Regulatory Alerts2019-02-08
MC No. 02 s.2019 – Amendments to Rule 5.8.2 of the Investment Company Act Implementing Rules and Regulations
The Securities and Exchange Commission of the Philippines amended Rule 5.8.2 of the Investment Company Act Implementing Rules and Regulations to define the duties of independent accountants and auditors. The revised rule mandates adherence to specific auditing and ethical standards and requires auditors to report non-compliance by investment companies, fund managers, and distributors to the Commission without fear of confidentiality breach. These amendments took effect fifteen days after publication in February 2019 and apply to audit engagements beginning in 2018.
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