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Accounting Alert

Guidelines on the Accreditation Requirements of Personal Equity and Retirement Account (PERA) Market Participants

Background

Republic Act (R.A.) No. 9505 or the Personal Equity and Retirement Account (PERA) Act of 2008 promotes the capital market development and savings mobilization through the establishment of a legal and regulatory framework of retirement plans for individuals. The Commission.in pursuant to the Act, adopts the Guidelines on the Accreditation Requirements of PERA Market Participants through this circular.

Guidelines

  • Scope –The following are the SEC-regulated entities that are eligible to apply for registration as PERA Market Participants:
    • Administrators
      • Security brokers
      • Investment houses, including those with quasi-banking license
      • Investment Company Advisers or fund managers
      • Other entities or individuals as may be determined by the Commission as having the qualifications to be accredited as an Administrator.
    • Investment Managers
      • Investment company managers
      • Other entities or individuals as may be determined by the Commission as having the qualifications to be accredited as an Investment Manager
  • Application and Pre-qualifications - SEC-regulated entities who seek to apply as a PERA Administrator or PERA Investment Manager shall file an application for the issuance of Qualification Certificate with the Markets and Securities Regulation Department (MSRD). Applicants, through its authorized representative, shall submit a letter signifying its intent to apply as a PERA Administrator or PERA Investment Manager. The application shall be signed by its President or a representative of an equivalent rank, and shall be accompanied by a copy of the Board Resolution authorizing the submission of the said application.

Refer to the attached circular for the pre-qualification requirements as PERA administrators or investment managers

  • Effectivity – The circular shall take effect immediately after its complete publication in the Official Gazette or in at least two newspapers of general circulation in the Philippines.

Please see attached circular for further guidance.

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