiving of Applications for Amendment of Articles of Incorporation / By-Laws /

Articles of Partnership/ Articles of Merger and Consolidation


Charge Form

1 Applicant presents documents to the Receiving Officer

Checks Payment Assessment Form, Machine Valida- tion for fees paid. Verifies type of documents filed, completeness of documents and the number of copies submitted

5 minutes Records Officer

2 Stamps the first page of each set of amended documents and the Directors’ Certificate with “Received” Affixes his signature and date. Retains 3 sets of amended documents

1 minute Records Officer

3 Records in the receiving logbook the name of applicant corporation and the type of documents submitted

1 minute Records Assistant

4 Transmits amended documents for retrieval of records

15 minutes Records Assistant 5

5 Acknowledges transfer of documents after counter checking the documents listed in the logbook

minutes Computer Operator

End Transaction

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Releasing of Approved Primary Registration / Amendments / Articles of Merger and

Consolidation


Charge Form

1 Secures service number from guard


1 minute Guard on Duty none

2 Registrant/ Claimant corporation presents Official Receipt and service number to Records Officer

Retrieves from the shelves of sorted documents and affixes SEC dry seal on claimed documents


3 Records claimant’s information in logbook Claimant’s Name, type of document, date approved and OR number

5 minutes Record Assistant

4 Registrant/ Claimant affixes name and other information in the logbook

Stamps “RELEASED” in OR, approval date of document and date of release. Hands over to Claimant document and OR


End Transaction

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Data Entry of Applications for Amendment / Articles of Merger and Consolidation and

Retrieval of Records


Charge Form

1 Receives pre-processed applications for amendment of Articles of Incorporation and By-laws/ Articles of Merger and Consolidation from the CRMD Receiving Unit

2 Checks payment information (Number of documents and documents paid for against amended documents)

5-10 minutes Computer Operator

3 Confirms machine validation for payment of filing fee

4 Enters the following information in SEC I-Register – SEC Reg. No./Name/ Form Type and Amount Paid

5 Writes the system-generated Document ID on the lower portion of the PAF

5 minutes Computer Operator

6 Reproduces document needed in the processing of application for amendments/ merger and consolidation. Transmits to CPRD/FAAD for preparation of Certificate of Incorporation

End Transaction

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Issuance of Authenticated Copies for Government Agencies


Charge Form

1 Government agency sends letter-request

Forwards letter request to Assistant Director

5 minutes Director’s Secretary Executive Assistant

2 Assigns letter request to Records Specialist


3 Endorses to SEC Computer Operator for verification, and printing of records


4 Print requested documents/ records and prepares rubber stamp for signature

15 minutes SEC Computer Operator

5 Reviews and authenticates the requested records


6 Prepares endorsement letter for signature of the Director

5 minutes SEC Clerk

7 Signs the endorsement letter

5 minutes Director

8 Endorsement letter and authenticated copies are forwarded to the government agency


End Transaction

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Amendment of Article VII of Articles of Incorporation and Other Applications


Charge Form

1

Present application and supporting document, together with monitoring clearance, for pre-processing

1) Pre-screens Applications and Assigns the Processor/ Specialist

Note: Documents must be complete in accordance with checklist of requirements herein provided. Otherwise the same shall be rejected. 2) Pre-process

application and supporting documents a) If com-

pliant, the assigned processor prepares final checklist and forwards the same to the Assistant Director for review

b) If non-com-pliant, prepares checklist of deficien-cies

3) Reviews applications and supporting

5 minutes

30 minutes to 1 Hour

3 to 5 Days

Support Staff Specialist Specialist Assistant Director

Transaction Slip (Available at the Guard’s Post)

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Charge Form

Please Proceeds to Step 2 –

1.2.1 Presents application and supporting documents, together without monitoring clearance, for pre-processing

documents 4) Prepares

Payment Assessment Forum (PAF)

1) Pre-screens

Applications and assigns to the Processor/ Specialist

Note: Documents must be complete in accordance with checklist of requirements herein provided. Otherwise the same shall be rejected. 2) Pre-processes

application and supporting documents a) If

compliant, the assigned Processor forwards the application to the Assistant Director

b) If non-compliant, prepares checklist of deficiencies

3) Monitors compliance with reportorial requirements and rules and regulations of SEC a) If

assessed without PENALTY, the

5 minutes

5 minutes 1 hour to 3 hours 1-2 hours

Specialist Support Staff Specialist Specialist


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Charge Form

1.2.2 Pays assessed penalties at the Cashier 1.2.3 Submits the machine-validated PAF and the application documents, if compliant (item 2 of 1.2.1), to the Assigned Processor thru the Counter Officer

assigned Processor towards the application to the Assistant Director provided the application documents are compliant (item no. 2)

b) If assessed with PENALTY, Prepares and issues Payment Assessment Form (PAF)

