Guidelines on manning capital markets out
The Securities and Exchange Commission (SEC) has issued guidelines on the accreditation of people who will run the country’s capital market infrastructure during the lockdown of Luzon.
It also issued guidelines allowing corporations to submit their reportorial requirements through email while Luzon and other parts of the country remained under enhanced community quarantine to combat the COVID-19 pandemic.
In a notice dated March 22, the SEC issued the guidelines for the issuance of accreditation IDs or the equivalent certifications for capital market participants, as required under Section A.2 of Resolution No. 13, Series of 2020, of the Inter-Agency Task Force (IATF) for the Management of Emerging Infectious Diseases.
This developed as the IATF exempted the Philippine Stock Exchange and the Philippine Dealing System (PDS) Group from the lockdown. The fixed-income trading platform and the spot foreign exchange market under the PDS reopened on March 18, while the exchange resumed operations on March 19.
But the SEC warned capital market participants that the certification must be used only for capital market-related work. Abuse in the use of this certification will be dealt with accordingly, including the revocation of the certification.
As of Thursday, the SEC has received applications from at least 491 employees of capital market institutions and participants.
Those requesting accreditation must also present a certification that they had adopted the pertinent policy, procedures and measures on social distancing, and made the necessary arrangements for the transportation of its employees, among others. It must be signed by the president and/or any authorized responsible officer.
Accredited employees must always bring their SEC-issued certification, company ID, certificate of employment and a copy of IATF Resolution No. 13, Series of 2020, for presentation to law enforcement agencies.—DORIS DUMLAO-ABADILLA
