Sep 182016
(First of two parts)
On Aug. 4, 2015, the Securities and Exchange Commission (SEC) released the 2015 Implementing Rules and Regulations (IRR) of Republic Act No. 8799, otherwise known as the Securities Regulation Code (SRC). This came after various stakeholder inputs from as early as 2011, when the proposed amendments were made open to public comment. The 2015 IRR was published on Oct. 25, 2015, and took effect 15 days later, on Nov. 9, 2015. It modified the 2003 IRR with the introduction of significant changes geared towards transparency in dealing with brokers, dealer and securities ownership, as well as relaxing the rules to give investors easier access to capital.