Section 11 of SEC Memorandum Circular No. 4, Series of 2007

November 15, 2007SEC INTERPRETATIVE BULLETINTO:All Pre-Need Corporations and Entities Authorized to Engage in Trust Operations and Act as Trustee for Pre-Need Corporations   RE:Section 11 of SEC Memorandum Circular No. 4, Series of 2007 [Guidelines on the Management of the Trust Fund of Pre-Need Corporations] Consistent with the objectives of SEC Memorandum Circular No. 4, series of 2007, the following guidelines shall be observed in the implementation of paragraph 1 of Section 11 (Time of Making Deposits to the Trust Fund) of the said memorandum: AcHCED1. The "three-day period" within which to make the semi-monthly deposits shall be counted from the date the amount due to the Trust Fund has been determined, and which determination shall be completed within a period of not more than seven (7) calendar days from the end of the first and second half of each month respectively;2. A "monthly reconciliation report" of the amounts determined as due to the Trust Fund shall be submitted by the Pre-Need Corporation to the SEC within twenty (20) calendar days from the end of each...