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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.
| Division & Department/Office: |
Office of the General Accountant (OGA) – Accounting and Audit Policy Division | ||
| Classification: | Highly Technical (20 days) | ||
| Type of Transaction: | G2C – Government to Citizen G2B – Government to Business G2G – Government to Government |
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| Type of Service: | External Service | ||
| Who may avail: | All | ||
| Guidelines During Pandemic: |
No | ||
| CHECKLIST OF REQUIREMENTS | WHERE TO SECURE | ||
| 1. Request for Exemptive Relief, (one original) | Applicant | ||
| 2. Supporting documents, if any. (one original) | Applicant | ||
| CLIENT STEPS | AGENCY ACTIONS | FEES TO BE PAID | PROCESSING TIME | PERSON RESPONSIBLE |
| 1. Presents letter-request for Exemptive Relief and supporting document or send via email to secoga@sec.gov.ph | 1. Prepares Payment Assessment Form (PAF) and instructs applicant to proceed process payment and present copy of O.R. | None | 10 minutes | Executive Assistant |
| 2. Receives the PAF and pays the required fees. | 2. Processes payment and issues O.R. | PHP50,000.00 (per issue and per company) | 10 minutes | |
| The client may choose to pays via Electronic System for Payment to the SEC (eSPAYSEC) or over the counter payments at any Landbank branch nationwide. | If paid via eSPAYSEC, an electronic official receipt is generated which will serve as the official copy of the Client. | eSPAYSEC | ||
| If paid via Landbank branch, the bank will issue a machine-validated onColl Payment slip which wills serve as the proof of payment of the Client. | Landbank | |||
| 3. Submits a copy of proof of payment via eSPAYSEC or Landbank 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. | 11 days | Assigned Personnel | ||
| 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 | ||||
| 3.2.2. In case of incomplete justification with supporting documents, prepare an Advisement Letter to the requesting party that the subject matter is under evaluation and may require additional submission of documents. | ||||
| 3.3. Reviews Advisement Letter or Memorandum for presentation to Commission en Banc. | 2 days | Supervising Accountant | ||
| 3.4. Reviews and discuss Advisement Letter or Memorandum. If the Letter/Memorandum is satisfactory, endorse the same to the General Accountant. | 1 day | Assistant Director | ||
| 3.5. Reviews and signs Advisement Letter or Memorandum. | 4 hours | General Accountant | ||
| 3.6. Reviews and signs Advisement Letter or Memorandum. | 4 hours | Supervising Commissioner Office of the Supervising Commissioner |
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| 3.6.1. If there is a submission of additional documents, GO TO STEP 3.2. | 1 hour | Assigned Personnel | ||
| 3.7. Presents Memorandum to the Commission en Banc for consideration. | 10 minutes | General Accountant | ||
| 3.8. Receives advice of the Resolution from Commission en Banc | 3 days | Assigned Personnel | ||
| 3.8.1. Prepares Advisement Letter containing the resolution of the Commission en Banc, notifying the party whether the request has been approved or denied | ||||
| 3.9. Reviews Advisement Letter. | 1 day | Assistant Director | ||
| 3.10. Reviews and signs Advisement Letter | 4 hours | General Accountant | ||
| 3.11. Logs/Updates Index Tracking System | 10 minutes | Index Tracking Personnel | ||
| 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.