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Manila Bulletin devider Business devider The Stock Market devider PSE takes on administrative tasks for securities lending to cut red tape

PSE takes on administrative tasks for securities lending to cut red tape

Published Jun 8, 2026 12:00 am  |  Updated Jun 6, 2026 04:39 pm

The Securities and Exchange Commission (SEC) is streamlining the securities borrowing and lending framework by centralizing administrative functions with the Philippine Stock Exchange (PSE), reinforcing efforts to build a more efficient and integrated short-selling market in the country.

The commission last May 15 approved the 2026 Revised Guidelines for Master Securities Lending Agreements (MSLAs) and Accession Agreements to Multilateral MSLAs proposed by the PSE.

Under the revised guidelines, the PSE will serve as the sole reviewing and pre-clearing body for MSLAs and multilateral MSLAs. The designation of the PSE removes the requirement for SEC pre-clearance and certification prior to registration with the Bureau of Internal Revenue (BIR).

This effectively reduces the MSLA registration processing timeline to five working days from the current seven working days. Meanwhile, pre-clearance for accession agreements will be completed within one working day.

The streamlined process also lowers compliance costs for market participants through the removal of the SEC’s processing and certification fee worth ₱5,030.

Additionally, the PSE will now act as a one-stop shop for applicants and regulators, managing the entire administrative cycle, including receipt of documents and fees, coordination of reviews, and transmission of pre-cleared documents to the BIR.

The PSE will likewise handle the assignment of MSLA reference numbers for BIR registration purposes, a function previously performed by the commission.

Copies of all endorsed and transmitted documents shall be furnished to the SEC for regulatory oversight and post-audit purposes, consistent with SEC Memorandum Circular (MC) No. 7, Series of 2006, or the SEC Rules on Securities Borrowing and Lending. - James A. Loyola

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Philippine Stock Exchange Securities and Exchange Commission
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