The Securities and Exchange Commission (SEC) of the Philippines has introduced new guidelines to streamline the approval process for securities borrowing and lending transactions. This initiative is designed to enhance the efficiency of the short-selling market while reducing compliance costs for participants. Under the revised framework, the Philippine Stock Exchange (PSE) will serve as the sole reviewing and preclearing body for Master Securities Lending Agreements (MSLAs) and multilateral MSLAs. The SEC has removed the requirement for preclearance before registration with the Bureau of Internal Revenue (BIR), shortening the registration process to five working days from seven. Additionally, preclearance for Accession Agreements will now be completed within one working day. The SEC stated that the changes will lower compliance costs by eliminating a processing fee of ₱5,030. Furthermore, the PSE will oversee the entire process, acting as a one-stop shop for applicants. Despite the shift in responsibilities, the SEC will maintain regulatory oversight, ensuring that all endorsed documents are provided for monitoring and audit purposes. This reform is part of broader efforts to enhance market infrastructure and increase participation in short-selling activities.