Processes payment and Issues Official Receipt a. Receives the

PAF and application documents

b. Prepares Confirmation of Payment of Penalties

c. Attaches the same to the application documents

d. Prepares and submits final checklist for review

e. Reviews applications and supporting documents

f. Prepares Payment Assessment Form (PAF)

5 minutes 5 minutes 10 to 15 minutes 1 minute 15 to 20 minutes

Cashier Support Staff Specialist Assistant Director Specialist

2 Pays filing fee at the Cashier

Process payment and Issues Official

5 minutes Cashier

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Charge Form

Receipt 3 Submits the

machine-validated PAF to CRMD Receiving Unit together with the Four (4) sets of application documents

1) Secures and attaches the PAF to the application

2) Stamps receive Four (4) sets the application documents

3) Returns one (1) copy of the application to the client

4) Forwards the application to CFRD

5) Verifies and produces applicant’s record

6) Forwards the application to CPRD for the generation of Certificate

7) Generates Certificate

8) Reviews application

9) Approves and signs application documents and certificate, respectively.

10) Forwards to CRMD Releasing Unit

3 minutes 1 minute 1 minute End of the day 10 to 15 minutes 5 minutes 30 minutes 5 minutes

Support Staff (Receiving Officer) Support Staff (CFRD) Support Staff (CPRD) Assistant Director Director Support Staff (Office of the Director)

4 Presents Official Receipt to CRMD Releasing Unit, to claim the approved Certificate of Increase, Decrease, Amended Articles of Incorporation

Sorts/Releases the Certificate of Increase/Decrease of Authorized Capital Stock and Certificate of Filing of Amended Articles of Incorporation and/ or By-laws with all pertinent documents

5 minutes Support Staff (Releasing)

End Transaction

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Merger/Consolidation


Charge Form

1

Presents application and supporting documents, together with monitoring clearance, for pre-processing

1) Pre-screens Applications and Assigns to FAAD Processor/ Specialist


application and support a) If

complaint, the assigned Processor prepares final checklist to be forwarded to FAAD Assistant Director after compliance with CPRD’s require-ments


3) Forwards to CPRD

4) Assigns application to CPRD Processor/ Specialist

5) Pre-processes

5 minutes

2-3 Hours

5 minutes 5 minutes 30 minutes to 1 hour

Support Staff FAAD Specialist Support Staff Support Staff CPRD Specialist


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Charge Form

-Please Proceed to Step 2

1.2.1 Presents application and supporting documents, together without monitoring clearance, for pre-processing

application and supporting documents

6) Prepares and submits final checklist for review

7) Reviews applications and supporting documents


1) Pre-screens

Applications and Assigns to the Processor/ Specialist


application and supporting documents a) If

compliant, the assigned Processor prepares the final checklist to be forwarded to FAAD Assistant Director after compliance with CPRD’s requiremen

30 minutes 1 to 2 hours

5 minutes

5 minutes 2-3 hours

FAAD Specialist Assistant Director FAAD Specialist Support Staff FAAD Specialist

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Charge Form

ts b) If non-

compliant, prepares checklist of deficiencies

3) Forwards to

CPRD 4) Assigns

application to CPRD Processor Specialist

5) Pre-processes application and supporting documents a) If

compliant, the assigned Processor prepares the final checklist and forwards the same to FAAD

b) If non- compliant, prepares the checklist of deficien-cies

6) Monitoring compliance with reportorial requirements rules and regulations of SEC

a)If assessed without PENALTY, the assigned Processor forwards the application to the Assistant Director provided the application documents are compliant (item no.

