Regulatory Alerts2023-04-25
SEC Memorandum Circular No. 04, Series of 2023: Adoption of ASEAN Sustainable and Responsible Fund Standards
The Securities and Exchange Commission of the Philippines adopts the ASEAN Sustainable and Responsible Fund Standards to establish uniform disclosure requirements and mitigate greenwashing risks for sustainable investment funds. The regulation defines qualification procedures for local investment companies seeking to offer ASEAN SRFs locally or cross-border, while also setting recognition rules for foreign collective investment schemes operating under the ASEAN CIS Framework. It mandates specific prospectus disclosures, marketing guidelines, and strict reporting obligations for ESG compliance, including immediate notification and rectification of any breaches to the sustainable investment objective.
Share