PHILIPPINES: SEC Proposes Amendments to SRC Rule

Wednesday August 23 2023

Securities and Exchange Commission (SEC) proposed following amendments to section 39.1.4.1 of the implementing rules and regulation of the securities regulation code (SRC).

39.1.4. Rules Governing Registrars of Qualified Institutional and Individual Buyers

39.1.4.1. Authorized Registrars -The following entities which have been granted the appropriate secondary license by the Commission may be authorized to act as Registrar upon proper application and compliance with registration requirements under these rules:

39.1.4.1.1. Banks with respect to their registration as broker-dealer, Government Securities    Eligible Dealer, Government Securities    Brokers    and/or underwriter of securities;

39.1.4.1.2. Brokers;

39.1.4.1.3. Dealers;

39.1.4.1.4. Investment Houses;

39.1.4.1.5.Investment Company Advisers; and

39.1.4.1.6.Issuer companies with respect to offerings of their own securities; and

39.1.4.1.7.Funding Portals registered under the SEC Crowdfunding Rules

SEC requests comments on amendments no later than 24 August 2023.

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