SEC sets fees for REIT fund managers, compliance officers
THE Securities and Exchange Commission (SEC) has issued the filing and annual fees to be paid by fund managers of real estate investment trust (REIT) fund managers and their respective compliance officers.
The corporate regulator issued Memorandum Circular No. 22 dated Nov. 28, which mandated that the filing fee upon initial application for a REIT fund manager is P15,000 while a REIT fund manager compliance officer would pay P3,000.
For the annual fee, the memorandum circular provides that a REIT fund manager would pay 1/2,000 of 1% of the total value of the assets of the REIT under management as of Sept. 30 of the current year as reflected in the quarterly report but not less than P30,000 nor more than P100,000.
“The annual fee shall be computed for each REIT under management by the fund manager,” the SEC said.
On the other hand, the REIT fund manager compliance officer would pay a P1,500 annual fee.
“The application for payment of the annual fees shall be in accordance with the form prescribed by the commission and to be paid on or before Dec. 31 of each year,” the SEC said.
Failure to pay the annual and filing fees would lead to the suspension or revocation of the registration or license, according to the SEC.
“Applications for payment of annual fee filed beyond the month on which the annual fee is due shall be subject to a 50% surcharge based on the computed annual fees; and 100% surcharge based on the computed annual fees if filed beyond the succeeding month after the month where the annual fee is due,” the SEC said.
Under Republic Act No. 9856 or the REIT Act, the SEC is authorized to collect and retain registration fees paid to it relative to the establishment of REITs and registration of their securities.
“In the certificates of registration of REIT fund managers and their respective compliance officers, it was stated that the registration is subject to compliance with the qualifications and monitoring requirements of the commission, including payment of the required annual fee, and the registration remains valid unless suspended, canceled, or revoked for cause or cancelled by the commission or voluntarily surrendered by the registrant,” the SEC said. — Revin Mikhael D. Ochave