Guidelines on the Submission of Monthly Complaint Report

July 18, 2016 SEC MEMORANDUM CIRCULAR NO. 9, S. 2016 TO : Broker Dealers in Securities SUBJECT : Guidelines on the Submission of Monthly Complaint Report In order to effectively implement Rule 52.1.9.3 of 2015 Implementing Rules and Regulations of the Securities Regulation Code (2015 SRC IRR) which requires every Broker Dealer to notify in writing the Self-Regulatory Organization (SRO) and the Commission of any written complaints received from the client and the actions taken thereon by the Broker Dealer with respect thereto every 15th day of the month, the Commission, in its meeting on June 21, 2016, resolved to issue the following guidelines: SECTION 1. Signatory to the Monthly Complaint Report. The Monthly Complaint Report required to be submitted under Rule 52.1.9.3 of the 2015 SRC IRR shall be signed by the Associated Person/Compliance Officer and duly noted by the President. SECTION 2. Coverage of the Report. All complaints received during the month shall be reported using the Monthly Complaint Report which shall be submitted to the SRO and SEC not later than the 15th day of the following month. Duplicate copy of the complaints shall be attached to the report. Any complaint which remains unresolved as of the end of the month shall still be included, regardless of the date the complaint was received. SECTION 3. Information Required to be Disclosed in the Monthly Complaint Report. The monthly complaint report shall contain the following information: a. Date of complaint and/or date complaint was received by the Broker Dealer; AaCTcI b. Name of complainant; c. Description of the complaint; d. Action taken by the Broker Dealer; and e. Status of the complaint, whether it is still pending or already resolved. SECTION 4. Report in Case of No Complaint Received. In case no complaint is received, the Broker Dealer shall still submit a monthly complaint report stating to the effect that no complaint is filed for the month. SECTION 5. Template of the Monthly Complaint Report. Attached as Annex A of this Circular is the template for the monthly complaint report. SECTION 6. Penalty. Non-compliance with any of the provisions of this Circular shall be considered violation of Rule 52.1 of the 2015 SRC IRR and subject to corresponding penalty for such violation as provided in pertinent law, rules and regulations issued by the Commission. SECTION 7. Effectivity. This Circular shall take effect immediately after publication in two (2) newspapers of general circulation. Mandaluyong City, Philippines, July 18, 2016. For the Commission: (SGD.) TERESITA J. HERBOSA Chairperson ANNEX A Monthly Complaint Report For the Month of ______________