Regulatory Alerts2024-04-25
SEC Guidelines for Cornerstone Investors in Initial Public Offerings
The Securities and Exchange Commission issued Memorandum Circular No. 08, series of 2024, to regulate the participation of cornerstone investors in Philippine initial public offerings. The guidelines mandate that cornerstone agreements be signed prior to pricing and require issuers to disclose investor profiles and allocation details in the final prospectus. Additionally, the circular prohibits the provision of material non-public information to these investors and allows board representation only if minimum shareholding requirements are met.
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