Regulatory Alerts2018-07-18
SEC Memorandum Circular No. 9 Series of 2018 – Amendment of Guidelines on Corporate and Partnership Names
The Securities and Exchange Commission of the Philippines amended its consolidated guidelines to prevent the formation of bogus organizations misrepresenting themselves as affiliates of international governmental bodies. The amendment introduces a new provision prohibiting the use of names such as INTERPOL, IMF, or ILO in corporate or partnership registrations unless explicitly authorized by the Commission. This memorandum circular took effect immediately upon issuance on July 18, 2018.
[Logo: Securities and Exchange Commission PHILIPPINES]
SEC Memorandum Circular No. 9 Series of 2018
TO : All Concerned
SUBJECT : Amendment of Guidelines and Procedure on the Use of Corporate and Partnership Names
To prevent the formation of bogus organizations that could potentially misrepresent itself as an affiliate of an international governmental organization, and usurp the authority pertaining to said international governmental organizations, the Commission En Banc, in its meeting on 10 July 2018, resolved to amend SEC Memorandum Circular No. 14, series of 2017 (Consolidated Guidelines and Procedures on the Use of Corporate and Partnership Names) as follows:
- A new paragraph designated as number eight (8) is hereby introduced to read as follows:
"8. The name of an international governmental organization, such as "International Criminal Police Organization" (INTERPOL), "International Monetary Fund" (IMF), and "International Labour Organization" (ILO), may not be used as part of a corporate or partnership name unless when duly authorized or allowed by the Commission."
- The succeeding paragraphs shall be renumbered accordingly.
This Memorandum Circular shall take effect immediately.
18 July, 2018 Pasay City, Philippines.
[Signature] EMILIO B. AQUINO Chairperson