Regulatory Alerts2018-04-23
MC No. 07 s.2018 – Amendment to Rule 38.2.7 of the 2015 Implementing Rules and Regulation of the Securities Regulation Code
The Securities and Exchange Commission of the Philippines amended Rule 38.2.7 of the 2015 Implementing Rules and Regulations of the Securities Regulation Code to modify independence criteria for auditors. The revised rule explicitly requires that auditors have not engaged in transactions with the covered company, its related companies, or substantial shareholders within the last two years, excluding only arms-length and immaterial transactions. This amendment took effect fifteen days after its publication in a newspaper of general circulation in the Philippines.
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