Associated Person (AP)

Under SRC Rule 30.1 – Registration of Brokers and Dealers Under SRC Associated person shall mean any person employed full time by the Broker Dealer whose responsibilities include internal control supervision of other employees, agents, salesmen, officers, directors, clerks and stockholders of such Broker Dealer for compliance with the Code and rules and regulations adopted thereunder.

He cannot perform other duties without Commission approval and subject to the condition that the broker dealer will maintain the appropriate Chinese Wall between the functions of an Associated Person and that of his other duties.

Duties of an Associated Person

Taken in conjunction with SRC Rule 30.2 (6), an Associated Person shall:

i.    Have a general knowledge of the operations of the Broker Dealer without necessarily engaging or actively participating in the day-to-day operations of the firm;

ii.    Supervise and provide trainings as prescribed under SRC Rule 30.2 (7) to other employees, agents, salesmen, officers, directors, clerks and stockholders of the Broker Dealer for compliance with the Code and rules and regulations adopted;

iii.     Oversee compliance with legislative and other regulatory requirements (such as notifying the Commission of material changes in information previously filed, maintaining registers, books of accounts and other records, compliance with rules, orders and laws relating to trading, issuing confirmation receipts, compliance with margin rules, net capital  and other financial requirements);

iv.     Ensure that all salesmen of the Broker Dealer are registered and that the Commission is notified when any salesman is no longer employed by the Broker Dealer;

Requirements for Application

•    2 pcs. 2x2 ID pictures (with name tag)
•    Duly accomplished Application Form
•    Proof of attendance on Certification Seminar for Associated Person

Terms and Conditions for Applicants for Registration

•    At least 21 years of age
•    Should have attended the Certification Seminar for Associated Person provided by PhilSEC

Summary of Exam Modules

Complete set of APCE examination consists of 5 modules.  Topics for each module are as follows:

Module 1

•    Overview on the Role of Associated Person
•    Significant Features of the Securities Regulation Code (SRC) and Other Regulations

Module 2

•    SRC Rules on Business Conduct
•    PSE Code of Conduct and Professional Ethics for Traders and Salesmen

Module 3

•    Sales Practice Rules
•    Books and Records Rules

Module 4

•    Anti-Money Laundering Act and Other Related Rules
•    Code of Corporate Governance

Module 5

•    Principles of Risk Management, Net Capital & Risk Based Capital Adequacy
•    Computing Risk Based Capital

REMINDERS:   

1.   On the examination day, the examinee must bring the following:

a)    The duly accomplished Application Form
b)    One (1) blue or black ballpoint pen
c)    One (1) battery-powered 10-digit calculator
d)    Valid government-issued or company sponsor-issued ID card with photo, applicant’s signature and signature of Agency/Company Head

2.    Do not bring any communications/electronic devices or any materials aside from those listed above; otherwise, they will be confiscated by the Exam Proctors.

3.    Examinee should come in office uniform/attire.

4.    Bring the Application Receipt when claiming your examination result.