The SEC says if it fails to act within the prescribed timelines – without reverting to the applicant a notice of deficiency – the application will be deemed approved, as long as all documentary requirements were submitted
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Under its Memorandum Circular No. 7, series of 2025, issued on July 10, the SEC set a clearer period for the processing of applications for permits, licenses, registrations, certificates, and clearances among others, subject to a limited list of exclusions. Transactions governed by special laws must be done based on the timelines under applicable statutes or the SEC citizen’s charter
“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,” SEC chairman Francis Lim said.
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