The Securities and Exchange Commission (SEC) is enforcing strict timelines for most applications, with a “deemed approved” rule if it fails to act on time.
The SEC said Monday that the new policy, outlined in Memorandum Circular No. 7, Series of 2025, seeks to cut delays and give businesses more certainty by setting fixed deadlines for permits, licenses, and registrations.
“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,” SEC Chairman Francis Lim said.
“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.”
Simple applications must be processed in three working days, complex ones in seven, and highly technical applications—involving legal, financial, or inter-agency review—in 20. Applications covered by special laws will follow the timelines under those laws or the SEC Citizen’s Charter.
If the SEC does not act and fails to issue a notice of deficiency within the deadline, the application will be deemed approved, as long as all requirements are complete.
Once completeness is confirmed, the SEC must issue a Payment Assessment Form immediately. After payment, documents must be released within two working days.
Approvals under this rule will still be reviewed after issuance. Applicants who submitted false or incomplete information may face penalties, including revocation.
“This is without prejudice to the right of the public to proceed against applicants in case they suffer damage as a result of the applicants’ false or misleading information or failure to comply with the SEC requirements,” Lim said.
However, the policy does not apply to applications under legal proceedings, fraud, force majeure, or delays caused by other agencies.
Covered applications submitted at least 20 days before 14 July, except those reverted by 30 June, will get PAFs within three days, and the same rule applies.
Reverted applications must be corrected within 10 working days from 14 July or will be considered abandoned, though they may be refiled.
Separate rules apply to pending applications for lending and financing firms, business plan changes, online lending disclosures, OTC market approvals, and broker-dealer groups.