Regulatory Alerts2023-09-19
SEC MC No. 14, Series of 2023 Proposed Amendments to Annex C of Rule 12 of the Securities Regulation Code
The Securities and Exchange Commission issued Memorandum Circular No. 14, Series of 2023 to amend Annex C of Rule 12 of the Securities Regulation Code regarding non-financial disclosure requirements. The amendment specifically modifies the section on the description of business by requiring registrants to discuss major risks involved in their operations and those of their significant subsidiaries. It further permits companies to voluntarily include disclosures detailing the procedures used to identify, assess, and manage these identified risks.
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