Basic Guide to SEC Registration

REGISTRATION REQUIREMENTS:

Broker Dealer:

1.  Continuing authorization for the Commission's duly authorized representative to verify the applicant's bank accounts;

2.  Evidence of compliance with paid up capital requirements or, for Broker Dealers registered under the Revised Securities Act who are seeking new registration under the Code, evidence that they have obtained the required surety bond;

3.  Valid work permit of foreigners connected in any capacity with the applicant;

4.  Copies of identity cards/passports of individual applicants and directors and persons who control more than 10% of a class of voting securities of the applicant;

5.  Written supervision and control procedures, including procedures for establishing and maintaining a "Chinese Wall" in accordance with SRC Rule 34.1-3;

6.  Schedule of minimum commission charges as required by SRC Rule 30.2-5;

7.  Calculation of initial net capital requirements in accordance with SRC Rule 49.1-l;

8.  Evidence of educational, professional/technical or other academic qualifications of Officers, Associated Persons and Salesmen;

9.  Latest audited financial statement;

10. Where applicant has been in existence for more than one year, certified copies of income tax returns for the two years preceding date of application;

11. Organization chart, including branch offices;

12. If applicant is a corporation, a certified copy of the following documents under oath by the corporate secretary:

a)  With respect to a foreign applicant, certificate that the board of directors has authorized, in a resolution, the President and Secretary to sign an irrevocable consent to service of process upon the Commission as service to the corporation;

b)  Articles of Incorporation indicating that the purpose of the applicant is to engage in the business of a Broker Dealer;

c)  Board resolution attesting to particulars contained in the application;

13. Business plan regarding proposed and/or current operations, including projected volume of business;

14. If the applicant is not a member of or participant in an SRO, or has not applied for such membership or participation therein, a written undertaking that he will become a member or participant in an SRO in the near future.

15. Application fees:

RENEWAL REQUIREMENTS:

1.  For Broker Dealer in Securities:

a.  Surety Bond of P5 Million for Broker and P1 Million for Dealer

b.  Continuing Authorization for  the Commission's duly authorized Representative to verify the Applicant's bank accounts, under oath

c.   Internal Supervision Control and Compliance Procedure

d.   Photocopy of previous license

2.  For Dealer in Government Securities (GSED):

a.  Latest Income Tax Returns supported with Audited Financial Statements

b.   Photocopy of previous license

3.  For Broker Dealer in Proprietary Shares:

Same as the requirements for Broker Dealer in Securities except requirement letter a.

4.  For Salesmen and Associated Person

a.  List (with a covering letter) of Salesmen/Associated Person to be registered.

b.  Certified correct copy of Certificate of Participation in the Associated Person Seminar given by the PSE Training Institute in coordination with the CSG and the Membership Department (in lieu of the examination to be given for Associated Persons). Non-participants must submit an undertaking to attend future seminars for Associated Persons to be given by the PSE.

c.  Photocopy of licenses of the subject Salesmen/Associated Persons.

5.   Annual fee: 

Go Top          Back