The Philippine Securities and Exchange Commission has released for public comment a set of draft rules and proposed amendments intended to expand fundraising and investment opportunities in the Philippine capital market while strengthening protections for investors and other financial consumers. The package covers registrars of qualified institutional and individual buyers, crypto-asset service providers, Philippine Green Equity, the definition of seasoned issuers and enhanced shelf registration, and issuance and disclosure requirements for Sukuk bonds. The proposed amendments to Securities Regulation Code Rule 39.1.4 would reinforce the SEC’s authority to verify how authorised registrars accredit qualified buyers and would set out requirements covering the initiation and cessation of a qualified buyer’s function as registrar, registrar responsibilities, and ongoing registration conditions. The draft SEC Rules on Crypto-Asset Service Providers aim to enhance SEC oversight of businesses involved in the offering and trading of crypto-assets and other activities involving innovative financial products, reflecting the growth of new crypto-asset markets and seeking an affirmative legal framework to address consumer harms and systemic risks, including by steering activity toward licensed intermediaries. The draft Guidelines on Philippine Green Equity would introduce a “green equity” concept and label to complement sustainable debt instruments and increase the visibility of companies aligned with environmental and sustainability objectives. Proposed amendments to Securities Regulation Code Rule 3 and Rule 8.1.2 would introduce a “seasoned issuer” designation based on compliance with requirements on size, listing history and track record, and would allow seasoned issuers to extend the shelf registration offering period for additional tranches of securities beyond the original three-year period. Draft guidelines on Sukuk issuance and disclosure would support the development of Islamic banking and finance and create a pathway for Philippine issuers to access the sukuk market. Comment deadlines are 10 January 2025 for the qualified-buyer registrar amendments, 18 January 2025 for the CASP rules, 25 January 2025 for Philippine Green Equity, and 26 January 2025 for both the seasoned issuer and enhanced shelf registration proposals and the Sukuk guidelines.
Philippine Securities and Exchange Commission 2025-01-01
Philippine Securities and Exchange Commission consults on CASP oversight, green equity labelling, seasoned issuer shelf registration, Sukuk and qualified-buyer registrar amendments
The Philippine SEC has released draft rules to enhance fundraising and investment opportunities while strengthening investor protections. Key areas include oversight of crypto-asset service providers, Philippine Green Equity, seasoned issuer designation, and Sukuk issuance guidelines. The proposals aim to address consumer harms, systemic risks, and support sustainable and Islamic finance.