Regulatory Alerts2025-08-07
SEC MC No. 10, Series of 2025: Repeal of Rules on Trading of B Shares and Acceptance of A or B Certificates
The Securities and Exchange Commission of the Philippines issued Memorandum Circular No. 10, Series of 2025, to repeal the 1973 rules allowing the trading of Class B shares on the regular board. The directive mandates the declassification of all listed companies' common shares into a single class and requires corporations to amend their Articles of Incorporation within one year to reflect this change. Additionally, the circular establishes that buyers are no longer compelled to accept alternative share classes and outlines immediate disposition requirements for trades that breach foreign ownership limits.
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