In the Matter of Application of Securities Clearing Corporation of the Philippines as a Securities Depository

February 19, 2013SEC-MRD * ORDER NO. 003-13IN THE MATTER OF APPLICATION OF SECURITIES CLEARING CORPORATION OF THE PHILIPPINES AS A SECURITIES DEPOSITORYORDERDuring the Commission meeting on 4 February 2013, the Commission issued SEC Resolution Number 62 series of 2013 resolving to GRANT a provisional license to Securities Clearing Corporation of the Philippines (SCCP) to operate as a Securities Depository subject to the following conditions: EaIDATa) There shall be a transition period of six (6) months which shall include two (2) months of training and information campaign and four (4) months pilot testing. Relative thereto, SCCP shall submit a comprehensive pilot test plan for review by the Commission.b) SCCP shall immediately initiate and complete the incorporation of SCCP Nominee Corporation.c) SCCP shall inform the Commission of its plan to formally start operation at least fifteen (15) days before operation.d) The operation of SCCP Depository shall be subject to review after twelve (12) months including the 6 months transition period.e) SCCP shall fill up vacancies in its manpower requirements for depository operation within forty five (45) days...