In line with the requirement of Rule 26.3 of the 2015 Implementing Rules and Regulations  of the Securities  Regulation  Code and in accordance  with the New Modulized Certification Examination per SEC Resolution No. 733, series of 2016,  which  now  includes  module  for  proprietary/non-proprietary  securities, please be advised that the Commission resolved to adopt below policy guidelines for the transitory implementation  of SEC Certification Requirement for salesman of Brokers/issuers of Proprietary/Non-Proprietary Shares:

1.  One  (1)  year  transitory  period  or  until  February  28,  2019  is  given  to  the existing licensed salesmen to take and pass the SEC Certification Examination, otherwise their license shall be revoked;

2. New salesmen who had not yet taken and passed the SEC Certification Examination will be allowed to register under provisional license which will automatically  be cancelled  at the end of the one (1) year period mentioned  in number 1 above if they fail to take and pass the exam within said period; and

3. New applicants for registration as broker/issuer of proprietary/non-proprietary shares   shall   be  allowed   to  register   as  such   subject   to  compliance   with requirements under items 1 and 2 above.

This Memorandum Circular shall take effect immediately.