Regulatory Alerts2024-09-20
SEC MC No. 15, Series of 2024 — Guidelines on Security Deposit of PERA Administrators
The Securities and Exchange Commission issued Memorandum Circular No. 15, Series of 2024, to mandate that all accredited PERA Administrators maintain a security deposit of government securities equivalent to one percent of their total administered assets. The guidelines establish strict procedures for the submission, acceptance, and quarterly replenishment of these deposits, requiring administrators to notify the Commission of any deficiencies within one week. Non-compliance with these requirements triggers escalating fines of up to 150,000 pesos and the potential revocation of the administrator's qualification certificate.
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