5 minutes 5 minutes 30 minutes to 1 hour 1 to 2 hours

Support Staff Support Staff CPRD Specialist FAAD Specialist

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Charge Form

1.2.2 Pays assessed penalties at the Cashier 1.2.3 Submits the machine-validated PAF

2) b) If assessed with PENALTY, prepares and issues Payment Assessment Form (PAF) Processes payment and Issues Official Receipt 1) Receives the

PAF and application documents

2) Prepares Confirmation of Payment of Penalties

3) Attaches the same to the application documents

4) Prepares and submits final checklist for review

5) Reviews applications and supporting documents


5 minutes 5 minutes 10-15 minutes 1 minutes 30 minutes 1 to 2 hours 5 minutes

Cashier Support Staff FAAD Specialist Assistant Director (CPRD) FAAD Specialist


Processes payment and Issues Official Receipt

5 minutes Cashier

3 Submits the machine-validated PAF to CRMD Receiving Unit together with the Four (4) sets of application documents



3) Returns one(1) copy of the application to the client

3 minutes 1 minute 1 minute

Support Staff (Receiving Officer)

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Charge Form


5) Verifies and produces applicant’s record which shall be attached to the application

6) Forwards the application to FAAD for the preparation of Acknow- l edgement Letter

7) Reviews and signs Acknowledge-ment Letter

8) Review application

9) Approves and signs application documents and certificate, respectively.

10) Forwards to CRMD Releasing Unit

End of the day 10 to 15 minutes 5 minutes 30 minutes 5 minutes 30 minutes 10 minutes

Support Staff (CFRD) Support Staff (CPRD) Assistant Director Director Support Staff (Office of the Director)

4 Presents Official Receipt to the Counter Officer

1) Receives official receipts

2) Releases Acknowledgement Receipt

5 minutes 5 minutes

Support Staff (Counter Officer) Support Staff (CPRD)

End Transaction

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Cash or Stock Dividend Declaration


Charge Form

1.1

-Please proceed to

Step 2

1.2.1

Presents application and supporting document, together with monitoring clearance, for pre-processing Present application and

1) Pre-screens Applications and Assigns of the Processor/ Specialist

Note: Documents must be complete in accordance with checklist of requirements herein provided. Otherwise the same shall be rejected 2) Pre-process

application and supporting documents a) If compliant,

the assigned Processor prepares final checklist and forwards the same to the Assistant Director for review



1) Pre-screens

Applications and to the Processor/ Specialist

Note: Documents must be complete in

5 minutes


5 minutes

5 minutes

Support Staff Specialist Specialist Support Staff

Transaction Slip (Available at the Guard’s Post) Transaction Slip (Available at the

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Charge Form

supporting documents, together without monitoring clearance, for pre-processing

accordance with checklist of requirements herein provided. Otherwise the same shall be rejected. 2) Pre-processes

application and supporting documents a) If compliant,

the assigned processor forwards the application to the Assistant Director


3) Monitors

compliance with reportorial requirements and rules and regulations of SEC a) If assessed

without PENALTY, the assigned Processor forwards the application to be the Assistant Director provided the application documents are compliant (item no. 2)

b) If assessed with PENALTY, Prepares and issues Payment Assessment Form (PAF)


1 to 2 hours

1 to 2 hours

FAAD Specialist FAAD Specialist

Guard’s Post)

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Charge Form

1.2.2

Pays assessed penalties at the Cashier

1) Prepares

Confirmation of Payment of Penalties


3) Prepares Payment Assessment Form (PAF) for filing fee, if compliant

4) Returns the document application

5 minutes

5 to 10 minutes

1 minute

15 to 20 minutes

Cashier



5 minutes Cashier

3 Submits the machine-validated PAF (Filing Fee) to CRMD Receiving Unit together with the Four (4) sets of application documents



3) Returns one(1) copy of the application to the client


1 to 3 days

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Charge Form

5) Verifies and produces applicant’s record which shall be attached to the application

6) Forwards the application to FAAD for the preparation of Acknowl- edgement Letter

7) Reviews and signs Acknowledge- ment Letter

4 Presents Official

Receipt to the Counter Officer


2) Releases Acknowledgement Receipt

5 minutes 5 minutes


End Transaction

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Certification of Capital Structure / Percentage of Ownership


Charge Form

1.1

-Please Proceed to

Step 2 1.2.1

Presents application and supporting documents, together with monitoring clearance, for pre- processing Presents application and supporting documents, together without monitoring clearance, for pre-processing

1) Pre-screens Applications and Assigns to the Processor / Specialist

2) Pre-processes application and supporting documents a) If

compliant, the assigned Processor prepares the final checklist and forwards the same to the Assistant Director for review

b) If non-compliant, prepares check-list of deficiencies


1) Pre-screen

Applications and Assigns of to the Processor/ Specialist

Note: Documents must be complete in accordance with checklist of requirements herein provided. Otherwise the same shall be

