Regulatory Alerts2025-03-28
SEC MC No. 02, Series of 2025 — Rules on Single Business Group Investment Limitation
The Securities and Exchange Commission issued this circular to exempt equity funds, balanced funds, and multi-asset funds with actual equity exposure from the single business group investment limit previously imposed by SEC Memorandum Circular No. 15, Series of 2020. These exempted funds are instead subject to the standard single entity or issuer investment limitation of twenty percent of net assets under Rule 6.8(b) of the Investment Company Act Implementing Rules and Regulations. The Commission also waived fines for past breaches of the single business group limit by these funds and mandated compliance with the ASEAN CIS Framework's single business group limit for cross-border offerings.
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