Global: Philippine SEC Implements Firm Timelines for Application Processing Under New Guidelines

The Securities and Exchange Commission (SEC) of the Philippines has introduced stringent new timelines for the processing of applications, effective July 14, 2025, in a move aimed at streamlining service delivery and improving ease of doing business.

Outlined in Memorandum Circular No. 7, Series of 2025, issued on July 10, the directive sets specific turnaround times for different categories of applications and introduces a “deemed approved” policy for cases where the SEC fails to act within the prescribed timeframe—provided all documentation has been correctly submitted.

Key Processing Timelines:

• Simple applications – to be processed within three working days

• Complex applications (requiring internal evaluation or coordination) – within seven working days

• Highly technical applications (involving legal/financial analysis or inter-agency collaboration) – within 20 working days

• Applications covered by special laws – will follow timelines stipulated by the relevant statutes or the SEC Citizens’ Charter

SEC Chairman Francis Lim emphasized that the circular is intended to eliminate procedural delays, reduce bureaucracy, and build a responsive regulatory environment that meets the expectations of entrepreneurs and investors.

“This reform removes bottlenecks, ensures certainty, and imposes discipline in the Commission’s internal operations,” Lim stated.

Deemed Approval Clause

According to the new rules, once the processing period lapses without any SEC notification of deficiencies, applications will automatically be considered approved, assuming all required documents were submitted in full.

Upon verification of document completeness and expiration of the processing period, the SEC is required to issue a Payment Assessment Form (PAF) without delay. Once payment is completed, the agency must release the approved documents within two working days.

However, approvals granted under the deemed approved clause are still subject to post-approval audits. Applicants found to have submitted false, misleading, or incomplete information risk facing administrative sanctions, including potential revocation of the approval.

“This policy is without prejudice to the right of affected parties to seek redress against applicants who provide false or misleading submissions or fail to comply with SEC requirements,” Lim added.

Exemptions and Limitations

Certain cases are exempt from the deemed approved policy, particularly:

• Applications under ongoing legal or regulatory investigations

• Cases involving fraud, force majeure, or other external circumstances

• Delays arising from coordination with other government agencies

The policy marks a significant step in promoting accountability, improving service timelines, and fostering a business-friendly regulatory environment.