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Request for Exemptive Relief
To allow applicant to exercise their right in seeking relief from any provision of the Securities Regulation Code and its implementing rules and regulations particularly on financial reporting, audit and other related matters.
● Revised SRC Rule 68;
● Philippine Financial Reporting Standards (PFRS)/ PFRS for Small and Medium Entities (SMEs) /PFRS for Small Entities (SEs) and interpretations;
● Philippine Standards on Auditing and related standards;
● Related rules of the Commission in financial reporting and audit;
● Guidelines; and
● Any subsequent official pronouncements, interpretations and rulings on accounting and reporting matters, which may be issued by the Commission from time to time.
| Classification: | Highly Technical | ||
| Type of Transaction: | G2C – Government to Citizen G2B – Government to Business G2G – Government to Government |
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| Who may avail: | All | ||
| CHECKLIST OF REQUIREMENTS | WHERE TO SECURE | ||
| 1. Request for Exemptive Relief, (one original, two photocopy) | Applicant | ||
| 2. Supporting documents, if any. (one original, two photocopy) | Applicant | ||
| CLIENT STEPS | AGENCY ACTIONS | FEES TO BE PAID | PROCESSING TIME | PERSON RESPONSIBLE |
| 1. Presents letter-request for Exemptive Relief and supporting document. | 1. Prepares Payment Assessment Form (PAF) and instructs applicant to proceed to the Cashier | None | 10 minutes | Executive Assistant Office of the General Accountant |
| 2. Presents the PAF at the Cashier and settles the required fee. | 2. Processes payment and issues O.R. | PHP50,000.00 (per issue and per company) | 10 minutes | Cashier Financial Management Department |
| 3. Submits the machine- validated PAF to the OGA with the application and its supporting documents, if any | 3. Inputs Letter-Request for Exemptive Relief or Memorandum referred by the Operating Department to Index Tracking System and forwards the same to the Assistant Director for assignment. | None | 5 minutes | Executive Assistant |
| 3.1. Forwards document to assigned personnel | 5 minutes | Assistant Director | ||
| 3.2. Evaluates the request. | l | |||
| 3.2.1. In case of complete supporting documents and justification, prepares a Memorandum for presentation to the Commission en Banc containing the results of evaluation and recommendation | 7-10 days | Assigned personnel Office of the General Accountant |
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| 3.2.2. In case of incomplete justification with supporting documents, prepares Advisement Letter to the requesting party that the subject matter is under evaluation and may require additional submission of documents. | 10-15 days | |||
| 3.3. Reviews Advisement Letter or Memorandum for presentation to Commission en Banc. | 3 days | Assistant Director | ||
| 3.4. Reviews and signs Advisement Letter or Memorandum. | 4 hours | General Accountant | ||
| 3.5. Reviews and signs Advisement Letter or Memorandum. | 4 hours | Supervising Commissioner | ||
| 3.5.1. If there is a submission of additional documents, GO TO STEP 3.2. | 1 hour | Assigned personnel Office of the General Accountant |
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| 3.6. Presents Memorandum to the Commission en Banc for consideration. | 10 minutes | General Accountant | ||
| 3.7. Receives advice of the Resolution from Commission en Banc | 3 days | Assigned Personnel Office of the General Accountant |
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| 3.7.1. Prepares Advisement Letter containing the resolution of the Commission en Banc, notifying the party whether the request has been approved or denied | ||||
| 3.8. Reviews Advisement Letter. | 1 day | Assistant Director | ||
| 3.9. Reviews and signs Advisement Letter | 1 hour | General Accountant | ||
| 3.10. Logs/Updates Index Tracking System | 10 minutes | Index Tracking Personnel Office of the General Accountant |
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| TOTAL | PHP50,000.00 (per issue and per company) | 20 days |
Notes:
The above processing time commences upon actual receipt of documents and payment of processing fee. It excludes the response period to comment and extension.