Regulatory Alerts2018-01-23
MC No. 02 s.2018 – Compliance with SEC-Prescribed Website Template
The Securities and Exchange Commission issued this memorandum circular to mandate that all publicly-listed companies in the Philippines comply with a prescribed website template. New applicants must adhere to this requirement before their Registration Statement becomes effective, while existing listed companies are granted a six-month grace period from their listing date. Non-compliance with these directives subjects the companies to penalties under SEC Memorandum Circular No. 18, Series of 2014.
SEC MEMORANDUM CIRCULAR NO. 2 Series of 2018
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Pursuant to the Commission's drive to promote a better corporate governance environment for PLCs, it issued SEC Memorandum Circular No. 11, Series of 2014, prescribing a Website Template for all Publicly-Listed Companies.
In connection with this, the Commission, in its en banc meeting on 19 December 2017 resolved that all companies applying for registration of its securities for listing are directed to comply with the SEC-prescribed website template as one of the requirements before the Registration Statement is rendered effective.
For companies listed before the issuance of this Memorandum Circular, due date of compliance with the SEC-prescribed website template shall be six (6) months from listing date.
Failure to comply with the website template shall result in the imposition of penalty provided under SEC Memorandum Circular No. 18, Series of 2014.
This Memorandum Circular shall take effect immediately.
Pasay City, Philippines, 22 January 2018.
For the Commission:
(Signature) TERESITA J. HERBOSA Chairperson
JAN 22 2018