SEC Planning to Accredit Filing Agents for Processing Applications

The Securities and Exchange Commission (SEC) is looking into accrediting service agents and providers that will help the public process applications for partnership or company registration as well as other agency transactions.

This scheme would regulate and limit smaller filing groups that would take charge of the overall compliance of business parties to prevent penalties and late fees.

Last December 12, the SEC released the proposed rules on accreditation for company service agents (CSA) and company service providers (CSP) that can aid with corporation and partnerships registration and also the filing of reportorial requirements.

This practice can be seen in countries like Singapore that have institutionalized the registering and accreditation of filing agents with the Accounting and Corporate Regulatory Authority.

This would likewise look to help those needing financial and legal assistance on applications.

The draft establishes the VSP as an accredited SEC-registered corporation, partnership, or entity registered with the Department of Trade and Industry (DTI) in good standing that gives services like application assistance which is indicated in the Articles of Partnership or Incorporation.

On the other hand, a CSA is someone either independent or employed by a CSP, and is accredited by the SEC to aid in registering all kinds of corporations and other services needed by the Commission. A CSP will be required to employ a CSA that is SEC-accredited which will be the designated representative.

Those applications going through and submitted via CSAs or CSPs should expect a faster turnaround time since these service providers will be allocated a separate lane for the SEC Electronic Simplified Processing of Application for Registration of Company.

Source: Business Mirror