We have listed below the bulletins that we have prepared to update SyCipLaw clients of COVID-19 related issuances and advisories from various Philippine government agencies.
BSP Amends Rules On Mandatory Development Financing
On June 9, 2023, the Monetary Board of the Bangko Sentral ng Pilipinas (“BSP”) issued Circular No. 1174, amending the implementing regulations of the mandatory agricultural, fisheries and rural development financing contemplated by the Agriculture, Fisheries and Rural Development Financing Enhancement Act (Republic Act No. 11901 or the “Agri-Agra Reform Credit Act”). The implementing regulations…
SEC Adopts ASEAN SRFs, Establishes Implementing Rules
Background The Securities and Exchange Commission (“SEC”) issued Memorandum Circular No. 4, Series of 2023 (“Circular”) adopting the ASEAN Sustainable and Responsible Fund Standards (“ASEAN SRFS”) and establishing rules to implement it in the Philippines. It took effect on 27 April 2023. The ASEAN SRFS applies to investment companies, including sub-funds of umbrella funds, that…
New Guidelines on Sustainability-Linked Bonds Issuance Now Available
I. Background and Scope The Securities and Exchange Commission (“SEC”) issued Memorandum Circular No. 3, Series of 2023 or the Guidelines on the Issuance of Sustainability-Linked Bonds Under the ASEAN Sustainability-Linked Bond Standards in the Philippines (“SLB Guidelines”), which contains the guidelines on the issuance in the Philippines of Sustainability-Linked Bonds (“SLBs”) under the ASEAN…
A Boost to ESG Investing: SEC Introduces New Rules on Sustainable and Responsible Investment Funds
The Securities and Exchange Commission (“SEC”) issued Memorandum Circular No. 11, Series of 2022 or the Rules on Sustainable and Responsible Investment Funds (the “Circular”), which took effect on January 3, 2023. The Circular laid out the rules governing Sustainable and Responsible Investment (“SRI”) Funds as a recognition to the global trend and continuous growth…
SEC Issues Regulations to Implement Financial Consumer Protection Act
On 25 April 2023, the Securities and Exchange Commission (“SEC”) issued Memorandum Circular No. 5, series of 2023 (link here) and adopted the SEC Rules and Regulations of the Financial Products and Services Consumer Protection Act of 2022 (“SEC FCPA IRR”) to implement Republic Act No. 11765 (the Financial Products and Services Consumer Protection Act…
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