The Securities and Exchange Commission issued the guidelines for the accreditation of market participants offering Personal Equity and Retirement Account (PERA) investment products.
PERA is a voluntary retirement saving program that supplements existing retirement benefits from the Social Security System, Government Service Insurance System and employers.
The SEC said Tuesday it released Memorandum Circular No. 14, Series of 2024, detailing the accreditation requirements for PERA market participants under the PERA Act of 2008.
These guidelines apply to SEC-regulated entities such as PERA administrators and investment managers looking to register as PERA market participants. Securities brokers, investment houses, and fund managers can register based on their qualifications.
Requirements for PERA administrators include maintaining a net worth of at least P100 million, complying with a Manual of Corporate Governance, providing a detailed organizational plan for personnel handling PERA administration, having adequate systems and technology, and submitting proof of trained staff who can educate PERA contributors.
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