Regulatory Alerts2021-01-27
MC No. 01 s. 2021 — Guidelines in Preventing the Misuse of Corporations for Illicit Activities through Measures Designed to Promote Transparency of Beneficial Ownership
The Securities and Exchange Commission of the Philippines issued these guidelines to prevent the misuse of corporations for illicit activities by mandating transparency of beneficial ownership. The rules prohibit the issuance of bearer shares, require the recording of share transfers within thirty days, and compel nominee directors, trustees, and shareholders to disclose their principals to the Commission. Additionally, corporations must maintain accurate and timely beneficial ownership records, with violations subject to administrative sanctions and criminal liability.
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