Regulatory Alerts2026-02-24
SEC MC No. 11, Series of 2026 — Minimum Public Ownership Rules for Issuers of Shares of Stock to Be Listed on an Exchange
The Securities and Exchange Commission of the Philippines promulgates tiered minimum public ownership requirements for companies conducting initial public offerings to balance investor protection with market competitiveness. The rules establish a sliding scale for initial public float ranging from 33% for smaller issuers to 15% for those with market capitalizations exceeding PHP 50 billion, with specific provisions for larger entities. Post-listing, companies must maintain a public float of at least 20% or 15% depending on their market capitalization and are subject to strict monitoring and remediation protocols if thresholds are breached.
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