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SEC MC17 (2018)
SEC Requires Disclosure on Beneficial Owners in General Information Sheet (GIS)
Last 29 November 2018, the Securities and Exchange Commission issued SEC Memorandum Circular No. 17 series of 2018 (Revision of the General Information Sheet (GIS) to Include Beneficial Ownership Information).
The salient points of this new memorandum circular requiring changes to the current GIS format include:
(1) Requirement to disclose certain information (complete name, residential address, nationality, TIN, and percentage ownership) on beneficial owners of shares in SEC registered corporations;
(2) Inclusion of a new page (page 8) to include all such information on beneficial owners, whether natural persons, corporations, partnerships or trusts;
(3) Requirement of proper disclosures, including an ownership chart, where a corporation is owned through multiple layers.
The requirement on the disclosure of beneficial ownership shall be initially complied with beginning 01 January 2019.
Please see link below for the full text of the SEC Memorandum Circular.
http://www.sec.gov.ph/wp-content/uploads/2018/11/2018MCNo17_.pdf
Note: The SEC en banc, per Notice dated 28 February, resolved to defer the implemetation of this Memorandum Circular to 30 June 2019.