5 minutes


5 minutes

5 minutes

Support Staff Specialist Specialist Support Staff


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Charge Form

rejected. 2) Pre-processes

application and support documents

a) If compliant, the assigned Processor forwards the application to the Assistant Director


3) Monitoring compliance with reportorial requirements and rules and regulations of SEC a) If assessed

without PENALTY, the assigned Processor forwards the application to the Assistant Director provided the application documents are compliant (item no. 2)

b) If assessed with PENALTY, Prepares and issues Payment Assessment


3 to 4 hours

Specialist Specialist

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Charge Form

1.2.2

1.2.3

Pays assessed penalties at the Cashier Submits the machine-validated PAF and the application documents, if compliant (item 2 to 1.2.1), to the Assigned Processor

Form (PAF) Processes payment and Issues Official Receipt 1) Prepares

Confirmation of Payment of Penalties


3) Prepares Payment Assessment Form (PAF) for filing fee

5 minutes 5 to 10 minutes 1 minute 15 to 20 minutes

Cashier



5 minutes Cashier

3 Submits the machine-validated PAF to CRMD Receiving Unit together with the application documents, if compliant (item 2 of 1.2.1), to the Assigned Processor thru the Counter Officer


2) Prepares final checklist, retrieves records and generate certification

3) Reviews application

4) Approves and signs certification

1 to 2 days

4 Presents Official Receipt to the Counter Officer


2) Releases Certification

5 minutes 5 minutes


End Transaction

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11.6 TOOLS

Control of Documented Information

Documented information required by the QMS shall be controlled to ensure its availability

and suitability for use, and its protection from loss of confidentiality, improper use or loss of

integrity. Documented information of external origin determined by the organization to be

necessary for the planning and operation of the QMS shall be identified as appropriate, and

be controlled. Documented information retained as evidence of conformity shall be protected

from unintended alterations.

Internal Audit

The SEC shall conduct internal audits at planned intervals to provide information the QMS’

conformity to the organization’s own requirements for its QMS and the ISO requirements.

The SEC shall establish an audit programme; define the audit criteria and scope for each

audit; select auditors and conduct audits to ensure objectivity and the impartiality of the audit

process; ensure that the results of the audits are reported to relevant management; and,

take appropriate correction and corrective actions without undue delay. The SEC shall

retain documented information as evidence of the implementation of the audit programme

and the audit results.

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Control of Non-Conforming Outputs

SEC shall ensure that outputs that do not conform to their requirements are identified and

controlled to prevented unintended use of delivery. It shall take appropriate action based on

the nature of the nonconformity and its effect on the conformity of products and services.

This shall also apply to nonconforming products and services detected after delivery of

products, during or after the provision of services. The SEC shall deal with the

nonconforming outputs through correction; segregation; informing the customer; and/or

obtaining authorization for acceptance under concession. It shall retain documented

information that describes the nonconformity; the actions taken; any concessions obtained;

and the authority deciding the action in respect of the nonconformity.

Nonconformity and Corrective Action

In case of nonconformity, the SEC shall react to the nonconformity; evaluate the need for

action to eliminate the cause of nonconformity; implement any action needed; review the

effectiveness of any corrective action taken; update risks and opportunities determined

during planning; and make changes to the QMS, if necessary. The SEC shall retain

documented information as evidence of the nonconformities and subsequent actions taken,

and the results of any corrective action.

Monitoring and Measurement of Client Satisfaction

The SEC shall monitor and measure customers’ perceptions of the degree to which their

needs and expectations have been fulfilled. This may be done through customer surveys,

customer feedback, meetings with customers, compliments and reports.

Management Review

The top management shall review the SEC QMS at planned intervals, to ensure its

continuing suitability, adequacy, effectiveness and alignment with the strategic direction of

the Commission. The outputs of the management review shall include decisions and actions

related to opportunities for improvement; any need for changes to the QMS; and, resource

needs. SEC shall retain documented information as evidence of the results of management

reviews.

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11.7 INTERESTED PARTIES

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11.8 RISKS AND OPPORTUNITIES

This section shall be completed through technical guidance.

QUALITY MANUAL Document Reference Code SEC … MANUAL Document Reference Code SEC-QMS-QM-001 ......

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