Regulatory Alerts2023-08-11
SEC MC No. 11 Series of 2023: Amendments to 2015 SRC Rules and MC No. 16 Series of 2004
The Securities and Exchange Commission of the Philippines issued Memorandum Circular No. 11, Series of 2023, to amend the 2015 Implementing Rules and Regulations of the Securities Regulation Code and MC No. 16, Series of 2004. These amendments formally shift the securities settlement cycle from T+3 to T+2, requiring cash account purchases to be paid within two business days and adjusting the aging schedules for customer receivables and non-performing accounts accordingly. The circular also updates risk-based capital adequacy requirements by modifying Net Liquid Capital computations and establishing new counterparty risk factors for unsettled agency and principal trades effective August 24, 2023.
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