Regulatory Alerts2018-08-14
SEC Memorandum Circular No. 10 s.2018: Rules on Determination of Trust Funds as Qualified Buyers
The Securities and Exchange Commission of the Philippines issued Memorandum Circular No. 10 series of 2018 to establish the criteria for unit investment trust funds and other managed funds to qualify as Qualified Buyers. The rules specify that funds managed by Bangko Sentral ng Pilipinas-authorized entities are deemed qualified buyers, subject to specific conditions regarding discretionary arrangements, beneficial owner sophistication, and ongoing compliance. Additionally, the circular mandates strict recordkeeping, reporting, and inspection procedures for these funds, while outlining sanctions for non-compliance with the prescribed requirements.
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