The Securities and Exchange Commission (SEC) may refuse or, after due notice and hearing, suspend or revoke the authority of crowdfunding intermediaries. The Crowdfunding Rules provides that operation with respect to crowdfunding of investment houses, brokers and funding portal may be refused, or any registration granted may be revoked, suspended, or limitations placed thereon, by the SEC.
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Registration of Funding Portals for Crowdfunding (CF)
A funding portal is an intermediary organized and registered as a corporation to facilitate transactions involving the offer or sale of CF securities through online electronic platform. No entity shall act as a funding portal unless it is registered as such. An applicant shall comply with the following requirements:
Continue readingPrudential Requirements for Crowdfunding (CF) Intermediaries
A crowdfunding intermediary shall, at all times, maintain a capital amount which exceeds its annual operational expenditure which constitutes all expenses and losses that arise in the crowdfunding intermediary’s normal course of business in a 12-month accounting period. This expenditure- and risk- based minimum capital requirement is provided under the Rules and Regulations Governing Crowdfunding (CF).
Continue readingCrowdfunding: Disqualification of Issuer, Suspension or Revocation of Registration
Securities cannot be sold or offered for sale within the Philippines without a registration statement filed with and approved by the Securities and Exchange Commission (SEC). The SEC, however, may provide for certain exemptions, such as the sale of securities under the Crowdfunding Rules.
Continue readingSecurities Covered by the Securities Regulation Code (Republic Act No. 8799)
Under the Securities Regulation Code (Republic Act No. 8799), SECURITIES are shares, participation or interests in a corporation or in a commercial enterprise or profit-making venture and evidenced by a certificate, contract, instruments, whether written or electronic in character. It includes:
Continue readingSecurities and Exchange Commission (Chapter II): Securities Regulation Code
[Full text of Securities Regulation Code (Republic Act No. 8799; Chapter I; Chapter II; Chapter III; Chapter IV; Chapter V; Chapter VI; Chapter VII; Chapter VIII; Chapter IX; Chapter X; Chapter XI; Chapter XII; Chapter XIII]
Continue readingTitle and Definitions (Chapter I): Securities Regulation Code
[Full text of Securities Regulation Code (Republic Act No. 8799; Chapter I; Chapter II; Chapter III; Chapter IV; Chapter V; Chapter VI; Chapter VII; Chapter VIII; Chapter IX; Chapter X; Chapter XI; Chapter XII; Chapter XIII]
Continue readingGeneral Provisions (Section XIII): Securities Regulation Code
[Full text of Securities Regulation Code (Republic Act No. 8799; Chapter I; Chapter II; Chapter III; Chapter IV; Chapter V; Chapter VI; Chapter VII; Chapter VIII; Chapter IX; Chapter X; Chapter XI; Chapter XII; Chapter XIII]
Continue readingAcquisition and Transfer of Securities and Settlement of Transactions in Securities (Chapter XI): Securities Regulation Code
[Full text of Securities Regulation Code (Republic Act No. 8799; Chapter I; Chapter II; Chapter III; Chapter IV; Chapter V; Chapter VI; Chapter VII; Chapter VIII; Chapter IX; Chapter X; Chapter XI; Chapter XII; Chapter XIII]
Continue readingRegistration, Responsibilities an Oversight of Self-Regulatory Organizations (Chapter X): Securities Regulation Code
[Full text of Securities Regulation Code (Republic Act No. 8799; Chapter I; Chapter II; Chapter III; Chapter IV; Chapter V; Chapter VI; Chapter VII; Chapter VIII; Chapter IX; Chapter X; Chapter XI; Chapter XII; Chapter XIII]
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