SEC moves to clear application backlog
Requests left unaddressed beyond the prescribed processing time at the Securities and Exchange Commission (SEC) will be “deemed approved” to promote strict adherence to the corporate watchdog’s existing guidelines and ease of doing business.
In its Memorandum Circular No. 7, Series of 2025, the SEC reiterated that simple transactions, or routine applications “with minimal discretion,” need to be processed within three working days.
Complex transactions that require evaluation or coordination must be addressed within seven working days, while highly technical requests needing multiple clearance must be done after 20 working days.
The SEC stressed that the processing time would begin upon submission of complete documentary requirements.
“Piecemeal document requests and comments shall not be tolerated, and every action shall be in line with the commitment to both compliance and convenience for stakeholders,” the regulator said in its circular.
If requests are not acted upon after the prescribed processing times under the SEC Citizen’s Charter, these will be deemed approved and issued a corresponding Payment Assessment Form (PAF), it emphasized.
All applications with valid PAFs as of July 14 will be deemed approved upon payment of the assessment fees, and documents will be released within two working days.
Should an SEC personnel be found causing “undue delay” in the processing of applications “without valid justification,” they will be subject to administrative sanctions.
The agency likewise clarified that the circular does not cover applications that are: the subject of ongoing legal proceedings, regulatory investigations or administrative actions; documents found to have been falsified; force majeure circumstances; and those that require specialized technical evaluations from other government agencies.
This comes just a month after SEC Chair Francis Lim officially took over as head of the agency, promising simpler processes and ease of doing business.
“I said on Day One that I wanted the SEC to be known not only as a good regulator, but as a good facilitator of doing business,” Lim said during his inaugural address on June 10.
“This policy breathes life into that promise; we are removing bottlenecks, eliminating unreasonable delays, and imposing discipline in our internal processes to give entrepreneurs and investors the level of responsiveness and certainty they deserve,” he added.
The SEC has previously recognized its approval backlog, although it did not disclose the extent.
