THE SECURITIES and Exchange Commission has revoked the operating license of local stockbrokerage Century Securities Corp. for lack of any registered associated person as required by the corporate regulator.

An associated person is an individual who solicits orders, customers or customer funds or who supervises persons engaged in such activities. Based on the SEC rules, all broker-dealers at the Philippine Stock Exchange must have an associated person who is registered and has fully complied with all certification examination requirements.

In a letter dated September 3, the SEC said that as of the end-August deadline, Century Securities? associated person has not passed any of the examinations required by the corporate regulator.

As such, the SEC revoked the firm?s registration as a broker-dealer and ordered the company to cease operations effective immediately.

The firm was also directed to arrange and effect the smooth turnover to another broker all the accounts of its existing customers; notify its customers that the accounts have been transferred and provide these customers the opportunity, at their option, to move their account to another broker of their choice, and preserve and make available the books and records for examination by the SEC?s designated auditors.

Century Securities is a Filipino-owned stockbrokerage with a paid-up capital of P20 million. The board is chaired by Salvador Uy and the president is Chan Kok Bin, each owning 20.95 percent of the company.

Other incorporators and board members are Victoria Chan, Mary Uy, Robert Ong, John Patrick Ong and Frances Ong, based on Century Securities? latest general information sheet.