Regulatory Alerts2021-08-16
SEC Memorandum Circular No. 09 s. 2021: Rules on Authorisation of Investment Companies as Qualifying CIS and Recognition of Foreign CIS Under the ASEAN CIS Framework
The Securities and Exchange Commission of the Philippines issued this circular to operationalize the ASEAN CIS Framework, allowing Philippine investment companies to offer shares cross-border and enabling foreign collective investment schemes to be offered in the Philippines. The rules establish specific authorization requirements for domestic entities to become Qualifying CIS and mandate that foreign CIS operators appoint local representatives and distributors to handle marketing, investor communication, and regulatory reporting. Additionally, the document outlines the application procedures, filing fees, disclosure obligations, and grounds for suspension or revocation of approval for cross-border fund offerings.
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