JK&C LIBRARYSEC Memorandum Circular No. 4, s. 2005
Overview
SEC Memorandum Circular No. 4, Series of 2005, dated May 20, 2005, concerns the certification requirement for compliance officers of financing companies. The Commission resolved on May 12, 2005, to limit the certification requirement to financing companies that have issued or are authorized to issue securities, including promissory notes, commercial papers, bonds, and preferred shares whose redemption or payment of dividends is mandatory, where such securities remained outstanding as of the date of the circular.
Compliance officers of financing companies outside this description, as well as persons who wished to be designated as compliance officers of those companies, could still take the evaluation test voluntarily. The circular also expressly superseded SEC Memorandum Circular No. 8, Series of 2004, insofar as financing companies were concerned.
Full Text
Overview
SEC Memorandum Circular No. 4, Series of 2005, dated May 20, 2005, concerns the certification requirement for compliance officers of financing companies. The Commission resolved on May 12, 2005, to limit the certification requirement to financing companies that have issued or are authorized to issue securities, including promissory notes, commercial papers, bonds, and preferred shares whose redemption or payment of dividends is mandatory, where such securities remained outstanding as of the date of the circular. Compliance officers of financing companies outside this description, as well as persons who wished to be designated as compliance officers of those companies, could still take the evaluation test voluntarily. The circular also expressly superseded SEC Memorandum Circular No. 8, Series of 2004, insofar as financing companies were concerned.
Short Title / Subject
Certification Requirement for Compliance Officers of Financing Companies
Full Text
REPUBLIC OF THE PHILIPPINES
SECURITIES AND EXCHANGE COMMISSION
6TH FLR. BLDG. EDSA, GREENHILLS, MANDALUYONG CITY
SEC MEMORANDUM CIRCULAR NO.4
Series of 2005
SUBJECT: CERTIFICATION REQUIREMENT FOR COMPLIANCE OFFICERS OF FINANCING COMPANIES
The Commission resolved, during its meeting on May 12, 2005, to limit the certification requirement for compliance officers of financing companies to those that have issued or are authorized to issue securities, such as, but not limited to, promissory notes, commercial papers, bonds, and preferred shares whose redemption or payment of dividends is mandatory, that are still outstanding as of the date of this Circular.
Compliance officers of financing companies that are not covered by the foregoing description and persons who want to be designated compliance officers of the said financing companies may, nonetheless, take the evaluation test, if they so wish.
This supersedes SEC Memorandum Circular No. 8, Series of 2004, as far as financing companies are concerned.
This Circular shall take effect immediately.
Issued this 20th day of May, Mandaluyong City, Philippines.
FE B. BARIN
Chairperson
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Source
Official Source: Securities and Exchange Commission
Official URL: https://www.sec.gov.ph/mc-2005/sec-memorandum-circular-no-04-9/#gsc.tab=0
Citation
Securities and Exchange Commission (SEC), Memorandum Circular, SEC Memorandum Circular No. 4, s. 2005, SEC Memorandum Circular No. 4, s. 2005, 2005-05-20
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Source
Securities and Exchange Commission Official source
Citation
Securities and Exchange Commission (SEC), Memorandum Circular, SEC Memorandum Circular No. 4, s. 2005, SEC Memorandum Circular No. 4, s. 2005, 2005-05-20