Regulatory Alerts2025-08-07
Added · Updated
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 discontinues the classification of common shares into Class A and Class B for all listed companies to ensure efficiency in executing and settling equity trades. Listed corporations holding both share classes must amend their Articles of Incorporation to reflect this declassification within one year from the circular's effectivity. During the amendment period, buyers on the regular board are not compelled to accept an alternative class of shares and must accept the specific class purchased. If a trade breaches allowable foreign ownership limits, the foreign buyer must immediately dispose of the excess shares at the prevailing market price upon discovery.
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