Re: Applicability of SEC Memorandum Circular No. 08-13 to Investment Houses

September 5, 2018SEC-OGC OPINION NO. 17-18RE: APPLICABILITY OF SEC MEMORANDUM CIRCULAR NO. 08-13 TO INVESTMENT HOUSESRomulo Mabanta Buenaventura Sayoc & De Los Angeles21st Floor, Philamlife Tower8767 Paseo de RoxasMakati City 1226, PhilippinesAttention: Atty. Herminio S. Ozaeta, Jr.Atty. Cristina Collantes-GarciaAttorneys :This refers to your letter dated 18 October 2013 requesting for an opinion on behalf of your client, UBS Investment Philippines (hereinafter referred to as "UBS Philippines"), on whether an investment house is covered under the SEC's Memorandum Circular No. 08-13 (hereinafter referred to as "MC No. 08-13") issued pursuant to the rulings on Gamboa v. Teves (Decision) 1 and Heirs of Gamboa v. Teves (Resolution) 2 and whether there is a need to revise or amend the current ownership structure of UBS Philippines in accordance with MC No. 08-13. aDSIHcYou stated that UBS Philippines is an investment house. It is currently structured, such that 100% of the preferred non-voting shares are held by UBS AG, a Swiss national. While 40% of the common voting shares of UBS Philippines are held by Filipino nationals and 60%...