Guidelines for the 2005 Renewal of License of Brokers, Dealers, and their Associated Person/s and Salesmen
What this is For:Guidelines for the 2005 Renewal of License of Brokers, Dealers, and their Associated Person/s and Salesmen
How to File:
Present your application forms and supporting documents with the Securities Specialists of the Market Regulation Department (MRD) from 9:00am to 12:00nn and 1:00pm to 4:00pm only before filing the documents with our Central Receiving Unit at the ground floor.
The MRD will only accept the most recent version of the application forms for renewal of licenses which are duly filled up and supported by the complete set of documentary requirements. All four (4) sets of applications and their respective supporting documents must be accompanied with a cover sheet. The first set of application form must consist of original copies of all the required supporting documents and labeled accordingly as SEC COPY on its cover page and on the first page of the pertinent application form.
E. For soft copies of the above-mentioned revised SEC Forms, you may download them at www.sec.gov.ph. If you have additional queries, you may contact Atty. Celso Virgilio C. Ylagan IV, Mr. Alvin Fundamera, or Ms. Agnes Felix of the MRDs Broker Dealer Division at Telephone No. 727-3164.
Other Documentary Requirements:
A. When Filing of applications and their supporting documents will be accepted during the whole month of November 2004. ((Not yet updated)1. Four (4) sets of duly accomplished SEC Form 28.1-1 SEC Form 28.1-1 for Broker Dealers, SEC Form 28.1-4 SEC Form 28.1-4 for Associated Persons/Salesmen, SEC Form 28.1-1 BOR SECForm2811BOR for Branch Office signed/executed by the companys President or Associated Person (see attached revised forms).
All the four (4) sets MUST ALL BE ORIGINALLY SIGNED by the companys President and the applicant Associated Person/salesman, as the case may be. The application forms shall likewise be originally signed as reviewed by the Associated Person.
2. Covering letter identifying the list of branch office/s, salespersons, and associated person/s to be registered. The respective Certificate of Registration numbers (as assigned by the Department and indicated on the 2004 license) of the concerned branch office/s and individuals shall likewise be indicated beside their names.
3. Clearance from PSE-MRO (not applicable to Non-Exchange Trading Participants).
4. Certificate of Membership in Good Standing from PASBDI / PACSBI, if already a member, or an Affidavit of Undertaking to join PASBDI / PACSBI not later than January 31, 2005.
5. List of officers and employees (including officers and employees of the Branch Offices, if applicable) with their corresponding positions/designations. The list shall be duly signed as: (a) certified correct by the companys President; and (b) reviewed by the Associated Person.
6. Two (2) pcs. current 2x2 colored ID picture of all the directors and officers of the company. The dorsal side of each ID picture must contain the signature and printed name of the respective director/officer. The ID pictures must be attached on a separate sheet by stapling each ID picture on the left/right edge for easy inspection of the signature and printed name on its dorsal side. The separate sheet containing the ID pictures of the all the directors and officers of the company must be duly certified by the company President or Associated Person.
7. Detailed report by the companys President or Associated Person, pursuant to SRC Rule 30.2-7, on the: (a) Training Program implemented by the company during the current year, or justification letter if the Training Program was not conducted; and (b) next years schedule / timetable of Training Program, including seminar topics description, planned speaker, and target participants.
8. For firms with less than Php100M unimpaired capitalization, original copy of surety bond worth Php1M for Dealers and Php5M for Brokers, pursuant to SRC Rule 28.1-5 (with clearances from the Metropolitan/Municipal Trial Court, the Regional Trial Court, the Supreme Court, the Insurance Commission, and the Financial Statements of the insuring company). The surety bond must cover the license period from January 1 to December 31, 2005.
9. For Associated Persons, photocopy of the Certificate of Attendance to the SEC AP Certification Seminar, and the corresponding examination results, for all the modules so far attended. For non-participants in the SEC AP Certification Seminar, an undertaking that he/she will attend the appropriate modules of future certification seminars and take the respective examinations that will be given by the SEC.
10. The Associated Person/s and salesmen must likewise attach to their respective application forms a photocopy of their most recent AP or salesmans license, as the case may be.
11. Proof of submission to the Commission of the broker dealers revised Anti-Money Laundering Manual pursuant to SEC Memorandum Circular No. 12, series of 2004, and a Board Resolution stating the date of its adoption.
12. Continuing authorization for the Commissions duly authorized representative to verify the applicants bank accounts. The authorization shall be for all banks wherein accounts are maintained by the Broker Dealer, as well as future accounts Affidavit
13. Two (2) pcs. 2x2 recent color ID pictures for each Associated Person and Salesman. The dorsal side of each ID picture must contain the signature and printed name of the respective Associated Person or Salesman. The ID pictures must be stapled on the space provided on the corresponding application form of the applicant for easy inspection of the signature and printed name on its dorsal side.
C. Renewal Filing Fees are as follows:
Broker Dealer PhP 20,200.00
Broker or Dealer 10,100.00
Branch Office 5,050.00
Associated Person 1,515.00