Scope: PLCs and registration to list
- PLCs must comply with the SEC-prescribed website template.
- Companies applying for the registration of securities for listing must comply with the SEC-prescribed website template.
- Website template compliance is required as one of the requirements before the Registration Statement is rendered effective.
- PLCs already listed at the time of issuance must meet a scheduled compliance period.
When compliance is due
- For companies applying for registration of securities for listing, compliance is required before the Registration Statement is rendered effective.
- For companies listed before January 23, 2018, the due date of compliance is six (6) months from the listing date.
Compliance consequence for PLCs
- Failure to comply with the SEC-prescribed website template results in the imposition of the penalty provided under SEC Memorandum Circular No. 18 (2014).
- The applicable penalty is triggered by the PLC’s non-compliance with the website template requirement.
Governance approvals and directives
- The SEC, in an en-banc meeting on 19 December 2017, resolved that all companies applying for registration of securities for listing must comply with the SEC-prescribed website template as a prerequisite for effectiveness of the Registration Statement.
- The SEC’s directive operates through the effectiveness requirement tied to the Registration Statement.
Effectivity and implementation timeline
- Memorandum Circular No. 2 (January 23, 2018) takes effect immediately.
- The circular was adopted on 22 January 2018 and filed on 23 January 2018.
- Teresita J. Herbosa, as Chairperson, issued the circular by signature (SGD.) on the date shown.