Regulatory Alerts2019-07-08
SEC Memorandum Circular No. 14 s.2019: Rules and Regulations Governing Crowdfunding
The Securities and Exchange Commission of the Philippines issued Memorandum Circular No. 14 s.2019 to establish regulatory frameworks for equity-based and lending-based crowdfunding via online platforms. The rules exempt certain securities from registration for issuers raising up to PHP 50 million annually, subject to strict investment limits for retail investors and mandatory compliance by registered intermediaries. These regulations aim to foster capital formation for MSMEs while ensuring investor protection, market integrity, and transparency through rigorous intermediary and issuer requirements.
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