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1
Disclaimer
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Commercial paper is now simply defined as evidence of
indebtedness of any person with a maturity of three
hundred and sixty-five (365) days or less. The new rules
ceased using the terms of long term and short term
commercial paper. Selling commercial papers is also made
easier with the requirement of an issuer rating instead of a
separate rating for each issuance.
Amended IRR:
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Shelf registration is more market-centric. Under a shelf
A
registration program, securities to be issued in tranches
may be registered for an offering to be made on a
continuous or delayed basis for a period not exceeding
three (3) years.
Amended IRR:
Rule 8.1. Filing of Registration Statement (RS)
8.1.2.Delayed and Continuous Offering and Sale of Securities
(Shelf Registration)
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Extension of the period to sell securities
Amended IRR:
8.1.1. Filing of Registration Statement (RS) and
Effectivity of Offering
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Introduction of new category of exempt security
Amended IRR:
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Increase in the threshold amount for Exempt Securities
(evidence of indebtedness)
Amended IRR:
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Relaxation of requirements for qualified buyers
Amended IRR:
10.1.10. Qualified Buyers
10.1.10.1
x x x
A natural person must possess the following qualifications:
10.1.10.1.1. Has an annual gross income of at least Ten Million Pesos
(Php10,000,000.00) at least two (2) years prior to registration, or a total
portfolio investment in securities registered with the Commission of at
least Ten Million Pesos (Php10,000,000.00), or a personal net worth of not
less than Thirty Million Pesos (Php30,000,000.00);
Public offerings which have a limited character are also exempt from
registration. Such offerings will be exempt as long as the covered securities
are available only to the parties or persons named in the application for
exemption for a specified period. An example of these are employee stock
option plans (ESOPs) issued by a corporation to its eligible employees.
Amended IRR:
10.2.1. The Commission may exempt other transactions, if it finds that the
requirements of registration under the Code is not necessary in the public
interest or for the protection of the investors such as by reason of the small
amount involved or the limited character of the public offering.
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Underwriters are no longer required to underwrite securities
solely on a firm commitment basis. They can agree on a
different plan of distribution with the issuing company subject
to the approval by the SEC. However, as a general rule,
issuers of registered securities, except issuers of proprietary/
non-proprietary membership certificates or shares, are still
required to enter into an underwriting agreement with an IH
Amended IRR:
12.1.1.Underwriting Requirement for Registered Securities
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Order of Revocation shall exempt the Issuer from its
reporting obligations
Amended IRR:
Rule 13 Suspension or Revocation of Registration of
Securities
13.3. The Order of Revocation shall exempt the Issuer from
its reporting obligations under Section 17.2 of the Code unless
it still qualifies as a public company.
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The mandatory tender offer rules have also been given a
facelift. The new rules now provide for two levels of action a
disclosure action and mandatory tender offer action depending
on the threshold triggered. The rules also provide for a set of
guidelines in the conduct of valuation and issuance of fairness
opinion.
Amended IRR:
19.2. Mandatory tender offers
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Clarification on the period of making an announcement of
the intention to make a tender offer
Amended IRR:
Rule 19 Tender Offers
19.5. Any person making a tender offer shall make an
announcement of its intention in a newspaper of general
circulation within five (5) business days from either the
companys board approval authorizing negotiations relative to
the purchase of shares that may result to a mandatory tender
offer or thirty (30) business days prior to the commencement
of the offer;
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Requirements for Broker Dealer in securities
Amended IRR:
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Additional registration requirements for Broker Dealer in securities
Amended IRR:
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Issuance of Perpetual license of Broker Dealer,
Salesman and Associated Person
Amended IRR:
28.1.2.6. Perpetual License of Broker Dealer
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Broker Dealer Information
Amended IRR:
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Payment of Sales Proceeds
Amended IRR:
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Explanation of Unbundled Fees
Amended IRR:
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Segregation and Limitation of Functions of Members,
Brokers and Dealers
Amended IRR:
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The SEC also adopted a new policy to extend the
effectivity of financial statements from 135 days to 180
days to align with the ASEAN (Association of Southeast
Asian Nation) standard as part of ASEAN market
integration. This policy will be formalized as part of the
amended SRC Rule 68 (Special Accounting Rules) which
the SEC will release separately at a later date. In the
meantime, issuers can avail of this extension by filing a
request for exemptive relief with the SEC.
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