CAPITAL MARKET PARTICIPANTS/ INVESTMENT INSTRUMENTS

MARKET REGULATION DEPARTMENT

What this is For:

CAPITAL MARKET PARTICIPANTS/ INVESTMENT INSTRUMENTS

MARKET REGULATION DEPARTMENT - Investment Houses

Other Documentary Requirements:

REGISTRATION REQUIREMENTS

INVESTMENT HOUSES/UNDERWRITERS OF SECURITIES

A. New Registration

The following are the list of requirements to be submitted for new registration:

1. Copy of the approved Articles of Incorporation and By-Laws;

2. Continuing Authorization for the Commission's duly authorized representative to verify the applicant's bank accounts. The authorization shall be for all banks wherein accounts are maintained by the applicant, it subsidiaries and its affiliates and persons under common control with or by the applicant;

3. Bio-date with picture (under oath) of current directors and officers;

4. Compliance with paid up capital requirements for new applicants;

5. Valid work permit of foreigners connected in any capacity with the applicant, aside from directors and stockholders issued by DOLE;

6. Registration approval from the Bureau of Immigration and Deportation of resident foreign directors and officers, if any;

7. Written supervision and control procedures to ensure compliance with the applicable provisions of P.D. 129, its implementing rules and other applicable rules pertaining to Investment Houses and the Securities Regulation Code, including procedures for establishing and maintaining a "Chinese Wall" in accordance with SRC Rule 34.1-3;

8. Latest audited financial statement and latest interim financial statement as of the end of the month prior to filing the application;

9. Statement justifying its operation;

10. Organization chart, including branch offices;

11. A certified copy of the Board resolution attesting to particulars contained in the application;

12. Business plan regarding proposed and/or current operations, including investment direction and volume;

13. Where more than 40% of the voting stock of the applicant is owned by foreigners, a copy of the certification from the Embassy of the country of which the applicant is a national or a duly authenticated certification by the authorized official of the appropriate foreign government of that country attesting to the fact that the laws of that country or state of the applicant allow Filipino citizens and corporations the same or similar rights;

14. For foreign applicants, verification that the applicant has an EKB license from the Bangko Sentral ng Pilipinas. A copy of the favorable 2nd endorsement from the Bangko Sentral ng Pilipinas if the applicant has an EKB license, trust investment management & quasi banking functions and is a subsidiary of a bank.

B. Renewal Registration

The following are the list of requirements to be submitted for renewal registration (for CY 2002):

1. Continuing authorization for the Commission's duly authorized representative to verify the applicant's bank accounts. (General Format)

2. List of current Directors and Officers

3. Written supervision and control procedures patterned after the Model Internal Supervision Control and Compliance Procedures prescribed by the Commission. (if necessary)

4. Latest Audited Financial Statements and latest Interim Financial Statements.